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Online banks in Canada

Learn how to get started with digital banking, compare online banks and learn how virtual and challenger banks work.

Online banking in Canada is here to stay. In the recent Finder: Consumer Sentiment Survey Q1, more than 1,845 Canadians were asked about their plans to open and use banking products. Almost 1 in 4 respondents (24%) said they planned to open an account with an online bank (also known as a digital bank). Compare digital banking providers in Canada below and see which traditional banks offer online banking through their websites and banking apps.

What is online banking?

As the name suggests, online banking (also known as digital banking) is the activity of dealing with your finances through the internet using a virtual bank account. Some online banks in Canada operate digitally – usually from an app or website rather than from a physical branch – while others provide both online and in-person service.

Digital banking in Canada is a fairly loose umbrella term that includes online banking, mobile banking, budgeting apps, and challenger banks (also called new banks, which we’ll explain below). And banking online has steadily been increasing in popularity.

What is a digital bank?

Digital banks—also known as challenger banks or direct banks—operate entirely online and are designed to be cheaper and more flexible than traditional banks. Ultimately, the aim is to compete with big banks like TD Bank, CIBC, RBC, Scotiabank and BMO. In response, some big banks have actually created their own digital banks to keep customers and profits from leaking away to competitors. For example, Tangerine is owned by Scotiabank, CIBC owns Simplii Financial, and Motusbank is a subsidiary of Meridian Credit Union.

Most digital banks were founded in the decade following the 2008 global financial crisis. The number of digital banks in Canada is small but growing, steadily gaining ground in a market dominated by financial industry giants like the big five banks.

Compare banks that offer online banking and digital banking

BankAccountWhat We LikeMonthly FeeOpen online
simplii financialSimplii No Fee Chequing Account
  • Earn a $400 welcome bonus
  • $0 transactions and eTransfers
  • Savings account and no annual fee cashback credit card also available
$0

Learn more

EQ BankEQ Bank Personal Account
  • Earn 4% for 12 months and 2.5% thereafter on your savings
  • Functions as a hybrid chequing and savings account, with a prepaid card available
  • $0 transactions and eTransfers
  • Free withdrawals from any ATM in Canada
$0

Learn more

KOHOKOHO Earn Interest
  • Earn 5% interest when you opt into KOHO Extra or KOHO Everything
  • Earn up to 5.00% interest with a high interest savings account. Pick a KOHO plan and opt-in to Earn Interest. on spending
  • Functions as a hybrid chequing and savings account
$0

Learn more

BMOBMO Performance Chequing Account
  • Earn a $600 welcome bonus
  • Earn 5.5% interest on a Savings Amplifier Account
  • $0 transactions and eTransfers
$16.95 (can be waived)

Learn more

ScotiabankScotiabank Preferred Package
  • Earn a $400 welcome bonus
  • Earn up to 6.05% interest for 3 months on your MomentumPLUS Savings Account.
$16.95 (can be waived)

Learn more

RBCRBC Signature No Limit Banking Account
  • Get Apple Watch Series 9
  • $0 transactions and eTransfers
  • Overdraft fee waived
$16.95 (can be partially waived)

Learn more

Neo FinancialNeo Money Account
  • Earn up to 15% cashback on your Money card
  • Acts as a hybrid chequing and savings account
  • Earn 4% interest on savings
  • $0 transactions and eTransfers
$0

Learn more

National BankNational Bank Connected Account
  • Get $30 towards an eligible National Bank credit card
  • $0 transactions and eTransfers
$15.95 (can be waived)

Learn more

TangerineTangerine Savings Account
  • Earn 5.75% interest for 5 months
  • Earn 0.7% after promo ends
$0

Learn more

TD Canada TrustTD Unlimited Chequing Account
  • Earn a $400 welcome bonus
  • Unlimited free transactions and eTransfers
$16.95 (can be waived)

Learn more

CIBCCIBC Smart Account
  • Earn a $350 welcome bonus
  • Unlimited free transactions and eTransfers
$16.95 (can be waived)

Learn more

hsbcHSBC Premier Chequing Account
  • Free transfers between HSBC accounts in different countries
  • Unlimited free transactions and eTransfers
$34.95 (can be waived)

Learn more

Are new banks or challenger banks “real” banks?

