The days of visiting a bank branch and waiting in line to open a bank account are long gone. Most Canadian financial institutions let you open a bank account online with instant access in a matter of minutes. In this guide, we break down instant online bank accounts in Canada and the steps you need to take to open one of these accounts.
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.
| Bank account | Instant access? | Time to open account online | Monthly fee | Get started |
|---|---|---|---|---|
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BMO Performance Chequing Account |
Yes | Approximately 7 minutes | $17.95 (can be waived) | |
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Exclusive
+ Get a $175 digital Visa Card when you open a BMO Performance Chequing Account through Finder as a first-time customer—stack with BMO's offer for a total $1,275 bonus. Become a Finder Member in seconds for free to claim your reward. Keep the account open until the reward is paid. Offer ends November 30, 2026. T&Cs apply.
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Scotiabank Preferred Package |
Yes | Approximately 5 minutes | $16.95 (can be waived) | |
|
Exclusive
+ Get a $100 digital Visa Card when you open a Scotiabank Preferred Package online through Finder. Become a Finder Member in seconds for free to claim your reward. Offer ends November 30, 2026. T&Cs apply. |
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|
Neo Savings Account |
Yes | Approximately 2-5 minutes | $0 - $14.99 | |
|
Exclusive
+ Get an $80 digital Visa card from Finder when you open a Neo Savings Account online through Finder as a first-time customer, deposit 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.
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Coast Capital Free Chequing, Free Debit, and More Account
|
Yes | 5 minutes | $0 |
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KOHO Core Plan |
Yes | Approximately 5 minutes | $0 | Go to site |
|
RBC Signature No Limit Banking Account |
Yes | Within minutes | $16.95 (can be waived) | Go to site |
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EQ Bank Personal Account |
Yes | Approximately 5 minutes | $0 |
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Tangerine No-Fee Daily Chequing Account |
Yes | A few minutes | $0 |
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Wealthsimple Chequing Account |
Yes | A few minutes | $0 |
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Simplii Financial No Fee Chequing Account |
Yes | Approximately 5 minutes | $0 |
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TD Unlimited Chequing Account |
Yes | Approximately 5 minutes | $17.95 (can be waived) |
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CIBC Smart Account |
Yes | A few minutes | $16.95 (can be waived) |
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National Bank Minimalist Chequing Account |
Yes | 5 minutes | $3.95 (can be waived) |
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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.
Yes, you can open a bank account online with instant access and no credit check because most banks in Canada do not do a hard credit check when approving your application to open an account. Instead, banks will often do what’s called a “soft” credit check simply to verify your identity—which has no impact on your credit score.
That means that even if you have bad credit or no credit history at all, you will still be able to open a bank account, including instant access accounts. In fact, the Government of Canada has mandated that all Canadians have a legal right to open a bank account, even if they:
Learn more in our guide to bank accounts for bad credit.
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.
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. For example, you can open an EQ Bank Personal Account online instantly for free, as the account is offered by a digital bank and doesn’t charge a monthly fee.
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.
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:
Ready to open an instant online bank account and start managing your money? Here’s what you need to do.
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:
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.
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.
"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."
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:
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.
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