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Best online banks in Canada for 2024

Searching for the best online banks in Canada? We'll show you our top picks and how to find the right account for your needs.

The days of having to queue in a bank branch are long gone. With so many solid options for the best online banks in Canada, it’s easier than ever to manage all of your day-to-day transactions online. There are many financial institutions in Canada offering online banking and mobile apps to help you manage your money whenever and wherever you want.

Although all Big Banks in Canada offer accounts you can sign up for and manage online, it’s worth considering other well-established, online-only banks that offer lower fees and 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 13 best online banks in Canada by feature in 2024

Best overall online bank account in Canada: Simplii High Interest Savings Account

The Simplii High Interest Savings Account is a our pick for the best overall bank account in Canada because of its combination of stand-out features, user-friendly online experience, including a consistently high promo interest rate and low fee structure.

As one of the best online banks in Canada, Simplii has a well-developed online platform and app, allowing its customers to manage every aspect of their accounts easily and smoothly online.

If you’re worried that Simplii may not be a safe choice for your money, you can rest easy because it is owned by CIBC bank and your deposits are insured by the Canada Deposit Insurance Corporation (CDIC).

Simplii High Interest Savings Account
Finder Rating: ★★★★★ 3.9 / 5
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Simplii High Interest Savings Account

5.9%
Interest Rate
$0
Account Fee
$0
Transaction Fee
Bonus offer: Earn 5.90% interest for 5 months on up to $1,000,000 in savings. Apply by July 31, 2024. Earn $125 when you refer a friend to Simplii and they set up an account (they'll earn $50, provided you both meet eligibility criteria). 
Debit card (yes/no): No
Mobile app: Yes (iOS and Android)
  • $0 account fee
  • $0 transactions
  • High promo interest rate of 5.9% interest for 5 months (and 0.4% thereafter)
  • $125 refer a friend bonus
  • Well-developed online platform and mobile app
  • No option for face-to-face service
  • Low ongoing interest rate after the promo ends
Min. Age 18
Account Fee $0
Transaction Fee $0
Interac e-Transfer Fee $0
NSF Fee $45

Best online high-interest savings account: EQ Notice Savings Account

The EQ Notice Savings Account offers one of the highest ongoing interest rates in Canada – an impressive 4.5% – 5% on every dollar in your account.

It’s a savings account designed for people who don’t need instant access to your money. Choose to access your withdrawal funds after 10 days for a 4.5% savings rate or 30 days for a 5% interest rate. And unlike most long-term investment accounts, like GICs, you can deposit money at any time.

Another reason EQ Bank made our list of the best online banks in Canada because it doesn’t charge monthly fees, foreign transaction fees or inactivity fees, and you get free withdrawals at any CIBC ATM in Canada.

EQ Bank is Canada’s seventh largest bank and is also CDIC insured. Add to that a smooth in-app experience available for both iOS and Android, and this account is definitely worth looking into.

EQ Notice Savings Account

5%
Interest Rate
$0
Account Fee
$0
Transaction Fee
The EQ Notice Savings Account offers a high interest rate of up to 5%, 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 to choose your notice period. Ideal for those who want to grow their savings without immediate access needs.
  • $0 account fee
  • $0 transactions
  • $0 Interac eTransfers
  • Earn 5.00% interest on your balance
  • No physical branches for in-person service
  • Some standard banking features not available such as overdraft protection, use of ATMs and the option to have paper statements
Min. Age N/A
Account Fee $0
Transaction Fee $0
Interac e-Transfer Fee $0

Best online bank hybrid chequing and savings account in Canada: EQ Bank Personal Account

Hybrid chequing accounts are a unique option offered almost exclusively from online-only banks in Canada. They give you all the spending flexibility of a chequing account with the interest-earning potential of a savings account. Here’s why the EQ Bank Personal Account is the best hybrid account on the market.

This account comes with a very competitive interest rate of up to 4% on your entire balance. Get 2.50% interest on everyday banking, plus get 1.50% interest when you direct deposit your pay.

Plus, the EQ Bank Personal Account also has many features of a chequing account with free and unlimited Interac e-Transfers, bill payments and Electronic Funds Transfers along with no minimum balance requirement.