“Challenger” is generally used to refer to challenging the market power of traditional banks. Not all challenger banks or new banks are actually banks. According to Canadian regulations, challengers and online banking apps need a full banking license to use the term “bank” in company branding and marketing materials.

Tangerine and EQ Bank are chartered (licensed) digital banks that offer a suite of everyday banking products. But apps like Mint and KOHO offer a narrower range of products that target more specific financial needs. Such apps compliment—but aren’t necessarily a substitute for—the institutions you use for everyday banking. Jump to our list of Challenger Banks for more.

Digital bank promotions on now

  • Simplii High Interest Savings Account: Earn 6.00% interest for 5 months on up to $1,000,000 in savings. Apply by April 30, 2024.
  • Simplii No Fee Chequing Account: Earn $400 when you become a new client and set up a direct deposit of at least $100 for 3 months. Offer ends October 31, 2024.
  • EQ Bank Personal Account: Earn up to 4.00% interest. Get 2.50% interest on your savings, plus 1.50% bonus interest when you direct deposit your pay.
  • KOHO Earn Interest: Earn up to 5.00% interest with a high interest savings account. Pick a KOHO plan and opt-in to Earn Interest.
  • Tangerine No-Fee Daily Chequing Account: Earn up to $500. Use promo code EARNMORE on signup. Get 20% cash back on eligible online Visa Debit transactions when you shop online or in-app for 60 days (up to $400 value), plus earn $100 when you set up automatic transfers.
  • Tangerine Savings Account: Earn 5.75% interest for 5 months (on up to $1,000,000 in deposits) when you use code EARNMORE when you signup by April 22, 2024.
  • Tangerine TFSA: Sign up using promo code EARNMORE and earn up to $400 cash back and a 5.25% savings rate.
  • Tangerine RSP: Sign up using promo code EARNMORE and earn up to $400 cash back and a 5.25% savings rate.
  • EQ Bank Joint Account: Earn a bonus interest rate of 4.00% (the Base Rate plus an additional 1.5%) for a maximum period of 12 consecutive months when you add and maintain qualifying recurring direct deposits of at least $500 per month

Digital banking with Simplii

simplii financial

Simplii Financial offers an entirely digital banking platform in Canada, which is backed by one of Canada’s Big Five banks, CIBC. It offers a host of online banking products like an everyday chequing account, high-interest savings account, credit card, mortgage, loans and investment opportunities.

Simplii offers a seamless digital banking experience through its website and a well-developed app available on both the Apple App and Google Play stores.

As a digital bank in Canada, Simplii does not have the overhead costs associated with traditional banks, which means it can pass on those savings to its customers through no-fee accounts and credit card options.

Get started with the Simplii No Fee Chequing Account:

Pros

  • Operates entirely online
  • Offers a promotional interest rate of 6% through the Simplii High Interest Savings Account
  • Earn up to 4% cash back through the Simplii Financial Cash Back Visa Card
  • The No Fee Chequing Account offers unlimited transactions and free Interac e-Transfers
  • Offers mutual funds, RRSP, GIC or TFSA
  • Option to order foreign cash
  • Access to CIBC’s ATM network
  • CDIC insured

Cons

  • No in-person service
  • Low ongoing savings interest rate after the promo period ends
  • Limited credit card options and perks
  • Limited banking options compared to traditional banks

Digital banking with EQ Bank

EQ Bank

EQ Bank is an exclusively digital bank in Canada offering savings accounts, US dollar account, reloadable transaction card, investment accounts, international money transfers, a business bank account and even mortgages. It was founded in 2016 and now has more than $8 billion in deposits.

The EQ Bank Personal Account has the functionality of both a savings and chequing account, giving you unlimited transactions and a relatively high interest rate on your balance. The EQ Bank mobile app is also available in both the Apple App and Google Play stores.

