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

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. So if you do most of your banking digitally, Simplii may be the better choice.

Simplii Financial vs CIBC: A quick comparison

Simplii Financial vs CIBC: Account options

Simplii offers many of the products and services you’d find at a traditional bank. This includes chequing and savings accounts, a credit card, personal loans and lines of credit, mortgages, GICs and registered investment accounts. Newcomer and student banking programs are also available.

You can manage your money via streamlined online and mobile banking portals, and because Simplii is backed by CIBC, you can also access your cash through the CIBC ATM network. You can deposit cash at a CIBC ATM that accepts cash deposits, and deposit cheques at ATMs or via the Simplii mobile app.

CIBC offers an even wider range of accounts and products than Simplii. It provides multiple chequing accounts, savings and registered investment accounts, plus special offers for seniors, students and newcomers to Canada. The CIBC range also includes 18 personal credit cards, fixed and variable rate mortgages, personal loans and lines of credit, online stock trading, GICs and insurance.

And because it’s a major bank, you can take advantage of a nationwide branch and ATM network as well as online and mobile banking.

Banking

CIBC offers a wider range of bank accounts than Simplii, but Simplii’s accounts often have fewer fees.

CIBC offers three standard chequing accounts, but you’ll generally need to pay a monthly fee to use them. The Everyday Chequing Account supports 12 transactions per month for a $4 monthly fee. The Smart and Smart Plus accounts support a greater number of transactions, but unless you keep your balance above a minimum level each month, both accounts charge a monthly fee ($16.95 or $29.95). However, the Smart Start chequing account for students and CIBC’s US-based chequing account have no monthly fees.

Meanwhile, with a Simplii No Fee Chequing Account you get unlimited debits, bill payments and withdrawals with no monthly fees. So if you want a fee-free account for day-to-day transactions, Simplii is a better choice.

CIBC savings account options include the eAdvantage Savings Account, which offers a promo rate of 5.25% for the first 4 months before reverting to a lower standard rate. Simplii offers a higher promo rate on its High Interest Savings Account — 4.60% for the first 5 months — but then reverts back to a lower standard rate than the CIBC account.

So if you’re hunting the best promo savings rates, Simplii is the winner. But if you want a better interest rate for the long-term, CIBC comes out on top.

Borrowing

CIBC offers much more choice if you’re searching for a credit card. Simplii offers a single card — the Simplii Financial Cash Back Visa Card — which offers up to 10% cash back on eligible purchases during the first 4 months and has no annual fee. Once the promo period ends, you get 4% cash back on eligible restaurant, bar and coffee shop purchases as well as 1.5% on gas, groceries, drugstore purchases and preauthorized payments.

But over at CIBC there are a whopping 18 credit cards to choose from. There are cash back cards, travel rewards cards, student credit cards and more. Many cash back and rewards cards come with an annual fee, but some (like the CIBC Aeroplan Visa and Aventura Visa) do not.

Simplii and CIBC both offer fixed and variable rate personal loans, with CIBC offering the choice of a secured or unsecured loan. Both also offer secured and unsecured lines of credit, while CIBC also offers HELOCs and a student line of credit. CIBC mortgages and Simplii mortgages are available with fixed and variable rates, with both providers offering 5-year fixed-rate mortgages with a 5.34% interest rate.

Finally, car loans are also available with CIBC auto finance. So thanks to its extensive range of product offerings, CIBC takes the win in the borrowing category.

Investing

CIBC is a better option than Simplii if you’re looking to invest due to the wider range of investments you can access.

Simplii GICs offer terms of 1 to 5 years and interest rates of up to 3.78%, while you can also open TFSAs, RRSPs and mutual fund accounts. But while CIBC also provides access to registered accounts like TFSAs and RRSPs, plus GICs with interest rates of up to 3.75%, it also lets you trade stocks and ETFs.

CIBC Investor’s Edge is an online and mobile trading platform that lets you trade stocks, ETFs, options, mutual funds and more. Brokerage is $6.95 or less per stock or ETF trade, and available account options include TFSAs, RRSPs and FHSAs.

So while you might get a better GIC interest rate from Simplii, CIBC is a better fit if you want to trade stocks and ETFs.

Apps, features and more

Let’s compare Simplii vs CIBC across a few other key categories.

Savings account interest rates

Simplii offers a higher promotional interest rate on its high-interest savings offering than CIBC, but its rates after the promo period ends are generally lower.

With a Simplii Financial High Interest Savings Account, you can earn 4.6% interest on eligible deposits for the first 5 months. After that, the rate you get varies depending on your account balance:

• $50,000 or less: 0.35%
• $50,000.01 – $100,000: 0.35%
• $100,000.01 – $500,000: 0.8%
• $500,000.01 – $1,000,000: 1.45%
• $1,000,000.01 and up: 3.75%

Simplii’s US Dollar Savings Account pays 3.05% interest.

