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Simplii Financial vs Toronto-Dominion Bank (TD)
A side-by-side comparison of ratings, customer experience, products, fees, and pros & cons to help you choose the right bank.
VS
Toronto-Dominion Bank (TD) edges ahead on our overall rating (4.3 vs 3.9), but the right pick depends on which products and fees matter most to you.
Overview
Simplii Financial is a relatively new brand name in the banking scene, starting in 2017. It is, according to the bank, “a trademark and division of CIBC,” acting as its digital bank. Today, it has nearly 2 million clients and a reputation for quality. In Forbes’ 2026 list of the World’s Best Banks, Simplii Financial ranked number two in Canada, a list it has appeared on for many years.
The bank has a limited offering of products, though boasts some particularly well-ranking ones. For example, FinlyWealth rated the Simplii Financial No Fee Chequing Account at 4.5 out of 5, calling it our top chequing account pick for 2026. We also named its Cash Back Visa Card as the best dining cash back credit card in Canada.
As a digital bank, Simplii Financial does not have branches or its own ATM network, though clients can access their funds or make deposits using CIBC’s ATM network. A number of its more premium services are from its parent, CIBC. In terms of lending, for example, Simplii Financial has lines of credit and loans, though it ended its mortgage program in June 2025. Instead, clients can now access mortgages through CIBC. Its insurance program is also limited, with no standalone life or car insurance options available.
Toronto Dominion, known as TD, delivers a strong all-around banking experience through a broad product lineup and extensive branch networks including 1,100 branches throughout the United States. The bank boasts consistency across many categories with few major weaknesses.
Offering a range of banking products, TD has accounts for Canadian newcomers, youth, students, and even international students. It provides banking starting at a cost of $0 for specific groups up to an “All-Inclusive Banking Plan” with premium features and a much higher price tag. Fee waivers are available for those who maintain a certain balance in their account. Long-term savings rates may be less competitive than online banks and fintechs though.
TD has a smaller credit card offering in comparison to some of the other biggest banks in Canada. It does, however, have some strong products, including the TD® Aeroplan® Visa Infinite Card, which FinlyWealth ranks as the best overall Aeroplan credit card.
With a broad lending offering, TD receives recognition for its Canada-US cross-border services as well as various lending products. Its mortgage and lending breadth is amongst the strongest in Canada, though the bank doesn’t always have the lowest rates.
Overall rating
3.9
4.3
Customer experience
3.5
3.2
Best for
Canadians looking for no-fee digital banking with unlimited everyday transactions and access to CIBC ATMs.
TD Bank is best for Canadians looking for full-service banking with a vast offering of lending products, premium chequing accounts, branch access and cross-border banking support in the US.
Pros & cons
Pros
Well-ranking products
No-fee chequing account with unlimited transactions and no minimum balance
No annual fee on its credit card
Access to CIBC ATMs at no extra cost
Backed by CIBC, giving stronger reliability compared to many standalone digital banks
Tiered interest rates on savings accounts benefit those who hold more money with the bank
Offers investing through GICs and mutual funds
Cons
Limited product selection compared to full-service banks
No in-branch service available
Mortgages and insurance products not available in-house, only through its parent, CIBC
Pays relatively low interest rates versus competitors
Rewards program is limited to cash back only
Cannot buy stocks, only mutual funds
Not available to Quebec residents
Pros
TD Canada’s mobile app ranks well with consumers
Extensive branch network
Availability of premium banking options and fee-waiver options
Stand-out credit cards despite a limited offering
Promotional pricing periodically available for better rates and rewards
Extensive mortgage and lending offerings with flexible products
Strong retail presence in the United States and cross-border support
Cons
Elevated fees compared to fintechs and digital banks (though competitive amongst the Big Six)
Monthly account fees on most chequing accounts unless minimum balance maintained
Minimum balance waiver set at a higher balance compared to the other major banks
Savings accounts have a lower interest rate, even amongst the Big Six
Elevated mortgage and loan rates in comparison to digital-first lenders
Every credit card charges a foreign transaction fee
Historically extended branch hours were pared back post-Covid
Premium banking benefits available, though they come at a cost or require high account balances
Top chequing accounts
Best for: Great signup bonus and no fee everyday banking with access to CIBC ATMs
GET OFFER
on Simplii Financial™'s website
Exclusive · From FinlyWealth$50 rebate
+ Earn $300 and a $50 Skip gift card (terms apply)
Welcome Bonus
Earn $300 and a $50 Skip gift card (terms apply)
Regular Interest
Up to 0.01%
Monthly Fee
$0
Account Type
Chequing • Personal
Earn $300 and a $50 Skip gift card when you become a new client and open a No Fee Chequing Account and set up an eligible direct deposit of at least $100 for 3 straight months. Offer ends on Sept 30, 2026.
