Digital banking in Canada

The National Bank mobile banking app

You can download the National Bank app on iOS and Android devices.

	Apple App Store rating	Google Play rating
National Bank app	4.8 – ★★★★★ 253K reviews	4.9 – ★★★★★ 52.4K reviews

TD digital banking

TD is not only one of Canada’s Big Five Banks, but is one of the top 10 banks in North America. TD Canada Trust is the commercial banking arm of TD Bank Group, which services over 27.5 million customers worldwide.

Like other big banks we’ve discussed, TD offers digital banking through its mobile app and online banking portal. In fact, TD’s mobile app tied for first place in “Highest in Customer Satisfaction” as part of the J.D. Power 2023 Canada Banking Mobile App Satisfaction Study.

Get started with the TD Unlimited Chequing Account:

The TD Canada Trust mobile banking app

TD offers a mobile app for both iOS and Android devices.

	Apple App Store rating	Google Play rating
TD app	4.5 – ★★★★★ 85K reviews	4.8 – ★★★★★ 150K reviews

CIBC digital banking

Whether you’re looking for everyday banking solutions or ongoing wealth management, CIBC has a lot to offer its customers both online and in person as one of Canada’s Big Five Banks. When it comes to digital banking, CIBC offers both a mobile app (for iOS and Android) and online banking portal.

The CIBC mobile app tied for first place in the J.D. Power 2023 Canada Banking Mobile App Satisfaction Study for “Highest in Customer Satisfaction.” CIBC’s app boasts some interesting features, like allowing you to check your credit score for free, get real-time currency conversions for CIBC Visa Cards, set up savings goals and open accounts.

Get started with the CIBC Smart Account:

The CIBC mobile banking app

The CIBC mobile app is available for download on iOS and Android.

	Apple App Store rating	Google Play rating
CIBC app	4.3 – ★★★★★ 27K reviews	4.0 – ★★★★★ 53K reviews

Pros and cons of digital banking

Opting for digital banking can give Canadians many conveniences and perks, but it’s always important to consider the drawbacks when deciding if it’s the right move for you.

What is a digital banking?

Digital banking enables you to manage all of your finances entirely online through mobile banking apps and online banking portals. Although you may see the term “digital banking” used interchangeably with the term “online banking,” it’s safe to think of digital banking as the umbrella term for all the various ways you can manage your money over the internet.

Most banks in Canada offer a digital banking experience with a mobile app designed to help you complete all or most of your day-to-day banking online, without having to visit a physical bank branch. You simply log in to your bank’s online portal or mobile app to pay bills, open new accounts, send e-transfers, order cheques, request replacement cards and much more.

What are the biggest digital banks in Canada?

The biggest digital bank from our list of digital banks in Canada, according to the total number of customers serviced, is Tangerine with over 2 million customers and more than $40 billion in total assets.

Alternatives and lesser-known digital-only banks

From the online offerings of major banks to big digtial-only banks like EQ Bank and Tangerine, it’s easy to forget that there are plenty of other banks in Canada that offer digital banking. Consider these other options:

Smaller banks and credit unions

Many credit unions and lesser-known financial institutions have competitive offerings with digital-only banking or a mix of online and in-branch banking. Credit unions like Alterna, Coast Capital, Meridian and Vancity all offer chequing and savings accounts you can manage via online or mobile banking. Some other small-bank and credit unions examples in Canada include:

