Simplii Financial Overview
| Feature | Details |
|---|---|
| Type | Online bank (division of CIBC) |
| Parent company | CIBC |
| CDIC insured | ✅ Yes |
| Monthly fees | $0 |
| ATM network | CIBC ATMs (3,400+) |
| E-Transfer fee | $0 |
| Founded | 2017 (rebranded from PC Financial) |
Accounts
No Fee Chequing Account
| Feature | Details |
|---|---|
| Monthly fee | $0 |
| Minimum balance | $0 |
| Debit transactions | Unlimited |
| Interac e-Transfers | Free and unlimited |
| Bill payments | Free |
| ATM access | CIBC ATMs (free), other ATMs ($1.50+) |
| Direct deposit | ✅ |
| Cheques | Available |
High Interest Savings Account
| Feature | Details |
|---|---|
| Interest rate | 4.00%+ (promotional) / 0.40% (regular) |
| Monthly fee | $0 |
| Minimum balance | $0 |
| CDIC insured | ✅ (up to $100K per category) |
| Withdrawals | Unlimited |
Note: Simplii regularly offers promotional savings rates of 4-5% for new deposits. Check current offers.
GICs
| Term | Rate (approx) |
|---|---|
| 1 year | 3.75-4.25% |
| 2 year | 3.50-4.00% |
| 3 year | 3.25-3.75% |
| 5 year | 3.25-3.75% |
| TFSA GIC | Available |
| RRSP GIC | Available |
Mortgage
| Feature | Details |
|---|---|
| Fixed rates | Competitive (often below Big 5) |
| Variable rates | Prime - discount |
| Pre-approval | Online |
| Down payment | 5% minimum |
| Term options | 1-10 years |
Credit Cards
Simplii Financial Cash Back Visa Card
| Feature | Details |
|---|---|
| Annual fee | $0 |
| Cash back | 4% on restaurants, 1.5% on groceries, 0.5% everything else |
| Welcome bonus | Varies (typically $200-350) |
| Minimum income | None |
| Foreign exchange fee | 2.5% |
Pros and Cons
| Pros | Cons |
|---|---|
| ✅ Zero monthly fees | ❌ Low base savings rate (0.40%) |
| ✅ Free CIBC ATM access (3,400+) | ❌ Promotional rates time-limited |
| ✅ Free unlimited e-Transfers | ❌ No in-branch service |
| ✅ CDIC insured (CIBC) | ❌ Savings rate not competitive vs EQ Bank |
| ✅ Cash deposits at CIBC ATMs | ❌ Phone wait times can be long |
| ✅ Competitive mortgage rates | ❌ Limited investment products |
| ✅ Good mobile app | |
| ✅ No minimum balance |
Simplii vs Competitors
| Feature | Simplii | Tangerine | EQ Bank | Wealthsimple Cash |
|---|---|---|---|---|
| Monthly fee | $0 | $0 | $0 | $0 |
| Savings rate | 0.40% (4%+ promo) | 0.10% (5%+ promo) | 4.00% | 3.50% |
| ATM access | CIBC (3,400+) | Scotiabank (3,500+) | None (THE Exchange) | None |
| Cash deposits | ✅ CIBC ATMs | ✅ Scotiabank ATMs | ❌ | ❌ |
| e-Transfer fee | $0 | $0 | $0 | $0 |
| Chequing | ✅ | ✅ | ✅ | ✅ |
| CDIC insured | ✅ | ✅ | ✅ | ✅ |
| Parent company | CIBC | Scotiabank | Independent | Independent |
Who Is Simplii Best For
| Profile | Verdict |
|---|---|
| Want no-fee banking with ATM access | ✅ Excellent |
| CIBC customer wanting to ditch fees | ✅ Perfect transition |
| Need to deposit cash regularly | ✅ CIBC ATMs available |
| Want best everyday savings rate | ❌ EQ Bank is better |
| Need in-branch help | ❌ Online only |
| Students | ✅ Great starter account |
| Newcomers to Canada | ✅ Easy online setup |
How to Open an Account
| Step | Action |
|---|---|
| 1 | Visit simplii.com |
| 2 | Choose account type (chequing, savings, or both) |
| 3 | Verify identity (SIN, photo ID) |
| 4 | Fund account (e-Transfer, EFT, or CIBC ATM deposit) |
| 5 | Receive debit card by mail (5-7 business days) |
| 6 | Set up direct deposit and bill payments |