compare_arrows 2026 Comparison

Wealthsimple vs Simplii: Which No-Fee Bank Is Right for You?

Comparing Wealthsimple and Simplii Financial to help Canadian consumers choose the best no-fee banking solution for their needs in 2026.

Wealthsimple

Fintech All-in-One

Best for Investing

Sign-up Bonus

Up to $5,000

check_circle $0 monthly fees, $0 FX fees
check_circle Up to 2.25% interest on chequing
check_circle Commission-free stock trading

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Simplii Financial

CIBC Digital Bank

Best for Banking

Sign-up Bonus

$300 + $50 Skip Gift Card

check_circle $0 monthly fees
check_circle 3,400+ CIBC ATMs free
check_circle CDIC insured (CIBC division)

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table_chart Wealthsimple vs Simplii Quick Comparison

Feature	Wealthsimple	Simplii Financial
Monthly Fees	$0	$0
Chequing Interest	1.25% - 2.25%	Minimal
Savings Interest	Up to 3.25% (USD)	4.50% promo rate
FX Fees	$0	2.5%
ATM Access	Any ATM (fees reimbursed)	3,400+ CIBC ATMs free
Stock Trading	$0 commission	Not available
Crypto Trading	140+ coins	Not available
Mortgage Products	Yes	Yes (full service)
Credit Card	2% cash back	4% dining, 1.5% groceries
CDIC Coverage	Up to $1M	$100K (standard)
E-Transfer Limit	Up to $25,000/day	$3,000/day
Best For	Investors & savers	Traditional banking

analytics Detailed Feature Comparison

Wealthsimple vs Simplii Fees

When comparing Wealthsimple vs Simplii fees, both platforms excel at offering no monthly account fees. However, there are important differences in other fee categories that could save you money.

Wealthsimple Fees

Monthly fee:$0
FX conversion:$0
ATM fees:Reimbursed worldwide
Stock trades:$0
E-Transfer:$0
Domestic wire:$20

Simplii Financial Fees

Monthly fee:$0
FX conversion:2.5%
CIBC ATMs:$0
Non-CIBC ATMs:$1.50+
E-Transfer:$0
Overdraft (if used):$4.97/mo + 19%

Winner: Wealthsimple edges ahead on fees with no FX charges and worldwide ATM fee reimbursement, saving frequent travellers significant money.

Wealthsimple vs Simplii Interest Rates

Interest rates are a key differentiator between Simplii vs Wealthsimple. Here's how they compare for everyday banking and savings.

Wealthsimple Interest Rates

Chequing Account

1.25% - 2.25%

Based on account tier (assets held)

USD Savings

Up to 3.25%

Direct Deposit Bonus

+0.5% with $2K+ monthly deposit

Simplii Interest Rates

Chequing Account

Minimal (tiered)

Not competitive for savings

High Interest Savings

4.50% promo

5 months for new clients (up to $100K)

GICs

Competitive rates available

Winner: Wealthsimple wins for everyday interest (earning on your chequing balance), while Simplii offers better promotional savings rates for new clients looking to park larger sums.

Banking Features Comparison

Both Wealthsimple and Simplii Financial offer modern digital banking, but they differ in their approach and available features.

Wealthsimple Features

check_circle

All-in-one financial app

Banking, investing, crypto, tax filing
check_circle

Prepaid Mastercard

Physical & digital wallet
check_circle

Joint accounts

Up to 8 individual + 8 joint
check_circle

Auto-investing

Scheduled stock/ETF purchases
check_circle

Early paycheque deposit

Get paid up to 1 day early

Simplii Financial Features

check_circle

CIBC ATM network

3,400+ ATMs across Canada
check_circle

Debit Mastercard

Shop anywhere Mastercard accepted
check_circle

Overdraft protection

Up to $5,000 limit
check_circle

Global Money Transfer

$0 transfer fees internationally
check_circle

Personal loans & LOC

Full lending products available

balance Wealthsimple vs Simplii Pros and Cons

Wealthsimple Pros & Cons

Pros

+ High interest on chequing (up to 2.25%)
+ Commission-free stock & crypto trading
+ No FX fees anywhere in the world
+ ATM fees reimbursed globally
+ $1M CDIC coverage
+ Excellent mobile app experience

Cons

- No physical branches or dedicated ATMs
- No overdraft protection
- Prepaid card (not true debit)
- Limited lending products

Simplii Financial Pros & Cons

Pros

+ 3,400+ CIBC ATMs free across Canada
+ Backed by CIBC (Big 5 bank security)
+ Overdraft protection available
+ Full suite of lending products
+ Larger welcome bonuses ($300+)
+ True debit Mastercard

Cons

- Minimal interest on chequing
- 2.5% foreign transaction fees
- No investing or trading platform
- Non-CIBC ATM fees apply

person_search Who Should Choose Which?

