Simplii Financial Review Canada 2025

CIBC's no-fee digital bank reviewed — free chequing, ATM access, and savings rates for Canadians in 2025.

What Is Simplii Financial?

Simplii Financial is the no-fee digital banking arm of CIBC (Canadian Imperial Bank of Commerce), one of Canada's Big Five banks. Launched in 2017 when CIBC ended its partnership with PC Financial, Simplii offers a full suite of banking products — chequing accounts, savings accounts, credit cards, mortgages, and personal loans — with no monthly fees on the core account.

Because Simplii operates under CIBC's banking charter, all deposits are directly CDIC-insured without any third-party intermediary.

Simplii Financial Products

Product	Fee	Key Benefit
No-Fee Chequing Account	$0/month	Unlimited transactions, CIBC ATM access
High Interest Savings Account	$0	0.10% regular, promos up to 5.25%
Cash Back Visa Card	$0/year	4% cash back on eligible restaurant/bar
Personal Loans	Varies	Competitive rates, online application
Mortgages	N/A	Full mortgage suite
GICs	$0	CDIC-insured term deposits

The Simplii No-Fee Chequing Account

The core Simplii product is the No-Fee Chequing Account. It includes unlimited debit transactions, free Interac e-Transfers, free bill payments, and free access to CIBC's network of over 3,400 ATMs across Canada. There is no minimum balance and no monthly fee — ever.

This free access to CIBC's ATM network is a significant advantage over pure fintech apps like KOHO, which have more limited ATM access. For Canadians who regularly withdraw cash, Simplii provides big-bank infrastructure without big-bank fees.

Simplii Savings Account Rate

The regular savings rate at Simplii is 0.10%, which is low but typical for big-bank digital arms. Simplii frequently runs promotional savings rates for new customers, sometimes as high as 5% for the first 5 months. After the promotional period, however, the rate drops significantly. For ongoing high-rate savings, EQ Bank or KOHO's savings component are stronger options.

Simplii Cash Back Visa Card

Simplii's no-fee Cash Back Visa card is one of the hidden gems in Canadian banking. It earns 4% cash back at eligible restaurants and bars — one of the highest rates for dining in Canada — plus 1.5% on groceries, gas, and drugstores, and 0.5% on everything else. For Canadians who eat out frequently, this card delivers excellent value at zero annual fee.

Simplii vs. KOHO

Feature	Simplii Financial	KOHO (Free)
Institution Type	CIBC subsidiary (full bank)	Fintech (via Peoples Bank)
Monthly Fee	$0	$0
Savings Rate	0.10% (promo up to 5.25%)	Up to 5%
ATM Access	Free at 3,400+ CIBC ATMs	Limited
Cash Back (spending)	Via credit card only	On every debit purchase
Welcome Bonus	Occasional cash bonus offers	$20 (code 45ET55JSYA)
Mortgage/Loans	Yes	No

Who Should Use Simplii Financial?

Simplii Financial is a strong choice for Canadians who want a full no-fee banking relationship with big-bank infrastructure. The free CIBC ATM access, mortgage products, personal loans, and excellent dining credit card make it well-rounded. If you currently bank at CIBC and want to eliminate monthly fees, Simplii is a natural fit.

For daily cash back on debit spending, KOHO is more rewarding — you earn cash back on every swipe without needing a separate credit card. Use code 45ET55JSYA to get a $20 welcome bonus with KOHO.