Simplii Financial Review 2026

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

KOHO — Better Cash Back Than Simplii + $100 Bonus

Simplii charges $0 but earns $0 cash back. KOHO earns 1–2% back on groceries and transit. Use code 45ET55JSYA for $100.

Get $100 with KOHO →

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.

FeatureDetails
Monthly fee$0 forever
Minimum balanceNone
TransactionsUnlimited
e-TransfersUnlimited, free
ATM access3,400+ CIBC ATMs free
Savings rate0.40% (standard)
CDIC insuredYes (via CIBC)
Cheque writingYes
Joint accountsYes
Overdraft protectionYes (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:

PriorityChoose
Cash back on debit spendingKOHO (1–2% vs. $0)
High interest on your balanceKOHO (5% vs. 0.40%)
Free ATM cash withdrawalsSimplii (3,400+ CIBC ATMs)
Joint accountSimplii
Cheque writingSimplii
Credit buildingKOHO
Sign-up bonus ($100)KOHO (code 45ET55JSYA)

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.

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