EQ Bank Personal Account

Earn 4.00% interest
Bonus Offer
$0
Monthly Account Fee
unlimited
Free Transactions
Bonus offer: Earn 4.00% interest on your money.
Debit card (yes/no): No, but compatible with the EQ Bank Card
Mobile app: Yes (iOS and Android)
  • $0 account fee
  • Get unlimited transactions
  • $0 Interac eTransfers
  • Earn up to 4% interest on your balance
  • No physical branches for in-person service
  • Some standard banking features not available such as overdraft protection and the option to have paper statements
Min. Age 18
Account Fee $0

Best online bank account for day-to-day banking: Simplii No Fee Chequing Account

The Simplii No Fee Chequing Account is Canada’s best online bank account for anyone searching for an everyday transaction account. As the account name implies, there are no fees to worry about — no monthly fees, no transactions fees and no minimum balance requirements.

You’ll get access to unlimited debit purchases, free Interac e-Transfers, bill payments and withdrawals. Plus, you can earn interest on your account balance.

The Simplii No Fee Chequing Account offers everything else you need to manage your day-to-day finances, while you also get free access to over 3,400 CIBC ATMs across Canada with a debit Mastercard. And with overdraft protection of up to $5,000 available, this account ticks a lot of important boxes for a lot of Canadians.

Simplii No Fee Chequing Account

Earn $400
Bonus Offer
$0
Monthly Account Fee
unlimited
Free Transactions
Bonus offer: 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.
Debit card (yes/no): Yes
Mobile app: Yes (iOS and Android)
  • Earn a welcome bonus of up to $400
  • Enjoy unlimited free transactions and e-Transfers
  • No monthly account fee
  • Earn 0.01% to 0.1% 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
Min. Age 18
Min. Age Teen Account 12
Account Fee $0
Overdraft Fee $4.97
ATM Out-of-Network Fee $1.50
International ATM Fee $3

Best online bank account with a Big Bank: BMO Performance Chequing Account

Although BMO is not an online-only bank, it offers a robust online banking platform through both its web portal and mobile app, where you can manage most of your finances without having to visit a bank branch.

BMO says its Performance Chequing Account is its most popular account, and it’s easy to see why. This account offers unlimited everyday banking transactions at BMO branches and ATMs, along with access to BMO’s online, in-person, mobile or telephone banking.

There’s a monthly fee of $17.95. The monthly account fee will be waived if you maintain a minimum monthly balance of at least $4,000. You also get a free non-BMO ATM withdrawal every month, an introductory bonus and up to $40 rebate on the annual fee for eligible BMO credit cards

And with the freedom to let your family members enjoy the same banking benefits from separate accounts with the BMO Family Bundle, the BMO Performance Chequing Account is the best online bank account with a Big Five/Six Bank.

BMO Performance Chequing Account

Earn $600
Bonus Offer
$17.95
Monthly Account Fee
unlimited
Free Transactions
Bonus offer: Get up to a $600 cash bonus. Earn $350 when you open a new BMO Performance Chequing Account and $200 when you open a Savings Amplifier Account. Plus, earn an additional $50 when you add a second member and make it a BMO Family Bundle. Valid until July 2, 2024. Plus, earn a 5.50% promo interest rate when you open a Performance Chequing and a Savings Amplifier Account.
Debit card (yes/no): Yes
Mobile app: Yes (iOS and Android)
  • Unlimited transactions
  • Access to a vast network of ATMs and bank branches
  • BMO offers a full suite of other banking products
  • The monthly account fee will be waived if you maintain a minimum monthly balance of at least $4,000.
  • Option to sign up through the BMO NewStart Program for additional perks
  • $17.95 monthly fee (unless fee-waive conditions are met)
  • International transfer fees
  • Fee for overdraft protection
Min. Age 18
Min. Age Teen Account 13
Account Fee $17.95
Youth Account Fee $0
# of Accounts Included 20
Overdraft Fee $5
ATM Out-of-Network Fee $2
U.S. ATM Fee $5
International ATM Fee $5

Best online joint bank account in Canada: EQ Bank Joint Account

If you’re joining forces with your significant other to achieve a savings goal, we recommend taking a closer look at the EQ Bank Joint Account. You can open an account with up to three other people, plus you get the interest-earning power of a savings account with the easy access of a chequing account.

The Joint Account pays up to 4% interest on balances of up to $500,000, and there are no monthly fees or minimum balance requirements.

