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
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
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
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.
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.
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.
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
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.
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.
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.
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:
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.
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.
"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."
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.
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?
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.
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.
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
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.
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.
Frequently asked questions about the best online banks in Canada
Yes. Regardless of whether you use an online account from a traditional bank or a virtual bank, it is safe and secure. Banks use data encryption, the latest security technology and fraud detection measures to help protect your money.
While most online banks in Canada can be trusted to safely handle your money, Canadians seem to be the most satisfied banking with Tangerine and Simplii Financial, according to the most recent J.D. Power Canada Retail Banking Satisfaction Study.
If you want to open a bank account online in Canada, you're spoiled for choice. Most banks allow you to apply and open an account completely online, and you can even upload proof of ID to verify your identity digitally.
Yes, you can open a virtual bank account in Canada. There are several virtual banks in Canada that don't have any physical branches. You can open an account online and then manage your money via online and mobile banking.
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
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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Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which Finder receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Finder compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
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