Can you open a bank account online? Yes. In most cases, it’s fast and easy to open a bank account online in Canada. Whether you’re looking to open a chequing account online or set up an online savings account, you can now open a bank account online, usually with instant access, from almost anywhere in Canada.
To learn how easy it is to open a bank account online in Canada, jump to our five easy steps or choose from our list of providers below, which make bank account opening online easy.
Yes, generally speaking, all major banks and digital banks make it easy to open a Canadian bank account online. The easiest bank account to open online in Canada depends on your needs. However, in most cases, the time it takes to apply online for a bank account typically takes between 5 and 10 minutes.
Browse through the list of trusted Canadian banks below, and click the “Go to site” button to open a chequing account online or open a savings account online today.
| Provider | What We Like | Monthly Account Fee | Open an Account |
|---|---|---|---|
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| $0 | Go to site |
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| $0 | Go to site |
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| $0 | Go to site |
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| $17.95 (can be waived) | Go to site |
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| $0 | Go to site |
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| $16.95 (can be waived) | Go to site |
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| $16.95 (can be waived) | Go to site |
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| $0 | Go to siteInnovation Federal Credit Union No-Fee Chequing Account |
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| $0 | Read ReviewNeo Everyday Account |
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| $15.95 (can be waived) | Read ReviewNational Bank Connected Account |
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| $0 | Read ReviewTangerine Savings Account |
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| $16.95 | Read ReviewTD Unlimited Chequing Account |
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| $16.95 (can be waived) | Read reviewCIBC Smart Account |
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| $0 | Learn moreAlterna Bank No-Fee eChequing Account |
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| $0 | Learn moreManulife Advantage Account |
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| $9.95 | Learn more ICICI Bank Canada HiVALUE Chequing Account |
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| $12 | SBI Canada Bank Super Saver Account |
Yes, many banks in Canada offer the option to open a bank account entirely online without the need for you to go into a bank. Banks use an online identity verification process that usually requires you to take a picture of your IDs followed by a picture of yourself. The bank’s computer system then automatically matches your face with the picture on your ID.
The whole process to open a bank account online, including ID verification, can typically be completed from the comfort of your home in just a few minutes.
Expert tip: Opening an account online is easier
If you prefer online banking over stopping by in the branch like most people these days, opening a bank account online is a great way to see how good a bank's website is. The experience of opening a bank account online is actually easier than going in person most of the time.
— Sean Cooper, Editorial Review Board
Can you open a Canadian bank account online? Absolutely. Follow these steps to learn how to apply for a savings account or open a chequing account online.
The steps are the same to open a savings account online, a chequing account or a high-interest savings account. In most cases, once you open a bank account online, you’ll get instant access.
Shop around to find the right bank account for you. Factor in the card type, minimum balance requirements, the type of online and mobile banking available, and any fees, including ATM withdrawal fees, monthly fees and whether the account waives fees if you maintain a minimum balance.
Click the Go to site button. A new webpage will open, sending you to the bank provider’s website and a secure online application. You’ll need to provide basic information, such as your name, date of birth, address and Social Insurance Number (SIN). Make sure you have this information on hand before you start the application, as the webpage can time out and close if you leave it unattended for too long.
After completing the online bank account application, expect to get an email from the bank account provider with information about your new account, when to expect documentation and what happens next.
You must provide a government-issued ID before being approved for an account. Most banks will let you take a selfie along with a picture of your ID using your phone, though some banks require you to come into a bank branch to verify your identity in-person. If you’re applying for a bank account with your current bank, you may be able to skip this step as they should already have your identification on file.
If the account you signed up for includes a debit card, expect it to arrive in the mail within a few weeks along with a separate letter that includes your new Personal Identification Number (PIN). This PIN is a four to six-digit number that you must enter when using your debit card. To change your PIN, follow your bank account provider’s instructions — included in the letter. To activate your debit card, you may have to either activate it through your banking app or by making a purchase using your PIN.
Once you open your online bank account and your debit card is activated, it’s time to set up your bank account. For instance, use online forms to set up automatic paycheque deposits or automatic bill payments.
If you’re new to Canada or planning to relocate to Canada for either work or school, you’ll need to open a bank account. A bank account lets you deposit money, as well as manage and pay bills. To help, we analyzed every bank account and banking package for newcomers to Canada. Find out what accounts offer preferred perks, unlimited free transactions or free e-transfers.
To open a bank account online, if you want instant access to the account, you’ll simply have to complete the same online signup process as you would for any other account.
First, compare the best chequing accounts in Canada, choose the best one for you and apply. Chequing accounts that come with instant access when you open them online include EQ Bank’s Personal Account and BMO’s Performance Chequing Account.
Next, follow the five-step process of opening a bank account online. You’ll need to verify your identity before getting a confirmation email and follow-up documentation. You’ll then get your debit card sent to you in the mail.
Once you open a chequing account online, you can set up online banking with the bank’s mobile app and deposit funds instantly.
Expert tip: Get near-instant access to basic daily banking tools.
In general, it takes as little as 15 minutes to open a bank account online — less time than it would take to travel to your nearest bank branch. When you open a bank account online, you get access to a valuable financial instrument — a place to deposit money, pay bills and access financial tools, all under the protection of federally legislated insurance.The best part about opening a bank account online is that most online bank accounts come equipped with financial calculators and automated bill payments and savings tools, all of which can help you take control of your finances.
