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Simplii Financial™ Review 2026

(5/5)

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Updated On: October 13, 2026

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Looking for a bank that does not nickel and dime you? We took a close look at Simplii Financial™ to see how its no-fee accounts, savings rates, and cash back Visa* card actually hold up.

Simplii Financial is an all-digital bank owned by CIBC. It started back in 1994 as PC Financial and was rebranded as Simplii Financial in 2017. Because it is online only, there are no branches to visit. You do your banking through the website, the mobile app, and phone support, and you get free access to CIBC's large ATM network across Canada.

Here is our honest take, with the current rates and offers kept in the product cards below so you always see the latest numbers.

Key Points

Simplii Financial™ is a no-fee online bank owned by CIBC, with chequing, savings, investments, and a cash back Visa* card.
Its no-fee chequing and savings accounts can save you hundreds a year compared with a traditional big-bank account, and Simplii™ has some of the lowest fees in Canada.
The Cash Back Visa* card has no annual fee and pays bonus cash back on dining, gas, groceries, and more.
There are no branches, and the accounts are not available in Quebec, so Simplii is best if you are happy banking online.

Our Verdict

Simplii Financial is a great fit if you want a no-fee online bank with a solid range of everyday products. Skipping monthly fees on chequing and savings can save you hundreds of dollars a year compared with a traditional big-bank account, and the rates are competitive.

The Cash Back Visa* card is a nice bonus, since it has no annual fee and still pays decent cash back.

The flip side is simple. If you like visiting a branch or dealing with a teller in person, Simplii is not for you, and the accounts are not available in Quebec. For most people who are comfortable banking on their phone, though, Simplii covers the essentials well and keeps costs low.

Who Is Simplii Financial Best For?

Simplii suits people who are happy to bank online and want to keep fees to a minimum. It is a natural fit if you like managing money from your phone, and do not need a branch. You still get help when you need it through the app and phone support. If you eat out often or spend on gas and groceries, the Cash Back Visa* card adds some everyday value on top.

What We Like

No monthly fees or minimum balance on the chequing and savings accounts.
Competitive interest, including a limited-time promotional savings rate.
A no-annual-fee cash back credit card.
Free access to CIBC's ATM network across Canada.
Free global money transfers.

What We Don't Like

No physical branches, so everything is online or by phone.
A smaller product range than the big banks.
Not available in Quebec.

Simplii Financial No Fee Chequing Account

This is the account Simplii is best known for, and it lives up to the name. You get free daily banking with no monthly fee and no minimum balance, plus unlimited debit purchases, bill payments, and withdrawals.

We like that the everyday stuff, including Interac e-Transfers, is unlimited and free, so there are no surprises on your statement.

Open Account

Simplii Financial No Fee Chequing Account

Account Fee: $0
Interest Earned: 0.01%
e-Transfers: Free
FX Fees: 2.5%

Cash Back, Fees & FeaturesUpdated Oct 2026

Cash Back

NoneNo cash back on purchases

Fees & Access

Transactions: Unlimited debit purchases, bill payments and withdrawals
ATM Fees: Free at over 3,400 CIBC ATMs across Canada
Deposit Insurance: Eligible for CDIC deposit protection
Available In Quebec: No
Referral Program: Yes

Extra Features

Overdraft protection available
Global money transfers with $0 transfer fee
New to Canada program: apply online with your passport if you arrived in the last 5 years

Rates and fees as of October 2026. Check Simplii Financial's website for current terms.

Simplii Financial High Interest Savings Account

If you want to grow your savings without monthly fees eating into them, this account is worth a look. There is no minimum balance and no monthly fee, interest is calculated daily and paid monthly, and your money stays easy to reach whenever you need it.

The regular rate is tiered by balance, and a higher promotional rate is available for a limited time on eligible deposits.

