What are the best no-fee Canadian online bank accounts for quick sign-up and low paperwork?

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.

Can I open a bank account online and use it right away?

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.

What is the best instant online bank 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 if you meet deposit requirements. And if you're keen to open an account, you can do so online in a matter of minutes.

Do you need to visit a branch to open a bank account?

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.

How long does it take to open a bank account online?

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.