Last updated: April 2026 | Author: Harold Phillips
Key Takeaways
- Simplii Financial is CIBC's no-fee digital banking brand: no monthly fees on chequing, backed by one of Canada's Big Five
- New clients can earn a cash bonus through a referral code (amount varies by product and promotion); use code 77DLTc at sign-up
- No minimum balance, no transaction limits, access to CIBC ATMs, and a Visa cashback card option
- Best suited for people who want free banking without leaving the traditional banking infrastructure entirely
What Is Simplii Financial?
Simplii Financial is CIBC's direct banking division. It launched in 2017 when CIBC purchased President's Choice Financial from Loblaw, essentially inheriting an existing no-fee banking customer base and rebranding the whole thing. If you used PC Financial before 2017, you effectively became a Simplii customer overnight.
The pitch is simple: free chequing account, no monthly fees, no minimum balance, access to CIBC's ATM network across Canada. It sits in the same category as Tangerine (Scotiabank's digital brand) and, to some extent, EQ Bank and Wealthsimple Cash. Simplii's connection to CIBC gives it a few advantages those fintech-native options can't match though, particularly around bill payments, Interac e-Transfers, and branch access if you genuinely need it.
It's not flashy. There's no crypto, no stock trading, no premium metal card. Simplii is banking for people who want banking to work reliably and cost them nothing.
Simplii Financial Referral Code: 77DLTc
When you open a new Simplii chequing account using a referral code, both you and the referrer can earn a cash bonus. The exact amount fluctuates (Simplii adjusts their referral promotions throughout the year), but the sign-up step is the same regardless.
Use my referral link at referralmaxxing.ca/go/simplii during sign-up, or enter code 77DLTc manually. The reward applies to new clients only.
| Step | Action |
|---|---|
| 1 | Go to the Simplii sign-up page (use the referral link in the section above) |
| 2 | Click "Open an Account" on the Simplii site |
| 3 | Enter referral code 77DLTc when prompted, if it didn't apply automatically via the link |
| 4 | Complete identity verification and fund your account |
| 5 | Meet any qualifying conditions (typically a direct deposit or minimum transaction) |
| 6 | Cash bonus is deposited to your account |
One thing to be aware of: Simplii sometimes requires a qualifying action (a direct deposit or a minimum number of transactions) before releasing the bonus. Read the current terms when you sign up, because the conditions change. I'll be upfront that I haven't checked the exact qualifying threshold in the last few weeks, so confirm what's required at the time you open your account.
Pricing and Plans
Simplii's account lineup is small. That's not a criticism. It means less decision fatigue.
| Account | Monthly Fee | Key Features | Best For |
|---|---|---|---|
| No-Fee Chequing | $0 | Unlimited transactions, Interac e-Transfers, CIBC ATM access | Everyday banking |
| High Interest Savings (HISA) | $0 | Variable interest rate, no minimum balance | Short-term savings |
| Simplii Financial Cash Back Visa | $0 annual fee | 4% on restaurant/bar (first 3 months), 1.5% on groceries/gas, 0.5% all other | Everyday spending |
| Personal Line of Credit | Rate varies | Flexible credit access | Borrowing |
| GIC | Rate varies | Term deposits, CDIC-insured | Locked-in savings |
The cashback Visa is the standout product for a lot of people. No annual fee, a genuinely useful cashback structure, and it integrates cleanly with your Simplii chequing. Everything in one place, one app.
Interest rates on the HISA are competitive sometimes, and not competitive other times. Simplii goes through phases where their savings rate is solid, then quietly drops it and forgets to announce anything. I'll come back to this in the review section.
