Simplii Financial is CIBC's digital banking subsidiary, launched in 2017 after rebranding from PC Financial. It offers no-fee chequing, savings, GICs, mortgages, and credit cards. Cleaner than Tangerine but the rates and service trail EQ Bank and Wealthsimple Cash.
Simplii Financial took over from PC Financial when President's Choice exited the bank account business in 2017. CIBC needed a digital strategy to compete with Tangerine (Scotia's digital arm) and the new wave of fintech competitors (Wealthsimple Cash, EQ Bank). Simplii is the result — a no-fee digital bank with the same CDIC backing as CIBC parent.
The product lineup is competitive on the surface: no-fee chequing, unlimited Interac e-Transfers, free CIBC ATM network access, 1.50% standing savings rate (occasional 4-5% promos), competitive GIC rates, mortgages at broker-comparable rates, and the Simplii Cash Back Visa. For CIBC customers wanting digital-bank simplicity at the same parent, Simplii is the answer.
But trustpilot rates Simplii at 2.1 / 5 across 800+ reviews — higher than CIBC parent (1.4) but lower than EQ Bank (4.4) and Wealthsimple Cash (3.8). Common complaints follow Tangerine's pattern: promotional savings rates that drop after expiration, customer service hold times, occasional account closures without explanation. The Simplii mobile app is competent but trails Wealthsimple Cash polish.
Where Simplii pulls ahead of Tangerine: less aggressive rate gaming (the 1.50% standing rate is reasonable vs Tangerine's 0.30%), better-rated customer service in surveys, and cleaner mobile app. Where Simplii loses to EQ Bank: 4.00% standing rate at EQ Bank vs Simplii's 1.50%. For pure savings rate, EQ Bank wins.
Who should bank with Simplii? CIBC customers wanting digital subsidiary simplicity, everyday users seeking free Interac e-Transfers + chequing, and borrowers wanting to keep banking + mortgage under CIBC umbrella. Who should look elsewhere? Savers (use EQ Bank for 4.00%), travelers (use Scotia Passport for FX-free), and anyone who wants the best digital banking experience (use Wealthsimple Cash).
Simplii works if you want CIBC backing with digital simplicity. Cleaner than Tangerine on rate gaming, weaker than EQ Bank on rates (1.50% vs 4.00%). For pure savings, use EQ Bank. For everyday chequing tied to CIBC products, Simplii works.
Aggregated from Trustpilot, BBB, Reddit (r/PersonalFinanceCanada), and Google Reviews. We pulled the most-helpful reviews — both positive and negative — to give you a balanced picture.
"Better than Tangerine for savings. Standing rate is reasonable. Use it for chequing + savings, free Interac e-Transfers are critical."
"Simplii is fine. Not as good as EQ Bank for savings (1.5% vs 4%) but acceptable for chequing. If you're already a CIBC customer, makes sense."
"Customer service is slow. 25-min holds. App is decent but glitchy on Android. Probably better than CIBC parent."
"Clean and simple. No fees. Good for everyday banking. Wouldn't put serious savings here."
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