Simplii Financial’s New Banking App Can Automatically Split Your Paycheque

Simplii Financial is rolling out a redesigned mobile banking app on iOS and Android, refreshed branding and new tools that will let Canadians automatically divide their paycheques into different spending and savings categories without opening multiple bank accounts.

The CIBC-owned digital bank announced the changes on Tuesday, with its new Simplii Account introducing customizable folders for organizing money within a single account. Simplii calls it a first for Canadian direct-to-consumer banking.

The feature is being piloted this month, allowing customers to create folders in seconds through the Simplii app to manage bill payments, everyday spending, savings goals and upcoming expenses.

For example, customers could automatically split their paycheques between rent, groceries, vacation savings and other expenses. The money stays organized within one account, eliminating the need to open separate accounts or manually move funds around every payday.

Simplii is also introducing a payment backup feature that will automatically cover eligible transactions to help reduce insufficient funds situations. Customers will also earn higher base interest rates starting from the first dollar in their savings folders, although the bank hasn’t disclosed the new rates.

More features are coming over the next few months, including shared folders for managing household expenses with trusted individuals and a daily spending allowance tool.

The overhaul extends beyond the mobile app. Simplii is also updating its website, online banking experience and physical bank cards, although existing cards will continue working. An upcoming integration with CIBC Investor’s Edge will also let customers view their investment account balances directly within the Simplii app.

“The future of digital banking is not about more features, it’s about less friction,” said Atanaska Novakova, Head, Simplii Financial. “Simplii is investing in an experience that delivers less fees, less stress, less complexity and more value through useful, simple tools to support customers’ financial security.”

The update comes as digital banking rivals such as Wealthsimple continue to challenge Canada’s Big Five banks. Wealthsimple has offered a similar feature called Automate Your Pay since at least January 2025, allowing customers to automatically split their paycheques across multiple accounts. Simplii’s approach differs by keeping the money organized in folders within a single account.

Simplii says the new features will roll out gradually, starting with the account folders pilot this month. The company’s banking services are not available in Quebec.