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
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
Deposit protection
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.
Simplii Financial chequing accounts and what they 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 |
Simplii Financial savings accounts and posted rates
| Account | Rate at $10,000 | Monthly fee |
|---|---|---|
| High Interest Savings Account | 0.3% | No monthly fee |
On the official lists
| Legal entity | OSFI list | CDIC member |
|---|---|---|
| Canadian Imperial Bank of Commerce | OSFI — Schedule I domestic bank | Yes |
Facts, with sources
- 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.
Complaints that 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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