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A side-by-side comparison of ratings, customer experience, products, fees, and pros & cons to help you choose the right bank.
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Simplii Financial™ edges ahead on our overall rating (4.4 vs 4.3), but the right pick depends on which products and fees matter most to you.
Overview
All products offered
3 products
Credit cards
Simplii Financial™ Cash Back Visa* Card
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.
Launching in 2014, Wealthsimple’s goal was “to use technology to give powerful financial tools to many.” Since then, the company has grown to have $124.8 billion in assets under administration and 3.4 million customers as of the end of Q1 2026.
While Wealthsimple began as a digital investment platform, it quickly expanded into banking, offering no-fee chequing accounts that pay interest on every dollar. It is uncommon to find a Canadian chequing account that pays interest, which is part of the reason why FinlyWealth rated the account highly at 4.8 out of 5. Though the institution does not have its own ATMs or branches, you can still deposit cash for your Wealthsimple account at Canada Post and receive reimbursement of any amount covering unlimited ATM fees worldwide. Banking and credit card customers also have access to the company’s spend insights tool, which tracks transactions and category spending.
Wealthsimple’s rewards support its strong rating. It has a competitive credit card offering with 2% in cashback rewards with a simple structure of flat earn rates across all categories. This differs from many institutions, which instead offer cashback on certain categories of spending only. While its credit cards are well-ranked, though few in number, its options for borrowing are limited. The institution has lines of credit, which you can take out against your portfolio, and they also provide mortgages through outside brokers.
Beyond traditional banking, Wealthsimple’s claim to fame is its investing platform, where it offers both managed portfolios and self-directed investments. The firm differentiates itself from the biggest banks in Canada by charging no commissions on DIY trading. Even its options platform has $0 commission on trades.
Today, the institution remains on the cutting edge, having become “Canada’s first regulated crypto platform” and making a recent announcement about soon providing access to the prediction markets through a mobile app called Wealthsimple Predict. Both of these initiatives are unique offerings for a financial institution in Canada.
Overall rating
4.4
4.3
Customer experience
3.5
3.5
Best for
Canadians looking for no-fee digital banking with unlimited everyday transactions and access to CIBC ATMs.
Canadians who want a digital-first financial platform that combines no-monthly-fee banking with $0 commission stock and ETF trading.
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
No-fee chequing account with unlimited transactions
Chequing account earns interest on every dollar
Strong digital investing platform
No minimum balance requirements (interest rates instead increase for those with a higher relationship balance)
Offers both self-directed trading and managed portfolios
$0 commission on stocks and ETF trades, making it more affordable than traditional banks
Cash deposits available through Canada Post
Unlimited reimbursements on ATM fees worldwide which improves access for banking customers
No foreign transaction fee on its credit card
Continuous innovation and rollout of new services
Ability to buy, sell and earn cryptocurrencies on its platform
Cashback earnings can go to any eligible Wealthsimple account
Cons
Best for: Great signup bonus and no fee everyday banking with access to CIBC ATMs
on Simplii Financial™'s website
+ 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:
Additional Features:
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
4.6 Our rating
on Wealthsimple's website
Welcome Bonus
$25 bonus when you sign up and fund at least $1*
Regular Interest
Up to 2.25%
Monthly Fee
$0
Account Type
Chequing • Personal
New to Wealthsimple? We'll give you a $25 cash bonus when you open your first Wealthsimple account through this page and fund at least $1 within 30 days*
CHEQUING & SAVINGS:
For everyday spending and saving
Some accounts are good for parking and growing your money, while others are good for avoiding fees and restrictions. Wealthsimple chequing accounts are great for all of those things.
Account Fees
Monthly Fee
$0
eStatement
Included
Transactions
Transactions
Unlimited free
Interac e-Transfers
Unlimited free
ATM Fees
Own Network
$0
Canadian ATMs
$0
USA
$0
International
$0
International & Currency
Foreign Currency Conversion
0%
Other Fees
NSF (Non-sufficient Funds)
$0
Overdraft Interest
0% annually (if used)
Bank Draft
$10
on Simplii Financial™'s website
+ Earn 4.6% for 5 months
Welcome Bonus
Earn 4.6% for 5 months
Regular Interest
Up to 1%
Monthly Fee
$0
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:
4.6 Our rating
on Wealthsimple's website
Welcome Bonus
$25 bonus when you sign up and fund at least $1*
Regular Interest
Up to 2.25%
Monthly Fee
$0
New to Wealthsimple? We'll give you a $25 cash bonus when you open your first Wealthsimple account through this page and fund at least $1 within 30 days*
CHEQUING & SAVINGS:
For everyday spending and saving
Some accounts are good for parking and growing your money, while others are good for avoiding fees and restrictions. Wealthsimple chequing accounts are great for all of those things.
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
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
Cons
Rewards
Insurance
Coverage
Purchase Protection
Extended Warranty
Eligibility
Credit Score
Annual Income
on Wealthsimple's website
RECOMMENDED CREDIT SCORE
4.4/5
The Wealthsimple Cash Back Visa Infinite Privilege offers a no-FX-fee spending solution with a conditional no-fee setup that earns 2% cash back on all purchases without any limits! It's currently the ONLY Visa Infinite Privilege card with an annual fee that can be completely waived. It also lets you grow your rewards—as you can deposit your cashback whenever you want in a high-interest chequing account. Its simplicity and flexibility make it ideal for many Canadians.
Pros
Cons
Rewards
Insurance
Coverage
Mobile Device Insurance
Purchase Protection
Extended Warranty
Travel Medical Insurance (64 & under)*
Trip Cancellation*
Trip Interruption*
Baggage Delay*
Lost or Stolen Baggage*
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Car Rental Damage & Theft*
Benefits
Details
No Foreign Transaction Fees*
Visa Infinite Exclusive Benefits*
Airport Lounge - Dragon Pass*
Eligibility
Credit Score
Annual Income
Overdraft protection is only available if you link it to your portfolio and is unavailable for joint chequing and USD accounts
No dedicated ATMs
Mortgages available through partners only, not in-house
No broad insurance offering, unlike some full-service institutions
No branches available for in-person service
Trend of customer service complaints
Customer criticism regarding locked or frozen accounts
Reports of intermittent outages
