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.
Can you open a bank account online?
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.
Bank accounts you can open online in Canada (some with instant access)
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.
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.
Step 1: Compare Online Banks Accounts in Canada
Shop around to find the right bank account for you. Factor in the card type, minimum balance requirements for savings accounts, whether you can bank online or through a mobile app, and any fees, including ATM withdrawal fees, monthly fees and whether the account waives fees if you maintain a minimum balance.
EQ Bank Personal Account
Savings Account: Earn 4% for 12 months and 2.5% thereafter on your savings
Enjoy zero everyday banking fees, free transactions and no minimum balance.
Step 2: Fill Out Forms to Open a Bank Account Online for Instant Access
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 your computer 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.
Step 3: Verify Your Identity
You must provide a government-issued ID before being approved for an account. Most banks will let you take a picture of your ID with your phone, though some banks require you to come into a bank branch to verify your identity in-person. If you choose to apply for a bank account online with your current bank provider, you may be able to skip this step as they should already have your identification on file.
Step 4: Activate Your Debit Card
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, simply make a purchase — either online or at a store — using your PIN.
Step 5: Set Up Your Online Bank Account
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.
Tips for newcomers: Opening a bank account online
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.
How do I open a bank account online with instant access?
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.
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.
What is the easiest bank account to open online in Canada?
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 on online, they tend to have ironed out online processes and smooth user interfaces.
What online bank accounts offer no-fee banking in Canada?
Online banks are also becoming an increasingly popular option for those who want to avoid bank fees. If you’re looking for a no-monthly-fee bank account, check out the Simplii No Fee Chequing Account. Another popular option among banks with no fees is the Tangerine No-Fee Daily Chequing Account.
Neo Financial isn’t technically a bank, but it does offer the Neo Money Account, a spending and saving account that comes with a card to make purchases, $0 monthly fees and unlimited transactions.
Neo Financial is a challenger bank that was started by SkipTheDishes founders Andrew Chau and Jeff Adamson, alongside Kris Read. As a Prairies-based start-up, Neo Financial launched as a fully digital Canadian online bank offering several financial products, including a high-interest bank account, credit cards, secured and prepaid cards, along with no-fee hybrid banking products and cashback incentives.
You’ll have a hard time finding traditional banks with no fees in Canada. However, some big banks waive the monthly fees for certain accounts if you keep a minimum balance. Premium accounts like the BMO Performance Chequing Account often come with unlimited free transactions and other benefits.
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 Money Account works like a combined chequing and savings account, offering variable cashback rewards on your purchases and 4% interest on your savings. Another great option is the Eq Bank Personal Account, which pays 0.5% cashback and 4% interest on your balance until you spend.
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.
The right online bank account platform allows you to:
Pay bills online
Transfer money by email
Check your account balances and access your transaction history
Find the nearest ATM in your bank’s network
Research products and services to buy or upgrade
Use currency converters, repayment calculators, stock trading calculators and other tools
How to switch banks and sign up for a new account online
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.
What do I need to open a bank account?
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
The whole process of opening an online Canadian bank account shouldn’t take more than 10 minutes. If you’re at least 18 years old, you can apply for most bank accounts online. You’ll be provided with a checklist of things you should have with you before you apply. If you’re an existing customer of the bank, make sure you have your relevant customer ID or account number.
Identification
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:
ID issued by the Government of Canada or your provincial government
Recent Canadian federal, provincial or municipal government notice of tax assessment
Recent Canadian federal or provincial government statement of benefits
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.
Bank account opening online: Eligibility requirements
What are the requirements to open an account online in Canada? Generally, you’ll need to:
The minimum age to open a bank account in Canada is at least 18 years of age or the age of majority in your province or territory (note that some banks will let minors open an account with a guardian)
Provide a copy of your government-issued ID such as a passport or driver’s license (you may be required to upload a scanned copy of your ID for verification purposes)
You aren’t confined to the branch’s hours of operation to do your banking
Online banking apps are easy to use
It usually takes about 10 minutes to get started
You can bank from anywhere, including when travelling, commuting, etc.
