Simplii Financial Review 2026

No fee everyday banking

Set up direct deposit and skip the monthly fee. Free to open, and the Easy plan has no monthly fee. Worth doing if you will actually move your pay or your CRA deposits over, not if the card sits unused. Code BREMO2026.

See how it works

CIBC's no-fee digital bank — free chequing, 3,400+ free ATMs, mortgages, and no minimums. Here's our honest assessment.

Simplii Financial at a Glance

Simplii Financial is CIBC's direct banking brand, launched in 2017 after CIBC retired the PC Financial brand. It offers a true no-fee chequing account with unlimited transactions and access to CIBC's ATM network — one of the largest in Canada.

Feature	Details
Monthly fee	$0 forever
Minimum balance	None
Transactions	Unlimited
e-Transfers	Unlimited, free
ATM access	3,400+ CIBC ATMs free
Savings rate	0.40% (standard)
CDIC insured	Yes (via CIBC)
Cheque writing	Yes
Joint accounts	Yes
Overdraft protection	Yes (opt-in)

Simplii Chequing Account — What Makes It Stand Out

3,400+ Free CIBC ATMs

Simplii's biggest advantage over KOHO and most online banks: free access to CIBC's massive ATM network. CIBC ATMs are found in Loblaw/No Frills, Shoppers Drug Mart, and many transit hubs. For Canadians who regularly need cash, this is a significant practical benefit.

True Chequing Account Features

Unlike KOHO (prepaid), Simplii is a real chequing account with cheque writing, direct deposit, and overdraft protection. This matters for landlords, older Canadians used to cheques, or anyone whose employer requires a traditional void cheque.

Joint Accounts

Simplii supports joint accounts — a feature KOHO lacks. Couples managing shared household expenses can have both partners access the same account.

Simplii Pros and Cons

Pros

$0 monthly fee (no conditions)
3,400+ free CIBC ATMs
Unlimited transactions
Cheque writing capability
Joint accounts supported
Overdraft protection available
Backed by CIBC (Big Six bank)
CDIC insured
Mortgage products available

Cons

0% cash back on debit spending
Low savings rate (0.40%)
No credit building feature
2.5% foreign transaction fee
No TFSA or RRSP investing accounts
No physical branches (digital-only)
Customer service is CIBC call centres

Simplii vs. KOHO — The Key Trade-Off

Both are $0/month with unlimited transactions. The choice comes down to your priorities:

Priority	Choose
Cash back on debit spending	KOHO (1–2% vs. $0)
High interest on your balance	KOHO (5% vs. 0.40%)
Free ATM cash withdrawals	Simplii (3,400+ CIBC ATMs)
Joint account	Simplii
Cheque writing	Simplii
Credit building	KOHO
Sign-up bonus ($100)	KOHO (code BREMO2026)

The ideal strategy: use both. KOHO for card spending and savings interest; Simplii for cash withdrawals and any cheque requirements.

Frequently Asked Questions

Is Simplii Financial safe?

Yes. Simplii Financial is operated by CIBC, one of Canada's Big Six banks and a CDIC member. Your deposits are CDIC insured up to $100,000 per category. It's one of the safest no-fee banks in Canada.

Does Simplii Financial have a savings account?

Yes, Simplii has a High Interest Savings Account paying 0.40% standard rate. This is much lower than EQ Bank (3%) or KOHO (up to 5%). For savings, you're better served by EQ Bank or KOHO. Use Simplii primarily for its chequing and ATM features.

Does Simplii Financial offer a mortgage?

Yes. Simplii offers mortgage products with competitive rates, powered by CIBC. This is a significant advantage over KOHO and most fintech accounts — you can get your mortgage at the same institution as your chequing account.