• Alterna Bank.
  Alterna Bank was launched in 2000 to act as the digital bank arm of Alterna Savings. Read our review here.
• Manulife Bank.
  A subsidiary of insurance and financial services company Manulife, this online-only bank offers chequing, savings and US dollar accounts as well as credit cards, mortgages, loans and investments.
• Achieva Financial.
  This is one of the oldest online banking providers in the country (launched in 1998). It was opened as a division of the Cambrian Credit Union, based out of Manitoba. Read our review here.
• ICICI Bank Canada.
  ICICI has branches in Alberta, BC, Ontario and Nova Scotia and offers a full suite of banking products.
• Oaken Financial.
  This digital bank that was launched in 2013 as the direct “deposits” arm of Home Bank. Read our review here.
• Outlook Financial.
  This online banking provider was launched in 2000 as a division of the Assiniboine Credit Union, one of the most respected financial co-operatives in Canada. Read our review here.
• AcceleRate Financial.
  This digital banking provider that was launched in 2010 as a division of the Crosstown Civic Credit Union, which is a well-established financial institution in Manitoba.
• Implicity Financial.
  This is an online banking provider that was created by Entegra Credit Union. Read our review here.
• Hubert Financial.
  This is a well-known digital bank that was launched by Sunova Credit Union (which is one of the top 100 credit unions in Canada). Read our review here.
• Impak Finance.
  Based in Quebec, this online banking provider’s focus is on ethical banking and social responsibility.
• NorthOne Business Banking.
  This challenger bank is based in the US but is headquartered in Toronto. Its focus is small businesses and startups.
• Wealth One Bank of Canada.
  This digital bank offers a savings account, mortgages, lines of credit and investment products. It also offers customer support in English, Mandarin and Cantonese.

Money apps

Providers like KOHO, Neo Financial and Mydoh provide mobile apps designed to make it easy to manage your money. Other perks like earning interest on your balance and cash back on purchases are often included too.

Is digital banking safe?

Yes, most banks and other financial institutions that offer digital banking use standard safety measures to ensure your money is safe.

Firstly, keep in mind that digital banking providers need to have the same banking licenses as existing Canadian banks before they’re able to offer products and services. Banks will be regulated by the Office of the Superintendent of Financial Institutions (OSFI) and the Financial Consumer Agency of Canada (FCAC).

Almost all deposit-taking financial institutions in Canada — including the Big 6 Banks, digital-only banks, money apps and fintechs — are members of the government’s Canadian Deposit Insurance Corporation (CDIC). Any money deposited in a CDIC-member bank is protected for a reimbursement of the full amount (up to $100,000) in the event of a bank collapse, insolvency, theft or similar method of loss.

You can have multiple accounts protected under CDIC insurance, each up to $100,000. If you’re unsure, go online or call the online bank or fintech provider and look for CDIC protection.

Financial institutions that offer digital banking typically use technology to enhance safety. These features often include:

• Two-factor authentication, which requires you to use more than one method or device to sign into your account.
• Biometric login, where you can use your phone or computer’s biometric technology to log in, like fingerprints and facial recognition.
• Text and email alerts, where the bank will send you texts or emails if there is suspicious activity in your account, or if you reach a minimum balance threshold on your account.
• Other features, like data encryption, SSL certificates, strong password requirements and constant fraud monitoring.

What is mobile banking?

Mobile banking is any sort of financial management that is done primarily through an app. It provides access to all online banking services solely through an app designed for a smooth, efficient user experience from your phone or tablet.

Mobile banking apps help you save, budget and manage your spending on the go. Some of the best advantages to mobile banking are:

• 24/7 access to all digital banking services
• Send and receive money anytime, anywhere
• Pay bills on the go
• Instantly transfer money between accounts
• Make credit card payments right away
• You can freeze your cards immediately if they get stolen
• Deposit cheques by uploading pictures of the cheque to the app

Most mobile banking apps will also give you access to loads of other financial tools, like investment management, account applications, card limit management and account settings.

Different types of mobile banking apps

• Traditional bank mobile apps. All of the biggest banks in Canada, like BMO, CIBC, TD and RBC, offer mobile banking apps with full functionality allowing you to fully manage your bank debit and credit card accounts through the app. Check out the top 5 banking apps in Canada here to learn more.
• Apps that help you save. Budgeting apps, like Emma, are examples of mobile financial apps that are designed to help people easily track, save and manage your money at a glance. They function as budgeting apps.
• Prepaid card apps. Some companies, like KOHO, let you control a prepaid card from an app so you can track your transactions and see exactly how much money you have left.
• Investment apps. Some apps help you save and let you invest in stocks from your phone so that you have more control over your finances, like Wealthsimple.

Other things to consider about alternative digital banks

While opting for smaller digital banks can potentially save you money, there are some potential risks to consider before signing up for some of the smaller, alternative digital banks.

• Your money may not be covered by the CDIC

  Most banks are insured by the CDIC, which means your deposit of up to $100,000 is backed by the Canadian government. Not all app-based banks have this same protection. You can view CDIC’s Members List to learn if your bank is CDIC insured.

