Working hard in the background...
Simplii Financial
Written by Lauren Brown
Last updated on July 5, 2026
Fact Checked
FinlyWealth rating
🏅
3.9
Products they offer:
Best for:
Canadians looking for no-fee digital banking with unlimited everyday transactions and access to CIBC ATMs.
Open account
on Simplii Financial's website
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.
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
Product Reviews
Savings Accounts
OPEN ACCOUNT
on Simplii Financial™'s website
Welcome Bonus
4.6% rate for 5 months
Regular Interest
Up to 1%
Monthly Fee
$0
Banking customers with spare cash can put it to work with Simplii Financial’s High Interest Savings Account. With no monthly fee and unlimited transactions, the account is more flexible than many high-interest accounts from the major banks as it allows you to separate your cash while still keeping it accessible.
The drawback to the account is that its ongoing interest rates are lower than what you can find elsewhere. If you can, however, take advantage of a promotional deal, then the additional interest can make a difference, even on short-term savings.
Overall, Simplii Financial’s High Interest Savings Account offers value, though it cannot consistently compete with the highest-yield savings accounts in Canada.
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
Chequing Accounts
Best for: Great signup bonus and no fee everyday banking with access to CIBC ATMs
OPEN ACCOUNT
on Simplii Financial™'s website
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
The Simplii Financial No Fee Chequing Account is one of the best chequing accounts in Canada in 2026. It provides unlimited transactions, including e-Transfers, and comes without any minimum balance requirements. It’s a straightforward structure that also has the bonus of paying a small rate of interest on all balances and gives free access to CIBC ATMs across Canada.
The No Fee Chequing Account stands out because it delivers everyday banking without the cost. Most Canadian banks charge for banking packages like this, which makes the no-fee account especially competitive against entry-level and mid-tier chequing accounts from the Big Six. Digital-first users will find the account a practical option. Those looking for in-branch support or full-service banking may find the account lacking, though.
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
Customer Experience
3.5/5
Like many banks, including the biggest banks in Canada, Simplii Financial’s client comments range from positive to extremely negative. As one customer said, “online banking cost is excellent,” a sentiment shared by some others. Complaints include long wait times, unhelpful customer service, and slow processing times. Some report frozen accounts resulting from transaction attempts like trying to make a transfer and have struggled to get their accounts reinstated. These concerns reflect in the rating of 1.7 stars shown on Trustpilot. While the score falls in the category they consider “bad,” it is still above the major Canadian banks.
Rating Methodology
How We Rate Simplii Financial
Our ratings are based on a comprehensive evaluation of each financial institution across multiple categories. We assess the quality and competitiveness of their products, fees, interest rates, customer experience, and overall value proposition.
Overall Rating
A weighted average reflecting the institution's performance across all evaluated categories.
Product Offerings
Evaluates the breadth and quality of available products including credit cards, savings accounts, and chequing accounts.
Fees & Rates
Compares monthly fees, interest rates, and fee waiver options against industry standards.
Customer Experience
Assesses the quality of customer support, digital banking tools, and overall user experience.
Rating Scale: All ratings are on a scale of 0 to 5, where 5 represents exceptional performance and 0 represents significant concerns. Ratings are reviewed and updated regularly to reflect changes in products, pricing, and services.
Frequently Asked Questions
Yes, it is. Simplii Financial is a subsidiary of the Canadian Imperial Bank of Commerce (CIBC), one of the Big Six Canadian banks. It is also a member of the Canadian Deposit Insurance Corporation (CDIC), which means that Simplii Financial has CDIC insurance coverage on eligible deposits up to $100,000 per category.
Simplii Financial is a strong option for everyday banking if you are comfortable managing your money online or through an app. If you prefer in-person service, then it might not be the right fit.