TD Canada Trust is Canada's second-largest bank by retail customers, offering full-service banking with over 1,100 branches. Simplii Financial is CIBC's no-fee digital banking brand — it offers free unlimited chequing, a competitive cash-back Visa, and higher savings rates than TD. If you're deciding between a traditional Big 5 bank and a no-fee digital alternative backed by a Big 5 bank, this comparison is for you.
| Feature | TD Canada Trust | Simplii Financial |
|---|---|---|
| Monthly chequing fee | $10.95/mo | $0 — free unlimited |
| Fee waiver | $4,000 balance | N/A — always free |
| Unlimited transactions | $16.95/mo tier | Included free |
| HISA rate | 0.01% | 0.10%–4%+ (promo) |
| 1-yr GIC | ~3.65% | ~3.65%–4.00% |
| Branches | ~1,100 | None (digital only) |
| ATMs | ~3,500 | CIBC ATMs (~3,400) |
| Debit card | Yes | Yes |
| Credit card | Full lineup | Simplii Cash Back Visa |
| Mortgages | Yes | Yes (digital) |
| RRSP/TFSA | Yes | Yes (savings/GICs) |
| App Store rating | 4.7 | 4.5 |
| Backed by | TD Bank Group | CIBC |
| Sunday hours | Yes (branches) | None |
This is Simplii's biggest advantage. The Simplii No Fee Chequing Account is completely free with unlimited transactions, unlimited e-Transfers, and no minimum balance. TD charges $10.95/month for its basic account (with only 12 transactions) and $16.95 for unlimited. Over a year, that's $131–$203 in fees you'd pay at TD.
Simplii clients also access CIBC's full ATM network (~3,400 machines) at no charge, so ATM access isn't a major limitation.
Edge: Simplii — meaningfully and permanently cheaper for chequing.
Simplii's High Interest Savings Account pays a modestly better rate than TD's HISA (0.10% vs 0.01% standard). Simplii also runs promotional HISA rates for new savings customers (sometimes 4%+ for 5 months), which TD does not match. For long-term savers, EQ Bank still beats both — but Simplii is a better saver's account than TD for day-to-day parked funds.
Simplii Financial offers mortgages (backed by CIBC infrastructure). Rates are competitive and the application is fully digital. TD offers full in-branch mortgage advisory, which may be preferable for complex situations or first-time buyers who want hand-holding.
Edge: TD for full-service mortgage advisory. Simplii for digital-first mortgage shoppers who know what they want.
Simplii wins decisively — saves $130–$200/year.
TD wins — 1,100+ branches with Sunday hours.
TD wins — dedicated newcomer program with in-branch support.
TD wins — full credit card lineup vs Simplii's single Visa.
Simplii wins — the Simplii Cash Back Visa earns 4% on restaurants.
Tie — TD for in-person advisory, Simplii for digital convenience.
Simplii is free, but KOHO goes further — earning up to 5% cash back on all purchases (not just dining) and paying interest on your balance. Compare both before deciding.
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Choose TD if you value Sunday branch hours, want in-person banking support, have complex newcomer banking needs, or rely on TD's credit card and investing ecosystem.
Choose Simplii if your banking is primarily digital, you want to save $130–$200/year in fees, you value the 4% dining cash back card, and you don't need in-branch service.
For many Canadians, Simplii can replace TD as a primary bank with zero loss of functionality — and $130+ in annual savings.