Choose Wealthsimple If You...

check Want to invest in stocks, ETFs, or crypto
check Prefer earning interest on your everyday balance
check Travel frequently and want no FX fees
check Want all finances in one app
check Are comfortable with fully digital banking

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Choose Simplii Financial If You...

check Need access to physical ATMs regularly
check Want overdraft protection as a safety net
check Need mortgages or personal loans
check Prefer the security of a Big 5 bank backing
check Don't need investing features

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help Frequently Asked Questions

Is Wealthsimple better than Simplii Financial? expand_more

It depends on your needs. Wealthsimple is better for investing, earning interest on your chequing account (up to 2.25%), and all-in-one financial management. Simplii Financial is better if you want traditional banking backed by CIBC, access to physical ATMs, and larger welcome bonuses ($300+ for new clients).

What is the difference between Wealthsimple and Simplii? expand_more

Wealthsimple is a fintech company offering investing, banking, and tax services with a focus on high-interest chequing (up to 2.25%) and commission-free trading. Simplii Financial is CIBC's digital banking arm, offering traditional banking with no monthly fees, access to 3,400+ CIBC ATMs, and services like mortgages and personal loans.

Which has lower fees: Wealthsimple or Simplii? expand_more

Both offer no monthly account fees. However, Wealthsimple has no FX fees and reimburses all ATM fees worldwide, while Simplii charges foreign transaction fees but offers free access to CIBC ATMs. For investing, Wealthsimple charges $0 commission while Simplii doesn't offer self-directed trading.

Is Wealthsimple or Simplii better for beginners? expand_more

Both are beginner-friendly. Wealthsimple is ideal for beginners who want to start investing with its simple app and commission-free trades. Simplii is better for beginners who want straightforward banking with physical ATM access and don't need investing features.

Can I switch from Simplii to Wealthsimple? expand_more

Yes, you can switch from Simplii to Wealthsimple easily. You can keep accounts at both institutions since there are no monthly fees. Many Canadians use Simplii for traditional banking and Wealthsimple for investing and earning higher interest on their chequing balance.

Which offers better interest rates: Wealthsimple vs Simplii? expand_more

Wealthsimple offers significantly better interest rates on chequing accounts (1.25% to 2.25% depending on tier). Simplii's chequing account earns minimal interest, but their High Interest Savings Account offers promotional rates up to 4.50% for new clients on deposits up to $100,000.

Is my money safe with Wealthsimple vs Simplii? expand_more

Yes, both are safe. Simplii is a division of CIBC and is directly CDIC-insured up to $100,000. Wealthsimple partners with CDIC member institutions to provide up to $1 million in combined CDIC coverage for chequing accounts, which is 10x the standard coverage.

Which has the better referral bonus: Wealthsimple or Simplii? expand_more

Simplii offers larger welcome bonuses, including $300 plus a $50 Skip gift card for new clients who set up direct deposit. Wealthsimple's referral bonus is tiered based on deposits, ranging from $25 (for $1 deposit) up to $5,000 (for $1M+ deposits).

Does Simplii or Wealthsimple have better customer service? expand_more

Simplii offers phone support at 1-888-723-8881 and email support. Wealthsimple provides in-app support and help centre resources. For complex issues, Simplii has the advantage of CIBC's banking infrastructure, while Wealthsimple offers dedicated advisors for clients with $500,000+ in assets.

Can I use both Wealthsimple and Simplii together? expand_more

Absolutely. Many Canadians use both services together since neither charges monthly fees. A common strategy is using Simplii for traditional banking needs like mortgages and credit products, while using Wealthsimple for investing and earning higher interest on everyday savings.

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Final Verdict

For most Canadians, Wealthsimple is the better choice. Its all-in-one platform lets you manage crypto, stocks, ETFs, and banking in a single app, with commission-free trading and up to 2.25% interest on your chequing balance. No FX fees and global ATM fee reimbursement make it ideal for frequent travellers.

However, if you prefer traditional banking with physical ATM access, Simplii Financial is worth considering. As a division of CIBC, it offers 3,400+ free ATMs, overdraft protection, and a full suite of lending products including mortgages and personal loans.

Get Up to $5,000 with Wealthsimple Get $5,000 with Wealthsimple arrow_outward Get Simplii $125 Bonus arrow_outward