The CIBC eAdvantage Savings Account pays 5.25% interest for an introductory four-month period, after which time the rate you get depends on your balance:

• Up to $9,999.99: 0.3%
• 10000 – $9,999.99: 0.35%
• $10,000 – $24,999.99: 0.5%
• $100,000 – $499,999.99: 1.2%
• $500,000 and over: 1.5%

And if your balance is $200,000 or less, you can earn an additional 0.50% interest if you save more than $200 a month.

Mobile app

CIBC and Simplii both offer mobile banking apps for Android and iOS devices. These apps can be used to pay bills, transfer funds, send e-Transfers, check your balance, deposit cheques and find your nearest ATM.

As of June 2024, the CIBC Mobile Banking app had higher reviews than the Simplii app:

• 4.2/5 stars based on over 42,000 Google Play reviews
• 4.3/5 stars based on over 20,000 App Store reviews

In comparison, the Simplii Financial app had earned:

• 3/5 stars based on over 16,000 Google Play reviews
• 4.2/5 stars based on over 11,000 App Store reviews

Other features

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, and for cash pickup, and there’s no transfer fee.

Simplii also offers foreign currency accounts in EUR, GBP, CNH, INR and PHP, plus a USD savings account. These accounts come in handy if you regularly visit these other countries or need to send money to loved ones in their local currency.

Finally, CIBC offers travel insurance and creditor insurance to provide protection against unexpected emergencies and mishaps.

How Simplii Financial’s and CIBC’s fees compare

As an online bank, Simplii generally has lower fees than CIBC. It starts with Simplii’s No Fee Chequing Account, which has no monthly fee. If you want a no-fee CAD chequing account from CIBC, you’ll need to meet minimum balance requirements or be a student or senior.

With the Simplii account, you can send and receive free Interac e-Transfers, access 3,400 CIBC ATMs for free, and take advantage of unlimited debits, bill payments and withdrawals. Overdraft protection is optional and costs $4.97 per month, plus 19% interest on overdraft balances.

Most CIBC chequing accounts come with a monthly fee as standard. However, the $16.95 fee on the Smart Account is waived when you maintain a daily balance of $4,000 or more, and the $29.95 fee on the unlimited-transaction Smart Plus account is waived if you maintain a daily balance of $6,000 or $100,000 in eligible savings and investments with CIBC. And if you exceed the transaction limit on your chequing account, a $1.25 fee applies to each excess transaction.

Monthly fees are also waived on the Smart Start Account for people under 25, the USA Smart Account and a student chequing account. Seniors can also access a monthly fee discount on the Smart and Smart Plus Accounts. Finally, CIBC offers overdraft protection for $5 per month, or a pay-per-use fee of $5.

So if you want to avoid fees on your day-to-day banking, Simplii Financial is the winner.

What customers say about Simplii Financial and CIBC

Both Simplii Financial and CIBC have their fair share of mixed and negative customer reviews — which sadly isn’t all that uncommon for banks.

As of June 2024, Simplii Financial has an average rating of 2/5 stars based on over 600 reviews on Trustpilot and a mix of negative and positive feedback on the PersonalFinanceCanada Reddit. Positive reviewers mention factors such as helpful customer service, competitive mortgage rates and low fees. Negative reviews comment on factors such as having their account locked, poor customer service and slow transactions.

CIBC has an average rating of 1.4/5 stars based on over 1,300 Trustpilot reviews and generally negative feedback on the PersonalFinanceCanada Reddit. Positive reviews mention , while negative reviews mention poor customer service, long support wait times and high fees.

If you need support from CIBC you can visit your nearest branch, phone the relevant support team for your enquiry or use a 24/7 in-app virtual assistant. Simplii offers 24-hour phone support, a 24/7 virtual assistant, and live agent support through online banking from 7am to 10pm ET Monday to Friday, and 9am to 5pm on weekends.

Simplii Financial at a glance

Simplii Financial offers no-fee day-to-day banking plus plenty of other common banking products and services.

CIBC at a glance

CIBC is one of Canada’s largest banks and offers an extensive range of accounts and products.

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 3.5% interest and pays 0.5% cash back on card purchases. Read our EQ Bank review for more details.
• KOHO. KOHO provides a spending and savings account that pays 5% interest on your savings and varying levels of cash back when you spend with a prepaid Mastercard. Check out our full KOHO review to find out more.
• Wealthsimple. Wealthsimple offers a Cash account that pays 2.75%–3.75% interest, 1% cash back on card spending, and also provides commission-free stock and ETF trading. Find out more in our Wealthsimple review.

Written by

Tim Falk

Writer

Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio