The days of having to queue in a bank branch are long gone. With so many reputable, competitive options for the best online banks in Canada, it’s easier than ever to manage all of your day-to-day transactions online. And although all Big Banks in Canada offer accounts you can sign up for and manage online, consider other well-established Canadian digital banks with lower fees and more competitive interest rates.

Whether you’re looking for a chequing, high-interest savings or long-term savings account, keep reading to explore our picks for the best online bank accounts in Canada.

The 10 best online bank accounts in Canada in 2026

• Best overall online bank account in Canada: EQ Bank Personal Account
• Best Big Bank with online banking: BMO Performance Chequing Account
• Best online credit union in Canada: Coast Capital Unlimited Chequing Account
• Best digital banking for daily use in Canada: Tangerine No-Fee Daily Chequing Account
• Best online savings account: EQ Bank Notice Savings Account
• Best online no-fee chequing account: Simplii No Fee Chequing Account
• Best online account for earning cashback: Neo Chequing Account
• Best online bank account for investing: Wealthsimple Chequing Account
• Best online bank account for rewards: PC Money Account
• Best online student bank account: Simplii Financial Student No Fee Chequing Account

Best overall online bank account in Canada: EQ Bank Personal Account

9.4 Excellent

Go to site Read review

EQ Bank Personal Account

Earn 2.75%
Bonus Offer

$0
Monthly Account Fee

unlimited
Free Transactions

• Info
• Pros + Cons
• More Details

Our pick for the overall best online bank account in Canada is the EQ Bank Personal Account. It is a great hybrid savings and chequing account. This interest-earning chequing account pays up to 2.75% interest on your balance. Enjoy high interest with no fees on everyday banking, plus unlimited transactions and no minimum balances. Sign up online in minutes.

Plus, you can earn 0.5% cashback on your purchases, and since EQ Bank doesn't have its own native ATM network, it will reimburse you for fees charged by any ATM in Canada.

• $0 account fee
• Get Unlimited transactions
• $0 Interac e-Transfers
• Earn up to 2.75% interest on your balance
• EQ Bank will refund withdrawal fees for using any ATM across Canada
• Apply for a Joint account if you're looking to save with your partner or family
• No minimum balance requirements

• No physical branches for in-person service
• Some standard banking features not available such as overdraft protection and the option to have paper statements

Monthly Account Fee	$0
Free Transactions	unlimited
Interac e-Transfer Fee	$0
In-Network ATM Fee	$0
NSF Fee	$0
Foreign Transaction Fee	0%
CDIC Deposit Insurance	$100,000
Bonus Offer	Earn 2.75%

Best Big Bank with online banking: BMO Performance Chequing Account

8.7 Great

Go to site Read review

BMO Performance Chequing Account

Earn up to $900
Bonus Offer

$17.95
Monthly Account Fee

unlimited
Free Transactions

• Info
• Pros + Cons
• More Details

Finder Reward

Get a $175 digital Visa card from Finder Become a Finder member, then open a new BMO Performance Chequing Account through Finder as a first-time customer and keep it open until December 30, 2026. Offer ends October 31, 2026.

T&Cs apply.

The BMO Performance Chequing Account is our pick for the best online chequing account from a Big Bank. And although BMO has many physical locations across Canada, you can open the account and manage it completely online or through BMO's mobile app. The account offers unlimited free transactions and e-Transfers, annual fee rebate on eligible BMO credit cards and a generous welcome bonus (if you meet certain criteria).

• Unlimited monthly transactions
• Interac e-Transfers
• $40 fee rebate on the BMO Mastercard annual fee
• BMO will reverse the first accidental fee charged to this account
• Up to 20 accounts can be included in the BMO Family Bundle
• Earn up to $900. Earn up to a $900 cash bonus with the BMO Performance Chequing Account. Plus, get a Walmart+ membership for up to 12 months. Valid until November 2, 2026.

• Monthly fee of $17.95
• You won't earn any interest on the money in your account.