— Romana King, Group Editor | Personal finance expert
While all of the accounts listed in our table here are relatively easy to open online, you may find some of the easiest accounts to open are offered by exclusively web-based banks, like Tangerine, EQ Bank, Simplii Financial and Neo. Because these banks only operate online, they tend to have ironed out online processes and smooth user interfaces.
The EQ Bank Personal Account, along with the Simplii No Fee Chequing Account and the Tangerine No-Fee Daily Chequing Account, are offered by online banks and come with no-fee banking. Not only are these accounts free (in that they don’t charge a monthly fee), but you can also open them online with no deposit.
Neo Financial isn’t technically a bank, but it does offer the Neo Everyday Account, a spending account that lets you earn interest and comes with a card to make purchases, $0 monthly fees and unlimited transactions.
You’ll have a hard time finding traditional banks with no fees in Canada. However, the big Canadian banks will often waive monthly fees if you keep a minimum balance.
Chequing accounts don’t usually come with cashback rewards. But that’s changing as more digital banks and alternative financial institutions enter the competitive Canadian marketplace of online bank accounts.
For example, the Neo Everyday Account works like a combined chequing and savings account, offering variable cashback rewards on your purchases and 1% interest on your savings.
Another great option is the EQ Bank Personal Account, which pays 0.5% cashback on every purchase when you spend with the EQ Bank Card and helps you earn up to 4% interest on your balance. How? Get 2.50% interest on everyday banking, plus get 1.50% interest when you direct deposit your pay. To receive the 4.00% rate for 12 months, you'll need to set up $500/month or more in direct deposit of your pay to a Personal Account or Joint Account. Conditions apply. Thereafter, you'll earn 2.50% on your balance.
In 2023, most Canadians considered applying for a bank account online or switching bank products. According to data from the Finder: Consumer Sentiment Survey, where more than 1,840 Canadians were asked about their financial plans in 2023, more than half (56%) said they plan to open a bank account in Canada or another type of banking product in 2023.
Online banking lets you perform all your banking transactions over the internet. Instead of visiting your nearest branch to make a deposit, transfer money, pay off your credit card or check your savings balance, you can access your finances through any internet-enabled device. This includes desktop computers, laptops, tablets and smartphones.
Once you have an account with a bank or credit union, setting up your online bank account access takes less than 10 minutes. Just create a password and set up our authorization process. After that, it’s relatively simple to open and use your online bank account to manage your finances.
If you want lower fees, better interest rates or just a higher standard of customer service then it might be time to switch banks. Learn how to switch banks with six, easy steps in our full guide for how to switch banks in Canada.
You’ll need to provide identification documents and personal information to open a bank account online. Keep reading to learn more details.
Identification
Personal information
ID is required to help banks protect you from fraud. Banks verify your ID to make sure it’s really you opening the account and not someone trying to steal your identity. For example, if someone gets your Social Insurance Number (SIN), they could try to open a line of credit or sign up for an account in your name to hide illegally obtained money.
You’ll need to provide two pieces of ID to open a bank account — one of which must include your name and address while the other must show your name and date of birth — from the following list of acceptable documents:
If you don’t have valid identification, then you’ll need to follow the steps for opening a bank account without ID.
Most accounts allow you to apply for a joint account with one or more people. If you’re applying for a joint account, all account holders must provide their personal information, including SIN and ID, address and contact information.
What are the requirements to open an account online in Canada? Generally, you’ll need to:
Gone are the days when you had to pay a visit to your local bank to manage your money. Both traditional and online banks offer desktop and mobile apps for spending, saving, transferring and more.
But without the overhead costs that big banks carry, digital banks and alternative financial institutions can also offer lower fees, high savings account interest rates and rewards like cashback and store discounts. Compared to earning 0.05% on balances above $4,999.99 with a TD High Interest Savings Account, you could earn 5% with a KOHO Earn Interest account or up to 4% with a EQ Bank Personal Account.
Online financial institutions like Neo Financial offer simplified, hybrid account options that let you spend and save with one account. This account also comes with a card you can use for online and in-store purchases.
What to watch out for when you apply for a bank account onlineYou may have to visit a local branch to open a bank account if you run into any of these challenges.
While many traditional banks have an online presence, not all online banks have physical branches. If you are running into trouble with any of the above, digital banks may still be able to help you get set up online since there is no option to go into a branch.
In the Finder: Consumer Sentiment Survey Q1 (CSTQ1), we asked more than 1,840 Canadians about their financial plans in 2023 including what type of bank account and banking products they plan to open this year. Nearly 1 in 5 Canadians (17%) said they planned to open a chequing account.
The most popular banking product, among all age demographics, is a savings account, followed by a chequing account and then a credit card.
At the start of the year, Canadians were looking for bank accounts with no transaction fees (11.88%) and a high interest rate (10.52%). By the end of March, Canadians began to look for other perks. In the Finder: Consumer Sentiment Survey Q2 (CSTQ2), the most popular features Canadians were looking for in a bank account included:
The days of spending an hour at the bank to open an account are gone, and you can open a new chequing or savings account online from your computer or phone in minutes. But don’t let the speed and convenience rush you into deciding. Compare savings accounts or chequing accounts before getting started to find the one that’s right for you.
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