Reviewed by Jen, founder of MoneyMint · Updated October 1, 2026

Simplii FinancialChequing

Simplii Financial No Fee Chequing Account

Our take: the strongest no-fee chequing account we track — unlimited transactions, free e-Transfers, CIBC ATMs and the biggest cash bonus of any $0 account.

#1 Best chequing

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Our review

The Simplii Financial No Fee Chequing Account is a genuinely fee-free everyday banking account from Simplii, a CIBC division. There’s no monthly fee and no minimum balance to maintain it, and account holders get free access to CIBC’s nationwide ATM network — one of the larger no-fee ATM networks available through a digital-only bank in Canada.

4.0out of 5

MoneyMint rating

#3 of 16 chequing accounts · How we rate

Real annual cost

10/10

Transactions

10/10

Interest paid

0/10

Welcome bonus

4/10

Access

8/10

Deposit protection

10/10

real annual cost — the fee, or the interest given up on the balance that waives it, whichever is lower. Run your own numbers →

At a Glance

Monthly Fee

$0no minimum balance required

Account Type

Chequingpersonal, not available in Quebec

Interest Rate

Tiered (unconfirmed)Simplii’s rate table loads dynamically; verify at simplii.com before you apply any figure

ATM Network

3,400+ CIBC ATMsfree in Canada; other ATMs may surcharge

Overdraft (optional)

$4.97/mo + 19%only if the feature is activated and used

Welcome Bonus

$350 cashnew clients only, open by Jan 31, 2027*

Note: Simplii pays 0.01% on every balance tier of the No Fee Chequing Account (checked on simplii.com, September 25, 2026). Rates can change without notice.

Pros & Cons

Pros

$0 monthly fee, no minimum balance
Free unlimited debit purchases, bill payments, and withdrawals
Free Interac e-Transfers (send, request, and receive)
Free access to 3,400+ CIBC ATMs across Canada
Included Debit Mastercard, usable internationally, with Mastercard Zero Liability protection
Free Global Money Transfer service with no transfer fee advertised
Backed by CIBC’s CDIC membership

Cons

No physical branches — online, mobile, and phone banking only
Free ATM access limited to the CIBC network; other Canadian ATMs may charge their own surcharge
International ATM withdrawals carry a currency-conversion fee Simplii doesn’t publish an exact amount for
Optional overdraft protection costs $4.97/month plus 19% interest when used
Interest is just 0.01% on every balance tier
Not available to residents of Quebec
Welcome bonus requires qualifying direct deposits for 4 consecutive months, a real hurdle for casual switchers

Who It’s For

Best For

Everyday spenders who want a genuinely no-fee, no-minimum-balance chequing account
People who already use, or don’t mind, CIBC’s ATM network
Anyone comfortable banking entirely online or through an app

Not Ideal For

Anyone who wants in-person branch banking
Frequent international travellers who want predictable, disclosed foreign ATM/currency fees
Quebec residents (not available)
Anyone chasing the highest possible interest on a day-to-day balance — pair this with Simplii’s High Interest Savings Account instead

Not Sure? Three Accounts People Compare It With

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Neo Financial Neo Money Chequing Account

Pick this instead if you already bank with Neo Financial.

Fee $0Rate 0.1%

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Wealthsimple Chequing Account

Pick this instead if you want a better ongoing rate (2.25%+).

Fee $0Rate 2.25%Bonus up to $25

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BMO Performance Chequing Account

Pick this instead if you want a bigger welcome bonus (up to $700).

Fee $18/moBonus up to $700

Read review

Simplii Financial No Fee Chequing Account

No monthly fee · up to $350 welcome offer

Open an account on Simplii Financial’s site →Compare all accounts

Jen, founder of MoneyMint

Reviewed by Jen. Every figure on this page was checked against Simplii Financial’s official page on August 23, 2026. Key figures were re-checked on September 25, 2026.

Frequently Asked Questions

Does the Simplii Financial No Fee Chequing Account charge a monthly fee?

No. The account has a $0 monthly fee with no minimum balance required to avoid it.

What interest rate does the Simplii Financial No Fee Chequing Account offer?

Simplii pays 0.01% on every balance tier of the chequing account (checked on simplii.com, September 25, 2026). For meaningfully higher yield on cash you’re not spending, Simplii offers a separate High Interest Savings Account.

Is there a minimum balance required for the Simplii No Fee Chequing Account?

No. There’s no minimum balance to open the account, avoid fees, or earn the stated (unconfirmed) interest rate.

How many free transactions does the Simplii No Fee Chequing Account include?

Unlimited free debit purchases, bill payments, and withdrawals, plus free Interac e-Transfers. Free ATM access applies to 3,400+ CIBC ATMs across Canada; other Canadian ATMs may carry a surcharge from the machine’s owner, and international withdrawals carry an undisclosed currency-conversion fee.

Does the Simplii No Fee Chequing Account have a welcome bonus?

Yes. Simplii is offering $350 cash to new clients who open a No Fee Chequing Account between September 23, 2026 and January 31, 2027. Within 150 days of opening, you need eligible recurring direct deposits (such as payroll or pension) totalling at least $100 a month, credited for 4 consecutive months. The cash is deposited within 3 business days of meeting the requirements. You aren’t eligible if you held a Simplii product as the primary account holder on or before March 23, 2026. Confirm the current terms on simplii.com before applying.