Easiest bank account to open online in Canada

Managing your day-to-day banking should be easy. So when you need to open a new account, no one wants to spend hours gathering paperwork, driving to their nearest branch and standing in a queue.

The good news is that many Canadian banks now make it quick and easy to open an account online. In this guide, we’ll explore five of the easiest bank accounts to open online in Canada, and show you what you need to do to sign up.

Six of the easiest bank accounts to open online in Canada

These are some of the easiest bank accounts to open online in Canada from banks, credit unions and fintechs.

• Coast Capital Elevate Chequing Account: Coast Capital Elevate Chequing Account
• BMO Performance Chequing Account: BMO Performance Chequing Account
• EQ Bank Personal Account: EQ Bank Personal Account
• Tangerine No-Fee Daily Chequing Account: Tangerine No-Fee Daily Chequing Account
• Wealthsimple Chequing Account: Wealthsimple Chequing Account
• Simplii No Fee Chequing Account: Simplii No Fee Chequing Account

Finder Score	Monthly Account Fee	Free Transactions	e-Transfer Fee
Coast Capital Elevate Chequing Account
8 Great Coast Capital Elevate Chequing Account	8 Great	$16.95	Unlimited	$0	New members can get $450 when they open and use a Coast Capital Elevate Chequing Account. Offer ends July 6, 2026. T&Cs apply.	Go to siteView details Compare product selection Compare	loading	Why we like it If you want the personalized service of a credit union with an easy account-opening process, the Coast Capital Elevate Chequing Account is well worth a closer look. It comes with unlimited free transactions, $0 Interac e-Transfers and no minimum balance requirement. Coast Capital is a Canada-wide credit union offering a full suite of financial products. New members can get $450 when they open and use a Coast Capital Elevate Chequing Account. Offer ends July 6, 2026. Pros & cons Pros No monthly fee Unlimited free transactions No minimum balance required Deposit cheques on the app from your phone Withdraw money free of charge from 4,000+ ATMs across Canada Cons You'll have to pay $16.95 per month for this account Monthly fee applies Not available in Quebec
BMO Performance Chequing Account
8.7 Great BMO Performance Chequing Account	8.7 Great	$17.95 (can be waived)	Unlimited	$0	Earn up to a $900 cash bonus. Plus, get a Walmart+ membership for up to 12 months. Valid until August 6, 2026. T&Cs apply.	$175 REWARD Go to siteView details Compare product selection Compare	loading	Why we like it It wasn't all that long ago that you needed to visit a branch to open an account with a Big Five Bank, but that's no longer the case thanks to accounts like the BMO Performance Chequing Account. This unlimited-transaction account offers a completely online sign-up process that takes just 7 minutes—speed up the process by having your Social Insurance Number handy. Then once you've registered for online and mobile banking, you can start making the most of this everyday banking account. Pros & cons Pros Unlimited monthly transactions 1 free non-BMO ATM withdrawal per month Attractive welcome bonus $40 credit card fee rebate Cons $17.95 monthly fee Must keep a $4,000 minimum balance to waive monthly fee Doesn't pay interest on your balance
EQ Bank Personal Account