Monthly Account Fee	$17.95
Free Transactions	unlimited
Interac e-Transfer Fee	$0
In-Network ATM Fee	$0
Foreign Transaction Fee	2.5%
CDIC Deposit Insurance	$100,000
Bonus Offer	Earn up to $900

Best online credit union in Canada: Coast Capital

8 Great

Go to site Read review

Coast Capital Unlimited Chequing Account

Earn up to $600
Bonus Offer

$8.50
Monthly Account Fee

unlimited
Free Transactions

• Info
• Pros + Cons
• More Details

Coast Capital is our pick for the best online credit union in Canada, with the Coast Capital Unlimited Chequing Account. Coast Capital is a Canada-wide credit union offering competitive account offerings and frequent sign-up bonuses. This account comes with a low monthly fee, no minimum balance requirements, $0 Interac e-Transfers and unlimited free transactions. You'll pay no monthly fee if you maintain a minimum balance of $4,000 at all times, or if you're either 25 or younger or 59 or older.

• No monthly fee
• Unlimited free transactions
• No minimum balance required
• Mobile cheque deposit available
• No withdrawal fees from 4,000+ ATMs across Canada within The Exchange Network
• Free access to ID Assist online identity theft protection

• Standard monthly fee applies
• Not available in Quebec

Monthly Account Fee	$8.50
Free Transactions	unlimited
Interac e-Transfer Fee	$0
In-Network ATM Fee	$0
Foreign Transaction Fee	2%
CDIC Deposit Insurance	$100,000
Bonus Offer	Earn up to $600

Best digital banking for daily use in Canada: Tangerine No-Fee Daily Chequing Account

8.5 Great

Go to site Read review

Tangerine No-Fee Daily Chequing Account

Earn $250
Bonus Offer

$0
Monthly Account Fee

unlimited
Free Transactions

• Info
• Pros + Cons
• More Details

The Tangerine No-Fee Daily Chequing Account is our pick for the best digital banking option for daily use in Canada because it comes with a $0 monthly fee and unlimited free transactions and Interac e-Transfers. Plus, since Tangerine is the digital offshoot of Scotiabank, you'll get free access to Scotiabank's entire global ATM network.

Easily manage your money 24/7 through Tangerine's highly-rated mobile app. And unlike most chequing accounts in Canada, you'll be able to earn up to 0.1% interest on every dollar.

• Earn decent interest rates
• Unlimited transactions
• Free Interac e-Transfers
• Free cheques
• Mobile cheque deposits

• Charges for certain ATMs
• No in-person service
• Only one free replacement card

Monthly Account Fee	$0
Free Transactions	unlimited
Interac e-Transfer Fee	$0
In-Network ATM Fee	$0
NSF Fee	$10
Foreign Transaction Fee	2.5%
CDIC Deposit Insurance	$100,000
Bonus Offer	Earn $250

Best online savings account: EQ Bank Notice Savings Account

9.2 Excellent

Go to site Read review

EQ Bank Notice Savings Account

2.35% - 2.75%
Interest Rate

$0
Account Fee

$0
Transaction Fee

• Info
• Pros + Cons
• More Details

The EQ Bank Notice Savings Account offers a high interest rate of up to 2.75%, making it a top choice for savers who can wait 10 or 30 days to access their funds. With no account fees, no minimum balance requirements and CDIC protection up to $100,000, this account combines competitive returns with the flexibility of choosing your notice period. It's ideal for those who want to grow their savings without immediate access needs.

• $0 account fee
• $0 transactions
• Earn 2.35% - 2.75% interest on your balance

• Because you must give a minimum of 10 days notice to withdraw from the account, it may not be suitable as an emergency fund
• No physical branches for in-person service

Ongoing Interest Rate	2.75%
Promotional Interest Rate	No promotional rate available
Monthly Account Fee	$0
Minimum Balance	$0
CDIC Deposit Insurance	$100,000

Best online no-fee chequing account: Simplii No Fee Chequing Account

8.5 Great

Go to site Read review

Simplii No Fee Chequing Account

Earn $350
Bonus Offer

$0
Monthly Account Fee

Unlimited
Free Transactions

• Info
• Pros + Cons
• More Details

The fully digital Simplii No Fee Chequing Account comes with no monthly account fee, no transaction fees, no e-Transfer fees, no minimum deposit requirements and a chance to earn interest on your account balance, and a debit card. Plus, you can pair this best chequing account pick with the no-fee Simplii High Interest Savings Account to earn more on your savings.

