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.
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.
Get KOHO Free — Code BREMO2026Referral code BREMO2026 applied automatically.
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.