Even better, you also get unlimited Interac e-Transfers, bill payments and electronic funds transfers, and you’re covered by CDIC deposit insurance for extra peace of mind. So whether you’re saving for a group vacation or a major purchase like a house, this account will make it easier to reach your goal.

EQ Bank Joint Account
Finder Rating: ★★★★★ 4.3 / 5
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EQ Bank Joint Account

4%
Interest Rate
$0
Account Fee
$0
Transaction Fee
Bonus offer: Earn 4.00% interest on your money. Get 2.50% interest on everyday banking, plus get 1.50% interest when you direct deposit your pay.
Debit card (yes/no): No, but compatible with the EQ Bank Card
Mobile app: Yes (iOS and Android)
  • $0 account fee
  • $0 transactions
  • $0 Interac eTransfers
  • Earn up to 4% interest on your balance
  • EQ Bank will refund withdrawal fees for using any ATM across Canada
  • No minimum balance requirement
  • No in-person banking option
  • EQ Bank does not offer a full suite of banking options
Min. Age 18
Min. Age Teen Account 4
Account Fee $0
Transaction Fee $0
Interac e-Transfer Fee $0
NSF Fee $0
# of Included Accounts 5

Best online bank account with rewards and cashback perks: Neo Money Account

If you value an account that rewards its customers, the Neo Money Account is the best online bank account in Canada for cash back and other perks.

Open a Neo Money Account and not only do you earn 1% interest on every dollar in your account, but you also get uncapped cash back at an average rate of 0.5% – 6% cash back at over 10,000 partner retailers.

This account gives you access to the Neo Money card, a prepaid Mastercard that allows you to earn cash back on all of your purchases. You can earn:

  • 3% on gas and groceries
  • 4% on streaming, rideshares and food delivery
  • 6% on average for restaurants, bars and cafes
  • 0.5% on all other purchases

You can also open multiple Neo Money Accounts and then personalize your account names, icons and savings goals to easily organize your finances online. All of these unique features make Neo one of the best online banks in Canada.

Neo Money Account

Neo Money Account

1%
Interest Rate
$0
Account Fee
$0
Transaction Fee
Bonus offer: Earn 1% interest on your balance + get up to 6% cashback on purchases at over 10,000 partner retailers with your Neo Money card.
Debit card (yes/no): Yes
Mobile app: Yes (iOS and Android)
  • Comes with free Neo Money Card for transactions
  • $0 account fee
  • $0 transactions
  • No minimum balance
  • No physical branches for in-person service
Min. Age 18
Account Fee $0
Transaction Fee $0
Interac e-Transfer Fee $0
NSF Fee $0
International ATM Fee $0

Best online bank in Canada with mobile app: KOHO Earn Interest

We think the KOHO Earn Interest is the best online bank account in Canada with an app for several reasons. First, the KOHO app comes with an intuitive user interface that is easy to navigate from the very first time you launch the app.

Second, there’s the flexible range of account plans available where you can earn interest on your balance and earn unlimited instant cash back on all eligible purchases.

These plans range from the free Easy plan, which lets you earn 0.5% interest on your balance and 1% cash back on groceries and transportation, to the 5% interest-earning power and 2% cash back on groceries, eating and drinking, and transportation with the Everything plan.

Third, app features, like RoundUps and Vaults, can help you reach your savings goals. And finally, there’s the security of knowing up to $100,000 you deposit is protected by CDIC insurance, which is good news in anyone’s book.

KOHO Earn Interest
Finder Rating: ★★★★★ 4.1 / 5
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KOHO Earn Interest

Up to 5.0%
Interest Rate
$0
Account Fee
$0
Transaction Fee
Bonus offer: Earn up to 5.00% interest with a high interest savings account. Pick a KOHO plan and opt-in to Earn Interest.
Debit card (yes/no): Yes
Mobile app: Yes (iOS and Android)
  • $0 account fee
  • $0 transactions
  • $0 Interac eTransfers
  • Earn cashback on purchases
  • Earn up to 5% interest
  • Must opt-in to a monthly plan to earn higher interest
  • KOHO doesn't offer many other standard banking products
Min. Age 18
Account Fee $0
Transaction Fee $0
Interac e-Transfer Fee $0
NSF Fee $0

Best online RSP or TFSA bank accounts: EQ Bank TFSA

The EQ Bank TFSA is Canada’s best online bank account for anyone looking to boost their savings with an RSP or TFSA. Open a TFSA with EQ Bank to earn 3% interest on your balance, with no fees or minimum balance requirements to worry about.