• Earn a welcome bonus of up to $350 welcome bonus
• Enjoy unlimited free transactions and e-Transfers
• No monthly account fee
• Earn 0.01% interest on your balance
• No minimum deposit requirements
• Earn a referral bonus

• Simplii is an online only provider
• You can only earn the welcome bonus if you're a new Simplii customer
• Residents of Quebec cannot open a Simplii account

Monthly Account Fee	$0
Free Transactions	Unlimited
Interac e-Transfer Fee	$0
In-Network ATM Fee	$0
NSF Fee	$10
CDIC Deposit Insurance	$100,000
Bonus Offer	Earn $350

Best online account for earning cashback: Neo Chequing Account

8 Great

Go to site Read review

Neo Chequing Account

N/A
Bonus Offer

$0
Monthly Account Fee

unlimited
Free Transactions

• Info
• Pros + Cons
• More Details

Finder Reward

Get an $80 digital Visa card from Finder Become a Finder member, then open a new Neo Chequing or Savings Account through Finder as a first-time customer, and deposit a total of at least $50 within 30 days. Keep the account active until December 15, 2026. Offer ends October 31, 2026 at 4:59 PM ET.

T&Cs apply.

The Neo Chequing Account allows you to earn up to 2% cashback at popular retailers. Partner retailers include Shell, Clearly, Second Cup, Boston Pizza, Avis, Budget and many others. Plus this account comes with a $0 monthly fee, unlimited free transactions, free e-Transfers and free ATM withdrawals from ATMs both in Canada and internationally.

• Earn cashback of up to 2% at over 10,000 retail partners
• Free unlimited transactions
• No minimum balance
• No account fee
• Free withdrawals from ATMs worldwide that display the Mastercard, Cirrus, or Maestro logos

• There are no physical branches or in-person service options

Monthly Account Fee	$0
Free Transactions	unlimited
Interac e-Transfer Fee	$0
In-Network ATM Fee	$0
NSF Fee	$0
Foreign Transaction Fee	2.5%
CDIC Deposit Insurance	$100,000
Bonus Offer	N/A

Best online bank account for investing: Wealthsimple Chequing Account

9.3 Excellent

Go to site Read review

Wealthsimple Chequing Account

Earn up to 2.25% interest
Bonus Offer

$0
Monthly Account Fee

unlimited
Free Transactions

• Info
• Pros + Cons
• More Details

Wealthsimple offers a no-fee chequing account with all the benefits of a high interest savings account. Perks include earning 1.75% to 2.25% interest (depending on the total value of your assets held with Wealthsimple), being able to access your pay a day early, CDIC deposit insurance of up to $1,000,000, and the ability to earn 1% cash back in stock or cash when you make a purchase with your card. And if you want to invest your savings, you can trade stocks, ETFs, options and more through your other Wealthsimple accounts.

• No monthly fees
• Earn up to 2.25% interest on your account balance
• Unlimited free transfers
• No minimum balance
• Access to $0 commission stock trading

• No free ATM access (fee typically $3/withdrawal)
• Fees apply to managed investment accounts

Monthly Account Fee	$0
Free Transactions	unlimited
Interac e-Transfer Fee	$0
In-Network ATM Fee	$0
NSF Fee	$0
Foreign Transaction Fee	0%
CDIC Deposit Insurance	$1,000,000
Bonus Offer	Earn up to 2.25% interest

Best online bank account for rewards: PC Money Account

9.3 Excellent

Read review

PC Money Account

2.2%
Interest Rate

$0
Account Fee

unlimited
Transaction Fee

• Info
• Pros + Cons
• More Details

Functioning as both a spending and saving account, the PC Money Account has been revamped to offer one of the highest on-going interest rates in Canada. With no monthly fee and unlimited free transactions, you can earn PC Optimum points every time you spend, and earn a high interest rate of 2.2% on your savings.

