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.
EQ Bank Personal Account
BMO Performance Chequing Account
Coast Capital Elevate Chequing Account
Tangerine No Fee Daily Chequing Account
Simplii Financial No Fee Chequing Account
Wealthsimple Chequing Account
Overall easiest bank account to open online: EQ Bank Personal Account
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.
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.
Unlimited monthly transactions
1 free non-BMO ATM withdrawal per month
Attractive welcome bonus
$40 credit card fee rebate
$17.95 monthly fee
Must keep a $4,000 minimum balance to waive monthly fee
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 up to $600 when they open and use a Coast Capital Elevate Chequing Account. Conditions apply. Offer ends January 5, 2026.
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.
You'll have to pay $16.95 per month for this account
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.
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.
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.
No monthly fees
No everyday transaction fees
Up to $1,000,000 of CDIC protection
Competitive interest rate
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
Monthly Account Fee
$0
Free Transactions
unlimited
Interac e-Transfer Fee
unlimited
In-Network ATM Fee
$0
NSF Fee
$0
Foreign Transaction Fee
0%
CDIC Deposit Insurance
$1,000,000
Bonus Offer
No offer available
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:
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
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
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.
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.
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.
Tim Falk is a freelance writer for Finder. Over the course of his 15-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.
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