The days of visiting a bank branch and waiting in line to open a bank account are long gone. Most Canadian financial institutions now let you open an account completely online, and you can access your account in a matter of minutes.
In this guide, we explore instant online bank accounts in Canada and the steps you need to take to open an account.
Which bank account can be opened online instantly?
All of these banks let you open an account online essentially instantly, within only a few minutes. Many of these accounts don’t even charge a monthly fee.
If you're a Canadian resident, the age of majority, and you have a Social Insurance Number and a mobile phone, you can sign up for an EQ Bank Personal Account online in a matter of minutes. This account combines the features of a chequing account and a savings account—you get unlimited transactions and free ATM withdrawals, while at the same time earning 1% interest (or up to 2.75% interest for 12 months if you meet direct deposit requirements). You also get cash back on every purchase you make with the EQ Bank Card, so this account is well worth a look for a wide range of people.
If you're looking for an unlimited chequing account with instant online access, you can apply for a BMO Performance Chequing Account in just 7 minutes. This account supports unlimited monthly transactions including e-Transfers, while there are no fees for BMO ATM withdrawals. And with other perks like a $40 credit card fee rebate and a welcome bonus of up to $700, there are plenty of good reasons why you should check out this BMO day-to-day bank account.
Get up to $700*.
Earn $500 when you open a new BMO Performance Chequing Account, make a deposit of any amount by March 2, 2026 and complete two qualifying tasks by April 30, 2026.
Plus, get a Walmart Delivery Pass subscription for up to 12 months* when you open a new Savings Amplifier Account by March 2, 2026, and sign up for or update your existing Walmart Delivery Pass by April 30, 2026 by selecting Debit Mastercard as the payment option for the monthly transaction fee.
Earn $150* when you deposit a total of $10,000 or more in to your Savings Amplifier Account and maintain a daily closing balance of $10,000 or more at all times for the specified period.
Earn $50* when you create one goal and apply one strategy in My Financial Progress Plan by April 30, 2026.
*Terms apply.
Unlimited transactions
No-fee global money transfers
Annual $40 credit card fee rebate
Monthly fee if you don't meet the minimum balance requirement
$2 fee for non-BMO ATM withdrawals (1 free per month)
With a simple and streamlined application process, it takes just 5 minutes to open a Coast Capital Elevate Chequing Account. The account comes with unlimited free transactions, $0 Interac e-Transfers and no minimum balance requirement. Coast Capital is a Canada-wide credit union offering a full suite of financial products.
New members can get up to $600 when they open and use a Coast Capital Elevate Chequing Account. Conditions apply. Offer ends January 5, 2026.
No monthly fee
Unlimited free transactions
No minimum balance required
Deposit cheques on the app from your phone
Withdraw money free of charge from 4,000+ ATMs across Canada
Easy to manage your account via online and mobile banking
You'll have to pay $16.95 per month for this account
Tangerine is a well-known name in the digital banking game, so it's no surprise that its No-Fee Daily Chequing Account is quick and easy to open online. Once you've provided your personal and contact info, then confirmed your identity by uploading a photo of your ID and a selfie in the Tangerine app, you get access to an account that doesn't charge any fees for daily transactions. You get free Interac e-Transfers and free Scotiabank ABM access too, making this account a solid choice for anyone searching for the best digital bank account.
As a digital bank, Simplii offers a streamlined online signup process for its No Fee Chequing Account. It takes just a handful of minutes to complete an application, and you then get access to a fee-free account that supports unlimited debit purchases, bill payments and withdrawals. You get free access to CIBC ATMs across Canada too, while the ability to add overdraft protection if needed provides added peace of mind.
You can apply for the Preferred Package, Scotiabank's most popular chequing account, in around 5 minutes. The Preferred Package supports unlimited transactions for a monthly fee, but the fee is waived if you maintain a minimum daily balance of at least $4,000. Free e-Transfers are included, and the account is eligible for overdraft protection if you need it. And with the freedom to manage your money via user-friendly online and mobile banking portals, there are lots of good reasons why the Scotiabank Preferred Package is well worth a closer look.