• No monthly fees
• Earn 2.2% interest on your account balance
• Unlimited free transfers and Interac e-Transfers
• No minimum balance requirements

• No way to deposit cash or cheques at ATMs
• Can't order cheques

Ongoing Interest Rate	2.2%
Promotional Interest Rate	Up to 2.2%
Monthly Account Fee	$0
Minimum Balance	$0
CDIC Deposit Insurance	$100,000

Best online student bank account: Simplii Financial Student No Fee Chequing Account

8.2 Great

Go to site Read review

Simplii High Interest Savings Account

4.6%
Interest Rate

$0
Account Fee

$0
Transaction Fee

• Info
• Pros + Cons
• More Details

The Simplii High Interest Savings Account is another top pick for a high-interest savings accounts in Canada that is completely online. It earns a high promo rate of 4.6% interest for 5 months (and 0.3% thereafter). With a $0 account fee and $0 transactions, you can look forward to saving more of your hard-earned money.

• $0 account fee
• $0 transactions
• Earn 4.6% interest for 5 months

• No physical branches for in-person service
• Low ongoing interest rate after the promo ends

Ongoing Interest Rate	0.3%
Promotional Interest Rate	Up to 4.6%
Monthly Account Fee	$0
Minimum Balance	$0
CDIC Deposit Insurance	$100,000

Summary: Virtual bank promotions on now in Canada

• Simplii High Interest Savings Account: Earn 4.60% interest for 5 months on up to $200,000 in savings. Terms Apply. Offer ends October 31, 2026.
• Simplii No Fee Chequing Account: Earn $350 when you become a new client and set up a direct deposit of at least $100 for 4 straight months. Offer ends January 31, 2027.
• EQ Bank Personal Account: Earn 2.75% interest on your money with qualifying direct deposits of $2,000/month, and 1.50% otherwise.
• Tangerine No-Fee Daily Chequing Account: Earn up to $250. Earn up to $250 when you open a No-Fee Daily Chequing Account and move your pay. Valid until October 31, 2026.
• Tangerine Savings Account: Open a Tangerine Savings Account to earn 4.50% for the first 5 months (on up to $1,000,000 in deposits) when you sign up by November 30, 2026. Thereafter, you'll earn 0.30%.
• Tangerine TFSA: Earn 4.50% interest for 5 months (on up to $1,000,000 in deposits) when you sign up by November 30, 2026.
• Tangerine RSP: Earn 4.50% interest for 5 months (on up to $1,000,000 in deposits) when you sign up by November 30, 2026.
• EQ Bank Joint Account: Earn 2.75% when you set up $2000/month or more in either direct deposit for your pay or recurring pre-authorized debits.

Expert insight: Are online banks worth switching to?

"If you don’t need physical access to a bank, going with an online bank simply makes more sense. You get 24/7 access, lower fees, higher interest rates, easy account management, tons of security features and much more. On top of that, online banks usually partner with many “brick and mortar” banks so you have ATM access practically anywhere.

And yes, online banks are just as safe as any regular bank. If nothing else, an online bank is significantly more difficult to rob."

Daniel Kroytor

CEO at TailoredPay

Summary: The best online bank mobile apps in Canada

When choosing the best online bank in Canada for you, one of the most important factors to consider is if the bank’s mobile app has been well developed to include all of the features you need to manage your finances.

The good news is that, on the whole, Canadian virtual banks offer solid banking apps that are very highly rated by customers on both iOS and Android.

Of the banks on our list of the best online banks in Canada, the Tangerine mobile app is rated as the best according to customer reviews with the highest user ratings for the number of reviews across both iOS and Android. Neo Financial nearly tied but lands at second place, while EQ Bank and PC Financial both tied for the third best mobile banking apps in Canada.

What is the best online bank in Canada?

