As one of Canada’s leading online-only banks, Simplii Financial has carved out a reputation for offering everyday banking essentials with standout value. Backed by the security and infrastructure of CIBC, Simplii delivers modern banking without the brick-and-mortar costs – translating to fee-free accounts, competitive promotional interest rates, and convenient access to thousands of ATMs nationwide.
Whether you're trying to cut banking fees, maximize cash back rewards, or simplify your finances under one roof, Simplii’s full suite of products – from chequing and savings accounts to mortgages, loans, and a popular no-fee credit card – gives you plenty to work with.
Overview
- Fully-digital bank with competitive rates and fees.
- Full-service banking, from free chequing accounts to mortgages.
- High promotional interest rates and referral bonuses.
- Backed by CIBC, one of Canada's biggest banks.
Rating methodology
Simplii Financial's overall rating is 1.4 out of a possible 5 stars. This number is an average of all the individual products we've rated so far, which you can find more info on below. Each of these are scored by breaking them down into their main parts, then comparing each feature to similar products on the market.
Simplii Financial banking
Simplii Financial has put a lot of thought into what banking customers want most, and its no-fee chequing and high-interest savings accounts offer the best of both worlds.
Accessibility is a very important factor to consider with online banks, and Simplii has got this covered. Its website is attractive and user-friendly, and its highly-rated mobile apps are widely available through the App Store and Google Play.
Simplii Financial bank account ratings
Simplii has covered all the bases with its variety of bank account features.
GC: $50
Simplii No Fee Chequing Account
$50 GeniusCash + Earn $300 and a $50 Skip gift card + Unlimited free transactions for no monthly fee.Simplii Financial credit cards
Simplii only has one credit card option right now, but this one card is well designed. With a decent welcome bonus, no annual fees, and high earn rates in popular categories, there's a lot to like here.
Foodies, in particular, will enjoy this card for its 4% earn rate at restaurants, bars, and coffee shops. At this rate, if you eat out several times and spend around $400 each month, you'll get just over $200 in cash back each year. Add this to what you can earn on grocery, gas, and other purchases – categories where the rates could certainly be better – and you've got a nice lump sum coming your way at cashout time.
Simplii Financial credit card rating
Take a look at the details of the Simplii Cash Back Visa:
| Simplii Financial credit cards | |
|---|---|
| Credit Card | Rating |
| Simplii Cash Back Visa | 3.7 stars |
Simplii Financial mortgages
If you're looking for a mortgage, Simplii Financial offers both fixed and variable rate options. There are also high-ratio and convertible mortgage products to consider. Simplii's interest rates either match or are better than the best mortgage rates from Canada's most well-established banks.
The only thing missing from Simplii is a 1-year mortgage term, but this is a fairly minor product gap.
Simplii Financial fixed mortgage rates
Want a quick look at Simplii's mortgage rates? Here's what they currently offer for fixed rates.
| Simplii Financial mortgage rates | |
|---|---|
| Term | Rate |
| 2-year fixed | 5.74% |
| 3-year fixed | 6.64% |
| 4-year fixed | 6.19% |
| 5-year fixed | 6.49% |
| 7-year fixed | 6.30% |
| 10-year fixed | 6.79% |
| 5-year variable | 4.95% |
| 5-year fixed (high ratio) | 3.99% |
| 5-year variable (high ratio) | 4.55% |
| 6-month convertible | 7.69% |
| 12-month convertible | 5.74% |
These rates were accurate as of April 10, 2025. Please see Simplii's site for the most up-to-date information.
FAQ
Is Simpli Financial online banking a good choice?
Yes, banking online with Simpli Financial is a good, safe choice. It's an online-only bank but still CDIC insured, with a popular, user-friendly website and mobile apps. Its best product is the free chequing account, the Simplii No Fee Chequing Account.
Is Simplii Financial trusted?
Simplii Financial is a well-trusted financial institution, with nearly 2 million clients across Canada. It's CDIC insured, won Ipsos Financial Service Excellence Awards in 2022 and 2023, and registers all banking clients for fraud monitoring and alerts.
What are the drawbacks of Simplii Financial?
Unfortunately, Simplii Financial doesn't have any physical branch locations, so it’s not ideal for those who prefer in-person banking. Another significant drawback is the fact that Simplii's products are unavailable to those who live in Quebec.
Is Simplii Financial Canada still affiliated with PC Financial and Loblaws?
No, these institutions cut ties in 2017. Owned by Loblaw Companies Limited, PC Financial now focuses on its credit cards and bank account (PC Money Account). Simplii is owned by CIBC and offers a wide range of financial products.
What are the interest rates like with Simplii Financial?
The Simplii High Interest Savings Account has tiered rates, starting at 0.3% for balances up to $50,000 and maxing out at 1.5% for $1 million and up. It also offers consistently high promo rates, currently 4.5% for seven months.
Which is better, Tangerine vs Simplii?
Tangerine and Simplii are both high-quality online banking institutions that serve millions of Canadians. Simplii's free chequing account and foreign savings accounts have better ratings, but Tangerine has better credit cards, investment products, and mobile apps.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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