Unlimited debits and e-Transfers
Free e-Transfers
Highly rated mobile app
Welcome bonus of up to $700
Monthly fee if you don't meet the minimum balance requirement
Watch out for out-of-network ATM fees
$1.99 fee for international transfers
Monthly Account Fee
$16.95
Free Transactions
unlimited
Interac e-Transfer Fee
$0
In-Network ATM Fee
$2
NSF Fee
$48
Foreign Transaction Fee
2.5%
CDIC Deposit Insurance
$100,000
Bonus Offer
Earn $700
To determine this list of the best accounts, Finder Canada analyzed 70+ chequing 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 6.
We ranked accounts based on 16 data points within four major categories. Here's how we ranked and weighted each product:
Perks: 30% (Interest rates, signup bonuses, other tailored rewards)
Banking Access: 15% (In-branch banking, online banking access, national availability)
Customer Experience: 15% (Live chat availability, Apple app ratings, Google app ratings)
No single chequing account will be the best choice for everyone, so thoroughly compare your options before picking your new account.
How quickly can you open a bank account online to get instant access?
You can open an instant online bank account with most Canadian banks and get access to your funds in less than 5 minutes. The exact time frame varies depending on the bank you choose and the details you need to provide during the application process.
You can then instantly start using features like online and mobile banking, Apple Pay and Google Pay, and depositing and transferring funds. However, you’ll typically need to wait a few days for a physical card linked to your account to arrive in the mail.
What is the fastest bank account to open in Canada?
If you have the need for speed when opening a bank account, your best bet is usually to open an account with a digital bank. These online-only providers don’t operate any physical branches, so they invest a lot of time and resources into ensuring that they offer a streamlined and user-friendly online banking experience for their customers.
For example, Tangerine and EQ Bank both offer a quick and easy account-opening process. You can sign up online in a matter of minutes, verify your ID, and get fast access to your account. And with user-friendly online and mobile banking services, Tangerine and EQ Bank both make it easy to start moving your money instantly.
Can you open a bank account online with instant access and no credit check?
You may need to undergo a credit check to open a bank account in Canada. But don’t worry: bad credit or no credit won’t stop you from being allowed to open an account.
Instead, banks may conduct a soft credit check as part of the identity verification process. So if you have less-than-perfect credit or no credit history at all, you can still open a bank account.
According to the Canadian Government, you have the right to open a bank account even if you:
Can you open an instant bank account online for free in Canada?
Yes, you can. Banks, credit unions and fintechs in Canada usually don’t charge account-opening fees, so it won’t cost you anything to set up your account.
Many providers also offer accounts with no monthly fees, so you don’t need to worry about bank fees eating away at your account balance. Some accounts from major banks do come with monthly fees, but those fees are often waivable if you meet a minimum daily balance requirement.
Reasons opening a bank account online might get delayed
In some cases, it might take a few business days for your account to be opened and activated. This may occur if there are any inconsistencies in the information you provide—for example, if the name you provide doesn’t match your ID. There can also be delays if you can’t provide all the necessary paperwork, such as if you’re a newcomer to Canada and don’t yet have a utility bill or something similar to provide proof of address.
Depending on the reason for the delay, you may be able to resolve the issue over the phone with the bank’s customer support team. But if that’s not possible, you may have to visit a branch in-person to activate your account.
There are also a handful of scenarios where a bank can refuse to open an account for you. These include:
If the bank believes you will use the account for fraudulent or illegal purposes.
If you knowingly provide false information during the application process.
If the bank only offers accounts that must be linked to an account at another bank, but you don’t have an existing account.
If you don’t allow the bank to verify your ID.
If you’re trying to open an account with a federal credit union and you refuse to become a member.