The best online bank in Canada is EQ Bank, with its Personal Account and Notice Savings Account standing out for features like no-fee everyday banking, free transfers, unlimited transactions, a highly rated mobile banking experience and a fully digital platform.

In general, if you’re looking for a savings account with a higher interest rate, or a no-fee chequing account with plenty of perks, your best bet will likely be an online-only bank. With low overhead costs, these providers offer some of the best-value accounts around. And because they’re entirely virtual, these banks put a great deal of resources and effort into providing the most user-friendly, online banking platform and mobile app experiences.

If you want to keep your money with a traditional, established bank where you have the option for both online banking and in-person service, consider one of the Big Six Banks. They also have the advantage of large ATM networks and robust list of financial products so you can meet all of your banking needs under one roof.

Ultimately, make sure you compare a wide range of options to find the best online bank account in Canada for you.

Features to consider when choosing the best online bank in Canada

Consider the following features when comparing your options to help you find the best online bank in Canada for your needs:

• Ease of use.
  Virtual banks offer do-it-yourself banking, so it’s important to make sure you choose a bank with easy-to-use, well-established online and mobile banking. Watch tutorials and read customer reviews to find the bank that offers the most user-friendly features.
• Fees.
  Check whether the account has a monthly fee. Is the fee waived if you meet a minimum balance requirement? Read the fine print to find out about any other fees that may apply, such as ATM withdrawal or account inactivity fees.
• Interest rates.
  Look for the best online savings account interest rate. Some online accounts offer tiered rates — the larger your balance, the higher your rate — while others have a flat rate. There are even accounts that pay interest on your balance but also provide easy access to your funds like a chequing account, so shop around to see what’s out there.
• Customer support.
  Helpful and easily accessible customer support is a must for any online bank account. Check how you can get in touch with the support team and during what hours.
• ATM access.
  The next factor you need to consider is the size of its ATM network. How many fee-free ATMs around Canada can you access?
• Budgeting and money management tools.
  The best online banks in Canada often offer other tools to help you manage your money. These can include things like sub-accounts to help you save for specific goals, spending trackers and budgeting tools. While not essential, they’re nice to have and can help you get more out of your money.
• Other perks.
  Don’t forget to check for any other perks or rewards an online bank account may offer. These could include cashback on purchases, higher interest rates for bundling financial products and discounts on credit card annual fees.

Which banks in Canada are online-only banks?

There are a lot of reputable banks in Canada that operate exclusively online, including:

• Tangerine
• Neo Financial
• Simplii Financial
• EQ Bank
• KOHO
• Manulife Bank
• PC Financial
• Wealthsimple

These virtual banks don’t operate any physical branches, but they allow you to manage your money online, via a mobile app and over the phone. Plus, many of them are either associated with a Big 6 Bank, or have a working relationship with a bigger financial institution that gives customers easy access to ATMs and customer service.

Which Big Banks in Canada own virtual banks?

Several of Canada’s biggest banks own smaller, online-only banks. These virtual bank subsidiaries come with the security of being backed by a Big Bank, while still providing all of the conveniences, perks and competitive account fee structures of alternative banks.

• CIBC owns Simplii Financial
• Scotiabank owns Tangerine
• RBC owns Mydoh

Advantages of using online banks in Canada

• Lower fees. Virtual banks in Canada don’t come with the same overhead costs as banks that operate brick and mortar branches. As a result, they can pass some of these savings on to their customers in the form of lower fees.
• Higher interest rates. It’s also possible to find higher savings interest rates from online-only banks in Canada. Compare high-interest savings accounts to explore what’s available.
• No more bank queues. Tired of standing in line waiting to be served at your bank? With an online bank account, you can apply for the account online and manage all of your transactions online or through an app. In some cases, online chat or phone support is available 24/7 so you can do your banking when it’s convenient.
• Ease of use. Online banks in Canada usually come with plenty of resources and user-friendly online and mobile banking experiences. As a result, it can often be easier to manage than having to go into a bank branch.
• CDIC insurance. Reputable online bank accounts are CDIC insured, so up to $100,000 of your deposits are protected.