You can also access the funds in your account whenever you want, and set up one-off or recurring deposits from a linked account. Alternatively, you could open an RSP Savings Account and earn interest on your tax-deferred money.

Best of all, unlike other banks EQ Bank doesn’t charge fees when you deposit or withdraw funds from a TFSA or RSP — saving you up to $50 per transaction, which means more of your hard-earned money stays in your pocket!

EQ Bank TFSA

3.00%
Interest Rate
$0
Account Fee
unlimited
Transaction Fee
Perks: Earn 3% tax-free interest on every dollar. Plus, get free unlimited withdrawals.
Debit card (yes/no): No
Mobile app: Yes (iOS and Android)
  • $0 monthly fee
  • The minimum balance requirement is $0
  • There are no withdrawal fees
  • Free and unlimited transactions
  • Some standard banking features are not available
  • No physical branches for in-person service
Min. Age 18
Account Fee $0
Transaction Fee unlimited
Interac e-Transfer Fee N/A

Best online bank in Canada with GICs: Tangerine GIC

If you’re comparing the best online banks in Canada for investing in GICs, make sure you check out the Tangerine GIC. This online-only bank offers GICs with terms ranging from 90 days to 5 years, and interest rates ranging from 3.5% to 4.3% depending on the term you choose, which are some of the highest interest rates that you can get for GICs in Canada.

Your return can be held in a Tangerine TFSA or RSP account, and you can start investing with as little as $0. It’s easy to apply online in just a few minutes, and there’s no monthly fee that’s going to chip away at your savings balance. All that’s left to do is sit back, relax and watch your money grow.

Tangerine GIC

4.9%
Interest Rate
1 year
Term
$0
Min. Investment
Perks: Open a Tangerine GIC within minutes. Earn 4.9% on a 1 year GIC, or choose from other terms and rates.
Debit card (yes/no): No
Mobile app: Yes (iOS and Android)
  • Competitive interest rates
  • You can open and manage your account completely online
  • Different GIC term options available
  • No cashable or market-linked GICs available
  • No physical branch locations
Interest rate 4.9%
Term 1 year
Min. Investment $0
A photo of Emma Balmforth

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

Best online bank account with investing platform: Wealthsimple Cash

No matter whether you’re looking to manage your day-to-day spending, earn a high rate of interest on your balance or build your investment portfolio, Wealthsimple Cash has got you covered.

Perks include earning 4.00% to 5.00% interest (depending on how much money you hold in your account), being able to access your pay a day early, CDIC deposit insurance of up to $500,000, and the ability to earn 1% back in stock, crypto or cash when you make a purchase with your card.

Throw in managed investment portfolios as well as DIY stock, ETF, option and crypto trading, and it’s easy to see why Wealthsimple has made our list of the best banks in Canada as a good choice for an online investing account.

Wealthsimple Cash
Finder Rating: ★★★★★ 4.5 / 5
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Wealthsimple Cash

4.00% - 5.00%
Interest Rate
$0
Account Fee
$0
Transaction Fee
Perks: Earn interest on your savings and instantly earn 1% back in stock, crypto or cash every time you spend with your Wealthsimple Cash card. Plus, earn up to 5% interest on your account as a Generation client with a minimum of $500,000 in assets.
Debit card (yes/no): Yes
Mobile app: Yes (iOS and Android)
  • $0 account fee
  • Earn 4.00% - 5.00% interest on your balance
  • $0 minimum balance requirement
  • Earn 1% CashBack when you spend on your Cash card
  • Since your Cash account funds are placed in trust with up to three CDIC member institutions, you get up to $500,000 in deposit insurance
  • If you're not interested in investing, you can find higher standard savings rates elsewhere
  • Exclusively online service
Min. Age 18
Account Fee $0
Transaction Fee $0
Interac e-Transfer Fee N/A
NSF Fee $0

Best online bank in Canada for newcomers and immigrants: National Bank Newcomer Bank Account

One of the first things you need to do before or immediately after moving to Canada is choose a bank account. We think National Bank has the best bank account offer for you.

