Simplii Financial vs CIBC: Which bank is right for you?

Simplii Financial and CIBC are both owned by CIBC, but they operate very differently. Simplii is a digital-only brand, while CIBC is a traditional Big Five bank with a national network of physical branches and a wide suite of financial products.

So which one is better—Simplii or CIBC? Keep reading to compare Simplii vs CIBC’s features, accounts, loans, credit cards and investments to decide which is the right fit for your financial needs.

Simplii Financial vs. CIBC: An overview

CIBC is one of Canada’s biggest banks, with a history dating back to 1867. It provides all the products and services you’d expect from a Big Five bank — chequing and savings accounts, credit cards, mortgages, personal loans and online investing. You also get the convenience of face-to-face customer service.

Simplii Financial, which was launched in 2017, is CIBC’s digital banking arm. This online bank doesn’t offer the same broad range of products as CIBC, but it does offer perks like a no-fee chequing account and a competitive savings account interest rate.

Simplii vs. CIBC: Chequing accounts

CIBC has a ton of chequing accounts, including:

• CIBC Smart Account
• CIBC Smart for Seniors (Smart or Everyday account)
• CIBC Smart Start (for youth under 25)
• CIBC Smart for Students
• CIBC Smart for Foreign Workers
• CIBC Everyday Chequing Account

Simplii only has one chequing account but offers additional features and welcome bonuses to students and newcomers to Canada. That being said, if you need a basic chequing account with no fees, no minimum balance and even 0.01% interest on your balance, Simplii offers one of the best chequing accounts in Canada.

Who’s the winner?

Simplii. Unless you need in-person banking or qualify for the Smart Account fee waiver, Simplii’s no-fee structure and simplicity make it a better everyday banking option.

Simplii vs. CIBC: Savings accounts

CIBC and Simplii also have TFSAs, RRSP savings accounts and USD accounts with no monthly fees, no-to-low minimum balance requirements and competitive interest rates. Simplii’s rates are slightly higher, but CIBC offers one of the best new bank account offers with a 4.6% interest rate for the first 3 months.

The main difference between the two banks is that CIBC offers a First Home Savings Account (FHSA) and Simplii offers Foreign Currency Savings Accounts that allow you to transfer funds and send EUR, GBP, CNH, INR and PHP with no transfer fee.

Who’s the winner?

Simplii. Both banks offer similar savings account options, but Simplii has a slightly higher interest rate.

Simplii vs CIBC: Credit cards

CIBC has a whopping 27 credit cards to choose from. There are cash back cards, travel rewards cards, student credit cards, business cards and points cards. Many even have no annual fee, like the CIBC Aeroplan Visa Card and student credit cards.

In contrast, Simplii Financial keeps it simple with one no-fee card: the Simplii Cash Back Visa. Despite its simplicity, the card offers competitive cashback rates and no annual fee.

Who’s the winner?

CIBC for choice, Simplii for simplicity and strong cashback rates for everyday spenders.

Simplii vs. CIBC: Investments

CIBC and Simplii both offer core investment options such as GICs, mutual funds, TFSAs and RRSPs. However, CIBC stands out with a broader selection that includes RESPs, FHSAs, RRIFs and access to self-directed investing through CIBC Investor’s Edge. You can also invest in ETFs, stocks, bonds and structured notes.

While Simplii focuses on straightforward mutual fund portfolios with no advisory fees, CIBC offers more robust tools and flexibility for both beginner and advanced investors.

Who’s the winner?

CIBC for its wider range of investment options and greater flexibility for both beginner and advanced investors.

Simplii vs. CIBC: GICs

If you want to invest in a GIC, CIBC offers more flexibility and options than Simplii. While both provide standard 1- to 5-year term GICs, CIBC goes further with short-term options, like 30-, 90- and 180-day GICs, plus cashable, redeemable and market-linked GICs.

That being said, Simplii offers higher interest rates for its registered and non-registered plans, so it may be the better choice if your priority is maximizing returns rather than having access to a broader range of GIC products.

Who’s the winner?

Simplii. Unless you want specialized GICs, like market-linked or flexible, Simplii’s higher interest rates win this category.

Simplii vs. CIBC: Other loan options

CIBC offers all the same loan options as Simplii along with some extras like debt consolidation, car loans, education lines of credit, home renovation loans and a variety of business loans. Plus, CIBC regularly advertises promotional rates and allows in-branch consultations to customize your loan terms.

Who’s the winner?

CIBC thanks to its broader range of loan products and tailored in-person support.

How do the mobile apps for Simplii vs. Tangerine compare?