• Alternative digital banks don't always afford the same rewards as traditional banks

  Digital banks aren’t always able to offer the financial rewards, such as signup bonuses, that are common at many big banks. This varies by institution and is not always the case.

• Some banking apps link to your pre-existing bank accounts

  Not all digital banks are banks in the traditional sense. Some digital banks work alongside your pre-existing accounts to gather all your spending data in one place, offer you insights into the way you spend your money and suggest ways to improve your finances.

Use of online bank accounts continues to grow

According to results from the recent Finder: Consumer Sentiment Survey Q1, the majority of Canadians (55%) plan to open a bank account or new banking product at one of Canada’s big five banks. However, a growing number of Canadians — almost 1 in 4 (24%) — are turning to online banks, instead.

How to get started with digital banking

Digital banking is designed to be user friendly, so making the transition into digital banking is easier than ever. Follow these simple steps to get started with digital banking:

1. Browse digital banking options in Canada to find the best digital banking account and platform for you.
2. Open an account. Most banks let you sign up for a standard account completely online.
3. Set up an online banking portal login. Navigate to your bank or financial institution website’s and click the log in button, enter your username or access card number, enter the password you want to use and login.
4. Download the bank’s mobile banking app. Go to the Apple App store or Google Play store to download your bank’s app. You’ll typically use the same login credentials to get into the app as you would online.

If you want to join one of the new digital bank providers that have yet to open in Canada, you can join their waitlist by visiting their website. When they launch products, those on the waitlist will be the first to know and the first to receive access to these new products.

What’s the difference between a digital bank and a challenger bank?

“Challenger” is generally used to refer to challenging the market power of traditional banks. While digital banks are built on existing infrastructure and closely mimic traditional banks, challenger banks don’t use any physical infrastructure or digital operating systems that are already being used by existing financial institutions.

For example, digital banks like Tangerine or EQ Bank, usually don’t have physical branches (or they rely on the branches of other physical banks) and customers use mobile banking apps to control their money. Challenger banks, like Revolut or N26, are completely web based and don’t use any existing legacy systems to operate.

Are new banks or challenger banks “real” banks?

Not all challenger banks or new banks are actually banks. According to Canadian regulations, challengers and online banking apps need a full banking license to use the term “bank” in company branding and marketing materials.

Tangerine and EQ Bank are chartered (licensed) digital banks that offer a suite of everyday banking products. But apps like KOHO offer a narrower range of products that target more specific financial needs. Such apps compliment – but aren’t necessarily a substitute for – the institutions you use for everyday banking.

The bottom line on digital banking in Canada

Digital banking is becoming more and more popular – and for good reason. Besides the convenience it provides, digital banking often caters to specific niches and groups, and is known for coming with innovative apps. But before you ditch your current traditional bank, take the time to read through all of the fine print to make sure the digital bank you’re interested in is as good as it sounds, then compare digital banking providers to find the right one for you.

Survey Methodology – Finder: Consumer Sentiment Survey Q1

The results of the Finder: Consumer Sentiment Survey Q1 were collected through an online Pollfish survey conducted between December 2022 and January 2023. In the survey, 1,846 Canadians from across the country were asked about their current banking services and their intentions and motivations for new banking products. The estimated margin of error for the survey is +/- 3%, 19 out of 20 times.

Survey Methodology – Finder: Consumer Sentiment Survey Q2 2023

The results of the Finder: Consumer Sentiment Survey Q2 were collected through an online Pollfish survey conducted between April 27 to 29, 2023. In the survey, 1,011 Canadians from across the country were asked about their current banking services and their intentions and motivations for new banking products. The estimated margin of error for the survey is +/- 3.08%, 19 out of 20 times.

Frequently asked questions about digital banking

• How can I tell if a digital bank is insured by the CDIC?

  You can view CDIC's Members List to learn if your bank is CDIC insured.

• Are digital banks cheaper than traditional banks?

  Digital banks can afford to slash fees because of financial technology (fintech) that makes it possible to perform many everyday banking functions without leaving your home or dealing face-to-face with bank representatives.

  Usually, there are no physical branches. Instead, customers access accounts, manage their money and contact customer service representatives through mobile apps, online banking, phone, text messages and email.

