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How to open a bank account online in Canada

Skip waiting at the bank branch. Compare your options and open a Canadian bank account online in minutes.

Opening a bank account online usually takes about 5 minutes — much faster than visiting your bank branch. In today’s fast-paced world, this type of convenience is priceless. Here’s a rundown of what to expect when you open a bank account online in Canada and why you’ll want to consider it.

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 an account online.

Step 1: Compare online banks in Canada to find the right account

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 via an app, and any fees, including ATM withdrawal fees, monthly fees and whether the account waives fees if you maintain a minimum balance.

Step 2: Apply for your bank account online

Click Go to site and a new window will open, sending you to the account provider’s website and a secure online application. You’ll need to provide basic information about yourself 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 you complete an online bank account application, you’ll get an email from the account provider with information about what happens next. This email should come within a minute or two after you submit the application to the bank. It may come with instructions on verifying your identity, or you may need to do that first.

Step 3: Verify your identity

You’ll need to provide a government-issued ID before you’re approved for an account. Most banks will let you take a picture of your ID with your phone, though some banks require that you verify your identity in person. If you’re already a customer of the bank, you may be able to skip this step.

Step 4: Your debit card arrives

If the account you signed up for includes a debit card, it’ll arrive in the mail after you’ve been approved — you’ll find out how long it takes to ship in the confirmation email. The debit card and PIN are sent to you separately for security reasons. When you get your card, you need to sign the back and activate it so you can make withdrawals. This is a simple process that can be completed over the phone or online.

Step 5: Start using it!

Your account is ready to go. You’ll be able to make deposits and withdrawals, as well as use any other features associated with your account. To finish setting everything up:

  • Set up online banking. This lets you manage your money and make payments to other accounts from your phone, computer or tablet. Download the account provider’s app and follow the on-screen instructions to set up your online banking.
  • Switch your direct debits and automatic payments. If you signed up for a chequing account, decide if you want to transfer all of your automatic payments to your new account. If so, you’ll need to sign into your existing accounts with your creditors and change the bank account information they have on file for you.

Which banks allow you to open an account online in Canada?

You can basically count on all major banks to offer online bank account applications. Whether you’re looking to open a savings or chequing account online, browse through the Canadian banks in the table below to see what they offer and some of their most popular account options.

BankCan open an account online?Account optionsPopular account option
Coast Capital logoCoast CapitalCheck markCoast Capital Free Chequing, Free Debit, and More Account
Read Review

Simplii Financial

Check markSimplii High Interest Savings Account

Read Review

Go to site
KOHO logoKOHOCheck markKOHO Earn Interest

Read Review

Go to site

Neo Financial

Check markNeo Money Account

Read Review

Go to site
EQ Bank logo, small

EQ Bank

Check markEQ Bank Savings Plus Account

Read Review

Go to site
Scotiabank logoScotiabankCheck markScotiabank Preferred Package

Read Review

Go to site
CI Direct logoCI Direct InvestingCheck markCI Direct Investing High Rate Savings Account

Read Review

Tangerine bank logo, icon only

Tangerine

Check markTangerine Savings Account

Read Review

TD Canada Trust bank logo

TD Bank

Check markTD Unlimited Chequing Account

Read Review

BMO, Bank of Montreal logo

BMO

Check markBMO Performance Chequing Account
Read ReviewGo to site
RBC Bank logo

RBC

Check markRBC Signature No Limit Banking Account

Read Review

CIBC logo

CIBC

Check markCIBC Smart Account

Learn more

HSBC logo symbol, small

HSBC

Check markHSBC Premier Chequing Account

Read Review

How does online banking work?

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, it’s usually free to sign up for an online banking account and often takes less than 10 minutes to apply. After creating a password to ensure secure login to your account, you can begin managing your finances online.

The right online banking 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

Young woman depositing a cheque on her smartphoneHow do I deposit a cheque using a mobile app?

Depositing a cheque using a mobile banking app is fairly straightforward, but check with your bank before you deposit to know exactly what steps you should follow.

Often, you simply:

  1. Sign the back of the cheque you’re depositing
  2. Open your bank’s mobile app
  3. Navigate to the mobile deposit screen
  4. Enter the transaction details (such as the amount being deposited and which account you want the money to go into)
  5. Follow your app’s prompts to take a picture of the front and back of your cheque.
  6. Submit the transaction and make sure you see an indication that the deposit was successful.

Note that your bank may have specific policies limiting the amount or frequency of mobile deposits you’re allowed to make or placing a hold on larger deposits for security purposes.

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

Identification graphic

Identification

Picture not described

Personal information

The whole process shouldn’t take more than 5 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.

Identification

ID is required to help banks protect you from fraud. If someone gets your Social Insurance Number (SIN), 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.

Personal information

Most accounts allow you to apply for a joint account with 1 or more people. If you’re applying for a joint account, all account holders will need to provide their personal information, including Social Insurance Number (SIN) and ID, address and contact information.

Eligibility requirements

To open a bank account online, you’ll generally need to:

  • Be a Canadian resident with a Canadian residential 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)

Read up on the requirements to open a bank account

Benefits of opening a bank account online

  • You can skip the hassle of going into a branch
  • You aren’t confined to the branch’s hours of operation to do your banking
  • Online banking applications are easy to use
  • It usually takes about 5 minutes to get started
  • You can bank from anywhere, including when you are travelling, commuting, etc.

