Online banks in Canada in 2023

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).

Use our guide below to compare online banking providers in Canada and see which traditional banks offer digital banking through their websites and banking apps. Plus, learn about new banks in Canada, challenger banks, mobile banking apps, and the best online banks in Canada.

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

Bank	Account	What We Like	Monthly Fee	Open online
	KOHO Earn Interest	Earn 4.5% interest when you opt into KOHO Extra or KOHO Everything Get a $20 bonus + earn up to 6% cashback on spending	$0	Go to site Learn more
	Simplii No Fee Chequing Account	Earn a $400 welcome bonus $0 transactions and eTransfers	$0	Go to site Learn more
	EQ Bank Savings Plus Account	Earn 3% for 12 months and 2.5% thereafter on your savings $0 transactions and eTransfers Free withdrawals from any ATM in Canada	$0	Go to site Learn more
	Neo Money Account	Earn up to 15% cashback on your Money card Acts as a hybrid chequing and savings account Earn 2.25% interest on savings $0 transactions and eTransfers	$0	Go to site Learn more
	BMO Performance Chequing Account	Earn a $450 welcome bonus Earn 5.25% interest on a Savings Amplifier Account $0 transactions and eTransfers	$16.95 (can be waived)	Go to site Learn more
	RBC Signature No Limit Banking Account	Get iPad Pro $0 transactions and eTransfers Overdraft fee waived	$16.95 (can be waived)	Go to site Learn more
	National Bank Connected Account	Get $30 towards an eligible National Bank credit card $0 transactions and eTransfers	$15.95 (can be waived)	Go to site Learn more
	Scotiabank Preferred Package	Earn a $350 welcome bonus Earn up to 5.40% interest for 3 months on your MomentumPLUS Savings Account.	$16.95 (can be waived)	Go to site Learn more
	Tangerine Savings Account	Earn up to $400 cashback Earn 6% interest for 5 months	$0	Read review Learn more
	TD Unlimited Chequing Account	Earn a $450 welcome bonus Unlimited free transactions and eTransfers	$16.95 (can be waived)	Read review Learn more
	CIBC Smart Account	Earn a $350 welcome bonus Unlimited free transactions and eTransfers	$16.95 (can be waived)	Read review Learn more
	HSBC Premier Chequing Account	Earn a $500 welcome bonus Free transfers between HSBC accounts in different countries	$34.95 (can be waived)	Read review Learn more

Digital bank promotions on now

• KOHO Earn Interest: $20 bonus + earn up to 6% cashback
• Simplii High Interest Savings Account: Earn 6.00% interest for 5 months on your first Simplii Financial High Interest Savings Account. Conditions apply. Offer expires October 31, 2023.
• 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, 2023.
• Tangerine No-Fee Daily Chequing Account: Sign up using promo code EARNMORE and earn up to $400 cash back and a 5.25% savings rate.
• Tangerine Savings Account: Sign up using promo code EARNMORE and earn up to $400 cash back and a 6.00% savings rate.
• 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.

Digital banking with 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.

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 4.50% interest on your entire balance up to $500, and 2.00% on anything higher.

Get started with KOHO Earn Interest:

Digital banking with Simplii

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:

Digital banking with 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 Savings Plus 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 Savings Plus Account:

Digital banking with Neo

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 2.25% 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:

Online banking with 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:

Online banking with 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:

Online banking with 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.

Online banking with 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 $350 welcome bonus. Get started with the Scotiabank Preferred Package:

Digital banking with 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 6%:

Online banking with TD

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:

Online banking with 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:

Online banking with 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 and cons of online banking and digital banking

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:

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.

• Some apps may require credit checks

  If you’re planning to apply for a new chequing account or credit card, your bank may pull your credit file in order to assess how likely you are to overdraw the account.

• Your money may not be protected the same way it is with big banks

  Most banks are insured by the CDIC, which means your deposit of up to $100,000 is backed by the Canadian government. Not all app-based banks have this same protection. You can view CDIC’s Members List to learn if your bank is CDIC insured.

• App-based banking doesn't always afford the same rewards as traditional banks

  App-based banks aren’t always able to offer the financial rewards, such as signup bonuses, that are common at many big banks. This varies by institution and is not always the case.

• If you forget your PIN or lose your card, most app-based banks won't panic

  A benefit of an app-based bank is having full access to your account at all times. Lots of app-based banks allow you to freeze your account if you lose your card, so if you find it again you can just unfreeze the card in the app. If you forget your PIN, you may even be able to answer security questions in the app.

• Some banking apps link to your pre-existing bank accounts and show you ways to spend better

  Not all app-based banks are banks in the traditional sense. Some banking apps work alongside your pre-existing accounts to gather all your spending data in one place, offer you insights into the way you spend your money and suggest ways to improve your finances.

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

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 Tracker Q2 2023

The results of the Finder: Consumer Sentiment Tracker 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.

Online banks, new banks and digital banks FAQs

• How can I tell if a digital bank is insured by the CDIC?

  You can view CDIC's Members List to learn if your bank is CDIC insured.

• Are new banks or digital banks cheaper than traditional banks?

  Challenger banks can afford to slash fees because of financial technology (Fintech) that makes it possible to perform many everyday banking functions without leaving your home or dealing face-to-face with bank representatives.