Disadvantages of using Canadian online banks

• No branches. If you prefer to do your banking face-to-face, you’ll want to look for a bank account provider that also has one or more branches near you.
• Support issues. Although many online banks in Canada offer robust support services, it can easily get frustrating trying to problem solve issues with your account via online chat, phone or email exclusively. Sometimes having the option to talk to someone in person can be a valuable time saver.
• Cash problems. With no branches and a potentially limited ATM network, depositing or withdrawing cash without incurring fees can be difficult. Depositing cash can be a particularly frustrating barrier to overcome, so keep this in mind if you regularly need to pay cash into your account.

Making the switch from the Big 5

"I’ve banked with a Big Five bank since I moved to Canada in 1999 and was always left disappointed with how my money was barely growing year after year. In 2020, I made a full switch to Tangerine after banking with them partially on and off for years. With no fees and higher interest than the big banks, I was finally happy to see my money grow.

What I especially love about Tangerine is that they constantly offer me a bonus interest rate which I can take advantage of even as an existing customer. I’ve saved over $5,000 in the last year when I factor in both no fees and interest."

Emma Balmforth

Producer

How to open an online bank account in Canada

It’s quick and easy to open a bank account with any bank operating in Canada and with most credit unions. In most situations, you can apply online by providing:

• Your name and SIN
• Your address and contact details
• Proof of ID (you can verify your identity digitally)

Some virtual banks, such as KOHO or Neo, require you to download their banking app to your smartphone and then apply through the secure app.

No matter which bank you choose, the application process is more or less the same when applying for a new account online.

Types of online bank accounts in Canada

There are three main types accounts offered by online banks in Canada:

• Online chequing accounts. Chequing accounts are used for day-to-day transactions like getting your paycheque, paying bills and making purchases in-store and online. Some have a monthly fee while others don’t.
• Online savings accounts. Savings accounts pay a high rate of interest to help you grow your bank balance. Interest may be tiered or paid at a flat rate, and savings accounts typically don’t have monthly fees. However, you’ll need to watch out for transaction fees and limits.
• Online hybrid accounts. Some accounts combine the features of both chequing and savings accounts, providing easy access to your money for everyday transactions while paying interest on your balance at the same time.

Online bank accounts also come in a range of other financial products, including credit cards, RRSPs, TFSAs and GICs.

List of Canadian virtual banks, online banks, financial apps, and new banks

Compare more online chequing and savings accounts in Canada

• Best online chequing accounts
• Best online savings accounts

3 of 3 results

Finder Score	Monthly Account Fee	Free Transactions	e-Transfer Fee	Bonus Offer
Promoted 8.7 Great BMO Performance Chequing Account	8.7 Great	$17.95 (can be waived)	Unlimited	$0	Earn up to $900	$175 Reward Finder Rewards: Join Finder then open a new BMO Performance Chequing Account online through Finder as a first-time customer and keep it open until December 30, 2026 to receive a $175 digital Visa gift card. Ends 31 Oct 2026. T&Cs apply. Earn up to a $900 cash bonus. Plus, get a Walmart+ membership for up to 12 months. Valid until November 2, 2026. T&Cs apply.	Go to siteView details Compare product selection Compare	loading
Promoted 9.4 Excellent EQ Bank Personal Account	9.4 Excellent	$0	Unlimited	$0	Earn 2.75%	Earn 2.75% interest on your money with qualifying direct deposits of $2,000/month, and 1.50% otherwise. T&Cs apply.	Go to siteView details Compare product selection Compare	loading
8.5 Great Tangerine No-Fee Daily Chequing Account	8.5 Great	$0	Unlimited	$0	Earn $250	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

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How we picked these

Finder Score for chequing accounts

To make comparing even easier we came up with the Finder Score. Welcome offers, account fees and features across 60+ chequing accounts and 25+ lenders are all weighted and scaled to produce a score out of 10. The higher the score the better the account - simple.