Beyond providing the option to manage your finances online once you get signed up, you also have the option to visit a bank branch if you’re more comfortable navigating your financial journey with someone face-to-face.

The National Bank newcomer offer entitles you to a chequing account with a waived $15.95 monthly fee for the first year.

You can save over $500 over 3 years, and can make unlimited electronic transactions and and Interac e-transfers from your account. National Bank also supports international transfers and you’re also able to access a National Bank Mastercard credit card without any credit history.

You can also get access to a specialized support team to answer your questions about immigration, plus apply for a National Bank credit card with no Canadian credit history. And because you can apply up to 90 days before you arrive in Canada, and the offer is valid for up to five years after you arrive, it can help make the transition to your new home a whole lot easier.

National Bank Newcomer Bank Account

N/A
Bonus Offer
$0
Monthly Account Fee
unlimited
Free Transactions
Perks: Enjoy up to 3 years with no fixed monthly fees (account fee of $15.95/month will apply as of the 4th year). Plus, get access to a team that can answer your immigration questions 7 days a week, and access to a credit card without any credit history.
Debit card (yes/no): Yes
Mobile app: Yes (iOS and Android)
  • Exclusive phone assistance for newcomers
  • Monthly fee waived for up to three years
  • Get a Canadian credit card without credit history
  • Get access to a mortgage, car loan, business account and investment solutions as well
  • Need to sign up for additional products or services to have monthly fee waived
  • $15.95 monthly fee once discount period ends
  • No interest on your bank balance
Min. Age N/A
Account Fee $0
Overdraft Fee $0

Best online bank account in Canada for kids and teens: Mydoh

Want to teach your kids how to manage their money? Mydoh offers the best online bank account in Canada for you and your kids. Its user-friendly Mydoh app provides access to your parent account, which you can use to set tasks for your kids to earn their allowance, send money to your children instantly, and track their spending.

Your child gets their own kid’s account where they can manage their allowance tasks and track their earnings and spending, not to mention use their Mydoh Smart Cash Card to spend the funds in their account. The card can be used in-store and online anywhere Visa is accepted, making this a modern way to teach your kids about the value of money.

Mydoh Smart Cash Card

$0
Monthly Fee
$0
Transaction Cost
N/A
Rewards
Perks: Teach your kids smart spending and independence. Set up tasks, pay allowances and monitor spending activity.
Debit card (yes/no): Yes
Mobile app: Yes (iOS and Android)
  • Parents set up and monitor the account
  • Helps keep track of tasks and chores
  • Dedicated Visa Debit card for your kid
  • Backed by RBC, a major Canadian bank
  • Monthly fee of $0 (includes up to five youth or kids' accounts under one plan)
  • Kids cannot deposit cheques or cash into their Mydoh account
  • Kids cannot withdraw or deposit using ATMs
Monthly Fee $0
Transaction Cost $0
Foreign Transaction Fee 2.5%
Monthly Fee $0
Minimum Age 18
Minimum Age Teen Account 4
# Included Account 5
Rewards N/A

Summary: Online-only bank promotions on now in Canada

  • Simplii High Interest Savings Account: Earn 5.90% interest for 5 months on up to $1,000,000 in savings. Apply by July 31, 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 4.00% interest on your money.
  • 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 $250. Open a No-fee daily Chequing Account and switch your payroll deposits to your new Tangerine Chequing Account for 2 consecutive months to receive $250.
  • Tangerine Savings Account: Earn 6% interest for 5 months (on up to $1,000,000 in deposits) when you signup by October 31, 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 4.00% interest on your money.

Summary: Mobile app ratings of the best online banks 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 online-only banks offer solid banking apps that are very highly rated by customers on both iOS and Android.

Here’s a snapshot of customer reviews for banking apps from the best online-only banks in Canada.

Best online bankApple App Store ratingGoogle Play rating
Simplii Financial4.2★★★★★
(11K reviews)
4.5★★★★★
(15K reviews)
EQ Bank4.8★★★★★
(34.9K reviews)
4.2★★★★★
(7K reviews)
Neo Financial4.8★★★★★
(32.2K reviews)
4.7★★★★★
(7K reviews)
Tangerine4.7★★★★★
(65.4K reviews)
4.7★★★★★
(36K reviews)
Wealthsimple4.6★★★★★
(124.7K reviews)
4.5★★★★★
(77K reviews)
Mydoh4.3★★★★★
(2.5K reviews)
3.8★★★★★
(1K reviews)

Ratings last verified on June 14, 2024.