Get started with the EQ Bank Personal Account:

Pros

  • Completely digital bank
  • Get a 4% interest rate with the EQ Bank Personal Account
  • Offers GICs, RSPs, TFSAs and FHSAs
  • Send international money transfers using Wise
  • CDIC insured

Cons

  • No in-person service
  • Limited banking options
  • Some negative customers reviews mention glitchy money transfers and poor customer service

Digital banking with KOHO

KOHO

Founded in 2014, KOHO offers Canadians a virtual banking experience through its KOHO prepaid Mastercard. You can use that card to make unlimited purchases wherever Mastercard is accepted, to pay bills or withdraw funds from domestic ATMs at no extra charge.

Add to that a stellar mobile app experience on both iOS and Android, and you have a serious online bank contender.

That said, KOHO’s online banking options are limited, as it does not offer products like loans, credit cards or TFSAs. But if you’re looking for a simplified online banking option in Canada that allows you to access funds digitally, KOHO is definitively worth considering.

KOHO offers these prepaid card options:

  • KOHO Extra Prepaid Card: Get 2% cash back return on special categories such as transportation, groceries and restaurants, and 0.5% cash back on all other purchases.
  • KOHO Easy Prepaid Mastercard: Earn 1% cash back on groceries and transportation.
  • KOHO Easy Joint Prepaid Card: Unlimited 1% cash back on groceries and transportation, and up to an extra 5% cash back with select merchants.
  • KOHO Essential Prepaid Card: Earn 5% interest on your entire balance.

Get started with KOHO Earn Interest:

Pros

  • Entirely online
  • Earn up to Up to 5.0% with select accounts
  • Manage everything on the mobile app
  • Offers budgeting and financial tracking tools
  • Earn up to 5% cashback on spending
  • Canadian Deposit Insurance Corporation (CDIC) insured

Cons

  • No in-person service
  • Does not offer a full suite of banking options
  • No loan or credit card options

Online banking with BMO

BMO

BMO is one of Canada’s Big Five Banks, and has a robust online banking system. It offers a full suite of banking products from everyday banking and lending to private wealth management. BMO is the 8th largest bank in North America by assets and serves over 12 million customers.

Looking at the digital banking side of BMO, it offers an online banking portal and highly-rated mobile app from both the Apple App and Google Play stores. You can manage your accounts, transfer funds, deposit cheques and pay bills all through the online banking system.

Get started with the BMO Performance Chequing Account:

Pros

  • Offers both online and in-person service
  • BMO offers a wide range of credit cards for travel, rewards, cash back, AIR MILES and more
  • Choose from an array of savings and chequing accounts
  • Options for personal loans, lines of credit, car loans and student loans
  • Work with financial planners
  • Offers programs for newcomers to Canada
  • Sign up for the BMO Family Bundle and save on account fees
  • CDIC insured

Cons

  • Some banking tasks can only be completed in person (not through online banking)
  • Can often find cheaper monthly or annual account fees
  • Some users mention that the mobile app can be buggy

Online banking with Scotiabank

Scotiabank

Scotiabank is one of Canada’s Big Five Banks, so you can expect a robust set of financial products. It also offers a unique rewards points system with the Scene+ program.

You can build up Scene+ points with certain Scotiabank credit cards and accounts, and redeem your points towards entertainment, movies, travel, shopping, dining, and banking.

Scotiabank offers digital banking in Canada through its mobile app and online banking portal. The Scotiabank app has very high ratings from users in both the Apple App and Google Play stores. The app offers budgeting tools, access to a Scotia advisor and the option to view and redeem your Scene+ points.

