Simplii Financial is the online banking division of CIBC, launched in 2017 when CIBC ended its PC Financial banking partnership with Loblaw and moved those clients to the Simplii brand. Its proposition is free unlimited chequing with no minimum balance and access to CIBC’s ATM network, including cash and cheque deposits at CIBC machines, without the monthly fees of a Big Five account.
That combination of a no-fee digital bank and a physical ATM network behind it is unusual among online banks: Tangerine is the closest equivalent, with Scotiabank’s ATMs instead of CIBC’s. Simplii also has interest-bearing TFSA and RRSP savings accounts, not just registered GICs. Other banks are reviewed in the bank and fintech reviews.
Simplii Financial at a Glance
| Feature | Details |
|---|---|
| Full name | Simplii Financial |
| Parent | Canadian Imperial Bank of Commerce (CIBC) |
| Headquarters | Toronto, Ontario |
| Branches | 0 (digital-only; no branches or in-store banking pavilions) |
| ATMs | 2,843 (CIBC ATM network; includes free cash and cheque deposits, not just withdrawals) |
| CDIC insured | Yes |
| Known for | No-fee chequing with free access to CIBC's ATM network for withdrawals plus cash and cheque deposits – rare among digital-only banks |
Source: simplii.com (FAQ, Contact Us, Accessibility, No Fee Chequing, High Interest Savings, USD Savings, TFSA, RRSP Savings, GIC, Cash Back Visa, and overdraft pages) and cibc.com (Quick Facts page, Client Complaint Appeals Office pages), verified September 15, 2026.
| Feature | Details |
|---|---|
| Institution number | 010 (shared with CIBC; Simplii's own standard transit is 30800, not interchangeable with CIBC branch transits) |
| Founded | 2017 (from PC Financial’s banking business) |
| Monthly fee | $0 (No Fee Chequing Account) |
| TFSA / RRSP savings accounts | Yes, plus registered GICs |
| Credit card | Simplii Cash Back Visa (no annual fee) |
| Physical branches | None |
| Customer service | Simplii customer service, 1-888-723-8881 |
Chequing Account
Simplii’s No Fee Chequing Account has no monthly fee, no minimum balance, unlimited debit transactions and unlimited free Interac e-Transfers. Simplii clients use 2,843 (CIBC ATM network; includes free cash and cheque deposits, not just withdrawals) without a fee.
| Account | Monthly Fee | Fee Waiver (Min Balance) | Transactions |
|---|---|---|---|
| Simplii No Fee Chequing Account | $0 | N/A – no monthly fee, no minimum balance | Unlimited debit purchases, bill payments, withdrawals, and Interac e-Transfers |
| Simplii High Interest Savings Account | $0 | N/A – no minimum balance | N/A (savings account) – regular interest rate is tiered by balance, plus periodic promotional rates offered for new deposits |
| Simplii USD Savings Account | $0 | N/A – no minimum balance | N/A (savings account) |
Simplii Fees
| Fee | Amount | Notes |
|---|---|---|
| Monthly account fee | $0 | No Fee Chequing, High Interest Savings, USD Savings |
| Minimum balance | None | |
| Interac e-Transfer (send or receive) | $0 | Limits: $3,000 per 24-hour period; $10,000 per rolling 7-day period, $30,000 per rolling 30-day period (Simplii e-Transfer limit) |
| Bill payments | $0 | Unlimited |
| CIBC ATM withdrawal or deposit | $0 | |
| Non-CIBC ATM withdrawal | $1.50 plus the ATM operator’s fee | Per withdrawal |
| Foreign currency purchases (debit) | 2.5% | On the converted amount |
| NSF fee | $10.00 (federally capped for personal deposit accounts, effective March 12, 2026) | Personal deposit accounts |
| Overdraft protection | $4.97 minimum monthly charge (only when used), plus 19% annual interest on the overdrawn balance – available only on the No Fee Chequing Account | |
| Paper statement | $1.00 per statement | Free for clients 60 and older; e-statements free |
| Cheques | $0 | Free to order for chequing clients |
Staying within CIBC’s ATM network avoids ATM fees entirely. An NSF fee is charged when a cheque or pre-authorized payment can’t be processed for lack of funds; low-balance alerts in the Simplii app and overdraft protection are the two ways Simplii offers to avoid one. How NSF and overdraft fees work at every bank is in overdraft vs NSF fees, and no-fee accounts are compared in the best no-fee chequing accounts.
Savings Accounts
Simplii’s High Interest Savings Account pays a regular rate tiered by balance:
| Balance | Posted rate |
|---|---|
| $0.00 to $50,000.00 | 0.30% |
| $50,000.01 to $100,000.00 | 0.50% |
| $100,000.01 to $500,000.00 | 0.60% |
| $500,000.01 to $1,000,000.00 | 0.70% |
| $1,000,000.01 and over | 1.00% |
The TFSA Savings Account pays 0.40%. Rates posted as of October 5, 2026. Simplii also runs promotional rates on new deposits for a limited time and up to a maximum balance; Simplii’s high interest savings page has the current offer and its terms. Simplii also offers a USD Savings Account and an RRSP Savings Account, with no minimum balance or monthly fee. Posted rates at every bank are compared in the best savings accounts in Canada.
GICs
Simplii offers non-redeemable GICs from 1 to 5 years with a $100 minimum, in non-registered, TFSA and RRSP versions. GIC rates across institutions are compared in the best GIC rates.
Credit Card
The Simplii Financial Cash Back Visa has no annual fee for the primary card and additional cards. It pays its highest cash back rate on restaurants, bars and coffee shops, a middle rate on gas, groceries, drugstores and pre-authorized payments (each up to an annual spending cap), and a base rate on everything else. A 2.5% foreign currency conversion fee applies, and the household income minimum is low. Simplii’s site has the current rates, and no-fee cash back cards are compared in the best cash back credit cards.
Who Simplii Financial Suits
People who want free everyday banking with ATM access, including cash and cheque deposits.
CIBC customers who want to stop paying monthly fees. The ATM network is the same; the trade-off is losing in-branch service.
Diners who want a no-fee card that rewards restaurant and coffee spending.
People who want registered savings accounts alongside chequing, through Simplii’s TFSA and RRSP savings accounts.
How Simplii compares with Tangerine and EQ Bank is covered in Simplii vs Tangerine vs EQ Bank.