9.4 Excellent EQ Bank Personal Account	9.4 Excellent	$0	Unlimited	$0	Earn 2.75% interest on your money with qualifying direct deposits of $2,000/month, and 1.00% otherwise. T&Cs apply.	Go to siteView details Compare product selection Compare	loading	Why we like it EQ Bank is a digital bank with no physical branches, so it makes sense that opening its popular Personal Account online is a piece of cake. Just click the Create an account button on the EQ website, then provide your personal info and contact details along with proof of ID. Once you've completed the quick application, the information you provide will be validated in seconds. With your account activated, you can then take advantage of the many great (and fee-free) features of this hybrid chequing/savings account. Pros & cons Pros No monthly fee No day-to-day transaction fees Free withdrawals at any Canadian ATM Competitive interest rate Cons No physical branches Some account features not available in Quebec Bonus interest rate only applies for 12 months
Tangerine No-Fee Daily Chequing Account
8.5 Great Tangerine No-Fee Daily Chequing Account	8.5 Great	$0	Unlimited	$0	Earn up to $250 when you open a No-Fee Daily Chequing Account and move your pay. Valid until October 31, 2026. T&Cs apply.	Go to siteView details Compare product selection Compare	loading	Why we like it Tangerine has long been a major player on the Canadian digital banking scene, and its online focus is evident in the easy account-opening process for the No Fee Daily Chequing Account. The simplest approach is to sign up via Tangerine's mobile app, but you can complete a website application instead if you wish. Just create your username and PIN, provide your personal and contact info, and then provide proof of ID. Once you're approved, you can enjoy unlimited free transactions with no monthly fee. Pros & cons Pros No monthly fee Free withdrawals at over 3,500 ABMs Free Interac e-Transfers Unlimited day-to-day transactions Cons Only pays a very low rate of interest 2.5% foreign currency conversion fee No physical branches
Wealthsimple Chequing Account
9.3 Excellent Wealthsimple Chequing Account	9.3 Excellent	$0	Unlimited	$0	Get a $25 cash bonus when you open your first Wealthsimple account and fund at least $1 within 30 days. Plus, earn up to 2.25% interest. T&Cs apply.	Go to siteView details Compare product selection Compare	loading	Why we like it The Wealthsimple Chequing Account is one of the easiest bank accounts to open online in Canada for a number of reasons. As a fintech, Wealthsimple is another provider dedicated to offering a seamless online and mobile banking experience. It only takes minutes to complete an online application form, and the combination of chequing and savings features this account offers makes it a popular choice for a wide range of people. Pros & cons Pros No monthly fees No everyday transaction fees Up to $1,000,000 of CDIC protection Competitive interest rate Cons You'll need Wealthsimple assets of $500,000+ to earn the maximum 2.25% interest rate No in-person customer service Some features are still coming soon
Simplii No Fee Chequing Account
8.5 Great Simplii No Fee Chequing Account	8.5 Great	$0	Unlimited	$0	Earn $300 when you become a new client and set up a direct deposit of at least $100 for 3 months. Offer ends September 30, 2026. T&Cs apply.	Go to siteView details Compare product selection Compare	loading	Why we like it Simplii is CIBC's digital-only division, so it's another bank with a strong focus on easy online and mobile money management. The sign-up process is simple and straightforward, taking just a matter of minutes, and there are no monthly fees to worry about with this account. And even though you're dealing with a digital bank, you get the peace of mind that comes with knowing it's backed by a Big Five bank. Pros & cons Pros Earn a $300 welcome bonus and a $50 Skip gift card No minimum balance requirement Free withdrawals from CIBC ATMs Unlimited e-Transfers and debits Cons No in-person customer service Only pays 0.01% interest Not available in Quebec

