A full breakdown of fees, bonuses, cash back, savings rates, and which account wins for Canadian residents.
Side-by-Side
Every major feature compared. Green cells indicate the better value.
| Simplii Financial | Manulife Bank | |
|---|---|---|
| Signup Bonus | None (occasional referral promos) | None |
| Monthly Fee | $0 | $0 (with minimum balance) |
| Cash Back | Up to 4% on select categories | None on chequing |
| Credit Check | Soft check | Soft check for savings, hard for credit |
| Savings Interest | 0.01% standard (promos available) | 0.50–1.50% depending on product |
| Credit Building | Yes — via Simplii credit card | Yes — via Manulife One mortgage product |
| Mobile App | ⭐⭐⭐⭐ (4.0 App Store) | ⭐⭐⭐ (3.3 App Store) |
| CDIC Protected | Yes — through CIBC | Yes — CDIC member |
Deep Dive
The key strengths and weaknesses of each account.
Our Verdict
Both Simplii Financial and Manulife Bank have their strengths. Simplii Financial is the better fit for most Canadians, but your choice depends on your specific needs.
Get Started
Compare both options and claim any available signup bonuses below.
FAQ
It depends on what you need. Simplii Financial (No-fee bank account backed by CIBC) vs Manulife Bank (All-in-one banking and mortgage offset accounts). For a signup bonus, Simplii Financial offers None (occasional referral promos) while Manulife Bank offers None. For monthly fees, Simplii Financial charges $0 vs Manulife Bank's $0 (with minimum balance). See the full comparison table above for a complete breakdown.
Simplii Financial signup bonus: None (occasional referral promos). Manulife Bank signup bonus: None. If neither offers a cash bonus, consider also opening KOHO (code 45ET55JSYA for $80 free) or Neo Financial (code J4C9H3K5 for $50 free) — the two biggest free bonuses available to Canadians right now.
Simplii Financial: Yes — through CIBC. Manulife Bank: Yes — CDIC member. CDIC coverage protects deposits up to $100,000 per category at member institutions. Always verify current coverage details on the CDIC website.
Yes — there is no rule preventing Canadians from holding multiple bank accounts simultaneously. Many people keep one account for savings and another for spending. You can open both Simplii Financial and Manulife Bank to take advantage of each account's best features.
Simplii Financial monthly fee: $0. Manulife Bank monthly fee: $0 (with minimum balance). Monthly fees are one of the biggest differences between accounts — even $15/month adds up to $180/year.
Simplii Financial cash back: Up to 4% on select categories. Manulife Bank cash back: None on chequing. Cash back rates can vary significantly depending on spending categories. Check each bank's current promotions as rates change.
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