  With very low overhead costs, many digital banks are able to offer zero monthly account fees, low-cost international money transfers and low-fee investment options.

• How do I get help with my online banking if there are no bank branches?

  Digital banks often have multiple ways for you to contact customer service, including via online chat, email and phone. Sometimes you can visit a traditional bank's branch that is a partner with your digital bank. Check with the bank you're interested in to find out how they handle customer support before signing up.

• Why does the Canadian version of the bank I'm interested in offer less features?

  Overseas banks that come to Canada aren't always able to offer the same features to Canadian users because of regulations. In some cases, the bank will roll out new features as it expands, but not always. Banking regulations vary from country to country, making it difficult to offer the same features in every country.

• What does it mean for a digital bank to be licensed?

  All banks operating in Canada must be licensed by the federal government. Such licensed banks are referred to as "chartered banks" and are subject to the following:

  • Bank Act. Chartered banks are subject to the federal Bank Act, which has 3 main goals: protect customers' savings, protect cash reserves and promote competition to reinforce the efficiency of Canada's financial system.
  • OSFI. All domestic and foreign banks operating in Canada are regulated by the federal Office of the Superintendent of Financial Institutions (OSFI), which supervises federally-regulated financial institutions and pension plans.
  • FCAC. The Financial Consumer Agency of Canada (FCAC) protects consumer interests by enforcing protective measures and educating consumers about their rights and how to manage money.
  • FINTRAC. Federally-regulated financial institutions must comply with policies outlined by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) that are designed to prevent money laundering, terrorist financing and fraud. Suspicious transactions must be reported, and, if necessary, relayed to the appropriate law enforcement body for further investigation.
  • CDIC. The Canada Deposit Insurance Corporation (CDIC) protects customer deposits up to $100,000 per customer per institution. In the event a bank fails, depositors won't lose all their savings. Coverage applies to chequing accounts, savings accounts, foreign currency accounts, GICs, mutual funds, ETFs and even cryptocurrency accounts.

  Non-chartered financial companies aren't necessarily bad or unsafe. However, you won't receive the same level of protection that you would with a federally-regulated financial institution.

• Why should students choose digital banking?

  Digital banking typically comes with better deals, bureaucracy-free accounts and more user-friendly online banking services. Digital banking doesn't usually come with dedicated student features, but the standard options make quite a lot of sense for the typical student who doesn't need extensive banking products and whose monthly budget is a bit stretched.

  In general, young people seem to like digital banking – a lot, actually. There's a bunch of different reasons behind it, but mostly:

  • Accounts are fast to set up. Opening a bank account takes a few minutes and you'll get the card within a few days.
  • It's mobile-friendly. Digital banks come with an app that usually looks good, works well and does cool stuff. For example, most show you data about where and how you spend most of your money. Also, most apps give instant notifications when you use your card to help you keep track of what you spend.
  • You don't need to actually talk to someone to open an account. Don't shrug your shoulders, we know you like this. You can even set up your account while waiting for your take out order to arrive with that Netflix crime documentary on in the background.
  • Free to join and low fees. Most challenger banks offer a free basic account and in most cases won't charge you for basic banking services such as ATM withdrawals, bank transfers and card payments.
  • It can help you save money. When you're a student, budgeting is an art form – how many rum and cokes can you afford if you still want to eat three decent meals a day? Digital banking apps often have features that can help you budget, by gathering data on your spending habits and regrouping them in clear, colourful graphs.
  • Young brands. For many young people, traditional banks are the banks of their parents. Challenger banks have been able to establish themselves as cool brands. That kind of feeling, although subconscious, often plays a part when you're choosing a product.

• How else do people refer to digital banking?

  There are multiple terms used to describe online or digital banks. However, there are some distinctions to make:

  • Challengers or challenger banks. It's a general word that refers to the idea that these companies are "challenging" traditional banks and their power in the market. Challengers are only entitled to call themselves a "bank" if they have a full banking licence, such as N26. Not all challengers are banks. Companies like KOHO, for example, provide services to help you save and spend your money in non-traditional ways.
  • Banking apps. The term "banking apps" also encompasses budgeting apps like Emma, which don't actually hold any funds, but use Open Banking to connect to your current account and help you manage your finances.

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