Scotiabank is offering a very competitive welcome offer: Earn a $400 welcome bonus. Get started with the Scotiabank Preferred Package:

Pros

  • Get access to in-person and online service
  • Offers Scotiabank credit cards with perks for travel, rewards, cash back and more
  • Open RRSPs, TFSAs, RRIFs, RDSPs, GICs, FHSAs, ETFs and more
  • Offers financial planning with a Scotia advisor
  • Provides personal loans, lines of credit, car loans and student loans
  • Access to your TransUnion credit score and report
  • Banking for newcomers to Canada through the StartRight program
  • Self directed investing and commission-free ETFs through Scotia iTRADE
  • CDIC insured

Cons

  • You may have to visit a branch to complete certain banking tasks rather than through digital banking online
  • Monthly and annual account fees can be comparatively costly
  • App users complain that the most recent update is very buggy

Online banking with RBC

RBC

RBC is another of Canada’s Big Five Banks, and provides its customers with a well-established digital banking system in addition to its in-branch service. It serves more than 7 million customers in Canada, the US and in over 25 other countries.

The RBC online banking portal and mobile app (available for both iOS and Android) allow you to transfer money, pay bills, monitor your business banking, manage your investments and use wealth management services.

Get started with the RBC Signature No Limit Banking Account:

Pros

  • In-person and digital banking options
  • Keep all banking products for the entire family under one roof
  • RBC’s mobile app includes NOMI, a feature that gives insights based on your cash flow
  • RBC offers a range of credit cards for cash back, rewards, travel and more
  • Options for personal loans, lines of credit, car loans and student loans
  • Robust wealth managment services
  • Offers services for newcomers to Canada
  • CDIC insured

Cons

  • Certain banking tasks will require a visit to a RBC branch and cannot be completed online
  • Monthly and annual fees can be costly
  • Some RBC users mention that select in-app features don’t work well

Digital banking with Neo

Neo Financial

NEO Financial offers a digital banking experience in Canada through its spending, savings, credit, investing and mortgage products. It also offers financial learning resources and a stellar mobile app experience.

The Neo Money Account offers some stand out features: Earn 4% interest on your balance + get up to 15% cashback on first-time purchases with your Neo Money card.

Get started with the Neo Money Account:

Pros

  • Entirely online
  • Very highly rated mobile app
  • Earn 4% interest with the Neo Money Account in addition to cash back on purchases
  • Investment portfolio managers available
  • The Neo Credit card comes with unlimited cashback, no annual fees and flexible perks
  • Neo Money Account deposits (combined with eligible deposits at Concentra Bank) are CDIC insured

Cons

  • Does not offer a full suite of banking options, like loans and lines of credit
  • No in-person service
  • Can potentially get higher savings interest rates elsewhere

Online banking with National Bank

National Bank

National Bank is Canada’s sixth largest bank and, like other big banks, it offers customers a convenient online banking platform. National Bank offers a full suite of banking products – from chequing accounts and credit cards to lines of credit and mortgages.

The National Bank mobile app is available on Android and iOS and is very highly rated by users on both platforms. You can deposit cheques, transfer funds, make international money transfers and more all through this digital banking platform.

Get $30 towards an eligible National Bank credit card you activate after opening a National Bank Connected Account. Get started with the National Bank Connected Account:

Pros

  • Both online and in-person service available
  • Very highly rated mobile app
  • Choose from a variety of National bank credit cards for cashback rewards, travel perks and more
  • Provides personal loans, lines of credit, car loans and student loans
  • Offers RRSPs, TFSAs, GICs, FHSAs and RESPs
  • Get access to a serious of wealth management services
  • Offers programs for newcomers to Canada
  • CDIC insured

Cons

  • Some tasks may not be available through online banking
  • Monthly and annual banking fees can be expensive
  • Fewer branches and ATM access compared to some other banks

Digital banking with Tangerine

Tangerine

Backed by Scotiabank, Tangerine is one of the most well-established, fully online banks in Canada. It offers an impressive suite of digital banking products through its comprehensive digital banking platform – everything from credit cards and mortgages to chequing and savings accounts.

Tangerine’s online banking portal and mobile app are designed around a self-service model. That means you can open accounts, apply for credit cards, manage investments, deposit cheques, download documents and cancel a card all from the app, without having to wait in line at a branch or on the phone.