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• Methodology: How we selected the easiest bank accounts to open online

  To determine this list of the best accounts, Finder Canada analyzed 70+ chequing accounts across 22 financial institutions. We compared accounts from traditional banks, digital banks and credit unions, and we narrowed down the list of accounts to the top 6.

  We ranked accounts based on 16 data points within four major categories. Here's how we ranked and weighted each product:

  • Fees: 40% (Monthly fee, ability to waive monthly fee (if necessary), transaction fees, e-Transfer fees, ATM fees, NSF fees, overdraft fees)
  • Perks: 30% (Interest rates, signup bonuses, other tailored rewards)
  • Banking Access: 15% (In-branch banking, online banking access, national availability)
  • Customer Experience: 15% (Live chat availability, Apple app ratings, Google app ratings)

  No single chequing account will be the best choice for everyone, so thoroughly compare your options before picking your new account.

What makes some bank accounts easier to open than others?

The easiest bank accounts to open online in Canada have a few things in common.

The main feature is that they offer a completely online application process. There’s no need to visit a branch in person and wait to be served—simply provide your details online or through a mobile app. Online ID verification is also a must, with no need to visit a branch and hand over your ID.

The easiest bank accounts to open also offer a simple and streamlined user interface, with an easy-to-follow questionnaire that walks you through the information you need to provide to get started. And with minimal documentation required, you won’t need to spend hours gathering all the necessary paperwork together to open an account.

How long does it take to open one of the easiest accounts?

You can open a bank account online in Canada in less than 10 minutes. In some cases, you’ll only need 5 minutes.

Simply choose whether you want to apply from your computer or smartphone—whichever you are most comfortable using. Then it’s a matter of clicking or tapping through the online application process and providing your personal information and contact details. And with online ID verification, it’s possible to get set up within minutes.

That said, some banks might take a little longer to process and approve your application, so you may need to wait a few business days until you can use your account.

What’s the difference between fintech and traditional bank accounts?

The Big Five banks have long had a stranglehold over the Canadian banking industry, but recent years have seen digital banks and fintechs emerge to challenge the traditional banks. If you’re comparing an account from a fintech company with a traditional bank account, there are a few key differences to be aware of.

The main difference is that fintechs don’t have branch or ATM networks. So if you like being able to visit your nearest branch to get in-person support, a fintech account might not be a good fit for you. Fintechs also don’t tend to have the same wide range of banking products and services as traditional banks, like mortgages, personal loans and registered accounts.

On the flip side, no branches means fewer overheads, so fintechs can often provide features like higher savings interest rates and no monthly fees. Fintechs focus on technology and offering a quick and convenient user experience, providing seamless online and mobile banking. They also focus on areas where traditional banks sometimes fall short, like offering better exchange rates on international money transfers or instant peer-to-peer payments.

So, which account is right for you? It all depends on the features and fees you’re looking for in a bank account.

Are bank accounts from fintechs safe?

Yes—provided you deal with a reputable company. Fintechs aren’t tightly regulated like Canadian banks, so do your research to make sure you’re dealing with a legit provider. Check independent reviews on sites like Trustpilot and the Better Business Bureau, and be sure that you only ever download fintech apps from official app stores like Google Play and Apple’s App Store.

You should also choose a fintech that provides CDIC protection. Unlike traditional and digital banks, fintechs aren’t CDIC members. But if they hold your funds in trust with CDIC members, up to $100,000 you deposit (or more in some cases) will be eligible for CDIC insurance coverage.

What documents do I need to easily open a bank account?

It’s easy to open a bank account online in Canada by providing proof of ID and proof of address. According to the Federal Government, you’ll need to supply two documents from a reliable source:

• One document should show your name and address
• The other document should show your name and date of birth

Documents you can provide include:

• Your driver’s licence
• Your Canadian passport or a foreign passport
• Recent notice of assessment from your taxes
• Recent statements of government benefits
• Recent Canadian public utility bills
• Recent bank account or credit card statements

Bottom line

Opening a bank account is quicker and easier than ever before. Many Canadian banks and fintechs now let you create a new account without having to visit a branch, so compare a range of options to find the easiest bank account to open online in Canada. Make sure the account has low or no fees and all the features you need before deciding if it’s right for you.

Frequently asked questions about the easiest bank accounts to open

• Can I open a bank account online without going to the bank in Canada?

  Yes, many digital banks, fintechs and even traditional banks now allow you to open an account online without having to visit a bank branch. You can fill out an online application on your computer or smartphone and complete an online ID verification process to open an account.

• Can I open a bank account online with instant access?

  Yes, many providers will allow you to open your account and start using digital and mobile banking the same day. You'll need to wait to have the physical card linked to your account mailed out to you, but in some cases it may be possible to add the card to your mobile wallet straight away.

• Can I open a bank account if I don't have any money to deposit?

  Yes, in Canada you are allowed to open a bank account even if you don't have any money to deposit right away. However, just be aware that some chequing accounts charge a monthly fee if you don't meet a minimum balance requirement.

Written by

Tim Falk

Writer

Tim Falk is a freelance writer for Finder. Over the course of his 20-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio

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