This Simplii review covers what the bank charges, what it pays and where rivals do better, using figures checked on simplii.com on October 6, 2026. Simplii Financial is CIBC’s no-fee online banking brand: a $0 chequing account, a savings account, and a no-fee Cash Back Visa that is the main reason many people open an account. The sections below should let you decide whether it works as a main bank, a second bank, or just a credit card.
For the deposit-protection details, see Is Simplii Financial safe?.
Simplii Financial at a glance
| Feature | Simplii Financial |
|---|---|
| Chequing monthly fee | $0 (better on this row) |
| Everyday transactions | unlimited debit purchases, bill payments and withdrawals |
| Interac e-Transfer | free to send, request and receive |
| ATM access | over 3,400 CIBC ATMs across Canada |
| Overdraft protection (optional) | $4.97 in any month you use it, plus 19% interest on overdraft balances |
| Cash Back Visa annual fee | $0 (better on this row) |
| Cash Back Visa top rate | 4% on eligible restaurant, bar and coffee shop purchases, up to $5,000 per year |
| Savings offer for new clients | 4.60% for 5 months on eligible deposits up to $200,000 |
| Chequing offer for new clients | $350 for new clients who set up an eligible direct deposit of $100 or more for 4 straight months |
| Deposit protection | $100,000 per insured category |
Sources: simplii.com account and credit card pages, checked October 6, 2026; cdic.ca for the coverage limit.
Put simply: chequing costs $0 a month with unlimited debit purchases, bill payments and withdrawals, e-Transfers are free to send, request and receive, and cash is free at over 3,400 CIBC ATMs across Canada. The Cash Back Visa has a $0 annual fee.
Is Simplii Financial a real bank?
Simplii Financial is a trade name of CIBC, which is a CDIC member, so it is a banking brand of a federally regulated bank and not a bank in its own right. CIBC launched the Simplii name in 2017 for the direct banking business it had previously run under the President’s Choice Financial name. Simplii’s site says over 2 million Canadians now bank with it.
That structure has one practical consequence. CDIC protects eligible deposits up to $100,000 per insured category, and on CDIC’s member list Simplii is listed as a trade name under Canadian Imperial Bank of Commerce, not as a separate member. Simplii’s own disclosure says coverage is combined with eligible deposits held at CIBC, with no separate coverage for Simplii. A person with savings at both CIBC and Simplii shares one limit per category across the two.
Beyond chequing and savings, the site lists GICs, RRSP and TFSA savings accounts, mutual fund accounts, a US-dollar savings account, mortgages, lines of credit, personal loans, Global Money Transfer and foreign cash delivery. There is no self-directed brokerage.
What does Simplii charge in fees?
Simplii charges $0 a month for its No Fee Chequing Account, with no fee for everyday debit purchases, bill payments, withdrawals or Interac e-Transfers. The savings account also has no monthly fee and no minimum balance, per Simplii’s High Interest Savings page.
The costs that do exist sit at the edges:
- Overdraft protection is optional and costs $4.97 in any month you use it, plus 19% interest on overdraft balances.
- ATMs outside the CIBC network are not covered by the free-withdrawal promise, which applies to over 3,400 CIBC ATMs across Canada.
- Special requests such as wires, drafts and cheque orders are priced in Simplii’s Products and Services Agreement. Those amounts are not repeated here because the agreement is the controlling document and it can change.
- Credit card interest on the Cash Back Visa is 21.99% on purchases if the balance is not paid in full.
What is the Simplii savings interest rate?
Simplii’s savings rate depends on whether you are a new client: new clients get 4.60% for 5 months on eligible deposits up to $200,000, and everyone else gets the much lower regular rate. The promotional offer ends October 31, 2026, and Simplii says existing clients in their first 60 days can still qualify.
The regular rate is the number that matters over time. When YieldMaple last checked it in September 2026, it was 0.30% on balances up to $50,000. EQ Bank’s base rate was 1.50% on October 8, 2026 (its rates page is headed effective October 2, 2026), and 2.75% with qualifying payroll deposits. On a $10,000 balance held for a year, that gap is about $30 against $150 in interest.
A worked example of the promotion: $10,000 at the promotional rate for five months earns about $192 before the rate drops. The promotion adds real interest while it lasts; once it ends, the regular rate is well below what EQ Bank pays.
How does the Simplii Cash Back Visa work?
The Simplii Cash Back Visa pays three flat rates with no annual fee: 4% at restaurants, bars and coffee shops, 1.5% on everyday essentials, and 0.5% on everything else.
| Feature | Rate and annual cap |
|---|---|
| Restaurants, bars, coffee shops | 4% on eligible restaurant, bar and coffee shop purchases, up to $5,000 per year (better on this row) |
| Gas, groceries, drugstores, pre-authorized payments | 1.5% on eligible gas, groceries, drugstore purchases and pre-authorized payments, up to $15,000 per year |
| Everything else | 0.5% on all other purchases, with no limit |
| Annual fee | $0 |
| Minimum household income | $15,000 |
| Welcome offer | up to $100 cash back in the first 3 months, on up to $500 of eligible gas, grocery, drugstore and pre-authorized payment spending |
Source: Simplii Financial Cash Back Visa Card page, checked October 6, 2026.
In full: the card pays 4% on eligible restaurant, bar and coffee shop purchases, up to $5,000 per year; 1.5% on eligible gas, groceries, drugstore purchases and pre-authorized payments, up to $15,000 per year; and 0.5% on all other purchases, with no limit. Applicants need a household income of at least $15,000 and must be Canadian citizens or permanent residents living in Canada, excluding Quebec.
