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7 best Nubank alternatives in Canada

Nubank isn't available in Canada — but these great alternatives are.

Nubank is one of the world’s largest digital banks, boasting around 90 million customers in Latin America. This branchless bank offers a fee-free digital account and credit card, plus the ability to manage your money via online or mobile banking.

But Canadian customers can’t use Nubank. So if you’re searching for Nubank alternatives in Canada, you’ve come to the right place.

Is Nubank available in Canada?

No. Unfortunately, Nubank is not available in Canada — its banking products and services are only available in Latin America.

The good news is that there are several online-only banks that are viable Nubank alternatives in Canada. Let’s take a closer look at seven of the best.

Top 7 Nubank alternatives in Canada

1. Simplii Financial

Simplii Financial is an online-only bank owned by CIBC, one of Canada’s largest banks. Launched in 2017, Simplii offers bank accounts, credit cards, mortgages, loans and investment accounts to almost two million customers.

Its No Fee Chequing Account supports unlimited debit purchases, bill payments and withdrawals, plus free access to over 3,400 CIBC ATMs across Canada. And as the name suggests, it has no monthly fees.

Simplii also offers a High Interest Savings Account with a high promotional interest rate and no monthly fees, and a Cash Back Visa credit card that rewards you for your spending.

Like Nubank, Simplii offers a user-friendly mobile app and online banking platform to make it easy to manage your money at home and on the go.

Simplii High Interest Savings Account

6%
Interest Rate
$0
Account Fee
$0
Transaction Fee
The Simplii High Interest Savings Account offers a promotional interest rate of 6% for the first 5 months. After that, the account reverts to a tiered interest rate of between 0.4% and 1.25% on balances of less than $1 million, and 5.5% on balances over $1 million. There are also no monthly fees and no minimum balance requirements to worry about.
  • High promotional interest rate
  • No monthly fee
  • No minimum balance requirement
  • Easy to apply and manage your account online
  • Much lower rate after promo period ends
  • Tiered rate structure
  • No branches available
  • Simplii Financial has an average of 1.9 out of 5 stars based on over 540 Trustpilot reviews
Min. Age 18
Account Fee $0
Transaction Fee $0
Interac e-Transfer Fee $0
NSF Fee $45

2. EQ Bank

EQ Bank is the digital arm of Equitable Bank and was launched in 2016. This online-only bank is a leading Nubank alternative and offers a wide range of personal and business banking products.

EQ Bank is best known for its Personal Account, which combines the features of a chequing account and a savings account into a single package. It also offers a US Dollar Account, TFSA, RSP Savings Account and GICs.

You can manage your account via the EQ Bank mobile app, available on Android and iOS, or log in to online banking.

EQ Bank Personal Account

4%
Interest Rate
$0
Account Fee
$0
Transaction Fee
This hybrid account combines the interest-earning power of a savings account with the easy access to funds of a chequing account. It pays up to 4% interest if your pay is direct deposited into your account, while it also supports unlimited transactions and has no monthly fees. You can also withdraw funds from your account for free from any ATM in Canada with an EQ Bank Card.
  • Hybrid account
  • Competitive interest rate
  • No monthly fee and no minimum balance requirement
  • Free ATM withdrawals across Canada
  • No bank branches
  • Interest rate drops to 2.5% if you don't direct deposit your paycheque
  • EQ Bank is rated 2 out of 5 stars based on 70 Trustpilot reviews
Min. Age 18
Account Fee $0
Transaction Fee $0
Interac e-Transfer Fee $0
NSF Fee $0

3. KOHO

KOHO is a Toronto-based fintech that offers a spending and saving account combined with a reloadable prepaid credit card. You can earn interest on your balance and cash back on your spending, and there are no monthly fees on the base plan.

KOHO also offers three paid plans that range from $4 to $19 per month, allowing you to access higher interest and cash back rates and other discounts.

Everything is managed via the KOHO app, which has an average user rating of 4.8 out of 5 (77,000+ reviews) on the App Store and 4.6 out of 5 (65,000+ reviews) on Google Play. So if you’re searching for Nubank alternatives in Canada, there are plenty of good reasons why you should check out KOHO.

KOHO Easy Prepaid Mastercard

$0
Monthly Fee
$0
Transaction Cost
1% cash back
Rewards
Easy is KOHO's no-monthly-fee plan. It pays 3% interest on your entire account balance, and 1% cash back on groceries and transportation expenses you pay for with your prepaid KOHO Mastercard. You can also send free e-Transfers from your account, plus use the app to set savings goals and boost your balance with the RoundUps feature.
  • Earn 3% interest on your balance
  • 1% cash back on groceries and transportation
  • CDIC protected
  • User-friendly app
  • You'll need a paid plan to access higher interest and cash back rates
  • No physical branches
Monthly Fee $0
Transaction Cost $0
Foreign Transaction Fee 1.5%
Monthly Fee $0
e-Transfer Fee $0
NSF Fee $0
Rewards 1% cash back

4. Neo Financial

Launched in 2019, Neo Financial is a Calgary-based fintech that offers a savings account and a prepaid credit card. This allows you to earn cash back on your spending at thousands of Neo partners, plus pays a high rate of interest on the funds in your account.

Neo also offers credit cards, mortgages and actively managed investment portfolios. Like the other providers on this list, Neo Financial doesn’t operate any branches. But with a user-friendly app and online platform, it’s easy to manage your money at home and on the go.