Save over $200/year with free daily banking.
It's simple. With a no-fee chequing account, you get free daily banking. Life’s always busy and you work hard every day for your money – it’s time for your bank account to do the same.
Product Highlights:
- Free daily banking – Enjoy unlimited debit purchases, bill payments and withdrawals.
- Skip the monthly fees - No monthly fees with no minimum balance
- Free access to over 3,400 CIBC ATMs across Canada
- Unlimited Interac e-Transfer® and debit transactions
- Earn interest on every dollar
Additional Features:
- 24/7 access to bank account via mobile app and online banking
- Setting up direct payroll deposits, account-to-account transfers and pre-authorized bill payments is easy. Overdraft Protection (optional extra): Fixed interest rate of 19.00% will be applied on overdraft balances, in addition to a monthly charge when ODP is used
- Send Digital Gift Cards
Account Fees
Monthly Fee
$0
eStatement
Included
Transactions
Transactions
Unlimited free
Interac e-Transfers
Unlimited free
ATM Fees
Own Network
$0
Canadian ATMs
$1.5
USA
$3
International
$3
International & Currency
Foreign Currency Conversion
2.5%
Other Fees
NSF (Non-sufficient Funds)
$10
Overdraft Interest
19% annually (if used)
Bank Draft
$7.5
TD Student Chequing Account
TD Student Chequing Account
4.8 Our rating
OPEN ACCOUNT
on TD's website
Welcome Bonus
Receive value of up to $560 with a Student Banking Package
Regular Interest
Up to 0.01%
Monthly Fee
$0
Account Type
Chequing • Student
Get as much as $560 in value with a Student Banking Package:
- Cash offering of $125 when you open a new Student Chequing Account and complete two of the following by August 31, 2026:
Arrange a recurring direct deposit and receive payment from either your employer or the Government
Initiate or receive an e-Transfer for $30 or more
Use your Visa Debit to make an online purchase
Establish Pre-Authorized Transfer Service or Simply Save Service on your TD Savings Account
- Cash Back Dollars of up to $100 if you open an eligible TD Cash Back Visa before June 29, 2026
- Get up $250 in value when you open your first TD Direct Investing Account
- Savings of $60 with no monthly fees annually on TD Monthly Plan Overdraft Protection services on a new Student Chequing Account
- $25 gift card for Uber when you (a) establish a TD Student Chequing Account and meet eligibility criteria before August 31, 2026 (b) open a qualifying credit card before June 29, 2026. You must also keep the Student Chequing Account and your credit card active for five months after the account opening.
Offer expires June 29, 2026
- Made for students and youth under the age of 23
- No monthly fee on the account or overdraft protection
- Free Interac e-Transfers
- Minimum balance not required
- Interest earned on all balances
- Receive 0.5 bonus stars for every dollar of spending at participating Starbucks6
Account Fees
Monthly Fee
$0
eStatement
Included
Transactions
e-Transfer Fee
$0
ATM Fees
Own Network
$0
Canadian ATMs
$2
USA
$3
International
$5
OPEN ACCOUNT
on TD's website
Welcome Bonus
Receive up to $750 in value on new accounts(§)
Regular Interest
Up to 0%
Monthly Fee
$17.95 (waived with $4,000 balance)
Account Type
Chequing • Personal
Earn up to $750 in value for new TD Unlimited Chequing Accounts.