Perks of using an online bank
Gone are the days when you have 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 2.5% 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 online
You may have to visit a local branch to open a bank account if you run into any of these challenges.
You have no or bad credit. In Canada everyone is entitled to open a bank account in Canada. There are no credit score checks and no income qualifications. However, banks and other financial institutions may use your credit history — which is tied to your credit score — to verify your identity. This is a soft pull on your credit report — so there is no impact on your credit score. Even if you don’t have a credit report, you can still open a bank account in Canada. In fact, you will not need a credit report to apply and open a bank account in Canada.
You are a minor. At almost all banks and credit unions, anyone under the age of 18 or the age of majority in your province can’t open a bank account without a parent or legal guardian present. Some banks allow minors — some as young as 14 — to open a bank account, but it will require an in-person visit to the local branch. Explore bank accounts for kids here.
You are a non-Canadian citizen or resident. Non-residents can still open accounts at some banks in Canada, but there are extra steps involved. You may be required to bring your passport and work visa or student ID to a local branch to verify your identity and complete the application process.
You want to open business accounts. While opening a bank account online for yourself is simple, it’s more difficult to open a bank account online for your business. Depending on your business structure and requirements, you may be able to complete the process online, but most will require booking an in-person appointment.
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.
How do Canadians plan to bank in 2023?
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:
Points or rewards (excluding cashback) — 11.27%
Cashback rewards — 9.76%
No transaction fees — 9.47%
High-interest rate — 8.67%
Interest-earning chequing account — 7.29%
Bottom line
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.
FAQs about opening a bank account online
No, you don't need to make a deposit when you open a bank account online According to federal regulations, you have the right to open a bank account even if you don't have a job, cannot make a deposit or declare bankruptcy.
You can activate your card online or over the phone, and you can activate your debit card by making a purchase at a store. The primary account holder will generally need to activate their card first before any additional cardholders can do the same.
To open a checking account online instantly in Canada, follow the same five easy steps described above. Compare online banks in Canada to apply for the best chequing account for you. Then after you verify your identity online, you'll soon receive your debit card in the mail. Finally, set up online banking with the bank's mobile app and deposit some funds so you can start using it.
Once you’re approved for the account, you can register for online banking. In most cases, you'll be able to do this online or via the app through a link sent to you in an email, but some banks will require you to call customer service to set up a password.
After your account is open, paper statements may be sent to you in the mail each month by default. You can choose to get electronic statements instead by calling the provider or by logging on to the online banking portal and changing your settings. Often, you may end up paying to receive paper statements, but electronic statements are typically provided for free.
In some cases, yes. However, it will mostly depend on the bank you're interested in. Most banks require the following information to open an account:
If you're a Canadian citizen, the process to open a bank account should be relatively straightforward because you should have access to the right documents. However, if you're not a citizen, you may be required to provide other documents in place of those normally required. These can include:
Permanent residence card
Temporary residence card
Work permit and proof of employment
Study permit
Call the bank you're interested in for more information and to learn the exact documents required for your specific situation. To learn more, read our guides to best bank accounts for newcomers to Canada.
It depends on the institution. Some may ask you to input an electronic signature on their paperwork, which you can do easily through applications like Docusign. Others may follow up with paper forms in the mail that you need to sign physically. Finally, you might be asked to print, sign and scan your signed forms.
To open a Canadian bank account online, you'll need to be a Canadian resident with a Canadian residential address and be at least the age of majority in your province or territory (usually 18 or 19, but note that some banks will let minors open an account with a guardian), plus provide a copy of your government-issued ID. However, some banks will also approve a non-resident living in Canada or someone planning to move to Canada to open a bank account online or in person.
Chelsey Hurst is an associate editor at Finder. She loves empowering people to avoid financial pitfalls and make better decisions with their money. Chelsey has a Bachelor of Science from Redeemer University, a Master of Science from McMaster University, and has won multiple awards for research communication. In her spare time, Chelsey enjoys cooking and taking long walks in nature.
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EQ Bank Personal Account
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.
What to watch out for when you apply for a bank account online
What to watch out for when you apply for a bank account online