Open account

Simplii Financial High Interest Savings Account

Monthly fee: $0
Interest rate: 0.30%–1.00%
Minimum balance: $0
Transaction fees: None

Rates, fees & featuresUpdated Oct 2026

Interest by balance

0.30%$0 to $50,000
0.50%$50,000.01 to $100,000
0.60%$100,000.01 to $500,000
0.70%$500,000.01 to $1,000,000
1.00%Over $1,000,000

Promotional rate

4.60%On eligible deposits up to $200,000, August 1 to October 31, 2026

Fees & access

Monthly fee: $0
Minimum balance: None to open or keep the account
Transactions: No transaction fees to access your money
Interest paid: Calculated daily, paid monthly
Deposit insurance: Eligible for CDIC deposit protection
Referral program: Yes

Extra features

Easy to set up automatic deposits
Verify your identity remotely through the Interac document service
Global money transfers with $0 transfer fee
Earn $125 for each friend you refer, and they get $50
Backed by CIBC

Promotional rate applies to eligible deposits; conditions apply. Rates and fees as of October 2026. Check Simplii Financial's website for current terms.

Simplii Financial Cash Back Visa Card

Simplii's Cash Back Visa* card is a solid pick if you want cash back without paying an annual fee. You earn bonus cash back on dining out, with a smaller bonus rate on gas, groceries, drugstore purchases, and pre-authorized payments, and a base rate on everything else.

Each bonus category has a yearly spending cap, after which that spending earns the base rate. You can add up to three extra cardholders at no cost, and the card comes with purchase and extended protection insurance.

Welcome offer: From October 26 2026, you can earn double the cash back on restaurants and dining in your first 3 months or up to $1,000 in spend, whichever comes first.

Apply

Simplii Financial Cash Back Visa Card

Annual fee: $0
Cash back: 0.5%–4%
Purchase rate: 21.99%
Cash advance rate: 22.99%

Cash back, rates & featuresUpdated Oct 2026

Cash back

4%Eligible restaurant, bar and coffee shop purchases, on up to $5,000 in spending a year
1.5%Eligible gas, grocery and drugstore purchases and pre-authorized payments, on up to $15,000 in spending a year
0.5%All other purchases, with no limit on how much you earn

Rates & fees

Annual fee: $0
Purchase rate: 21.99%
Cash advance rate: 22.99%
After the caps: Purchases in the 4% and 1.5% categories earn 0.5% for the rest of the year
Income requirement: Minimum household income of $15,000 a year
Card network: Visa

Extra features

No annual fee
Purchase protection
Extended warranty
Referral bonus

Rates and fees as of October 2026. Check Simplii Financial's website for current terms.

Simplii Financial Investment Accounts

Beyond day-to-day banking, Simplii covers the main registered and non-registered savings options. These are simple, no-frills products that pay interest with no monthly fees.

TFSA. A Tax-Free Savings Account lets you save and earn tax-free returns, with no monthly fees, no minimum balance, and no fixed term. You can withdraw anytime, which makes it handy for flexible, goal-based saving.
RRSP. A Registered Retirement Savings Plan pays interest on your cash balance with no minimum or monthly fees. Your contributions are tax-deductible and grow tax-free until you withdraw them in retirement, when they are taxed as income.
GICs. Guaranteed Investment Certificates let you lock in a fixed rate for terms that run from one to five years, and Simplii also offers RRSP GICs for registered accounts. The current GIC rates by term are on Simplii Financial's website.

Simplii Financial Global Money Transfer

This is one of Simplii's standout features. You can send money to more than 130 countries with no transfer fee, which is rare and genuinely useful if you support family abroad or pay bills in another country. You can send from eligible accounts such as your chequing, savings, or line of credit, and the person receiving the money can have it deposited to their bank account or pick it up as cash.

Other Simplii Financial Products

Simplii is not just chequing and savings. If you want to keep more of your money in one place, it also offers a few other products:

USD Savings Account. Hold and save in US dollars, which is handy if you shop or travel in the States.
Mortgages. Fixed and variable-rate options for buying or renewing a home.
Personal loan and line of credit. For a larger one-time purchase or ongoing access to funds.
Mutual funds. A small lineup of low-cost index funds through CIBC Securities, which you can hold in a registered account (TFSA, RRSP, RRIF, or RESP) or a non-registered account.

Simplii Financial Fees At A Glance

Simplii keeps fees low, but a few still apply. Here is what to watch for.

