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Open a bank account online in Canada in 5 easy steps

To find the easiest bank account to open online follow these five, easy steps.


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Can you open a bank account online? Yes. In most cases, it’s fast and easy to open a bank account online in Canada. Whether you’re looking to open a chequing account online or set up an online savings account, you can now open a bank account in Canada from anywhere.

To learn how easy it is to open a bank account online in Canada, jump to our 5 easy steps or choose from our list of providers below, which make bank account opening online easy.

Bank accounts you can open online in Canada today

In general, all major banks and digital banks make it easy to open a bank account online in Canada. The time it takes to apply online will depend on whether you’re an existing customer or not, but applications typically take 5 to 10 minutes. Browse through the list of trusted Canadian banks below, and click the “Go to site” button to open a chequing account online or open a savings account online today.

AccountWhat We LikeMonthly Account FeeOpen an Account
  • Earn a $450 welcome bonus
  • Earn 5.25% interest on a Savings Amplifier Account
  • $0 transactions and eTransfers
$16.95 (can be waived)Go to site

BMO Performance Chequing Account

Simplii Logo
  • Earn a $400 welcome bonus
  • Earn 6% interest for 5 months on your first Simplii Financial High Interest Savings Account
  • $0 transactions and eTransfers
$0Go to site

Simplii No Fee Chequing Account

EQ Bank logo, small
  • Earn 3% for 12 months and 2.5% thereafter on your savings
  • $0 transactions and eTransfers
  • Free withdrawals from any ATM in Canada
$0Go to site

EQ Bank Savings Plus Account

KOHO logo
  • Earn 4.5% interest when you opt into KOHO Extra or KOHO Everything
  • Get a $20 bonus + earn up to 6% cashback on spending
$0Go to site

KOHO Earn Interest

Coast Capital logo
  • New members can earn 20% cashback on household bills (up to $450). Plus, for every new member, Coast Capital give $150 to the Youth Futures Education Fund to help former youth in government care with their post-secondary living expenses. Conditions apply. Valid until November 30, 2023.
  • Pay no monthly fee and get unlimited transactions
$0Go to site

Coast Capital Free Chequing, Free Debit, and More Account

Innovation FCU logo
  • Open a No-Fee Bank Account and you could win a $2,500 e-bike. Valid until September 30, 2023
  • No monthly fees and free unlimited transactions
$0Go to site
Innovation Federal Credit Union No-Fee Chequing Account
National Bank logo
  • Get $30 towards an eligible National Bank credit card
  • $0 transactions and eTransfers
$15.95 (can be waived)Go to site

National Bank Connected Account

  • Acts as a hybrid chequing and savings account
  • Earn 2.25% interest on savings
  • $0 transactions and eTransfers
  • Earn cashback on your Money card
$0Go to site

Neo Money Account

RBC Bank logo
  • Get iPad Pro
  • $0 transactions and eTransfers
  • Overdraft fee waived
$16.95 (can be waived)Go to site

RBC Signature No Limit Banking Account

Tangerine bank logo, icon only
  • Earn up to $400 cashback
  • Earn 6% interest for 5 months
$0Read Review
Tangerine Savings Account
Scotiabank logo
  • Earn a $350 welcome bonus
  • Earn up to 5.40% interest for 3 months on your MomentumPLUS Savings Account.
$16.95 (can be waived)Read Review
Scotiabank Preferred Package
TD Canada Trust bank logo
  • Earn a $450 welcome bonus
  • Unlimited free transactions and eTransfers
$16.95Read Review
TD Unlimited Chequing Account
CIBC logo
  • Earn a $350 welcome bonus
  • Unlimited free transactions and eTransfers
$16.95 (can be waived)Read review
CIBC Smart Account
HSBC logo symbol, small
  • Earn a $500 welcome bonus
  • Free transfers between HSBC accounts in different countries
$34.95 (can be waived)Read Review
HSBC Premier Chequing Account

5 steps to open a bank account online in Canada

Can you open a bank account online in Canada? Absolutely. Follow these steps to learn how to open a savings account or a chequing account online.

Grey and blue light bulb iconThe steps are the same to open a savings account online, a chequing account or a high-interest savings account.

Step 1: Compare Online Banks Accounts in Canada

Shop around to find the right bank account for you. Factor in the card type, minimum balance requirements for savings accounts, whether you can bank online or through a mobile app, and any fees, including ATM withdrawal fees, monthly fees and whether the account waives fees if you maintain a minimum balance.

Savings Account: Earn 3% for 12 months and 2.5% thereafter on your savings

Enjoy zero everyday banking fees, free transactions and no minimum balance.

