Simplii Financial
Direct banking brand of CIBC offering online banking services.
Last updated October 10, 2026
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Overview
Simplii Financial is a direct banking brand launched by CIBC in 2017, replacing PC Financial. It offers no-fee chequing accounts, high-interest savings, and free transactions, operating primarily through digital channels without physical branches.
Products and positioning
A digital bank for Canadian consumers, featuring low-cost and convenient online services.
Product categories. 支票账户 · 储蓄账户 · 信用卡 · 个人贷款 · GIC
Controversies
2025
Surrey sues CIBC's Simplii Financial and Coast Capital Savings over $2.5 million fraud loss
The City of Surrey filed a lawsuit in B.C. Supreme Court on Dec. 23 against CIBC's Simplii Financial division and Coast Capital Savings Federal Credit Union, alleging the financial institutions allowed the conversion of cheques altered by a former city finance clerk to defraud the city of more than $2.5 million between 2017 and 2024. The allegations have not been proven in court and the financial institutions have yet to file a statement of defence.
Recent events
Surrey sues CIBC's Simplii Financial and Coast Capital Savings over $2.5 million fraud loss[1]
Reported:
The City of Surrey filed a lawsuit in B.C. Supreme Court on Dec. 23 against CIBC's Simplii Financial division and Coast Capital Savings Federal Credit Union, alleging the financial institutions allowed the conversion of cheques altered by a former city finance clerk to defraud the city of more than $2.5 million between 2017 and 2024. The allegations have not been proven in court and the financial institutions have yet to file a statement of defence.
Sources1 sources
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