Pros and Cons
| Pros | Cons |
|---|---|
| ✅ Truly no-fee chequing, with no minimum balance and no transaction limits | ❌ HISA interest rate is inconsistent and often lags behind EQ Bank |
| ✅ Access to CIBC's full ATM network (3,400+ machines across Canada) | ❌ Customer support is primarily phone-based; wait times are real |
| ✅ CDIC-insured (deposits protected up to $100,000) | ❌ No joint accounts on chequing (a genuine gap for couples) |
| ✅ Solid cashback Visa with no annual fee | ❌ App is functional but not as polished as Wealthsimple or Tangerine |
| ✅ Backed by CIBC, useful for mortgages and lines of credit | ❌ Referral bonus requires qualifying conditions to claim |
| ✅ Interac e-Transfer included at no charge | ❌ No in-app budgeting tools or spending analytics |
Simplii Financial vs Tangerine
These are the two most common comparisons in Canadian no-fee banking, and honestly they're both decent choices. Here's how they stack up in 2026:
| Feature | Simplii Financial | Tangerine |
|---|---|---|
| Monthly fee | $0 | $0 |
| Parent bank | CIBC | Scotiabank |
| ATM network | CIBC (3,400+) | Scotiabank + ABM (3,500+) |
| HISA rate | Variable, often 1.5–3.5% | Variable, often competitive, promotions available |
| Cashback credit card | Yes (Visa, no annual fee) | Yes (Mastercard, no annual fee) |
| Joint chequing | No | Yes |
| In-app budgeting | Basic | More developed |
| CDIC insured | Yes | Yes |
| Referral program | Yes (cash bonus) | Yes (cash bonus) |
| App quality | Functional | Generally better-rated |
If you have a partner and want joint accounts, Tangerine wins by default. Simplii doesn't offer joint chequing and that's a real limitation. If you're primarily interested in the credit card and ATM network, Simplii is at least as good. For savings rates, you need to check both at the time you're opening an account. Neither one is consistently better, and both will try to lure you with a promotional rate that quietly drops after a few months.
The thing that keeps me on Simplii personally is the CIBC ATM network. I'm not going to pretend ATM access matters less than it does. When you need cash (at a farmers' market, at a garage sale, paying a tradesperson) being able to find a fee-free machine without a 15-minute walk is worth something real.
My Experience with Simplii Financial
I made the switch to Simplii back in 2022. The short version: I was at TD for years, paying somewhere around $16 a month in account fees, and I finally did the math on what that had cost me over a decade. The number was embarrassing. I switched in a weekend.
Setting up the account was straightforward. I had a new chequing account active within a day, moved my direct deposit, and updated my pre-authorized debits over the following two weeks. The migration wasn't painless (one auto-payment still tried to go to my old account because I'd missed it) but that's a me problem, not a Simplii problem.
What I use Simplii for day-to-day: all my incoming deposits, bill payments, e-Transfers, and the cashback Visa for groceries and restaurants. My partner was skeptical when I switched — "why would CIBC give you a free account, what's the catch?" — and honestly, there's no catch. The business model is that they want you to eventually take out a CIBC mortgage or line of credit. Whether you do that is entirely up to you.
The cashback Visa is genuinely good. The 4% on dining for the first three months is marketing (it drops to 1.5% on groceries and gas after that) but the 0.5% on everything else with no annual fee is solid. I've pointed several coworkers toward it. One of them switched their primary card and was happy. Another preferred the Tangerine World Mastercard for the slightly better rewards structure. Both are reasonable choices.
Where Simplii has frustrated me: the savings rate. I moved some savings into the Simplii HISA in 2023 when their promotional rate was genuinely competitive. Then it dropped. I noticed when I was doing my quarterly subscription audit and saw the interest being deposited, less than I expected. I didn't catch the rate change because Simplii didn't make any fuss about it. I ended up moving most of those savings to EQ Bank, where the rate has been more consistent. I still have the Simplii HISA open, but it's not where I'd park anything I actually care about earning yield on.
The app. It works. It doesn't impress me. The UI feels like it was designed in 2019 and hasn't been updated much since. Compared to Wealthsimple's app or even the newer version of the TD app, Simplii feels a bit stale. You can do everything you need (check balances, send e-Transfers, pay bills, manage your Visa) but it's not a pleasant experience in the way modern fintech apps are.
