Best online banks in Canada for 2025

Searching for the best online banks in Canada? Here are our top picks for virtual banks and online banking, plus tips 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. Although all Big Banks in Canada offer accounts you can sign up for and manage online, it’s worth considering other well-established, digital 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 10 best online bank accounts in Canada in 2025

Best overall online bank account in Canada

EQ Bank Personal Account

Earn 4.00%
Bonus Offer
$0
Monthly Account Fee
unlimited
Free Transactions
If you're looking to save and spend with an online bank, the EQ Bank Personal Account is a great hybrid savings and chequing account option. This interest-earning chequing account pays up to 4% interest. Enjoy high interest with no fees on everyday banking, plus unlimited transactions and no minimum balances. Sign up online in minutes. Plus, you can also apply for a Joint account if you're looking to save with your partner or family.
  • $0 account fee
  • Get unlimited transactions
  • $0 Interac e-Transfers
  • 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 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
Overdraft Fee $0

Best no-fee chequing account

Simplii No Fee Chequing Account

Earn $300
Bonus Offer
$0
Monthly Account Fee
unlimited
Free Transactions
The fully digital Simplii No Fee Chequing Account comes with no monthly account fee, no transaction fees, no e-Transfer fees, no minimum deposit requirements and a chance to earn interest on your account balance, and a debit card. Plus, you can pair this best chequing account pick with the no-fee Simplii High Interest Savings Account to earn more on your savings.
  • Earn a welcome bonus of up to $300
  • 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
U.S. ATM Fee $3
International ATM Fee $3

Best Big Five Bank bank account

BMO Performance Chequing Account

Earn $700
Bonus Offer
$17.95
Monthly Account Fee
unlimited
Free Transactions
The BMO Performance Chequing Account is one of BMO's most popular chequing accounts, and while BMO does have many physical locations and it isn't considered an online bank, you can sign up for this account and manage it completely online. It offers unlimited free transactions and e-Transfers, and a generous welcome bonus (if you meet certain criteria).
  • Unlimited monthly transactions
  • Interac e-Transfers
  • $40 fee rebate on the BMO Mastercard annual fee
  • BMO will reverse the first accidental fee charged to this account
  • Up to 20 accounts can be included in the BMO Family Bundle
  • Get up to $700 in cash bonuses. Earn $450 when you open a new BMO Performance Chequing Account, $200 (plus a 5.00% promo interest rate) when you open a Savings Amplifier Account and $50 when you make it a BMO Family Bundle. Valid until March 3, 2025.
  • Monthly fee of $17.95
  • You won't earn any interest on the money in your account.
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 high interest savings account

EQ Bank Notice Savings Account

3.00% - 3.05%
Interest Rate
$0
Account Fee
$0
Transaction Fee
The EQ Bank Notice Savings Account offers a high interest rate of up to 3.05%, making it a top choice for savers who can wait 10 or 30 days to access their funds. With no account fees, no minimum balance requirements and CDIC protection up to $100,000, this account combines competitive returns with the flexibility of choosing your notice period. It's ideal for those who want to grow their savings without immediate access needs.
  • $0 account fee
  • $0 transactions
  • Earn 3.00% - 3.05% interest on your balance
  • No physical branches for in-person service
Min. Age N/A
Account Fee $0
Transaction Fee $0
Interac e-Transfer Fee unavailable

Best online savings account for promotional rates

Simplii High Interest Savings Account

3.9%
Interest Rate
$0
Account Fee
$0
Transaction Fee
The Simplii High Interest Savings Account is another top pick for a high-interest savings accounts in Canada that is completely online. It earns a high promo rate of 3.9% interest for 5 months (and 0.3% thereafter). With a $0 account fee and $0 transactions, you can look forward to saving more of your hard earned money.
  • $0 account fee
  • $0 transactions
  • Earn 3.9% interest for 5 months
  • No physical branches for in-person 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
International ATM Fee $3

Best for earning interest and cash back

KOHO Essential Plan

2.5%
Interest Rate
$4
Account Fee
$0
Transaction Fee
KOHO Essential Plan is not only one of the best high-interest savings accounts in Canada–you can also get a prepaid card and earn cashback on your purchases. Plus, KOHO is completely online, which gives you the freedom to manage your account from anywhere. Earn 2.5% interest on your balance, and 1% cash back on groceries, transportation, food, and drink purchases.
  • $0 transactions
  • $0 Interac e-Transfers
  • Earn up to 2.5% interest on your balance
  • The monthly fee can be waived under certain conditions
  • Get 1% cash back on all grocery, transportation, eating and drinking purchases
  • The account comes with a standard $4 monthly fee
  • No physical branches
  • No ATM network
Min. Age 18
Account Fee $4
Transaction Fee $0
Interac e-Transfer Fee $0
NSF Fee $0