Neo High Interest Savings Account

4.00%
Interest Rate
$0
Account Fee
$0
Transaction Fee
Neo Money gives you access to a high-interest savings account that pays 4% interest on every dollar you deposit. You can create separate accounts to track your balance and split money across different savings goals, and you can pair your account with a Neo prepaid Mastercard. The card offers 1% cash back on gas and groceries, 3% cash back on streaming and food delivery services, and an average of 5% cash back at restaurants, cafes and bars. And if you want to boost your cash back earning power, you can sign up for a Premium account for $4.99 a month.
  • High interest rate
  • Cash back across a wide range of spending categories
  • Highly-rated mobile app
  • Easy access to your money
  • No physical branches
  • Relatively new provider
  • You'll need a paid plan to access the highest cash back rates and other discounts
Min. Age N/A
Account Fee $0
Transaction Fee $0
Interac e-Transfer Fee $0

5. Tangerine

Tangerine Bank is a Scotiabank subsidiary that originally started out in Canada as ING Direct. It’s been in Canada since 1997 and offers branchless banking to over two million customers.

Tangerine’s No Fee Daily Chequing Account doesn’ charge any day-to-day banking fees, while the bank also offers savings accounts, credit cards and business banking services.

Tangerine also offers a highly-rated mobile app that scores an average of 4.7 out of 5 from over 60,000 App Store reviews and 4.5 out of 5 from over 30,000 Google Play reviews. Along with a user-friendly mobile banking experience, this makes Tangerine a popular Nubank alternative.

Tangerine Savings Account

5.75%
Interest Rate
$0
Account Fee
$0
Transaction Fee
The Tangerine Savings Account has no minimum balance requirement and pays 0.7% interest on every dollar you deposit to your account. There's no monthly fee to worry about either, and it's easy to manage your money via the Tangerine mobile banking app. You can sign up for an account through the app too, making it easy to start saving straight away.
  • Established provider
  • Highly-rated mobile app
  • No monthly fee or minimum balance requirement
  • There are better interest rates available elsewhere
  • No physical branches
Min. Age 16
Account Fee $0
Transaction Fee $0
Interac e-Transfer Fee N/A

6. Wise

UK-based Wise launched back in 2011 as an international money transfer company. With a commitment to offering the mid-market rate when you send money overseas, Wise offers a more cost-effective money transfer solution than sending funds from your bank.

But Wise now also offers a Multi-Currency Account that supports 40 currencies, provides local bank account details for up to 9 currencies, and comes with a linked debit card you can use around the world.

Like Nubank, Wise also offers a seamless online experience and a highly-rated app, with the app boasting an average customer review score of 4.7 out of 5 on both Google Play and Apple’s App Store.

Wise Business

$0
Monthly Account Fee
CAD, USD, GBP, EUR, AUD, HUF, NZD, RON, SGD, TRY
Multicurrency Accounts
0.43%
Currency Conversion Fee
The Wise Multi-Currency Account is designed to make it easy and affordable to send and receive international payments and exchange currencies. The account lets you hold 40 currencies and convert between them at the mid-market exchange rate, while local bank account details in up to 9 currencies mean you can receive payments from around the world. It's also backed by 24/7 multilingual support in case you ever have any problems with your account.
  • User-friendly app
  • Send money in 40 currencies
  • Get the mid-market exchange rate on currency conversions
  • Receive international payments in 9 currencies
  • No physical branches
  • Transfer fees apply
Monthly Account Fee $0
Multicurrency Accounts CAD, USD, GBP, EUR, AUD, HUF, NZD, RON, SGD, TRY
Currency Coversion Fee 0.43%
GIC Available No

7. motusbank

Launched in 2018, motusbank is a digital bank with no physical branches. Headquartered in Toronto, it’s owned by Meridian Credit Union.

motusbank offers savings and chequing accounts, investment accounts, GICs, mortgages and HELOCs. Its High Interest Savings Account pays interest at a competitive rate and provides easy access to funds, while its No Fee Chequing Account is well worth a look if you want unlimited transactions without having to worry about monthly fees.

You can use the motusbank mobile app to check your balance, send money, pay bills, deposit cheques and find your nearest ATM.

Motusbank High Interest Savings Account

2.50%
Interest Rate
$0
Account Fee
unlimited
Transaction Fee
This account pays 2.5% interest on every dollar you deposit. There are no monthly account fees or minimum balance requirements to worry about, while you can also make unlimited debit purchases and withdrawals. The peace of mind of CDIC protection is another added bonus.
  • Competitive interest rate
  • No monthly fees
  • Fee-free access to over 43,000 ATMs in North America
  • Easy to open an account
  • No bank branches
  • You can earn more interest elsewhere
Min. Age 18
Account Fee $0
Transaction Fee unlimited
Interac e-Transfer Fee N/A

What is Nubank?

Nubank is a Brazilian financial services technology company that was founded in 2013. Headquartered in Sao Paulo, this digital bank offers financial services to over 90 million customers in Latin America. It’s a branchless bank, so customers can manage their accounts via the Nubank mobile app or online banking.

Nubank’s headline product is its Digital Account, which supports unlimited free transfers, lets you pay bills and recharge your mobile, and also pays interest on your account balance. Nubank also offers credit cards, life insurance, mobile insurance, personal loans, investments and business banking solutions.

What countries have Nubank?

Nubank is available to customers in Brazil, Mexico and Colombia.

Is Nubank a real bank?

Yes, Nubank is a real bank. But unlike a traditional bank that runs brick and mortar branches, Nubank is completely digital. This means you can access its services online at any time, either via the Nubank mobile app or internet banking.

Nubank offers many of the same products and services you can get from a traditional bank — an everyday account, credit cards, personal loans and the like. But because it doesn’t have to cover the running costs of physical branches, it can afford to offer features like low fees and competitive interest rates.

Bottom line

Nubank isn’t available in Canada, but there are several Nubank alternatives that offer easy access to digital banking services. Compare accounts across a range of neobanks before deciding on the best place to park your money.

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