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 | CIBC | |
|---|---|---|
| Owned by | CIBC | CIBC |
| Chequing account monthly fee | $0 | $0 to $16.95 |
| Savings interest rate | Promo rate: 4.6% for the first 5 months Ongoing rate:
| Promo rate: 4.6% for the first 3 months Ongoing rates:
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| Apple App Store rating | 4.2 based on 13K reviews | 4.3 based on 27K reviews |
| Google Play rating | 3.9 based on 18.3K reviews | 4 based on 53K reviews |
| CDIC insured? | Yes | Yes |
| Products summary |
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| Notable differences |
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| Get started | Simplii No Fee Chequing Account: | CIBC Smart Account: |
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 Financial No Fee Chequing Account | CIBC Everyday Chequing Account | CIBC Smart Account | |
|---|---|---|---|
| Monthly transactions | unlimited | 18 transactions per month ($1.25 for each additional transaction) | Unlimited |
| Monthly fee | $0 | $4 | $0 – $16.95 |
| Minimum balance | $0 | $0 | $0 |
| Interac e-Transfers | Free | $1.50 each | $0 |
| Overdraft protection |
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| ATM access | Over 3,400 CIBC ATMs | Over 3,400 CIBC ATMs | Over CIBC ATMs |
| Mobile cheque deposit | Yes | Yes | Yes |
| Get started | Simplii No Fee Chequing Account: | CIBC Everyday Chequing Account: | CIBC Smart Account: |
CIBC has a ton of chequing accounts, including:
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 Financial High Interest Savings Account | CIBC eAdvantage Savings Account | |
|---|---|---|
| Monthly fee | $0 | $0 |
| Minimum balance | $0 | $0 |
| Standard interest rate |
| 0.3% on $9,999.99 or less0.3% on $10,000 to $24,999.990.3% on $25,000 to $99,999.990.6% on $100,000 to $499,999.990.6% on $500,000 and up |
| Promo rate | 4.6% for the first 5 months | 4.6% for the first 3 monthsAdditional 0.25% when you save $200 or more in a month on your total account balance (up to $200,000) |
| Get started | Simplii High Interest Savings Account: | CIBC eAdvantage Savings Account: |
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.
Simplii. Both banks offer similar savings account options, but Simplii has a slightly higher interest rate.
| Simplii Financial Cash Back Visa | CIBC Dividend Visa Card | CIBC Aventure Visa Card | |
|---|---|---|---|
| Annual fee | $0 | $0 | $0 |
| Purchase interest rate | 21.99% (21.99% as of September 2025) | 21.99% (21.99% as of August 2025) | 21.99% (21.99% as of August 2025) |
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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.
CIBC for choice, Simplii for simplicity and strong cashback rates for everyday spenders.
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.
CIBC for its wider range of investment options and greater flexibility for both beginner and advanced investors.
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.
Simplii. Unless you want specialized GICs, like market-linked or flexible, Simplii’s higher interest rates win this category.
| Simplii | CIBC | |
|---|---|---|
| Personal loan | Yes | Yes |
| Line of credit | Yes | Yes |
| HELOC | Yes | Yes |
| Mortgage | Yes | Yes |
| Cash advance | No | Yes |
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.
CIBC thanks to its broader range of loan products and tailored in-person support.
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:
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.
| Simplii Financial | CIBC | |
|---|---|---|
| Apple App Store |
4.2 –
★★★★★ 13K reviews |
4.3 –
★★★★★ 27K reviews |
| Google Play |
3.9 –
★★★★★ 18.3K reviews |
4.0 –
★★★★★ 53K reviews |
CIBC’s mobile app wins on features, but Simplii’s mobile app may offer a smoother day-to-day experience.
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.
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.
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.
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.
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.
For no-fee day-to-day banking, the winner is Simplii Financial.
For full-service banking, the winner is CIBC.
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