Nubank is one of the world’s largest digital banks, boasting around 110 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 six of the best.

Top 6 Nubank alternatives in Canada

1. 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.

9.4 Excellent

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EQ Bank Personal Account

Earn 3.00%
Bonus Offer

$0
Monthly Account Fee

unlimited
Free Transactions

• Info
• Pros + Cons
• More Details

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 3% 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 1.5% if you don't direct deposit your paycheque
• EQ Bank is rated 2 out of 5 stars based on 70 Trustpilot reviews

Monthly Account Fee	$0
Free Transactions	unlimited
Interac e-Transfer Fee	$0
In-Network ATM Fee	$0
NSF Fee	$0
Foreign Transaction Fee	0%
CDIC Deposit Insurance	$100,000
Bonus Offer	Earn 3.00%

2. 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 in price, 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 (based on 91K reviews) on the App Store and 4.4 out of 5 (based on 75.7K 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.

8.3 Great

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KOHO Everything Plan

3.50%
Interest Rate

$22
Account Fee

$0
Transaction Fee

• Info
• Pros + Cons
• More Details

KOHO offers a spending and saving account with a very competitive interest rate. The account is linked to a reloadable prepaid card you can use anywhere Mastercard is accepted. Plus, you can earn cashback on purchases.

• Earn cash back on your spending
• 3.5% on your balance
• User-friendly mobile app

• You'll pay a small monthly fee
• Watch out for ATM fees

Ongoing Interest Rate	3.5%
Promotional Interest Rate	No promotional rate available
Monthly Account Fee	$22
Minimum Balance	$0
CDIC Deposit Insurance	up to $100,000

3. 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.

9 Excellent

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Neo Savings Account

2.25% - 3.00%
Interest Rate

$0 - $14.99
Account Fee

$0
Transaction Fee

• Info
• Pros + Cons
• More Details

Finder Reward

Get $80 from Finder Open a new Neo Financial Chequing or Savings Account online through Finder as a first-time customer, deposit a total of at least $50 within 30 days of opening and keep the account active until February 15, 2027. One Neo reward per member. Offer ends December 30, 2026 at 5:00 PM ET.

T&Cs apply.

The Neo Savings Account offers a tiered interest rate that includes one of the highest ongoing rates in Canada, especially for Neo Grow membership holders. Earn 2.25% interest on your balance with a Neo Essentials membership, 2.75% interest with a Neo Build membership, and 3.00% with a Neo Grow membership.

• Earn a high interest rate
• No minimum balance to start earning interest
• CDIC insured for up to $100,000

Ongoing Interest Rate	3%
Promotional Interest Rate	No promotional rate available
Monthly Account Fee
Minimum Balance	$0
CDIC Deposit Insurance	$100,000

4. 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.

8.2 Great

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Tangerine Savings Account

4.5%
Interest Rate

$0
Account Fee

$0
Transaction Fee

• Info
• Pros + Cons
• More Details

The Tangerine Savings Account has no minimum balance requirement and pays 0.3% 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

Ongoing Interest Rate	0.3%
Promotional Interest Rate	Up to 4.5%
Monthly Account Fee	$0
Minimum Balance	$0
CDIC Deposit Insurance	$100,000

5. 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.

8.2 Great

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Simplii High Interest Savings Account

5% for 5 months
Interest Rate

$0
Account Fee

$0
Transaction Fee

• Info
• Pros + Cons
• More Details

The Simplii High Interest Savings Account offers a promotional interest rate of 5% for the first 5 months. After that, the account reverts to a tiered interest rate of between 0.3% and 0.7% on balances of less than $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

Ongoing Interest Rate	0.3%
Promotional Interest Rate	Up to 5%
Monthly Account Fee	$0
Minimum Balance	$0
CDIC Deposit Insurance	$100,000

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.

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 110 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.

What to consider when choosing a Nubank alternative

With so many digital banks competing on the market, there’s no better time to find an inexpensive online bank with great rates and features. When comparing your options, keep these important points in mind:

• Low fees. Online banks typically come with no monthly fees, unlimited free transactions and no minimum balance requirements. But there may be other costs to look out for like foreign transaction fee and in-sufficient funds fees.
• Interest rates. One great advantage of online banks over traditional banks is that you’ll likely score higher interest rates. You may get an even higher rate with a new account offer. Make sure you check the fine print before opening an account, so you know what ongoing rates and fees to expect.
• Customer service. If you go with a digital bank, you can’t visit a local branch for in-person support. But digital banks may offer services by phone, live chat or email. Check out customer reviews to get a feel for how well a bank supports its users.
• Money transfers. Does the bank you’re interested in offer Interac e-Transfers or other ways of sending and receiving money? What cost is involved? If you want the ability to send wire transfers, cheques or money orders, a traditional bank may be preferrable to an online institution.
• Account protection. Canadian banks are federally regulated by the Office of the Superintendent of Financial Institutions (OSFI). Look for an institution that covers your deposits with CDIC insurance and that takes industry-standard security measures like data encryption, multi-factor authentication and automatic session timeouts.

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.

Nubank alternatives FAQ

• Is Nubank only in Brazil?

  No. Nubank also offers its banking products and services to customers in Mexico and Colombia.

• What is a neobank?

  A neobank is a financial technology company that offers online access to financial products and services. Unlike traditional banks, neobanks don't operate any physical branches, so customers access their services via online or mobile banking. Neobanks are sometimes referred to as challenger banks.

• Can you use Nubank in USA?

  No, Nubank is not available in the USA. Its products are only available to customers in Brazil, Mexico and Colombia.

• What is the Nubank Digital Account?

  The Nubank Digital Account is an online account that supports free unlimited transfers and has no monthly fees. It also pays interest on your account balance and comes with a linked debit card you can use to pay for purchases.

Written by

Tim Falk

Writer

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Tim Falk is a freelance writer for Finder. Over the course of his 20-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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Stacie Hurst

Editor

Stacie Hurst is an editor at Finder, specializing in loans, banking, investing and money transfers. She has a Bachelor of Arts in Psychology and Writing, and she has completed FP Canada Institute's Financial Management Course. Before working in the publishing industry, Stacie completed one year of law school in the United States. When not working, she can usually be found watching K-dramas or playing games with her friends and family. See full bio

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Stacie has written 233 Finder guides across topics including:

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