  Usually, there are no physical branches. Instead, customers access accounts, manage their money and contact customer service representatives through mobile apps, online banking, phone, text messages and email.

  With very low overhead costs, many challenger banks are able to offer zero monthly account fees, low-cost international money transfers, free domestic transfers and low-fee investment options.

• How do I get help with my online banking if there are no bank branches?

  Digital banks often have multiple ways to contact customer service, including via online chat, email and phone. Sometimes you can visit a traditional bank's branch that is a partner with your digital bank. Check with the bank you're interested in to find out how they handle customer support before signing up.

• Why does the Canadian version of the bank I'm interested in offer less features?

  Overseas banks that come to Canada aren't always able to offer the same features to Canadian users because of regulations. In some cases, the bank will roll out new features as it expands, but not always. Banking regulations vary from country to country, making it difficult to offer the same features in every country.

• Are digital banks safe?

  All banks operating in Canada must be licensed by the federal government. Such licensed banks are referred to as "chartered banks" and are subject to the following:

  • Bank Act. Chartered banks are subject to the federal Bank Act, which has 3 main goals: protect customers' savings, protect cash reserves and promote competition to reinforce the efficiency of Canada's financial system.
  • OSFI. All domestic and foreign banks operating in Canada are regulated by the federal Office of the Superintendent of Financial Institutions (OSFI), which supervises federally-regulated financial institutions and pension plans.
  • FCAC. The Financial Consumer Agency of Canada (FCAC) protects consumer interests by enforcing protective measures and educating consumers about their rights and how to manage money.
  • FINTRAC. Federally-regulated financial institutions must comply with policies outlined by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) that are designed to prevent money laundering, terrorist financing and fraud. Suspicious transactions must be reported, and, if necessary, relayed to the appropriate law enforcement body for further investigation.
  • CDIC. The Canada Deposit Insurance Corporation (CDIC) protects customer deposits up to $100,000 per customer per institution. In the event a bank fails, depositors won't lose all their savings. Coverage applies to chequing accounts, savings accounts, foreign currency accounts, GICs, mutual funds, ETFs and even cryptocurrency accounts.

  Non-chartered financial companies aren't necessarily bad or unsafe. However, you won't receive the same level of protection that you would with a federally regulated financial institution.

  Challenger banks know that security is a big concern for customers. Measures that are typically taken to protect customer data include data encryption, two-factor authentication, SSL certificates, strong password requirements and constant fraud monitoring. Before opening an account, check with your digital bank to see what security measures it has in place.

• Why should students choose online banking?

  Challenger banks or digital banks were born with the aim of "challenging" the big traditional banks (like the Big Five), by offering better deals, bureaucracy-free accounts and better online banking services. Challenger banks don't usually offer dedicated student accounts, but their basic chequing account options come with a series of features that make quite a lot of sense for the typical student who doesn't know much about banking and whose monthly budget is a bit stretched.

  In general, young people seem to like digital banking. A lot, actually. There's a bunch of different reasons behind it, but mostly:

  • Accounts are fast to set up. Opening a bank account takes a few minutes and you'll get the card within a few days.
  • It's mobile-friendly. Digital banks come with an app that usually looks good, works well and does cool stuff. For example, most show you data about where and how you spend most of your money. Also, most apps give instant notifications when you use your card to help you keep track of what you spend.
  • You don't need to actually talk to someone to open an account. Don't shrug your shoulders, we know you like this. You can even set up your account while waiting for your take out order to arrive with that Netflix crime documentary on in the background.
  • Free to join and low fees. Most challenger banks offer a free basic account and in most cases won't charge you for basic banking services such as ATM withdrawals, bank transfers and card payments.
  • It can help you save money. When you're a student, budgeting is an art form – how many rum and cokes can you afford if you still want to eat three decent meals a day? Digital banking apps often have features that can help you budget, by gathering data on your spending habits and regrouping them in clear, colourful graphs.
  • Young brands. For many young people, traditional banks are the banks of their parents. Challenger banks have been able to establish themselves as cool brands. That kind of feeling, although subconscious, often plays a part when you're choosing a product.

• What are other names for online banking or digital banking?

  There are multiple terms used to describe online or digital banks. However, there are some distinctions to make:

  • Challengers. It's a general word that refers to the idea that these companies are "challenging" traditional banks and their power in the market. Not all challengers are banks. Companies like KOHO, for example, provide services to help you save and spend your money in non-traditional ways.
  • Challenger banks. Challengers and digital banking apps are only entitled to call themselves a "bank" if they have a full banking licence, such as Monzo and N26.
  • Digital banking (apps). Challenger banks are usually digital-only, but there are exceptions. The term "digital banking apps" also encompasses budgeting apps such as Mint or Emma, which don't actually hold any funds, but use Open Banking to connect to your current account and help you manage your finances.

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Opening a bank account without proof of address in Canada

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Digital bank accounts are easy to open with government-issued ID. You may not need additional proof of residency.

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7 Revolut Canada alternatives in September 2023

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Looking for Revolut alternatives in Canada? These challenger banks and financial apps may be just what you need.

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Ampli cash back app review

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Earn cash back when you link your bank account and make eligible purchases with this innovative mobile app.

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What is Open Banking?

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Open Banking can pave the way to new products and services for Canadians. Find out all you need to know from APIs to regulations with our guide.

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