What to watch out for when opening a 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. Most banks verify your identity by doing a soft pull on your credit. If you haven’t built any credit yet, you may need to visit a local branch to verify your identity and complete your application process. If you have a negative banking history because you’ve previously bounced cheques or had insufficient funds, your application may be denied when you open an account online. But visiting a local branch could increase your chances of getting an approval.
  • You are a minor. Anyone under age 18 or the age of majority in your province can’t open a bank account without a parent or legal guardian co-signing on the account. Some banks allow minors that 16 years old to apply but could require you to visit a local branch to set up this type of account.
  • You are a non-Canadian citizen or resident. Nonresidents can still open accounts at some banks in Canada, but there are extra hurdles to jump through. You may be required to bring your passport as well as your 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 for yourself online is simple, it’s more difficult to open an account for your business online. Some institutions may support this, while others may require you to do it in person.

There are some online-only banks that don’t 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.

Compare online bank accounts in Canada

1 - 4 of 4
Name Product Interest Rate Promotional Interest Rate Min. Bal / Min. Deposit Account Fee
Simplii High Interest Savings Account
0.40%
4.75%
$0 / $0
$0
Earn 4.75% interest on your savings. Open an account and get a special interest rate for deposits up to $1,000,000. Conditions apply. Valid until October 31, 2022.
KOHO Earn Interest
1.20%
N/A
$0 / $0
$0
Use promo code FINDERCODE and get a $20 cash bonus when you make your first purchase within 30 days. Opt into earning interest for free and earn 1.20% on your balance, plus an additional 0.50% in cash back on every purchase you make.
Neo Money Account
2.25%
N/A
$0 / $0
$0
Get a competitive interest rate and unlimited free transactions with no monthly fees or minimum balances.
EQ Bank Savings Plus Account
2.00%
N/A
$0 / $0
$0
Enjoy zero everyday banking fees, free transactions and no minimum balance.
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Compare up to 4 providers

1 - 14 of 14
Name Product Interest Rate Account Fee Debit Transactions Interac e-Transfer Transactions
BMO Practical Chequing Account
0%
$4 per month
12 transactions per month
unlimited
A low monthly fee bank account that provides you with the essentials including 12 free transactions a month.
OFFER
Simplii No Fee Chequing Account
0.01%
$0
Unlimited
Free
Earn $350 when you become a new client and set up direct deposit of at least $100 for 3 months. Offer ends October 31, 2022.
OFFER
Scotiabank Preferred Package
0%
$16.95 per month ($0 if requirements met)
unlimited
unlimited
Earn a $300 welcome bonus. Conditions apply. Valid until October 31, 2022. Plus, earn up to 2.35% interest on your MomentumPLUS Savings Account.
Scotiabank Basic Bank Account
0%
$3.95 per month
12 free per month
Free
With a low monthly account fee, you can earn points toward the Scene+ rewards program.
BMO AIR MILES Chequing Account
0%
$16.95
unlimited
unlimited
Get 1 AIR MILES Reward Mile for every $30 spent using your BMO Debit Card.
BMO Performance Chequing Account
0%
$16.95 per month ($0 if requirements met)
unlimited
unlimited
Earn $350 with a Performance Chequing Account. Plus an additional $50 when you add a second member and make it a BMO Family Bundle. Valid until October 31, 2022.
BMO Premium Plan Chequing Account
0%
$30 per month ($0 if requirements met)
unlimited
unlimited
Earn $350 with a Premium Chequing Account. Plus earn an additional $50 when you add a second member and make it a BMO Family Bundle. Valid until October 31, 2022.
BMO Plus Chequing Account
0%
$11.95 per month ($0 if requirements met)
25 free per month
unlimited
Earn $100 with a Plus Chequing Account when you open an account and setup recurring deposits and bill payments. Valid until October 31, 2022.
Scotiabank Ultimate Package
0%
$30.95 per month ($0 if requirements met)
unlimited
unlimited
Receive a welcome bonus of $300. Conditions apply. Valid until October 31, 2022. Plus, earn up to 2.4% interest on your MomentumPLUS Savings Account.
Scotiabank Student Banking Advantage Plan
0%
$0
unlimited
unlimited
Earn $75 and up to 7,500 Scene+ points with the Scene+ Student Banking Bundle. Conditions apply. Apply by October 31, 2022.
Scotiabank Basic Plus Bank Account
0%
$11.95 per month ($0 if requirements met)
25 free per month
Free
Pay no monthly account fee by maintaining a minimum daily closing balance of $3,000 for the entire month.
BMO Performance Student Chequing Account
0%
$0
Unlimited
Unlimited
Earn a $100 cash bonus and enjoy no monthly fees while in school and one year after you graduate. Valid until October 31, 2022.
BMO New to Canada Performance Chequing Account
0%
$0
Unlimited
Unlimited
Earn $350 when you open an account. Plus an additional $50 when you add a second member and make it a BMO Family Bundle. Valid until October 31, 2022.
BMO Canadian Defence Community Banking Performance Plan Chequing Account
0%
$0
Unlimited
Unlimited
Save on banking fees with a no fee monthly account and unlimited Interac e-Transfers.
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Compare up to 4 providers

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 making a decision. Compare savings accounts or chequing accounts before getting started to find the one that’s right for you.

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