Simplii Financial Adds Budget Folders and Payment Backup: What Changes for Clients
Simplii Financial, the online bank owned by CIBC, is adding tools that let you sort your money into folders and cover payments that would otherwise bounce. Some of it is a pilot, and key details like fees are not public yet. Here is what we could confirm.
- Checked October 13, 2026
- By Paul H
- 5 min read
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The pitch is simple: more control over your own money, without paying a branch bank’s fees.
Simplii serves nearly two million clients, according to a Canadian Press report published by BNN Bloomberg on October 13, 2026. The bank is adding a new account type, a set of budgeting tools in its mobile app, and a closer link to CIBC’s self-directed investing platform. Head of Simplii Atanaska Novakova described the goal as serving people who want control and good value, and said the bank will not chase trends such as prediction markets.
Chapter 1
What Simplii is adding
PilotFolders in the mobile app
Folders let you split money inside the app by purpose: bills, everyday spending, or savings goals such as a trip or an emergency fund. You can pick preset folders or build your own, and you can set your paycheque to be divided across them automatically. Simplii says shared folders, for example for household expenses, are planned in the coming months.
PilotPayment backup
This feature automatically covers certain transactions so you are less likely to be charged an insufficient funds (NSF) fee. Simplii has not said which transactions qualify, whether there is a limit, or whether there is a cost. Treat it as a safety net to understand, not as an overdraft you can plan around.
NewThe Simplii Account
Simplii is introducing a new account type called the Simplii Account. The report did not include its fees, interest rate or features. Its public site lists the No Fee Chequing Account and High Interest Savings Account with no monthly fees.
NewInvesting through CIBC Investor’s Edge
A partnership with CIBC Investor’s Edge lets clients invest while drawing funds from their Simplii account. That should make moving money from savings into a self-directed TFSA or RRSP easier, though trading commissions and account fees are set by Investor’s Edge, not Simplii.
Chapter 2
Who Simplii is
Simplii Financial is a trade name of CIBC, and eligible deposits are covered by CDIC as CIBC deposits. It launched in 2017 after CIBC and Loblaw ended their nearly 20-year President’s Choice Financial partnership. Simplii kept everyday banking such as chequing, savings, registered accounts and mortgages. PC Financial kept the Mastercard credit cards and the loyalty program.
Chapter 3
What we do not know yet
- Fees, interest rates and features of the new Simplii Account.
- Who can join the folders and payment backup pilots, and when they open to everyone.
- Which transactions payment backup covers, any limits, and any cost.
- A date for shared folders.
We will update this page when Simplii publishes the details.
Should you switch?
A few checks before you move your pay.
- 1. Compare the account you use todayIf you pay a monthly fee at a big bank, a no-fee account can save you a meaningful amount each year.
- 2. Check the welcome offer termsSimplii’s $350 No Fee Chequing bonus needs an eligible direct deposit of $100 or more kept active for 4 months. The offer ends January 31, 2027.
- 3. Do not count on payment backup yetUntil Simplii confirms how it works, keep a buffer in your account.
- 4. Think about cashSimplii is mainly online, so check how you would deposit or withdraw cash before you switch.
- 5. Read the investing fees separatelyInvestor’s Edge pricing applies to trades, not Simplii’s no-fee banking.
Frequently asked questions
What are Simplii folders?
Folders are a pilot feature in the Simplii app that let you divide your money by purpose, such as bills, spending or a savings goal, and send parts of your paycheque to each one automatically.
Does Simplii payment backup stop NSF fees?
Simplii says it automatically covers certain transactions to help reduce insufficient funds fees. It has not said which transactions are covered or whether there are limits or costs.
Is Simplii Financial safe?
Simplii is a trade name of CIBC, a CDIC member. Eligible deposits are protected by CDIC within its coverage limits.
Does Simplii have monthly fees?
Its No Fee Chequing Account and High Interest Savings Account are listed with no monthly fees. Fees for the new Simplii Account have not been published.
Can I invest through Simplii?
Simplii offers GICs, TFSAs, RRSPs and mutual funds. A new partnership with CIBC Investor’s Edge lets clients invest in a self-directed account while using funds from Simplii.
- Sources, checked October 13, 2026: BNN Bloomberg / The Canadian Press, Simplii Financial rolls out tools for DIY banking; Simplii Financial. Photos from Pexels.
Important: This is general information, not financial advice. Features, fees and offers change, and some of these tools are pilots. Confirm the details with Simplii before you open or move an account. Gizly is not paid by Simplii or CIBC for this article. See our affiliate disclosure.
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Rates and offers checked against each bank’s own page.