One of Tangerine’s biggest draws is its no-fee model. You can get access to all of its accounts and credit cards with no monthly or annual fee. If you’re looking for a comprehensive digital bank in Canada, Tangerine may be just what you need.

Get started with the Tangerine Savings Account now and earn an interest rate of up to 5.75%:

Pros

  • Manage all of your banking entirely digitally online or through the Tangerine app
  • Highly rated mobile app for both iOS and Android
  • View your credit score report through TransUnion
  • 2 different $0 annual fee Tangerine credit card options with cash back and travel perks
  • Offers RSPs, GICs, RIFs, TFSAs, Non-Registered Investment Funds and more
  • Get access to personal lines of credit or home equity line of credit
  • Access to Scotiabank’s ATM network
  • CDIC insured

Cons

  • No in-person service
  • Does not offer certain banking products, like wealth management or newcomer-to-Canada packages

Online banking with TD

TD Canada Trust

TD is not only one of Canada’s Big Five Banks, but is one of the top 10 banks in North America. TD Canada Trust is the commercial banking arm of TD Bank Group, which services over 27.5 million customers worldwide.

Like other big banks we’ve discussed, TD offers digital banking through its mobile app and online banking portal. In fact, TD’s mobile app tied for first place in “Highest in Customer Satisfaction” as part of the J.D. Power 2023 Canada Banking Mobile App Satisfaction Study.

Get started with the TD Unlimited Chequing Account:

Pros

  • In-person and online service available
  • TD offers credit cards with perks for travel, cash back, rewards and more
  • Offers personal loans, lines of credit, car loans and student loans
  • Provides TFSAs, FHSAs, RRSPs, RESPs, RRIFs, RDSPs, GICs, mutual funds and more
  • DIY investing through TD Direct Investing and TD Easy Trade
  • TD Wealth Financial Planning or TD Wealth Private Wealth Management available
  • CDIC insured

Cons

  • Some banking tasks cannot be done on the mobile app, but instead will require you to visit a branch
  • Monthly and annual fees can be costly
  • Some TD app users mention that the app occasionally gets stuck while loading

Online banking with CIBC

CIBC

Whether you’re looking for everyday banking solutions or ongoing wealth management, CIBC has a lot to offer its customers both online and in person as one of Canada’s Big Five Banks. When it comes to digital banking, CIBC offers both a mobile app (for iOS and Android) and online banking portal.

The CIBC mobile app tied for first place in the J.D. Power 2023 Canada Banking Mobile App Satisfaction Study for “Highest in Customer Satisfaction.” CIBC’s app boasts some interesting features, like allowing you to check your credit score for free, get real-time currency conversions for CIBC Visa Cards, set up savings goals and open accounts.

Get started with the CIBC Smart Account:

Pros

  • Offes both online and in-person service
  • A range of CIBC credit cards can help you earn rewards, cash back, travel perks and more
  • Get personal loans, lines of credit, car loans and student loans
  • Provides TFSAs, FHSAs, RRSPs, RESPs, RDSPs, mutual funds, GICs and more
  • Check your credit score for free through the CIBC mobile app
  • Get access to a CIBC Private Wealth advisory team
  • Offers a range of banking products for newcomers to Canada
  • CDIC insured

Cons

  • Some banking task cannot be completed through digital banking
  • Monthly and annual banking fees can be expensive
  • Some users mention that the newest version of the app has a poor layout

Online banking with HSBC

hsbc

HSBC Bank Canada is a subsidiary of HSBC, which services approximately 39 million customers in over 60 countries and territories around the world. With that kind of reach, you can expect HSBC to deliver a host of banking products for every stage of your financial journey.

HSBC offers digital banking through an online banking portal and a mobile app. The HSBC app allows users to pay bills, transfer funds, manage investments and deposit cheques on the go. The app is available in both the Apple App and Google Play Store, and boasts relatively high ratings across both platforms.

