{"id":1041269,"date":"2024-07-02T23:53:10","date_gmt":"2024-07-03T03:53:10","guid":{"rendered":"https:\/\/www.finder.com\/ca\/?p=1041269"},"modified":"2026-04-15T04:34:10","modified_gmt":"2026-04-15T08:34:10","slug":"simplii-financial-vs-cibc","status":"publish","type":"post","link":"https:\/\/www.finder.com\/ca\/banking\/simplii-financial-vs-cibc","title":{"rendered":"Simplii Financial vs CIBC: Which bank is right for you?"},"content":{"rendered":"

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.<\/p>

So which one is better\u2014Simplii or CIBC? Keep reading to compare Simplii vs CIBC\u2019s features, accounts, loans, credit cards and investments to decide which is the right fit for your financial needs.<\/p>

Simplii Financial vs. CIBC: An overview<\/h3>
<\/th>Simplii Financial<\/th>CIBC<\/th><\/tr><\/thead>
Owned by<\/strong><\/td>CIBC<\/td>CIBC<\/td><\/tr>
Chequing account monthly fee<\/strong><\/td>$0<\/td>$0 to $16.95<\/td><\/tr>
Savings interest rate<\/strong><\/td>Promo rate: 4.6% for the first 5 months
<\/div>

Ongoing rate:<\/p>

  • $50,000 or less: 0.3%<\/li>
  • $50,000.01 \u2013 $100,000: 0.5%<\/li>
  • $100,000.01 \u2013 $500,000: 0.6%<\/li>
  • $500,000.01 \u2013 $1 million: 0.7%<\/li>
  • Over $1 million: 1%<\/li><\/ul><\/td>
Promo rate: 4.6% for the first 3 months

Ongoing rates:<\/p>

  • 0.3% on $9,999.99 or less<\/li>
  • 0.3% on $10,000 to $24,999.99<\/li>
  • 0.3% on $25,000 to $99,999.99<\/li>
  • 0.6% on $100,000 to $499,999.99<\/li>
  • 0.6% on $500,000 and up<\/li><\/ul><\/td><\/tr>
Apple App Store rating<\/strong><\/td>4.2 based on 13K reviews<\/td>4.3 based on 27K reviews<\/td><\/tr>
Google Play rating<\/strong><\/td>3.9 based on 18.3K reviews<\/td>4 based on 53K reviews<\/td><\/tr>
CDIC insured?<\/strong><\/td>Yes<\/td>Yes<\/td><\/tr>
Products summary<\/strong><\/td>
  • No-fee daily chequing account<\/li>
  • High-interest savings account<\/li>
  • USD and foreign currency savings accounts<\/li>
  • Cash back credit card<\/li>
  • Mortgages+<\/li>
  • Personal loans and lines of credit<\/li>
  • GICs<\/li>
  • RRSP, TFSA, RRIF, RESP and mutual fund accounts<\/li><\/ul><\/td>
  • Chequing accounts<\/li>
  • Savings accounts<\/li>
  • RRSP<\/li>
  • TFSAs<\/li>
  • FHSA<\/li>
  • RESP<\/li>
  • RDSP<\/li>
  • Insurance<\/li>
  • Investment products (e.g. ETFs, GICs, stocks, mutual funds)<\/li>
  • Business loans<\/li>
  • Personal and business credit cards<\/li>
  • Mortgages<\/li>
  • USD accounts<\/li><\/ul><\/td><\/tr>
Notable differences<\/strong><\/td>
  • No-fee chequing and savings account with no minimum balance requirements<\/li>
  • Digital-only experience<\/li><\/ul><\/td>
  • Branch and advisor access<\/li>
  • Wider range of mortgages, insurance, loans and business services<\/li><\/ul><\/td><\/tr>
Get started<\/b><\/td>Simplii No Fee Chequing Account:
\r\n
\r\n \r\n Go to site\r\n <\/a>\r\n\r\n <\/div>\r\n <\/section>Simplii High Interest Savings Account:
\r\n
\r\n \r\n Go to site\r\n <\/a>\r\n\r\n <\/div>\r\n <\/section><\/td>
CIBC Smart Account:
\r\n
\r\n\t\t\t\t\t \r\n\t\t\t\t\t\tRead review\r\n <\/a><\/div>\r\n\t\t\t\t <\/section>CIBC eAdvantage Savings Account:
\r\n
\r\n\t\t\t\t\t \r\n\t\t\t\t\t\tRead review\r\n <\/a><\/div>\r\n\t\t\t\t <\/section><\/td><\/tr><\/tbody><\/table>

CIBC is one of Canada\u2019s biggest banks, with a history dating back to 1867. It provides all the products and services you\u2019d expect from a Big Five bank \u2014 chequing and savings accounts, credit cards, mortgages, personal loans and online investing. You also get the convenience of face-to-face customer service.<\/p>

Simplii Financial, which was launched in 2017, is CIBC\u2019s digital banking arm. This online bank doesn\u2019t 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.<\/p>

Simplii vs. CIBC: Chequing accounts<\/h3>
<\/th>Simplii Financial No Fee Chequing Account<\/th>CIBC Everyday Chequing Account<\/th>CIBC Smart Account<\/th><\/tr><\/thead>
Monthly transactions<\/strong><\/td>unlimited<\/td>18 transactions per month ($1.25 for each additional transaction)<\/td>Unlimited<\/td><\/tr>
Monthly fee<\/strong><\/td>$0<\/td>$4<\/td>$0 \u2013 $16.95<\/span><\/td><\/tr>
Minimum balance<\/strong><\/td>$0<\/td>$0<\/td>$0<\/td><\/tr>
Interac e-Transfers<\/strong><\/td>Free<\/td>$1.50 each<\/td>$0<\/td><\/tr>
Overdraft protection<\/strong><\/td>
  • $4.97 per month when used.<\/li>
  • Interest rate of 19% on overdraft balances.<\/li>
  • Up to $5,000 protection available.<\/li><\/ul><\/td>
  • $5 per month, no matter how often your account goes into overdraft<\/li>
  • or $5 per use (not available for Quebec residents)<\/li><\/ul><\/td>
  • $5 per month, no matter how often your account goes into overdraft<\/li>
  • or $5 per use (not available for Quebec residents)<\/li><\/ul><\/td><\/tr>
ATM access<\/strong><\/td>Over 3,400 CIBC ATMs<\/td>Over 3,400 CIBC ATMs<\/td>Over CIBC ATMs<\/td><\/tr>
Mobile cheque deposit<\/strong><\/td>Yes<\/td>Yes<\/td>Yes<\/td><\/tr>
Get started<\/b><\/td>Simplii No Fee Chequing Account:
\r\n
\r\n \r\n Go to site\r\n <\/a>\r\n\r\n <\/div>\r\n <\/section><\/td>
CIBC Everyday Chequing Account:
\r\n
\r\n\t\t\t\t\t \r\n\t\t\t\t\t\tRead review\r\n <\/a><\/div>\r\n\t\t\t\t <\/section><\/td>
CIBC Smart Account:
\r\n
\r\n\t\t\t\t\t \r\n\t\t\t\t\t\tRead review\r\n <\/a><\/div>\r\n\t\t\t\t <\/section><\/td><\/tr><\/tbody><\/table>

CIBC has a ton of chequing accounts, including:<\/p>