Interest rates
All balances 0%
- No limit on transactions
- Full fee rebate if you meet the minimum balance requirement of $4,0001, 2
- Free Interac e-Transfers3
- No charge from TD for ATM transactions within Canada5
- Paper statement $2.00 monthly
- Account holders get a first year fee rebate on eligible TD credit cards4
Account Fees
Monthly Fee
$17.95
Fee Waiver: Full fee rebate if you meet the minimum balance requirement
$4,000 min. balance
eStatement
Included
Transactions
e-Transfer Fee
$0
ATM Fees
Own Network
$0
Canadian ATMs
$0
USA
$3
International
$5
Top savings account
GET OFFER
on Simplii Financial™'s website
Exclusive · From FinlyWealth$30 rebate
+ 4.6% rate for 5 months
Welcome Bonus
4.6% rate for 5 months
Regular Interest
Up to 1%
Monthly Fee
$0
From May 1st 2026, earn 4.60% interest† on your first Simplii Financial High Interest Savings Account for the first 5 months. Only on eligible deposits up to $100,000. Terms apply. Offer ends on July 31, 2026.
Put your savings in the fast lane with great rates and no monthly fees.
Grow your savings. No matter what you’re saving for, it’s easier with Simplii™.
Product Highlights:
- No minimum balance needed
- No monthly or transaction fees
- Access your savings if you need them
- Easily set up automatic deposits
TD Growth™ Savings Account
TD Growth™ Savings Account
2.6 Our rating
OPEN ACCOUNT
on TD's website
Welcome Bonus
Earn the Boosted Rate on eligible accounts with balances over $5,000
Regular Interest
Up to 1.5%
Monthly Fee
$0
Earn a Boosted Savings Rate for eligible accounts with balances over $5,0001
- Earn a Boosted savings rate for eligible accounts with balances over $5,0001
- Interest a higher rate of interest the more you save
- No monthly account fee
- Unlimited transfers to your TD deposit accounts ($5 charge for other transactions)
Top credit card
APPLY NOW
on Simplii Financial™'s website
Welcome Bonus
20% cashback† up to $500 in spending
Annual Fee
$0
Interest Rates
20.99%* / 22.99%*
RECOMMENDED CREDIT SCORE
300Poor
560Fair
660⁎Good
725⁎Very Good
760⁎Excellent
4.3/5
If you dine out a lot and don't want to pay an annual fee for your credit card, the Simplii Financial™ Cash Back Visa* Card will undoubtedly be one of your best friends with its 4% cashback. Additionally, the card offers a decent cashback rate (1.5%) for gas, pharmacy, and groceries, making it one of the best no-annual-fee cashback credit cards in Canada. However, there are limits on how much you can earn in these categories. Therefore, you need to be careful not to exceed those limits; otherwise, your cashback rate will drop to 0.5% after those spending limits are reached.
Awards & Recognition
Best Dining Cash Back Credit Card
2026
Pros
- High restaurant optimization
- Decent cashback rates
- No annual fee
Cons
- Basic insurance
- No benefits
- Capped rewards
Rewards
- 4% cash back on eligible restaurant, bar, and coffee shop purchases up to $5,000 spent per year†
- 1.5% cash back on gas, groceries, drugstore, and pre-authorized payments up to $15,000 spent per year†
- 0.5% cashback on all other purchases†
Insurance
Coverage
Purchase Protection
Up to 90 days
Extended Warranty
Up to 1 year
Eligibility
Credit Score
GoodAnnual Income
$15,000 household
APPLY NOW
on TD's website
Welcome Bonus
Earn up to $1,300 in value†, including up to 146,000 TD Rewards Points† and receive an Annual Fee rebate for the first year†.