Get started with the HSBC Premier Chequing Account:

Pros

  • HSBC app is available in both English and simplified Chinese
  • Get HSBC credit cards for travel, cash back, rewards and more
  • Offers personal loans, lines of credit, student loans and more
  • Self-directed investing through HSBC InvestDirect
  • Provides TFSAs, RRSPs, RESPs, RRIFs, mutual funds, GICs and more
  • Private wealth management through HSBC Private Investment Counsel
  • Special offers through the HSBC Newcomers Program
  • CDIC insured

Cons

  • You’ll have to visit a bank in person to complete some banking tasks
  • Annual and monthly fees can add up quickly
  • Limited ATM and branch locations
  • Some customers complain that the HSBC app is too basic

Pros and cons of online banking and digital banking

  • Higher interest rates. Most online banks offer higher interest rates because of their low overhead costs.
  • Low to no fees. Most of the best online banks don’t charge monthly fees or require you to carry a minimum balance.
  • Convenience. You can access all your accounts and investments through a banking app on any device 24/7. Make transfers, pay pills and track your spending and savings goals easily.
  • No physical locations. Online banks usually don’t offer face-to-face customer service because they don’t have physical branches.
  • Limited product offerings. Online banks have yet to match traditional banks with their range of product offerings which is sometimes still limited to basic accounts and investments.
  • Limited ATM access. Although this isn’t so bad if an online bank is a subsidiary of a traditional bank and uses its ATM network, this could still be a limitation if you want quick access to cash.

What’s the difference between a digital bank and a challenger bank?

Online banks, like Tangerine or EQ Bank, are digital banks that usually don’t have physical branches (or they rely on the branches of other physical banks) and customers use mobile banking apps to control their money. These online-only banks are built on existing infrastructure and closely mimic traditional banks.

A challenger bank, like Revolut or N26, is a completely digital bank that doesn’t use any existing legacy systems to operate. Unlike regular online banks, challenger banks don’t use any physical infrastructure or digital operating systems that are already being used by existing financial institutions. The technology used by these fully online banking providers is developed from scratch. They get their name from their roles as challengers to traditional banks, like the big five Canadian banks.

What is app-based banking?

App-based banking is any sort of financial management that you do primarily through an app. It’s basically another name for online banking but based solely through an app. Banking apps are popular tools in the online banking world and can help you save, budget and manage your spending. There are several advantages to app-based banking:

  • Banking access in your pocket
  • Many companies offer 24/7 access to banking support
  • Instant spending notifications
  • Many banking apps offer ways to automatically save money

Things to know about app-based banking from new banks

Using your phone as your main point of contact with your bank can save you time and give you more control over your finances, but there are a few things to be aware of.

Different types of app-based banking

  • Traditional bank apps. App-based online banking doesn’t only apply to challenger banks. It has also become increasingly possible to bank on your smartphone with traditional banks like the big 5. Check out the top 5 banking apps in Canada here.
  • Apps that help you save. One of the most common reasons for people heading away from traditional banks and towards app-based online banking is how easy app-based banking makes it for people to track, save and manage your money at a glance. Budgeting apps like Emma and Mint are examples.
  • Prepaid card apps. Some companies, like KOHO and Stack, let you control a prepaid card from an app so you can track your transactions and see exactly how much money you have left.
  • Investment apps. Some apps help you save and let you invest in stocks from your phone so that you have more control over your finances, like Wealthsimple.

Is online banking safe?

Online banking providers need to have the same banking licenses and approvals as existing Canadian banks before they’re able to offer products and services to consumers. These new banks will be regulated by the Office of the Superintendent of Financial Institutions (OSFI) and the Financial Consumer Agency of Canada (FCAC) in the same way that existing banks are regulated.

Almost all deposit-taking financial institutions — including traditional big six banks, online banks, money apps and fintechs — are part of the government’s Canadian Deposit Insurance Corporation (CDIC). This Canadian government insurance means that any money in a CDIC-member bank that is lost, either through a bank collapse, insolvency, theft or other ways, is protected and you will be reimbursed the full deposited amount, up to $100,000. The good news is that you can have multiple accounts, up to $100,000, and each of these accounts is protected under CDIC insurance. If you’re unsure, go online or call the online bank or fintech provider and look for CDIC protection.

