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.
| Tangerine | Simplii Financial | |
|---|---|---|
| Signup Bonus | None (occasional promo rates) | None (occasional referral promos) |
| Monthly Fee | $0 | $0 |
| Cash Back | 2% in 2 chosen categories | Up to 4% on select categories |
| Credit Check | Soft check for savings, hard check for credit card | Soft check |
| Savings Interest | 0.10% standard (promos to 5%+) | 0.01% standard (promos available) |
| Credit Building | Yes — via Tangerine credit card | Yes — via Simplii credit card |
| Mobile App | ⭐⭐⭐⭐ (4.1 App Store) | ⭐⭐⭐⭐ (4.0 App Store) |
| CDIC Protected | Yes — CDIC member | Yes — through CIBC |
Deep Dive
The key strengths and weaknesses of each account.
Our Verdict
Both Tangerine and Simplii Financial have their strengths. Tangerine is the better fit for most Canadians, but your choice depends on your specific needs.
Get Started
Compare both options and claim any available signup bonuses below.
FAQ
It depends on what you need. Tangerine (Online bank from Scotiabank with no monthly fees) vs Simplii Financial (No-fee bank account backed by CIBC). For a signup bonus, Tangerine offers None (occasional promo rates) while Simplii Financial offers None (occasional referral promos). For monthly fees, Tangerine charges $0 vs Simplii Financial's $0. See the full comparison table above for a complete breakdown.
Tangerine signup bonus: None (occasional promo rates). Simplii Financial signup bonus: None (occasional referral 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.
Tangerine: Yes — CDIC member. Simplii Financial: Yes — through CIBC. 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 Tangerine and Simplii Financial to take advantage of each account's best features.
Tangerine monthly fee: $0. Simplii Financial monthly fee: $0. Monthly fees are one of the biggest differences between accounts — even $15/month adds up to $180/year.
Tangerine cash back: 2% in 2 chosen categories. Simplii Financial cash back: Up to 4% on select categories. Cash back rates can vary significantly depending on spending categories. Check each bank's current promotions as rates change.
🔥 Canadians are claiming $80 free from KOHO right now
Claim $80 Free →