Savings Account: Earn up to 6.00%

Earn 6.00% interest for 5 months on your first Simplii Financial High Interest Savings Account. Conditions apply.

Step 2: Fill Out Forms to Open a Bank Account Online, Instantly

Click the Go to site button. A new webpage will open, sending you to the bank provider’s website and a secure online application. You’ll need to provide basic information, such as your name, date of birth, address and Social Insurance Number (SIN). Make sure you have this information on hand before you start the application, as the webpage can time out and close if you leave your computer unattended for too long.

After completing the online bank account application, expect to get an email from the bank account provider with information about your new account, when to expect documentation and what happens next.

Step 3: Verify Your Identity

You must provide a government-issued ID before being approved for an account. Most banks will let you take a picture of your ID with your phone, though some banks require you to come into a bank branch to verify your identity, in-person. If you chose to open an account with your current bank provider, you may be able to skip this step as they should already have your identification on file.

Step 4: Activate Your Debit Card

If the account you signed up for includes a debit card, expect it to arrive in the mail within a few weeks along with a separate letter that includes your new Personal Identification Number (PIN). This PIN is a four to six-digit number that you must enter when using your debit card. To change your PIN, follow your bank account provider’s instructions — included in the letter. To activate your debit card, simply make a purchase — either online or at a store — using your PIN.

Step 5: Set Up Your Online Bank Account

Now that your account is open and your debit card is activated, it’s time to set up your bank account. For instance, use online forms to set up automatic paycheque deposits or automatic bill payments.

What online bank accounts offer cash back?

Chequing accounts don’t usually come with cashback rewards. But that’s changing as more digital banks and alternative financial institutions enter this competitive Canadian market.

For example, the Neo Money Account works like a combined chequing and savings account, offering variable cash back rewards on your purchases and 2.25% interest on your savings. Another great option is the Eq Bank Savings Plus Account, which pays 0.5% cash back and 2.5% interest on your balance until you spend.

A photo of romanaking

Expert tip: Get near-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.

— Romana King,

What online bank accounts offer no-fee banking in Canada?

Online banks are also becoming an increasingly popular option for those who want to avoid bank fees. If you’re looking for a no-monthly-fee bank account, check out the Simplii No Fee Chequing Account. Another popular option among banks with no fees is the Tangerine No-Fee Daily Chequing Account.

Neo Financial isn’t technically a bank, but it does offer the Neo Money Account, a spending and saving account that comes with a card to make purchases, $0 monthly fees and unlimited transactions.

You’ll have a hard time finding traditional banks with no fees in Canada. However, some big banks waive the monthly fees for certain account if you keep a minimum balance. Premium accounts like the BMO Performance Chequing Account often come with unlimited free transactions and other benefits.

How does online banking work for opening an account?

In 2023, most Canadians are looking to open a new bank account or start using another type of banking product this year. According to data from the Finder: Consumer Sentiment Tracker, where more than 1,840 Canadians were asked about their financial plans in 2023, more than half (56%) said they plan to open a bank account in Canada or another type of banking product in 2023.(1)

Online banking lets you perform all your banking transactions over the internet. Instead of visiting your nearest branch to make a deposit, transfer money, pay off your credit card or check your savings balance, you can access your finances through any internet-enabled device. This includes desktop computers, laptops, tablets and smartphones.

Once you have an account with a bank or credit union, signing up for an online bank account often takes less than 10 minutes. After creating a password to ensure secure login to your account, you can begin managing your finances online.

The right online bank account platform allows you to:

  • Pay bills online
  • Transfer money by email
  • Check your account balances and access your transaction history
  • Find the nearest ATM in your bank’s network
  • Research products and services to buy or upgrade
  • Use currency converters, repayment calculators, stock trading calculators and other tools
  • Manage investments and trade stocks
  • Pay for goods and services with a mobile wallet
  • Deposit cheques

How do I open a chequing account online instantly in Canada?

Opening a chequing account online instantly in Canada is the same process you’d follow for any other bank account opening online. First, compare online banks in Canada to find the best chequing account for you — and apply. Just like the five-step process of opening a bank account online, you will need to verify your identity before getting a confirmation email and follow-up documentation, as well as your debit card sent to you in the mail. Once you open a chequing account online, you can set up online banking with the bank’s mobile app and deposit some funds.

What do I need to open a bank account online in Canada?

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Personal information

The whole process of opening an online Canadian bank account shouldn’t take more than 10 minutes. If you’re at least 18 years old, you can apply for most bank accounts online. You’ll be provided with a checklist of things you should have with you before you apply. If you’re an existing customer of the bank, make sure you have your relevant customer ID or account number.