What a year of spending earns
Take a household that hits both caps: $5,000 at restaurants, $15,000 on gas, groceries, drugstores and pre-authorized bills, and $10,000 on everything else.
- Restaurants: $200
- Essentials: $225
- Everything else: $50
- Total: $475 a year, an effective rate of about 1.6%
For comparison, the Wealthsimple Visa Infinite+ pays 2% on every purchase, or $600 on the same spending, but it costs $240 a year ($20/month), waived with $100,000+ in individual assets or $4,000+/month direct deposit. A cardholder who pays that fee nets $360, less than Simplii’s no-fee card at this spending level.
Two details are easy to miss. Restaurant spending above $5,000 a year and essentials spending above $15,000 a year fall outside the bonus rates. And cash back is paid once a year, as a credit on the primary cardholder's January statement, not month by month; the cardholder agreement has the full rules.
Simplii vs Tangerine, EQ Bank and Wealthsimple
| Feature | Simplii | Tangerine | EQ Bank | Wealthsimple |
|---|---|---|---|---|
| Chequing-style account fee | $0 (better on this row) | no monthly account fees and no minimum balance | $0 — no monthly fees and no minimum balance | $0 |
| Free ATM access | over 3,400 CIBC ATMs across Canada | free at 3,500+ Scotiabank ABMs in Canada and 44,000 Global ATM Alliance ABMs worldwide | no EQ Bank ATM fees anywhere; fees charged by ATM operators in Canada reimbursed up to $5 per withdrawal, up to five times a month | no Wealthsimple ATM fees in Canada or abroad; eligible ATM-operator fees reimbursed |
| Everyday savings rate | 0.30% on balances up to $50,000 | 0.30% | 1.50% (better on this row) | 1.25% |
| Deposit protection | a trade name of CIBC, which is a CDIC member | listed as its own CDIC member (Tangerine Bank) | CDIC member (Equitable Bank) | up to $100,000 per beneficiary, per CDIC member institution |
| No-fee credit card | Cash Back Visa (better on this row) | Money-Back Credit Card | None (prepaid card only) | Visa Infinite+ (annual fee unless waived) |
Savings rates for Simplii and Tangerine are regular posted rates, not promotional offers. Wealthsimple's figure is its Core chequing interest rate.
Where Simplii comes out ahead. The Cash Back Visa’s 4% restaurant rate is its clearest edge, and the income requirement of $15,000 is low. Simplii also sells mortgages, secured and unsecured lines of credit and personal loans under the same sign-on.
Where rivals come out ahead. EQ Bank pays 1.50% as a base rate, against Simplii’s 0.30% on balances up to $50,000. Tangerine’s ATM network is at least as large: Tangerine clients get withdrawals free at 3,500+ Scotiabank ABMs in Canada and 44,000 Global ATM Alliance ABMs worldwide. Wealthsimple has no Wealthsimple ATM fees in Canada or abroad; eligible ATM-operator fees reimbursed, and offers self-directed investing in the same app, which Simplii does not. Tangerine is also its own CDIC member, so its coverage is separate from Scotiabank’s, while Simplii’s is combined with CIBC’s.
The head-to-head pages go further: Tangerine vs Simplii and EQ Bank vs Simplii.
What welcome offers does Simplii have right now?
As of October 6, 2026, Simplii has three public welcome offers: $350 on chequing, a promotional savings rate, and bonus cash back on the Cash Back Visa.
- Chequing: $350 for new clients who set up an eligible direct deposit of $100 or more for 4 straight months. The offer ends January 31, 2027. Simplii’s terms say it began on October 1, 2026, replacing an earlier chequing offer that has ended.
- Savings: 4.60% for 5 months on eligible deposits up to $200,000, ending October 31, 2026.
- Cash Back Visa: up to $100 cash back in the first 3 months, on up to $500 of eligible gas, grocery, drugstore and pre-authorized payment spending. That works out to 20% back on the first $500 in those categories.
- Referrals: Simplii’s Refer a Friend program pays $125 for the referrer and $50 for the friend.
Each offer has its own terms on Simplii’s site, including who counts as a new client.
Editorial pick
Simplii Financial
Who Simplii Financial fits (and who it doesn’t)
Simplii tends to fit if:
- Restaurants, bars and coffee shops are a large part of your card spending.
- You want free cash withdrawals at CIBC ATMs without paying a monthly account fee.
- You want chequing, a credit card and borrowing products under one sign-on.
It tends not to fit if:
- Your priority is the highest everyday savings rate, where EQ Bank pays more.
- You already hold large deposits at CIBC and want separate CDIC coverage.
- You want self-directed investing in the same app.
- You live in Quebec, where the Cash Back Visa is not offered.
The verdict
Simplii is a solid no-fee bank with one standout product. The Cash Back Visa’s 4% restaurant rate, $0 annual fee and $15,000 income requirement make it an easy second card, and the chequing account is free to hold alongside it. The savings account is a different story: strong during the promotional period, weak after it. Many people end up using Simplii for spending and a higher-rate account elsewhere for savings.
This review is general education, not financial advice. Rates and offers were checked on the dates shown and can change.
Related YieldMaple pages
- Tangerine vs Simplii: the two big-bank-owned online banks compared
- EQ Bank vs Simplii: savings rates against product range
- EQ Bank review: the higher-rate savings alternative
- Best credit cards in Canada for 2026