Institution profile · Brand of another bank
Simplii Financial
ActiveCanadian Imperial Bank of Commerce (Simplii Financial division)CDIC
Simplii Financial is CIBC’s direct-banking division, launched in 2017 as the PC Financial banking offer wound down at CIBC. It is not a separate bank: deposits are CIBC deposits.
Profile facts checked October 30, 2026
Mitey files the Simplii Financial index card: cheapest everyday account $18 a year.
Is Simplii Financial a good bank for everyday banking?
Simplii Financial’s cheapest chequing account open to anyone, No Fee Chequing Account, costs $18 a year for a typical household (25 debit purchases, 6 bills and 5 e-Transfers a month), $341 below the national median of $359. Its best posted savings rate is 0.3% on $10,000. Eligible deposits are CDIC-insured to $100,000 per category.
At a glance
- Legal name
- Canadian Imperial Bank of Commerce (Simplii Financial division)
- Type
- Brand of another bank
- Owner / parent
- Canadian Imperial Bank of Commerce
- Head office
- Toronto, ON (CIBC)
- Founded
- 2017 — Launched by CIBC in 2017.
- Regulator
- Office of the Superintendent of Financial Institutions (OSFI) for safety and soundness; Financial Consumer Agency of Canada (FCAC) for consumer protection (through CIBC)
- Cheapest everyday account
- No Fee Chequing Account — $18 a year for the Everyday example
- Best posted savings rate
- 0.3% on $10,000 (High Interest Savings Account)
- OBSI banking cases
- 1,013 opened in fiscal 2025 (Nov 1, 2024 – Oct 31, 2025) (reported with its parent)
- Website
- www.simplii.com
Is my money safe at Simplii Financial?
Deposits are held by CIBC. CDIC lists Simplii Financial as a CIBC trade name, not a separate member, so Simplii and CIBC deposits share limits.
Names CDIC lists for this member: CIBC, Renaissance, Simplii Financial, Wood Gundy.
What do Simplii Financial’s chequing accounts cost?
Simplii Financial lists 1 chequing account with FCAC. For our “Everyday” example (25 debit purchases, 6 bills, 5 e-Transfers and a $1,000 low balance a month), the cheapest account open to anyone is No Fee Chequing Account at $18 a year. Accounts limited to a group are marked.
| Account | Monthly fee and waiver | Included | Fees a year |
|---|---|---|---|
| No Fee Chequing Account | No monthly fee | Branch: 0 · self-serve: unlimited | $18 |
What would Simplii Financial cost a typical household?
The cheapest Simplii Financial account open to anyone for each of our four usage profiles, against the cheapest account in Canada for the same banking. Profiles are defined in the finder.
| Profile | Cheapest at Simplii Financial | Fees/yr | Cheapest in Canada | Fees/yr |
|---|---|---|---|---|
| Light Mostly card and app, small balance | No Fee Chequing Account | $0 | PC Money Account PC Financial | $0 |
| Everyday Household account, a few e-Transfers | No Fee Chequing Account | $18 | Personal Account EQ Bank | $0 |
| Heavy Lots of card, bill and e-Transfer payments | No Fee Chequing Account | $36 | Personal Account EQ Bank | $0 |
| Branch and cheques Teller visits, cheques, paper statement | no account can serve it | — | Basic Bank Account Scotiabank | $134 |
Worked example — No Fee Chequing Account (Simplii Financial), Everyday profile
| Monthly fee × 12 | $0 |
| Transactions beyond the included number (0 a month) × 12 | $0 |
| Other-bank ATM access fees (1 a month) × 12 | $18 |
| Paper statements × 12 | $0 |
| Fees a year | $18 |
Our take
Simplii Financial is competitive: its cheapest open account costs less than the median Canadian account for everyday use. The cheapest account in Canada would save another $18 a year.
What savings rates does Simplii Financial pay?
| Account | Rate at $10,000 | Monthly fee |
|---|---|---|
| High Interest Savings Account | 0.3% | No monthly fee |
Is Simplii Financial on the official lists?
| Legal entity | OSFI list | CDIC member |
|---|---|---|
| Canadian Imperial Bank of Commerce | OSFI — Schedule I domestic bank | Yes |
What else should you know about Simplii Financial?
- Simplii Financial is a division of CIBC.Source: simplii.com
- CIBC launched Simplii Financial in August 2017.Source: cibc.mediaroom.com
- Listed by CDIC as a name of Canadian Imperial Bank of Commerce.Source: cdic.ca
A brand that is a division shares its parent’s CDIC limits. Count both together in the deposit insurance calculator.
How many Simplii Financial complaints reached the ombudsman?
OBSI, the ombudsman for banking, opened 1,013 banking cases about Canadian Imperial Bank of Commerce (which includes Simplii Financial) in fiscal 2025 (Nov 1, 2024 – Oct 31, 2025), closed 1,047, and resolved 280 to the complainant’s satisfaction. Across all banks and credit unions, OBSI opened 5,438 banking cases that year (+113% on the year before) and 25% of closed cases ended with money paid.
Counts aren’t adjusted for size, so bigger banks have more cases. A complaint reaches OBSI only after the bank’s own process (up to 56 days). Source: OBSI Annual Report 2025, released March 13, 2026. How to complain.
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