Simplii Financial review
Updated October 12, 2026 · SumCue Editorial Team
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Our verdict
Simplii Financial is a digital bank for people in Canada who want chequing, savings, borrowing and investing in one online place. People who prefer managing everyday spending and credit through an app will find its everyday accounts and reward spending categories relevant.
Key facts
- Best for
- Canadians managing everyday banking entirely online
- Legal entity
- Canadian Imperial Bank of Commerce↗
- Headquarters
- Canada↗
- Founded
- 2017↗
- Support channels
- Phone, Email, Help-centre, Chat↗
- Pricing model
- No monthly fee
- Features
- Credit line
- Official website
- simplii.com
Loans
- Loan amount
- from CA$5,000↗
- Credit check
- Hard↗
- Rate type
- Variable↗
- Lender type
- Direct lender↗
- Free early repayment
- Yes↗
- Eligibility
- Permanent resident of Canada excluding Quebec; age of majority in province; no bankruptcy declared in last 7 years; minimum gross personal income over $20,000↗
- Loan types
- Personal, Credit-line, Secured, Debt-consolidation↗
Savings
Mortgages
- Purpose
- Purchase, Remortgage↗
Facts checked September 26, 2026, 10 sources
Pros and cons
Pros
- Digital accounts covering chequing, savings, borrowing and investing in one place
- Spending categories include dining, gas, groceries and drugstore purchases for rewards
- Mobile app supports everyday money management on the move
- Personal line of credit option for home projects and unexpected costs
Cons
- Online only service with no physical branches for in person help
- Credit applications require a hard credit check during assessment
Who it suits
- Canadians comfortable with online only banking
- Shoppers spending often on dining and groceries
- Borrowers seeking flexible credit lines over time
Who should look elsewhere
- People preferring branch based banking
Safety and regulation
Simplii Financial holds membership with the Canada Deposit Insurance Corporation, which protects eligible deposits under its coverage rules. Federal banking rules apply to its deposit and lending activity, including assessment standards for credit applications. Digital access is protected through sign in controls and monitoring, while account holders can review guidance on fraud and scams. The help centre provides information on staying safe online and recognising suspicious messages. Support is available through phone, chat and email for account questions and security concerns.
How Simplii Financial compares
Where Simplii Financial is available
- Available
- Canada
Countries from the brand (checked September 26, 2026)
Frequently asked questions
Who can apply for a Simplii Financial credit card?+
Applicants need permanent residence in Canada outside Quebec and need to have reached the age of majority in their province. The assessment also considers bankruptcy history and personal income requirements set out during the application.
What does the Simplii Financial credit card provide for everyday spending?+
The card allows holders to collect rewards on eligible purchases for dining, gas, groceries and drugstore spending. Pre-authorized payments can also collect rewards under the same programme. Management is handled through online and mobile access.
Which banking products run alongside the credit card?+
The company runs chequing accounts for everyday money management and savings accounts for building balances over time. It also runs investment accounts for retirement and education goals alongside personal lines of credit for larger costs.
Where does Simplii Financial operate and how is it accessed?+
The bank serves people across Canada through online banking and a mobile app for everyday management. There are no physical branches, so access and everyday management take place through digital channels. More than two million people use the service across the country.
Where is Simplii Financial based?+
Simplii Financial is based in Canada. (Source, checked September 26, 2026)
When was Simplii Financial founded?+
Simplii Financial was founded in 2017. (Source, checked September 26, 2026)
How can I contact Simplii Financial support?+
Simplii Financial offers support through Phone, Email, Help-centre, Chat. (Source, checked September 26, 2026)
Sources
- simplii.com/en/about-us.html checked September 26, 2026
Backs: Founded
“On November 1, 2017, we opened to help our clients bank, borrow and invest the way they like.”
- simplii.com/en/bank-accounts/high-interest-savings.html checked September 26, 2026
Backs: Access terms, Account kind, Headline rate, Minimum deposit, Pricing model, Monthly fee
“Access your savings if you need them; interest is calculated ... and is paid into your account monthly”
- simplii.com/en/legal.html checked September 26, 2026
Backs: Headquarters, Legal entity
“The designated branch of account address for your accounts is: 81 Bay Street, Toronto, Ontario, M5J 0E7.”
- simplii.com/en/mortgages.html checked September 26, 2026
Backs: Purpose
“A mortgage is a loan to help you purchase a home or real estate. Simplii Financial(TM), a division of CIBC, connects you with dedicated CIBC mortgage specialists ... Get closer to being debt free...”
- simplii.com/en/rates.html checked September 26, 2026
Backs: Support channels
“Call us anytime at 1-888-723-8881 ... Email us talktous@simplii.com ... [Top FAQ]”
- simplii.com/en/rates/high-interest-savings-account-rates.... checked September 26, 2026
Backs: Rate type
“Rates are subject to change without notice.”
- simplii.com/en/borrowing.html checked September 26, 2026
Backs: Features, Free early repayment, Loan types
“Personal Line of Credit - Flexible borrowing option that allows access to funds when you need them”
- simplii.com/en/borrowing/personal-line-of-credit.html checked September 26, 2026
Backs: Eligibility
“Be a permanent resident of Canada (excluding Quebec)”
- simplii.com/en/legal.html checked September 26, 2026
Backs: Credit check, Lender type
“You may have agreed to let us obtain your credit report information so that your application could be assessed. We receive reports from Equifax Canada Inc. and Trans Union of Canada Inc.”
- simplii.com/en/rates/personal-line-of-credit-rates.html checked September 26, 2026
Backs: Loan amount
“$5,000 minimum borrowing amount. Subject to credit approval.”
Compiled from 10 source pages, checked October 13, 2026. We did not open an account.
Not confirmed yet: Annual fee, APR, Currency conversion fee, Rewards type.