Use of online bank accounts continues to grow

According to results from the recent Finder: Consumer Sentiment Survey Q1, the majority of Canadians (55%) plan to open a bank account or new banking product at one of Canada’s big five banks. However, a growing number of Canadians — almost 1 in 4 (24%) — are turning to online banks, instead.

How to get started with online banking

If you’re interested in online banking, compare the best digital banks in Canada and sign up. If you want to join one of the new digital bank providers that have yet to open in Canada, you can join their waitlist by visiting their website. When they launch products, those on the waitlist will be the first to know and the first to receive access to these new products.

Full list of digital banks, financial apps, and new banks in Canada

NameTypeOwned byEstablished
motusbankBankMeridian2018
EQ BankBankEquitable Group2016
TangerineBankScotiabank1997
Oaken Financial (trademark of Home Bank)BankHome Trust2013
Simplii FinancialBankCIBC2017
ManulifeBankThe Manufacturers Life Insurance Company1993
Outlook financialBankAssiniboine Credit UnionUnknown
Achieva FinancialBankCambrian Credit Union1998
Alterna BankBankAlterna Savings and Credit Union2017
Motive FinancialBankCanadian Western Bank1984
KOHOOnline banking app, prepaid cardsPrivately owned2014
MogoOnline platform and mobile appPrivately owned2003
MydohApp and smart cash cardRBC2020
Neo FinancialOnline platform and mobile appPrivately owned (partnered with mastercard, ATB Financial and Concentra Bank)2019
Revolut (coming to Canada soon)AppPrivately owned2015
WealthsimpleOnline investment management platform (not a bank, but offers a hybrid savings/chequing account, business accounts and retirement products)Power Corporation of Canada2014
CI Direct InvestingOnline investment platform (offers a High Interest Savings Account and investment solutions)CI Financial2014
RBC NOMIDigital savings accountRBC2017
Samsung PayDigital walletSamsung2015 (available in Canada in 2017)
AmpliAppRBC2019
President’s Choice BankBankLoblaw Companies1996
Wealth OneBankPrivately owned2016
NorthOne Business BankingBusiness bankPrivately owned2017
StackAppPrivately owned (partnered with Peoples Trust Company)2017
Laurentian BankBankLaurentian Bank of Canada2019
Nest WealthOnline wealth management platformPrivately owned (National Bank of Canada holds a minority stake)2014
Moka (formerly Mylo)AppMogo2017
AcceleRate FinancialOnline credit unionAccess Credit Union2010
Hubert FinancialOnline savings platform and appSunova Credit Union2010
Implicity FinancialOnline platform and appEntegra Credit UnionUnknown
MintAppIntuit2006
CST SparkOnline RESP providerCanadian Scholarship Trust Foundation2018
Emma appAppPrivately owned2018 in London (available in Canada in 2019)
Wallet by BudgetBakersAppPrivately owned2010

The bottom line on digital banks in Canada

Online banking is becoming more and more popular – and for good reason. Besides the convenience they provide, digital banks often cater to specific niches and groups, and they’re known for offering innovative apps. But before you ditch your current traditional bank, take the time to read through all of the fine print to make sure the bank you’re interested in is as good as it sounds then compare online banking providers to find the right one for you.

Survey Methodology – Finder: Consumer Sentiment Survey Q1

The results of the Finder: Consumer Sentiment Survey Q1 were collected through an online Pollfish survey conducted between December 2022 and January 2023. In the survey, 1,846 Canadians from across the country were asked about their current banking services and their intentions and motivations for new banking products. The estimated margin of error for the survey is +/- 3%, 19 out of 20 times.

Survey Methodology – Finder: Consumer Sentiment Survey Q2 2023

The results of the Finder: Consumer Sentiment Survey Q2 were collected through an online Pollfish survey conducted between April 27 to 29, 2023. In the survey, 1,011 Canadians from across the country were asked about their current banking services and their intentions and motivations for new banking products. The estimated margin of error for the survey is +/- 3.08%, 19 out of 20 times.

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