Fee	Amount
Monthly account fee	$0
Interac e-Transfers	Free
Returned payment (NSF)	$10 (capped under Canada's 2026 rules; older reviews may still show $45)
Overdraft protection	Optional, a monthly charge plus 19% interest on the amount used
Foreign transaction (FX)	2.5%
Outgoing wire transfer	From $30, depending on the amount (separate from the free Global Money Transfer)

How To Open A Simplii Financial Account

Opening an account is quick and done entirely online, usually in about 10 minutes. To qualify, you need to be a Canadian resident outside Quebec and the age of majority in your province or territory. Have your Social Insurance Number and a piece of government-issued ID ready. From there, you apply online, verify your identity, and fund the account with a transfer or a direct deposit.

Is Simplii Financial Safe?

Yes. Simplii is a division of CIBC, so your eligible deposits are protected by CDIC up to the limit per insured category. On top of that, Simplii uses fraud monitoring and alerts, plus two-step verification, to help keep your account secure. Since there are no branches, support is handled online and through 24/7 phone banking.

What Do Customers Think Of Simplii Financial?

Opinions are mixed, which is normal for a big bank. On the app stores, Simplii scores well, and people tend to praise the lack of monthly fees, the competitive savings rates, and the easy-to-use app. On review sites like Trustpilot, the scores are lower, with complaints about wait times, trouble opening accounts, and the occasional issue with rate promotions or technical glitches. By most accounts the app is clean and easy to use, so it mostly comes down to how much you value in-person service.

Why Online Banking Is Worth A Look

Online banks like Simplii can charge less because they do not run a network of branches. That model is now the norm in Canada, not the exception.

82%

of Canadians now use digital channels, online banking and banking apps, for most of their everyday transactions. Banking online is how most of us already handle our money.

Source: Canadian Bankers Association

Pros And Cons Of Simplii Financial

Pros

No monthly fees: You skip the monthly account fees big banks often charge on chequing and savings, which can add up to hundreds of dollars a year.
Competitive rates: Savings and GICs earn solid interest, and you can grab a higher promotional savings rate for a limited time.
No-annual-fee cash back card: The Cash Back Visa* card pays bonus cash back on dining, gas, and groceries without charging a yearly fee.
Big ATM network: You get free access to CIBC's 3,400+ ATMs across Canada, so pulling out cash is easy even without branches.
Free global money transfers: You can send money to more than 130 countries with no transfer fee, which beats what most banks charge.
CDIC protection: Because Simplii is part of CIBC, your eligible deposits are covered by CDIC insurance.
Easy to open and use: The accounts are built for your phone, so you can open one and manage your money online in minutes.
Extra perks: You also get refer-a-friend bonuses and free standard cheques.

Cons

No physical branches: Everything is online or by phone, so if you like face-to-face help, it can feel limiting.
Cash deposits need a CIBC ATM: With no branches, you have to use a CIBC ATM to deposit cash, which is not always nearby.
Smaller product range: You will not find the full lineup of a big bank, such as a wide range of mortgages or business accounts.
Modest regular savings rate: The headline savings rate is a limited-time promo, and the everyday rate is low, so rate-chasers may look elsewhere once it ends.
Not available in quebec: Quebec residents cannot open these accounts or the Cash Back Visa* card.

How Does Simplii Financial Compare To Other Online Banks?

Simplii is not the only no-fee online bank in Canada. Here are some alternatives:

Read Review

EQ Bank Personal Account

Account Fee: $0
Interest Earned: 1.50%–2.75%
e-Transfers: Free
FX Fees: None

Cash Back, Fees & FeaturesUpdated Oct 2026

Cash Back

Up to 0.5%On every purchase with the EQ Bank Card

Fees & Access

Transactions: Unlimited free
ATM Fees: Free at ATMs in Canada with your EQ Bank Card; operator fees reimbursed up to $5, five times a month
Deposit Insurance: Eligible for CDIC deposit protection
Available In Quebec: Yes
Referral Program: Yes

Extra Features

Mobile cheque deposit
Open up to 8 accounts
No NSF fees
Includes the EQ Bank Card, a prepaid Mastercard

Rates and fees as of October 2026. Check EQ Bank's website for current terms.

