A full breakdown of fees, bonuses, cash back, savings rates, and which account wins for Canadian residents.
Side-by-Side
Every major feature compared. Green cells indicate the better value.
| Simplii Financial | RBC | |
|---|---|---|
| Signup Bonus | None (occasional referral promos) | None (occasional $200–$400 promos) |
| Monthly Fee | $0 | $10.95–$30.00/month |
| Cash Back | Up to 4% on select categories | Via RBC Avion and Cashback credit cards |
| Credit Check | Soft check | Hard credit check |
| Savings Interest | 0.01% standard (promos available) | 0.01–0.05% standard |
| Credit Building | Yes — via Simplii credit card | Yes — extensive credit card products |
| Mobile App | ⭐⭐⭐⭐ (4.0 App Store) | ⭐⭐⭐⭐½ (4.5 App Store) |
| CDIC Protected | Yes — through CIBC | Yes — CDIC member |
Deep Dive
The key strengths and weaknesses of each account.
Our Verdict
Simplii Financial edges ahead for most Canadians because it charges no monthly fees.
Get Started
Compare both options and claim any available signup bonuses below.
FAQ
It depends on what you need. Simplii Financial (No-fee bank account backed by CIBC) vs RBC (Canada's largest bank by assets). For a signup bonus, Simplii Financial offers None (occasional referral promos) while RBC offers None (occasional $200–$400 promos). For monthly fees, Simplii Financial charges $0 vs RBC's $10.95–$30.00/month. See the full comparison table above for a complete breakdown.
Simplii Financial signup bonus: None (occasional referral promos). RBC signup bonus: None (occasional $200–$400 promos). If neither offers a cash bonus, consider also opening KOHO (code 45ET55JSYA for $80 free) or Neo Financial (code J4C9H3K5 for $50 free) — the two biggest free bonuses available to Canadians right now.
Simplii Financial: Yes — through CIBC. RBC: Yes — CDIC member. CDIC coverage protects deposits up to $100,000 per category at member institutions. Always verify current coverage details on the CDIC website.
Yes — there is no rule preventing Canadians from holding multiple bank accounts simultaneously. Many people keep one account for savings and another for spending. You can open both Simplii Financial and RBC to take advantage of each account's best features.
Simplii Financial monthly fee: $0. RBC monthly fee: $10.95–$30.00/month. Monthly fees are one of the biggest differences between accounts — even $15/month adds up to $180/year.
Simplii Financial cash back: Up to 4% on select categories. RBC cash back: Via RBC Avion and Cashback credit cards. Cash back rates can vary significantly depending on spending categories. Check each bank's current promotions as rates change.
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