Simplii and CIBC both offer free mobile banking apps for iOS and Android that let you manage your finances on the go. With either app, you can:

• Pay bills
• Transfer funds
• Send Interac e-transfers
• Deposit cheques
• Check your balance and transaction history.

CIBC’s app stands out for offering more advanced features, such as credit score monitoring, travel tools and customizable alerts. However, it has a lower score on Google Play as users report regular crashes and bugs.

Who’s the winner?

CIBC’s mobile app wins on features, but Simplii’s mobile app may offer a smoother day-to-day experience.

Other features we like about Simplii vs. CIBC

Global Money Transfers

Simplii and CIBC both offer a Global Money Transfer service that allows you to send international money transfers to over 130 countries. You can send money to bank accounts, digital wallets, Visa debit and credit cards, China UnionPay and for cash pickup, and there’s no transfer fee.

CIBC business banking

While Simplii only offers personal banking services, CIBC boasts plenty of business banking services as well. This includes business accounts, credit cards, loans, lines of credit and GICs. Plus, CIBC provides tailored support and advisory services to help businesses grow and manage their finances effectively.

CIBC insurance

Another product that CIBC offers that Simplii doesn’t is insurance. CIBC has travel insurance options that cover medical emergencies, trip cancellations and interruptions, as well as creditor insurance for loans and credit cards. Additionally, CIBC provides life, critical illness and accident insurance for existing policyholders.

What does Reddit think of the Simplii vs. CIBC debate?

The r/PersonalFinanceCanada subreddit has a lot to say about the Simplii vs CIBC debate. Most users prefer Simplii because it offers similar services to CIBC, gives you access to CIBC ATMs and offers no-fee accounts and credit cards.

Users say the only benefit CIBC has over Simplii is in-branch service, as opening an account online can be a long process.

Who’s the final winner?

It’s hard to pick an overall winner as Simplii Financial and CIBC are two of the best banks in Canada, just for different reasons. Simplii Financial is the best pick if you’re looking for a no-fee everyday chequing account, a high promotional interest rate on your savings account or a cash back credit card with no annual fee. But CIBC may be a better fit for you depending on your financial needs, such as if you want a higher regular savings account interest rate, a travel rewards credit card or a car loan.

Ultimately, you’ll need to compare Simplii vs CIBC vs a range of other providers to find the right bank for you.

Alternatives to Simplii Financial and CIBC

Looking for some of the other best online banks in Canada? Compare these alternatives.

• EQ Bank. EQ Bank offers a hybrid chequing/savings account that offers unlimited transactions, pays up to 2.75% interest and 0.5% cash back on card purchases. Read our EQ Bank review for more details.
• Tangerine. Tangerine has one of the best no-fee chequing accounts on the market, as well as a savings account that offers 4.5% interest for the first 5 months. Want more info? Read our in-depth Tangerine review.
• Neo. Neo is known for having one of the best high-interest savings accounts, as it offers an ongoing rate of 3%. Learn more about it with our Neo Financial review.
• KOHO. The KOHO Essential Plan provides a spending and savings account that pays 2% interest on your savings and cash back when you spend with your prepaid Mastercard. Check out our full KOHO review to find out more.
• BMO. BMO is a Big Five bank offering a full suite of traditional financial services, including a no-fee Savings Amplifier Account offering an interest rate of 0.55%. Compare more savings account options from BMO to find the right one for you.
• Scotiabank. Another Big Five Bank, Scotiabank, is known for its international presence and wide range of banking services. You can earn up to $700 when you bundle an Ultimate or Preferred package, a savings account and a registered account.

Frequently asked questions about Simplii vs CIBC

• What are the downsides of CIBC?

  One key downside is that most CIBC chequing and savings accounts come with monthly fees unless you maintain a high minimum balance. Its interest rates are also generally lower than digital-only competitors like Simplii.

• What are the downsides of Simplii Financial?

  Two of the main downsides of Simplii Financial, especially when comparing it to CIBC, are that there are no physical branches and a limited product range. Its products and services are also not available in Quebec and there's no business banking available.

• Are Simplii and CIBC the same?

  No, Simplii is owned by CIBC, but they operate as two separate banks. Simplii is a digital-only banking brand that offers no-fee accounts and simplified services, while CIBC is a full-service Big Five bank with physical branches and a wider range of financial products.

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Written by

Rebecca Low

Writer

Rebecca Low is a writer for Finder. She has contributed to a range of digital publications, including income.ca, Indeed, and Expatden, writing on topics like personal finance, career development, and travel. See full bio