Annual Fee
$139 $0
Interest Rates
21.99% / 22.99%□
RECOMMENDED CREDIT SCORE
300Poor
560Fair
660⁎Good
725⁎Very Good
760⁎Excellent
4.7/5
The TD First Class Travel Visa Infinite Card is an excellent option for frequent travelers who book through Expedia For TD and want to maximize rewards on travel purchases. The high welcome bonus and extensive insurance coverage make this card stand out. However, the high income requirements and limited value of TD points may not make it the best fit for everyone.
Pros
- High rewards
- First-year fee rebate
- Extensive insurance
- Annual travel credit
Cons
- High income requirements
- Low point value
- Potentially week booking portal
Rewards
- Earn 8 TD Rewards Points† for every $1 you spend when you book travel through Expedia® For TD†
- Earn 6 TD Rewards Points† for every $1 you spend on Groceries, Dining, and Public Transit†
- Earn 4 TD Rewards Points† for every $1 you spend on Recurring Bill Payments and Streaming, Digital Gaming & Media†
- Earn 2 TD Rewards Points For every $1 you spend on other Purchases made using your Card† plus earn an annual Birthday Bonus† of up to 10,000 TD Rewards Points
- Earn more at Starbucks: Link your eligible Card to earn 50% more TD Rewards Points plus more Starbucks Stars. Redeem points for even more Stars. Conditions apply.
Insurance
Coverage
Travel Medical Insurance (64 & under)†
21 daysTravel Medical Insurance (65 to 75)†
4 days
Trip Cancellation†
$1,500
Trip Interruption†
$5,000
Flight Delay†
$500Baggage Delay†
$1,000
Lost or Stolen Baggage†
$1,000
Common Carrier Travel Accident Insurance†
$500,000.svg?dpl=dpl_6Szg54RYkizU5pcoycQVkndfDjTv)
Car Rental Damage & Theft†
yes
Hotel Burglary Insurance†
$2,500Purchase Protection†
90 daysExtended Warranty†
Up to 1 year
Mobile Device Insurance†
$1,000
Benefits
Details
Visa Infinite Exclusive Benefits†
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Concierge Services†
Golf Benefit†
Troon Rewards Golf benefits like discounts at over 95 resorts and courses around the world plus access to select private clubs across the U.S
Extra points†
Link your eligible Card to earn 50% more TD Rewards Points plus more Starbucks Stars. Redeem points for even more Stars. Conditions apply.
Annual Birthday Bonus†
Earn a Birthday Bonus of up to 10,000 TD Rewards Points
Car Rental Discount†
10% off base rate of Avis Rent A Car and Budget Rent A Car.svg?dpl=dpl_6Szg54RYkizU5pcoycQVkndfDjTv)
Travel Credit†
Get an annual TD Travel Credit of $100 when you book at Expedia For TD
Airport Lounge - Dragon Pass†
Enjoy your time at the airport with global airport lounge access and 4 complimentary lounge visits with Visa Airport Companion Program
Eligibility
Credit Score
GoodAnnual Income
$60,000 personal or $100,000 household
All products offered
3 products
Credit cards
Simplii Financial™ Cash Back Visa* Card
17 products
Chequing
TD Unlimited Chequing Account
TD Every Day Chequing Account
TD Minimum Chequing Account
TD Student Chequing Account
Credit cards
TD Aeroplan® Visa Infinite* Card
TD Cash Back Visa Infinite* Card
TD Cash Back Visa* Card
TD First Class Travel® Visa Infinite* Card
TD Low Rate Visa* Credit Card
TD Platinum Travel Visa* Card
TD Rewards Visa* Card
TD® Aeroplan® Visa Infinite Privilege* Credit Card
TD® Aeroplan® Visa Platinum* Card
TD® Aeroplan® Visa* Business Card