Simplii Financial is CIBC's no-fee digital banking brand. It offers a free chequing account, high-interest savings promotions, a cash back Visa card, and access to CIBC's extensive ATM network. For Canadians already in the CIBC ecosystem or who value ATM access across the country, Simplii is a practical no-fee option.
KOHO combines a no-fee bank account with built-in spending tracking and budgeting. Use code 45ET55JSYA for a sign-up bonus.
Get KOHO Free — Use Code 45ET55JSYASimplii Financial was created in 2017 when CIBC and Loblaws ended their PC Financial banking partnership. CIBC took over the banking operations and rebranded them as Simplii Financial, retaining many of the same no-fee features that made PC Financial popular. Today Simplii serves millions of Canadians as a lower-cost alternative to CIBC's full-service accounts.
| Product | Key Feature |
|---|---|
| No-Fee Chequing Account | Unlimited transactions, no monthly fee |
| High-Interest Savings Account | Promotional rate for new deposits; lower ongoing rate |
| Cash Back Visa Card | 4% on restaurants/bars, 1.5% on groceries, 0.5% on everything else |
| Personal Line of Credit | Competitive rates for eligible customers |
| Mortgage | Digital application via CIBC platform |
| GICs | Fixed-term options |
| Global Money Transfer | International wire transfers with competitive rates |
Simplii's Cash Back Visa is one of the best no-fee credit cards in Canada for restaurant spending — 4% back on bar and restaurant purchases is among the highest rates available on a no-fee card. The card also earns 1.5% on groceries and 0.5% on everything else. For Canadians who eat out frequently, this card is worth having.
| Feature | Simplii Financial | Tangerine | KOHO |
|---|---|---|---|
| No-fee chequing | Yes | Yes | Yes |
| ATM network | CIBC (3,400+) | Scotiabank (3,500+) | Select ATMs |
| Cash back on debit | No | No | Yes (1–2%) |
| Credit card | Yes (4% restaurants) | Yes (2% chosen categories) | Prepaid Visa only |
| Savings rate | Promotional | Promotional | 3–5% (plan-dependent) |
| Budgeting tools | Basic | Basic | Excellent |
| International transfers | Yes | No | No |
Simplii Financial is a solid no-fee bank with two genuinely excellent products: the no-fee chequing account with CIBC ATM access, and the Cash Back Visa card with 4% back on restaurant spending. For everyday banking with built-in budgeting and cash back on debit, KOHO is a better primary account. For a no-fee credit card with exceptional restaurant rewards, Simplii's Visa is hard to beat. Many Canadians use both.