Which online bank is the best in Canada?

The best online bank in Canada for you depends on your financial needs and what you’re looking for in an account, but our overall pick is Simplii Financial with its Simplii High Interest Savings Account.

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 and plans, these providers offer some of the best-value accounts around. And because they’re entirely online, they 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 on offer 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.

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 online 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.

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
  • Motusbank
  • PC Financial
  • Wealthsimple

These 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 digital banks?

Several of Canada’s biggest banks own smaller, online-only banks. These digital 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
  • Median owns Motusbank

Advantages of using online banks in Canada

  • Lower fees. Online-only 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.

Are online banks in Canada safe?

Cybersecurity icon showing a lock in a network of nodes

Yes. While it may seem a little strange at first using a bank that doesn’t come with any physical branches, online banks are safe. Most online banks in Canada are members of the CDIC (check if your bank is a member before applying for an account) so you get peace of mind knowing your money is insured, up to $100,000 per account, if the bank goes bust.

Many online-only bank account providers also have longer histories than you might realize or ties to much larger banks. Simplii Financial, for example, is the digital banking arm of CIBC, while EQ Bank is a wholly-owned subsidiary of Equitable Bank Group, which was founded in 1970.

Reputable online banks also employ the latest security technology and data encryption to protect your money and personal details.

Plus there’s plenty you can do to protect yourself against fraud, like setting up two-factor authentication, never sharing your password with anyone, and not opening attachments in scam emails.

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.
    Online 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 cash back on purchases, higher interest rates for bundling financial products and discounts on credit card annual fees.

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.

Full list of Canadian online banks, financial apps, and new banks

Bank 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 owned2019
Revolut (coming to Canada soon)AppPrivately owned2015
WealthsimpleOnline investment management platformPower Corporation of Canada2014
CI Direct InvestingOnline investment platformCI Financial2014
RBC NOMIDigital savings accountRBC2017
Outlook FinancialBankAssiniboine Credit Union2000
AmpliAppRBC2019
President’s Choice BankBankLoblaw Companies1996
NorthOne Business BankingBusiness bankPrivately owned2017
Laurentian BankBankLaurentian Bank of Canada2019
Nest WealthOnline wealth management platformPrivately owned (partnered with National Bank)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 owned2019
Wallet by BudgetBakersAppPrivately owned2010
Ideal SavingsBankAccess Credit Union2016
Wealth One Bank of Canada (WealthONE)BankPrivately owned2016
Canadian Tire BankBankCanadian Tire Services Ltd.2003
Bridgewater BankBankAlberta Motor Association1997
Saven FinancialBankFirstOntario Credit Union2020
MAXA FinancialBankWestoba Credit Union Ltd.2005

Compare more online chequing and savings accounts in Canada

1 - 3 of 3
Name Product Monthly Account Fee Free Transactions e-Transfer Fee Bonus Offer Offer
BMO Performance Chequing Account
BMO Performance Chequing Account
$17.95 (can be waived)
unlimited
$0
Earn $600
Get up to a $600 cash bonus. Valid until July 2, 2024. Plus, earn a 5.50% promo interest rate when you open a Performance Chequing and a Savings Amplifier Account.
Simplii No Fee Chequing Account
Simplii No Fee Chequing Account
$0
unlimited
$0
Earn $400
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
EQ Bank Personal Account
$0
unlimited
$0
Earn 4.00% interest
Enjoy high interest with no fees on everyday banking, plus unlimited transactions and no minimum balances. Sign up online in minutes.
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1 - 3 of 3
Name Product Finder Rating Promo Rate Regular Interest Rate Transaction Fee 1 Year Return Offer
KOHO Earn Interest
Finder Score:
★★★★★
4.1 / 5
N/A
5.00%
$0
$500.00
EQ Bank Joint Account
Finder Score:
★★★★★
4.3 / 5
4.00%
2.50%
$0
$400.00
Simplii High Interest Savings Account
Finder Score:
★★★★★
3.9 / 5
5.90% for 5 months
0.40%
$0
$265.88
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Frequently asked questions about the best online banks in Canada

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Written by

Tim Falk

Tim Falk is a freelance writer for Finder. Over the course of his 15-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 profile

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