Best hybrid online bank account

Wealthsimple Cash

N/A
Bonus Offer
$0
Monthly Account Fee
unlimited
Free Transactions
Wealthsimple offers a no-fee chequing account with all the benefits of a high interest savings account. Perks include earning 2.75% to 3.75% 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% cashback in stock, crypto or cash when you make a purchase with your card. And if you want to invest your savings, you can trade stocks, ETFs, options and more through your other Wealthsimple accounts.
  • No monthly fees
  • Earn up to 3.75% interest on your account balance
  • Unlimited free transfers
  • No minimum balance
  • Access to $0 commission stock trading
  • No free ATM access (fee typically $3/withdrawal)
  • Fees apply to managed investment accounts
Min. Age 18
Account Fee $0
Overdraft Fee $0
U.S. ATM Fee $0
International ATM Fee $0
Dormancy Fee $0

Best high interest chequing account

PC Money Account

3.5%
Interest Rate
$0
Account Fee
unlimited
Transaction Fee
Functioning as both a spending and saving account, the PC Money Account has been revamped to offer one of the highest on-going interest rates in Canada. With no monthly fee and unlimited free transactions, you can earn PC Optimum points every time you spend, and earn a high interest rate of 3.5% on your savings.
  • No monthly fees
  • Earn 3.5% interest on your account balance
  • Unlimited free transfers and Interac e-Transfers
  • No minimum balance requirements
  • No way to deposit cash or cheques at ATMs
  • Can't order cheques
Min. Age N/A
Account Fee $0
Transaction Fee unlimited
Interac e-Transfer Fee unlimited
International ATM Fee

Best chequing account from a digital bank

Tangerine No-Fee Daily Chequing Account

Earn $250
Bonus Offer
$0
Monthly Account Fee
unlimited
Free Transactions
Tangerine is one of Canada's original online banks. The Tangerine No-Fee Daily Chequing Account comes with a $0 monthly fee and unlimited free transactions and Interac e-Transfers. Easily manage your money 24/7 with Tangerine's highly-rated mobile app. Plus, earn up to 0.1% interest on every dollar.
  • Earn decent interest rates
  • Unlimited transactions
  • Free Interac e-Transfers
  • Free cheques
  • Mobile cheque deposits
  • Charges for certain ATMs
  • No in-person service
  • Only one free replacement card
Min. Age 16
Account Fee $0
Overdraft Fee $10
ATM Out-of-Network Fee $1.50
International ATM Fee $3

Best online bank account for newcomers

National Bank Newcomer Bank Account

N/A
Bonus Offer
$0
Monthly Account Fee
unlimited
Free Transactions
While National Bank isn't an online bank, you can apply for and manage your account online via the website or app. Enjoy no fixed monthly fees for up to 3 years when you open a National Bank Newcomer Bank Account and get access to a Mastercard credit card to help you get settled and started in Canada. Plus, you can affordably send international money transfers should you need to.
  • Exclusive phone assistance for newcomers
  • Monthly fee waived for up to three years
  • Get a Canadian credit card without credit history
  • 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

Methodology: How we selected the best online bank accounts in Canada

To determine this best list, Finder Canada analyzed 100+ chequing and savings accounts across 22+ financial institutions. We compared accounts from traditional banks, digital banks and credit unions, and we narrowed down the list of accounts to the top 10.

We ranked accounts based on 18 data points within five major categories. Here’s how we ranked and weighted each product:

  • Fees: 40% (Monthly fee, ability to waive monthly fee (if necessary), transaction fees, e-Transfer fees, ATM fees, NSF fees, overdraft fees)
  • Perks: 20% (Interest rates, signup bonuses, other tailored rewards)
  • Banking Access: 15% (In-branch banking, online banking access, ATM network access, national availability)
  • Customer Experience: 15% (Live chat availability, mobile app ratings)
  • Minimum Requirements: 10% (Minimum deposit requirements, minimum balance requirements)

No single bank account will be the best choice for everyone, so thoroughly compare your options before picking your new account.

Summary: Virtual bank promotions on now in Canada

  • Simplii High Interest Savings Account: Earn 3.90% interest for 5 months on up to $1,000,000 in savings. Apply by March 31, 2025.
  • Simplii No Fee Chequing Account: Earn $300 when you become a new client and set up a direct deposit of at least $100 for 3 months. Offer ends April 30, 2025.
  • EQ Bank Personal Account: Earn 4.00% interest on your money for 12 months and 1.50% thereafter.
  • 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 5.40% interest for 5 months (on the first $1,000,000 in deposits) when you sign up by March 31, 2025.
  • 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.
Emma Balmforth's headshot
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."

Producer

Summary: The best online bank mobile apps in Canada

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

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

Of the online-only banks on our list of the best online banks in Canada, the Neo Financial mobile app is rated as the best according to customer reviews, with the highest user ratings across both iOS and Android. Tangerine and KOHO are tied for second place for the best mobile banking app across both app stores.