ID is required to help banks protect you from fraud. If someone gets your Social Insurance Number (SIN),(2) they could try to open a line of credit or apply for an account in your name to hide illegally obtained money. Banks verify your ID to make sure it’s really you opening the account and not someone trying to steal your identity. If you don’t have appropriate identity for verification, here’s how you can open a bank account without ID.

Personal information

Most accounts allow you to apply for a joint account with one or more people. If you’re applying for a joint account, all account holders must provide their personal information, including SIN and ID, address and contact information.

Bank account opening online: Eligibility requirements

What do you need to open a bank account in Canada? To open a savings account online, or to open a chequing account online, you’ll generally need to:

  • Be a Canadian resident with a Canadian residential address. If you are new to Canada, read how to open a bank account in Canada without proof of address.
  • Be at least 18 years of age, or the age of majority in your province or territory (note that some banks will let minors open an account with a guardian)
  • Provide a copy of your government-issued ID such as a passport or driver’s license (you may be required to upload a scanned copy of your ID for verification purposes)

Benefits of bank account opening online

  • You can skip the hassle of going to a branch
  • You aren’t confined to the branch’s hours of operation to do your banking
  • Online banking apps are easy to use
  • It usually takes about 10 minutes to get started
  • You can bank from anywhere, including when travelling, commuting, etc.

Perks of using an online bank

Gone are the days when you have to pay a visit to your local bank to manage your money. Both traditional and online banks offer desktop and mobile apps for spending, saving, transferring and more.

But without the overhead costs that big banks carry, digital banks and alternative financial institutions can also offer lower fees, high savings account interest rates and rewards like cash back and store discounts. Compared to earning 0.05% on balances above $4,999.99 with a TD High Interest Savings Account, you could earn 4.5% with a KOHO Earn Interest account or 2.5% with a EQ Bank Savings Plus Account.

Online financial institutions like Neo Financial offer simplified, hybrid account options that let you spend and save with one account. This account also comes with a card you can use for online and in-store purchases.

What to watch out for when opening a new bank account online

You may have to visit a local branch to open a bank account if you run into any of these challenges.

  • You have no or bad credit. In Canada, everyone is entitled to open a bank account in Canada. There are no credit score checks and no income qualifications. However, banks and other financial institutions may use your credit history — which is tied to your credit score — to verify your identity. This is a soft pull on your credit report — so, there is no impact on your credit score. Even if you don’t have a credit report, you can still open a bank account in Canada, but you pay need to in person to a bank branch to provide confirmation of government-issued identification.
  • You are a minor. At almost all banks and credit unions, anyone under the age of 18 or the age of majority in your province can’t open a bank account without a parent or legal guardian present. Some banks allow minors — some as young as 14 — to open a bank account, but it will require an in person visit to the local branch.
  • You are a non-Canadian citizen or resident. Non-residents can still open accounts at some banks in Canada, but there are extra steps involved. You may be required to bring your passport and work visa or student ID to a local branch to verify your identity and complete the application process.
  • You want to open business accounts. While opening a bank account online for yourself is simple, it’s more difficult to open a bank account online for your business. Depending on your business structure and requirements, you may be able to complete the process online but most will require booking an in person appointment.

While many traditional banks have an online presence, not all online banks have physical branches. If you are running into trouble with any of the above, digital banks may still be able to help you get set up online since there is no option to go into a branch.

What accounts are Canadians planning to open in 2023?

In the Finder: Consumer Sentiment Tracker Q1 (CSTQ1), we asked more than 1,840 Canadians about their financial plans in 2023 including what type of bank account and banking products they plan to open this year. Nearly 1 in 5 Canadians (17%) said they planned to open a chequing account.

The most popular banking product, among all age demographics, is a savings account, followed by a chequing account and then a credit card.

At the start of the year, Canadians were looking for bank accounts with no transaction fees (11.88%) and a high-interest rate (10.52%). By the end of March, Canadians began to look for other perks. In the Finder: Consumer Sentiment Tracker Q2 (CSTQ2),(3) the most popular features Canadians were looking for in a bank account included:

  • Points or rewards (excluding cashback) — 11.27%
  • Cashback rewards — 9.76%
  • No transaction fees — 9.47%
  • High-interest rate — 8.67%
  • Interest-earning chequing account — 7.29%

Bottom line

The days of spending an hour at the bank to open an account are gone, and you can open a new chequing or savings account online from your computer or phone in minutes. But don’t let the speed and convenience rush you into deciding. Compare savings accounts or chequing accounts before getting started to find the one that’s right for you.

Bank account opening online FAQs

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