How to open a bank account online to get instant access
Ready to open an instant online bank account and start managing your money? Here’s what you need to do.
Step 1: Choose an account
Compare accounts across a range of financial institutions to find one that’s right for you. Check the number of monthly transactions and compare account fees, interest rates, branch and ATM access, and the user-friendliness of online and mobile banking platforms before deciding on an account.
Complete an application to open an account. You’ll need to provide:
Your name and date of birth
Your residential address
Your email address and phone number
Your Social Insurance Number
Step 3: Upload proof of ID
You’ll need to upload a valid ID to verify your identity, date of birth and address. You can use a driver’s licence or passport, while banks will also accept documents such as recent statements of benefits from the federal or provincial government or recent Canadian public utility bills as proof of address.
Check with your bank for details of the paperwork you need to provide.
Step 4: Sign up for online and mobile banking and start using your account
The final step is to register for online banking and download your bank’s mobile app. Once your application has been approved, you can access your account, deposit funds, set up preauthorized payments and more.
Get instant access to basic daily banking tools.
"In general, it takes as little as 15 minutes to open a bank account online — less time than it would take to travel to your nearest bank branch. When you open a bank account online, you get access to a valuable financial instrument — a place to deposit money, pay bills and access financial tools, all under the protection of federally legislated insurance.The best part about opening a bank account online is that most online bank accounts come equipped with financial calculators and automated bill payments and savings tools, all of which can help you take control of your finances."
Reasons you might have to visit a bank branch to finish opening an account
If you can’t open a bank account online and get instant access, it could be for a few reasons. Common situations where this might occur include:
If you need to present proof of ID in-person. Some banks and credit unions will require you to front up to a branch with a valid ID document to activate your account. Once that’s done, you’ll get full access to your account.
If you don’t have all the documents you need to apply online. Check your bank’s website for a list of the documents you need to provide when opening your account. If you don’t have all the necessary paperwork, you might need to visit your local branch.
If you’re opening certain account types. Some banks may require you to visit a branch to open specific types of accounts, such as business bank accounts.
If you’re not a Canadian citizen. If you’re a citizen of another country, or if you’re moving to Canada and opening an account before you arrive, you may need to pop into a branch to activate your account.
If you prefer face-to-face customer service. If you prefer good old-fashioned in-person customer service, you can always choose to open an account at your nearest branch.
Bottom line
It’s quicker and easier to open an instant online bank account in Canada than ever before. Compare a range of accounts based on your banking needs, then sign up online and start managing your money straight away.
Frequently asked questions about instant online bank accounts
The EQ Bank Personal Account is the best no-fee Canadian online bank account that offers a quick sign-up process and requires minimal paperwork. Most of the application will be completed online in just a few minutes. You'll also be told immediately if the application was successful and will get instant access to the account.
Yes. Many Canadian banks, credit unions and fintechs now allow you to open an account online within minutes and then get access to your account straight away. You'll need to provide your personal and contact details along with proof of ID to apply to open an account.
Our top pick as the best instant online bank account is the EQ Bank Personal Account. This hybrid account supports unlimited daily transactions and free e-Transfers with no monthly fee, while it also offers fee-free ATM withdrawals across Canada and cash back on purchases. At the same time, it pays a base interest rate of 1% on your balance, but this rises to 2.75% for up to 12 months if you meet deposit requirements. And if you're keen to open an account, you can do so online in a matter of minutes.
No. Most Canadian financial institutions now allow you to apply for an account and verify your ID online. However, if you can't provide all the required paperwork, or if you're a newcomer to Canada, you may need to visit a branch in order to open an account.
The exact time required to apply for an account varies between banks. But as a general guide, you can typically complete an online application within 5-10 minutes.
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.
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Whether you’re looking for a digital-only bank, a virtual bank account or a bank account you can access online, we help you find and compare the best online banks in Canada.
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We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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