Read Review

Tangerine No-Fee Daily Chequing Account

Account Fee: $0
Interest Earned: Up to 0.10%
e-Transfers: Free
FX Fees: 2.5%

Cash Back, Fees & FeaturesUpdated Oct 2026

Cash Back

NoneNo cash back on purchases

Fees & Access

Transactions: Unlimited debit purchases, bill payments and pre-authorized payments
ATM Fees: Free at over 3,500 Scotiabank ABMs in Canada and 44,000 worldwide through the Global ATM Alliance
Deposit Insurance: Eligible for CDIC deposit protection
Available In Quebec: Yes
Referral Program: Yes

Extra Features

Overdraft protection available
Mobile cheque deposit
Automatic Savings Program
Several in-person cafés
Interac & Visa Debit Zero Liability protection

Rates and fees as of October 2026. Check Tangerine's website for current terms.

Open Account

Neo Chequing Account

Account Fee: $0
Interest Earned: 0.10%
e-Transfers: Free
FX Fees: 2.5%

Cash Back, Fees & FeaturesUpdated Oct 2026

Cash Back

1%On gas and groceries with the free Neo Money™ Card (first $500 a month each)

Fees & Access

Transactions: Unlimited free everyday transactions
ATM Fees: No charge from Neo; the ATM operator may charge
Deposit Insurance: Eligible for CDIC deposit protection
Available In Quebec: Yes
Referral Program: Yes

Extra Features

Higher cash back rates with Neo credit cards
Comes with the Neo Money™ Card, a prepaid card to access your money
Smart insights and budgeting tools
Multiple accounts with custom names
Joint accounts available
No NSF fees

Rates and fees as of October 2026. Check Neo Financial's website for current terms.

Open Account

KOHO Core Account

Account Fee: $0
Interest Earned: Up to 2%
e-Transfers: Free
FX Fees: 1.5%

Cash Back, Fees & FeaturesUpdated Oct 2026

Cash Back

Up to 1%Unlimited cash back on groceries, transportation, and food and drink
Up to 6.5%Extra cash back with select merchants

Fees & Access

Transactions: Unlimited
ATM Fees: May be charged a $2–$3 out-of-network fee
Deposit Insurance: Accounts earning interest are eligible for CDIC deposit protection
Available In Quebec: Yes
Referral Program: Yes

Extra Features

Free in-app credit score
Credit Building for $10/month
Joint accounts available
International money transfers
No NSF fees

Rates and fees as of October 2026. Actual interest may vary depending on your KOHO Account plan. Interest Rate is subject to change without prior notice. Interest is per annum calculated daily but paid monthly. Actual Cash Back may vary depending on your KOHO Account plan or merchant. Cash back rate and merchants subject to change. Terms and Conditions apply. Check KOHO's website for current terms.

If your main goal is the highest everyday savings rate, EQ Bank is hard to beat. If you want cash back on debit-style spending with credit building, KOHO is worth a look, while Neo and Tangerine both pair a no-fee account with a cash back credit card. For a no-fee chequing account with a cash back Visa* card and a big ATM network behind it, Simplii is a strong all-rounder.

Final Thoughts

Overall, Simplii Financial is a solid online bank backed by one of Canada's big banks. It keeps the everyday stuff cheap, pays competitive rates, throws in a no-annual-fee cash back card, and makes sending money abroad easy. If you are comfortable banking online and you are not in Quebec, it is well worth a look, especially if you are tired of paying monthly fees just to use your own money.

Simplii Financial is a trademark and division of CIBC. Banking services are not available in Quebec.

Simplii Financial FAQs

Who owns Simplii Financial?

Simplii Financial is owned by CIBC, one of Canada's Big 5 banks. It runs as CIBC's all-digital, no-fee banking brand.

Is Simplii Financial available in Quebec?

No. Simplii Financial's accounts and the Cash Back Visa* card are not available to residents of Quebec. They are offered across the rest of Canada.

Is Simplii Financial CDIC insured?

Yes. Simplii Financial is a CDIC member through its parent, CIBC, so eligible deposits like chequing, savings, and GICs are covered up to the CDIC limit per insured category.

How do you get a void cheque from Simplii Financial?

Sign in to online banking and open the Cheques section under More Services to view a void cheque. You can also call Simplii to have void cheques mailed to you.

How do you send money with Simplii Global Money Transfer?

Sign in to your online banking, go to the Global Money Transfer section, and follow the steps to send money abroad. You can send from eligible accounts such as your chequing, savings, or line of credit.

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