Read the full methodology

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7 of 39 results

Finder Score	Promo Rate	Regular Interest Rate	Monthly Account Fee	1 Year Return
Promoted 9.2 Excellent KOHO Core Plan	9.2 Excellent	N/A	2.00%	$0	$200.00	New KOHO Core users can get $40 when they sign up with promo code FINDER4026 and make a first purchase of $20 or more. T&Cs apply.	Go to site View details Compare product selection Compare	loading
Promoted 9.5 Excellent EQ Bank Personal Account	9.5 Excellent	2.75%	1.50%	$0	$275.00	Earn a bonus interest rate of 2.75% on your money with qualifying direct deposits of $2,000/month, and 1.5% otherwise. T&Cs apply.	Go to site View details Compare product selection Compare	loading
Promoted 9 Excellent Neo Savings Account	9 Excellent	N/A	Up to 2.75%	$0 - $14.99	$275.00	$80 Reward Finder Rewards: Join Finder then open a new Neo Financial Chequing or Savings Account online through Finder as a first-time customer, deposit a total of at least $50 within 30 days of opening and keep the account active until December 15, 2026 to receive an $80 digital Visa gift card. Ends 31 Oct 2026. T&Cs apply. Get one of the highest ongoing interest rates in Canada at 2.75% with Neo's Grow membership. T&Cs apply.	Go to site View details Compare product selection Compare	loading
8.2 Great Tangerine Savings Account	8.2 Great	4.50% for 5 months	0.30%	$0	$205.00	Earn 4.50% interest for 5 months (on up to $1,000,000 in deposits) when you sign up by November 30, 2026. T&Cs apply.	Go to site View details Compare product selection Compare	loading
9.2 Excellent EQ Bank Notice Savings Account	9.2 Excellent	N/A	Up to 2.75%	$0	$275.00	Go to site View details Compare product selection Compare	loading
8.2 Great Simplii High Interest Savings Account	8.2 Great	4.60% for 5 months	0.30%	$0	$205.00	Earn 4.60% interest for 5 months on up to $200,000 in savings. Offer ends October 31, 2026. T&Cs apply.	Go to site View details Compare product selection Compare	loading
9.2 Excellent Wealthsimple Chequing Account	9.2 Excellent	N/A	Up to 1.75%	$0	$150.00	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 site View details Compare product selection Compare	loading

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How we picked these

Finder Score for savings accounts

To make comparing even easier we came up with the Finder Score. Interest rates, account fees and features across 50+ savings accounts and 25+ lenders are all weighted and scaled to produce a score out of 10. The higher the score the better the account - simple.

Read the full methodology

Frequently asked questions about the best online banks in Canada

• Is it safe to use an online bank in Canada?

  Yes. Regardless of whether you use an online account from a traditional bank or a virtual bank, it is safe and secure. Banks use data encryption, the latest security technology and fraud detection measures to help protect your money.

• What is the most trusted online bank?

  While most online banks in Canada can be trusted to safely handle your money, Canadians seem to be the most satisfied banking with Tangerine and Simplii Financial, according to the most recent J.D. Power Canada Retail Banking Satisfaction Study.

• What bank account can I open online in Canada?

  If you want to open a bank account online in Canada, you're spoiled for choice. Most banks allow you to apply and open an account completely online, and you can even upload proof of ID to verify your identity digitally.

• Can I open a virtual bank account in Canada?

  Yes, you can open a virtual bank account in Canada. There are several virtual banks in Canada that don't have any physical branches. You can open an account online and then manage your money via online and mobile banking.

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To make sure you get accurate and helpful information, this guide has been edited by Romana King as part of our fact-checking process.

Written by

Tim Falk

Writer

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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

Tim's expertise

Tim has written 590 Finder guides across topics including:

• Banking
• Personal Loans
• Car Loans
• Stock Trading
• Cryptocurrency

Co-written by

Chelsey Hurst

Growth Manager (Banking & Investments)

Chelsey Hurst is a Growth Manager at Finder, specializing in banking and investments. 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. See full bio

Chelsey's expertise

Chelsey has written 126 Finder guides across topics including:

• Banking
• Stock Trading
• Cryptocurrency