Customer support is phone-based and that means wait times. I had one issue with a merchant dispute that took three phone calls across two weeks to resolve. The outcome was fine; the process was annoying. If you need to get something done urgently, you'll probably sit on hold for a while.
None of this has been bad enough to make me leave. Free banking, a card I use every day, and access to ATMs I actually walk past: those things keep me here. But I want you to go in knowing it's not the most polished product in the category.
Frequently Asked Questions
Is Simplii Financial available in all provinces?
Yes. Simplii is available to Canadian residents nationwide, including Quebec. You don't need to live near a CIBC branch to use it. It's entirely digital for account management, though CIBC branch access exists if you need it.
How does the Simplii referral code work?
When you open a new chequing account using a referral link or code, you're eligible for a cash bonus. Use code 77DLTc or sign up via referralmaxxing.ca/go/simplii. You'll typically need to complete a qualifying action (a direct deposit or a minimum number of debit transactions) before the bonus is released. The amount varies depending on what promotion is active when you sign up.
Is Simplii Financial safe?
Yes. Simplii is a division of CIBC, one of Canada's Big Five banks. Deposits are CDIC-insured up to $100,000 per depositor. This is the same protection you'd have at RBC, TD, or any major chartered bank.
Does Simplii charge for Interac e-Transfers?
No. Interac e-Transfers are included with the no-fee chequing account at no extra charge. This was one of the things that used to differentiate no-fee accounts from traditional bank accounts, where e-Transfers sometimes cost $1–$1.50 each.
Can I access cash from non-CIBC ATMs?
You can, but you'll pay the other bank's ATM fee (usually $2–$3 per withdrawal). Simplii itself doesn't add an extra surcharge, but you're not insulated from the machine owner's fee. With 3,400+ CIBC machines across Canada, you can avoid this most of the time in any city, though in smaller towns and rural areas your options get thinner.
How does Simplii compare to EQ Bank for savings?
For pure savings rate, EQ Bank has generally been more reliable. Their rate is usually higher than Simplii's standard HISA rate, and they don't do the "promotional rate that quietly disappears" thing as much. If you want a savings account where your money is actually working, I'd look at EQ Bank over Simplii for that specific purpose. Simplii is better as an everyday chequing hub. These aren't mutually exclusive; I use both.
Is Simplii worth it in 2026?
For no-fee chequing, yes. If you're still paying $14–$20 a month at a big bank for a standard chequing account, switching to Simplii and keeping $200 a year is a straightforward win. For savings, it depends on the current rate. Check it when you open the account and don't assume it'll stay there.
Does Simplii offer joint accounts?
Not for chequing, which is a genuine limitation. This came up when my partner and I talked about consolidating accounts. If you need joint chequing, Tangerine or EQ Bank are better options. Simplii does allow joint savings accounts, which is a partial workaround, but it's not ideal.
Final Verdict
Simplii Financial is one of the better no-fee banking options in Canada, and the CIBC connection gives it a stability and ATM network that pure fintech alternatives can't match. It's not the most exciting product (the app is dated, the HISA rate is inconsistent, and the lack of joint chequing is a real gap for some people) but as a free alternative to paying $16 a month at TD or RBC, it does exactly what it needs to do.
My recommendation: use Simplii as your primary chequing account. Pair it with EQ Bank or Wealthsimple Cash for savings if you care about the rate. Use the Simplii Visa cashback card if you want a no-annual-fee card that integrates cleanly with your account.
If you're opening a new account, use referral code 77DLTc or sign up through referralmaxxing.ca/go/simplii to pick up the cash bonus on top.
If you're a couple who needs joint chequing, Tangerine is probably the better first call. If you're a solo account holder who wants reliability and zero fees, Simplii has been solid for me for four years.
This article contains referral links. If you sign up using my code, I may receive a reward at no extra cost to you. I only recommend services I personally use.