Simplii Review 2026: Free CIBC ATMs Worth It?

Simplii Financial replaced PC Financial Bank in 2017 when CIBC took over operations and rebranded. For most users, the experience is essentially the same as the old PC Financial — no-fee banking with credit cards and mortgages — but with CIBC’s larger ATM network behind it. Here’s the honest 2026 review.

What Simplii Financial actually is

Simplii is the digital banking division of CIBC, one of Canada’s Big 5 banks. The corporate structure:

• CIBC — Canada’s 5th-largest bank, $400B+ in assets, TSX:CM
• Simplii Financial — wholly-owned division of CIBC, operates as a separate brand with its own products and rates

Simplii inherited PC Financial’s banking infrastructure (deposit accounts, credit cards) when CIBC took over. The chequing accounts of legacy PC Financial customers were migrated automatically. Today Simplii has roughly 2 million customers in Canada.

Simplii product lineup

Simplii Financial product overview (May 2026)

	Product	Notes
No-Fee Chequing Account	$0 monthly, unlimited transactions, free e-Transfers, CIBC ATM access
High Interest Savings Account	Competitive rate, $0 monthly, $0 minimum
GICs	1–5 year terms, redeemable and non-redeemable options
Cash Back Visa Card	4% restaurants, 1.5% gas/grocery/drugstore, 0.5% other. $0 fee.
Premium Visa Card	Travel insurance, higher cashback. $59/year fee.
Mortgages	Fixed and variable, originated through CIBC infrastructure
Personal lending	Personal loans, lines of credit
Simplii Mutual Funds	Index-style options, MERs 0.50–1.10%
Children's accounts	Available for ages 0+

This breadth of products is comparable to Tangerine. Both Big-5-owned no-fee banks have similar product lineups, with credit cards being the main differentiation point.

Simplii fees

Simplii Financial fees (May 2026)

	Fee
Chequing monthly fee	$0
Savings monthly fee	$0
Minimum balance	$0
Interac e-Transfer	Free unlimited
ATM withdrawal (CIBC)	$0
ATM withdrawal (other Canadian)	$1.50
Bill payment	$0
Cheque order (50 cheques)	$50
Wire transfer (incoming)	$15
Wire transfer (outgoing)	$50
Cash Back Visa annual fee	$0

For typical day-to-day banking, Simplii is genuinely zero-fee.

Simplii Cash Back Visa: the standout product

The Simplii Cash Back Visa Card is one of the best no-fee credit cards in Canada — particularly for restaurant-heavy spenders.

Simplii Cash Back Visa rate structure (May 2026)

	Category	Rate	Annual cap
Restaurants and bars	4%	$5,000 of spend
Gas, grocery, drugstore, recurring bills	1.5%	$15,000 combined of spend
Everything else	0.5%	Unlimited
Annual fee	$0	—

For a typical user spending $5,000/year on restaurants:

• 4% × $5,000 = $200 in restaurant cashback
• Plus 1.5% on $15,000 of grocery/gas/drugstore = $225
• Plus 0.5% on $10,000 of other = $50
• Total annual cashback: $475 on $30K of spending — at $0 annual fee

This is meaningfully better than Tangerine Money-Back ($400 on the same spend in chosen categories) and competitive with paid annual-fee cards (Wealthsimple Credit Card free with $4K assets earns $600 on $30K at 2% flat).

For users who eat out frequently, the 4% restaurant rate is the highest no-fee rate in Canada.

How Simplii compares to other Canadian online banks

Simplii vs major Canadian online banks (May 2026)

	Simplii	Tangerine	EQ Bank	Wealthsimple Cash
Schedule I bank	Yes (CIBC)	Yes (Scotiabank)	Yes (Equitable)	No (fintech + trust)
Standard savings rate	Lower	Lower	Higher	Competitive
Joint accounts	Yes	Yes	Yes	No
ATM access	CIBC (3,400+)	Scotiabank (~1,000)	Free network-wide	None directly
Best credit card	Cash Back Visa (4% restaurants)	Money-Back MC (2% chosen)	None directly	Wealthsimple CC (2% flat)
Mortgages	Yes (broad)	Yes (basic)	Limited	Limited
Investment products	Mutual funds	Mutual funds	GICs only	Trade + Invest

Where Simplii wins

1. CIBC ATM network access — 3,400+ ATMs is the largest among no-fee Canadian banks (vs Tangerine’s ~1,000).
2. Cash Back Visa restaurant rate — 4% is the highest no-fee dining cashback in Canada.
3. Mortgage product breadth — more variety than Tangerine, integrated with CIBC origination.
4. CIBC parent backing — Big 5 balance sheet.

Where Simplii loses

1. Standard savings rate — significantly lower than EQ Bank.
2. App quality — functional but less polished than Tangerine or Wealthsimple.
3. No self-directed investing — mutual funds only, with high MERs vs ETF alternatives.
4. Promotional rates less aggressive than Tangerine on average.

My personal experience

I’ve held a Simplii Cash Back Visa since 2023 specifically for restaurant spending. The 4% rate generates ~$150/year on my dining spend, which I wouldn’t get on a flat-rate card.

I don’t use Simplii’s chequing or savings — chequing is at Tangerine (for the Money-Back Mastercard ecosystem) and savings is at EQ Bank. Simplii’s standard savings rate isn’t competitive enough to consolidate.

For anyone in a similar position, the Simplii Cash Back Visa as a “second card” makes sense for $0 annual cost. As a primary bank, Tangerine or EQ Bank are usually better fits depending on priorities.

Sign-up offer

Simplii periodically offers $300–$400 welcome bonuses on new chequing accounts that meet activity requirements. The Cash Back Visa often has $100–$200 sign-up bonuses.

Reader offer

Simplii Financial

Welcome bonus on new chequing or Cash Back Visa

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Affiliate link — we may earn a commission, at no extra cost to you. Disclosure.

Who should use Simplii Financial

Use Simplii if:

• You spend $4,000+/year on restaurants and want maximum cashback
• You want CIBC ATM network access nationwide
• You want a Big-5-owned no-fee bank with broad product range
• You already bank with CIBC and want to consolidate

Skip Simplii (use alternatives) if:

• Your priority is the highest savings rate (use EQ Bank)
• You want best-in-class app UX (use Wealthsimple Cash or Tangerine)
• You want self-directed investing in the same app (use Wealthsimple)
• Your spending isn’t restaurant-heavy enough to maximize the Cash Back Visa

My final verdict

Simplii is a solid no-fee online bank with one truly excellent product (the Cash Back Visa). Standard savings is uncompetitive vs EQ Bank, app is functional but not best-in-class, and overall positioning is similar to Tangerine.

The right play for most readers: get the Simplii Cash Back Visa for restaurant spending (free + meaningful cashback) and use it alongside other banks for the rest of your needs. As a primary bank, the alternatives (EQ Bank, Tangerine, Wealthsimple Cash) usually edge it out depending on what you optimize for.

Read next

• Tangerine vs Simplii — head-to-head
• EQ Bank vs Simplii
• EQ Bank Review — the savings alternative
• Best Canadian credit cards 2026