Simplii Financial is CIBC's no-fee digital banking division, launched in 2017 after CIBC acquired PC Financial's banking operations. Simplii offers genuinely free everyday banking — no monthly fee, no minimum balance — with CIBC's infrastructure and CDIC insurance backing it. Here's a full review.
Simplii's core product. Features include:
Simplii offers a savings account with competitive rates, particularly on promotional offers for new deposits. The standard ongoing rate is moderate — not as high as EQ Bank but above Big 5 standard savings rates. No monthly fee.
Simplii offers mortgage products online at competitive rates. This is a differentiator from most other free digital banks — Simplii can be a one-stop shop for both free chequing and a competitive online mortgage.
Simplii also offers personal loans and lines of credit through its digital platform, with rates often competitive vs. traditional bank branches.
| Feature | Simplii | KOHO (Free) | Tangerine |
|---|---|---|---|
| Monthly fee | $0 | $0 | $0 |
| Cashback | No | 0.5% | No (credit card only) |
| ATM network | CIBC ATMs | Any (network fees) | Scotiabank ATMs |
| Mortgage product | Yes | No | Yes |
| CDIC coverage | Yes (CIBC) | Yes (People's Trust) | Yes (Scotiabank) |
Simplii is best for:
Yes. Simplii Financial is a division of CIBC, one of Canada's Big 5 banks. Deposits are CDIC insured as part of CIBC's deposit structure. Simplii is as safe as any major Canadian bank.
Simplii Financial is one of Canada's best free chequing options — solid, reliable, and backed by CIBC. If you don't need cashback rewards and want the simplest possible free bank account with CIBC ATM access, Simplii is an excellent choice. For cashback on spending, KOHO is a better fit.
KOHO offers free banking with no monthly fees and no minimum balance. Use code 45ET55JSYA for a bonus.
Open KOHO Free — No Fees — Code 45ET55JSYA