Best online bankApple App Store ratingGoogle Play rating
Simplii Financial4.2★★★★★
(12.2K reviews)
4.4★★★★★
(17.3K reviews)
EQ Bank4.8★★★★★
(42.2K reviews)
4.4★★★★★
(9.51K reviews)
Neo Financial4.8★★★★★
(41K reviews)
4.6★★★★★
(11.1K reviews)
KOHO4.8★★★★★
(80.4K reviews)
4.5★★★★★
(69K reviews)
Tangerine4.7★★★★★
(70.3K reviews)
4.6★★★★★
(42.5K reviews)
Wealthsimple4.6★★★★★
(125.4K reviews)
4.4★★★★★
(79.2K reviews)

Ratings last verified on February 6, 2025.

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 the EQ Bank Personal 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 virtual, these banks put a great deal of resources and effort into providing the most user-friendly online banking platform and mobile app experiences.

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

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 virtual banking arm of CIBC, while EQ Bank is a wholly-owned subsidiary of Equitable Bank Group, which was founded in 1970.

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

Which banks in Canada are online-only banks?

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

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

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

Which Big Banks in Canada own virtual banks?

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

  • CIBC owns Simplii Financial
  • Scotiabank owns Tangerine
  • RBC owns Mydoh
  • Median Credit Union owns motusbank

Advantages of using online banks in Canada

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

Disadvantages of using Canadian online banks

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

How to open an online bank account in Canada

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

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

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

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

Types of online bank accounts in Canada

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

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

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

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

Bank nameTypeOwned byEstablished
motusbankBankMeridian2018
EQ BankBankEquitable Group2016
TangerineBankScotiabank1997
Oaken Financial (trademark of Home Bank)BankHome Trust2013
Simplii FinancialBankCIBC2017
ManulifeBankThe Manufacturers Life Insurance Company1993
Achieva FinancialBankCambrian Credit Union1998
Alterna BankBankAlterna Savings and Credit Union2017
Motive FinancialBankCanadian Western Bank1984
KOHOOnline banking app, prepaid cardsPrivately owned2014
MydohApp and smart cash cardRBC2020
Neo FinancialOnline platform and mobile appPrivately owned2019
WealthsimpleOnline investment management platformPower Corporation of Canada2014
CI Direct InvestingOnline investment platformCI Financial2014
Outlook FinancialBankAssiniboine Credit Union2000
PC FinancialBankLoblaw Companies1996
Laurentian BankBankLaurentian Bank of Canada2019
Nest WealthOnline wealth management platformPrivately owned (partnered with National Bank)2014
Hubert FinancialOnline savings platform and appAccess Credit Union2010
CST SparkOnline RESP providerCanadian Scholarship Trust Foundation2018
Emma appAppPrivately owned2019
Wallet by BudgetBakersAppPrivately owned2010
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
Product CAFSA-CHQ Finder Score Monthly Account Fee Free Transactions e-Transfer Fee Bonus Offer Offer
BMO logo
Finder score
$17.95 (can be waived)
unlimited
$0
Earn $700
Get up to a $700 cash bonus. Valid until March 3, 2025. Plus, earn a 5.00% promo interest rate when you open a Performance Chequing and a Savings Amplifier Account.
Simplii Financial logo
Finder score
$0
unlimited
$0
Earn $300
Earn $300 when you become a new client and set up a direct deposit of at least $100 for 3 months. Offer ends April 30, 2025.
EQ Bank logo
Finder score
$0
unlimited
$0
Earn 4.00%
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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Finder Score for chequing accounts

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

Read the full methodology

1 - 3 of 3
Product CAFSA Finder Score Promo Rate Regular Interest Rate Monthly Account Fee 1 Year Return Offer
KOHO logo
Finder score
N/A
2.50%
$4
$200.00
Opt in and earn 2.5% interest on your savings. Plus, earn 1% cash back on groceries, transportation, food, and drink purchases.
EQ Bank logo
Finder score
4.00%
1.75%
$0
$400.00
Simplii Financial  logo
Finder score
3.90% for 5 months
0.30%
$0
$180
Earn 3.90% interest for 5 months on up to $1,000,000 in savings. Apply by March 31, 2025.
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Finder Score for savings accounts

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

Read the full methodology

Frequently asked questions about the best online banks in Canada

More banking guides from our experts

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

Writer

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 bio

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Co-written by

Publisher

Chelsey Hurst is a publisher at Finder, specializing in banking and investments. She loves empowering people to avoid financial pitfalls and make better decisions with their money. Chelsey has a Bachelor of Science from Redeemer University, a Master of Science from McMaster University, and has won multiple awards for research communication. In her spare time, Chelsey enjoys cooking and taking long walks in nature. See full bio

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