RBC is Canada's largest bank with the best travel rewards program (Avion), 1,200+ branches, and a robo-advisor. Simplii Financial is CIBC's no-fee digital bank offering free unlimited chequing and a 4% dining cash back Visa. Both are federally regulated and CDIC insured. Which should you choose — or can you use both?
| Feature | RBC Royal Bank | Simplii Financial |
|---|---|---|
| Monthly chequing fee | $4.00–$30.00/mo | $0 — free unlimited |
| Unlimited transactions | $16.95/mo tier | Included free |
| HISA rate | 0.01%–0.05% | 0.10%+ (promo 4%+ available) |
| 1-yr GIC | ~3.65% | ~3.65%–4.00% |
| Branches | ~1,200 | None |
| ATMs | ~3,500 | CIBC ATMs (~3,400) |
| Credit card highlights | RBC Avion Visa Infinite | Simplii Cash Back Visa (4% dining) |
| Mortgages | Yes (in-person + digital) | Yes (digital only) |
| Robo-advisor | RBC InvestEase | None |
| Discount brokerage | RBC Direct Investing | None |
| App Store rating | 4.8 | 4.5 |
| Backed by | RBC | CIBC |
Simplii's no-fee unlimited chequing is its core selling point. RBC's cheapest account ($4/mo) is pay-per-use, and unlimited banking costs $16.95/mo. Simplii saves you $203/year compared to RBC Signature No Limit, and it's completely free.
Simplii clients access the full CIBC ATM network (~3,400 machines) for free, so ATM access is comparable to RBC.
Neither Simplii nor RBC pays outstanding everyday savings rates, but Simplii's promotional rates (often 4%+ for new customers for 5 months) are far better than anything RBC offers. For permanent high-rate savings, EQ Bank remains the gold standard, but Simplii's promos give a real boost.
Canada's most flexible bank travel rewards program. Points transfer to British Airways Avios, American Airlines, WestJet, and more. The RBC Avion Visa Infinite earns on all spending with premium travel insurance.
A flat cash back card earning 4% at restaurants and bars, 1.5% on gas and drugstores, and 0.5% on everything else. No annual fee. Strong for dining-heavy spenders.
For travel rewards: RBC wins. For no-annual-fee cash back dining: Simplii wins.
Both offer mortgages. RBC has full in-person advisory from HomePro mortgage specialists. Simplii's digital mortgage application is clean and fast, with competitive rates. For first-time buyers who want guidance, RBC's in-person service is valuable.
Simplii wins — saves $200+ per year.
RBC wins — Avion is unmatched for travel maximizers.
Simplii wins — 4% on restaurants.
RBC wins — InvestEase robo-advisor.
RBC wins — 1,200 branches.
Simplii wins — free, full-featured digital banking.
For even more cash back — up to 5% on all purchases — KOHO beats both Simplii and RBC. Free account, no minimum balance, and interest paid on your balance.
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Choose RBC if you want travel rewards, in-person banking, a robo-advisor, or a comprehensive investing platform.
Choose Simplii if you want to eliminate bank fees, earn cash back on dining, and bank digitally. Simplii is a legitimate primary bank for digital-first Canadians.
Use both: RBC for the Avion credit card and investing. Simplii as your primary chequing account to save $200/year in fees.