Dive deeper: What do I need to open a bank account in Canada?
Easiest bank account to open online in Canada
Forget standing in line at a bank branch—these six bank accounts are quick and easy to open online.
Managing your day-to-day banking should be easy. So whttps://www.finder.com/ca/banking/easiest-bank-account-to-open-online-in-canada$0hen 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.
Eight 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
- BMO Performance Chequing Account
- Scotiabank Preferred Account
- EQ Bank Personal Account
- Tangerine No-Fee Daily Chequing Account
- Wealthsimple Chequing Account
- Simplii No Fee Chequing Account
- Neo Savings Account
- KOHO Core Plan
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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
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