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.
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 online, usually with instant access, from almost anywhere in Canada.
To learn how easy it is to open a bank account online in Canada, jump to our five 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 (some with instant access)
In general, all major banks and digital banks make it easy to open a Canadian bank account online. The easiest bank account to open online in Canada depends on your needs. However, in most cases, the time it takes to apply online for a bank account online typically takes between 5 and 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.
Provider | What We Like | Monthly Account Fee | Open an Account |
---|---|---|---|
| $16.95 (can be waived) | Go to site | |
| $16.95 (can be waived) | Go to site | |
| $0 | Go to site | |
| $0 | Go to site | |
| $0 | Go to site | |
| $0 | Go to site | |
| $16.95 (can be waived) | Go to site | |
| $0 | Go to siteInnovation Federal Credit Union No-Fee Chequing Account | |
| $0 | Go to site | |
| $15.95 (can be waived) | Read ReviewNational Bank Connected Account | |
| $0 | Read ReviewTangerine Savings Account | |
| $16.95 | Read ReviewTD Unlimited Chequing Account | |
| $16.95 (can be waived) | Read reviewCIBC Smart Account | |
| $34.95 (can be waived) | Read ReviewHSBC Premier Chequing Account |
5 steps to open a bank account online in Canada
Can you open a Canadian bank account online? Absolutely. Follow these steps to learn how to apply for a savings account or open a chequing account online.
The steps are the same to open a savings account online, a chequing account or a high-interest savings account. In most cases, once you open a bank account online, you’ll get instant access.
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.
Step 2: Fill Out Forms to Open a Bank Account Online for Instant Access
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 choose to apply for a bank account online 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
Once you open your online bank account 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.
Tips for newcomers: Opening a bank account online
If you’re new to Canada or planning to relocate to Canada for either work or school, you’ll need to open a bank account. A bank account lets you deposit money, as well as manage and pay bills. To help, we analyzed every bank account and banking package for newcomers to Canada. Find out what accounts offer preferred perks, unlimited free transactions or free e-transfers.
What online bank accounts offer cashback?
Chequing accounts don’t usually come with cashback rewards. But that’s changing as more digital banks and alternative financial institutions enter the competitive Canadian marketplace of online bank accounts.
For example, the Neo Money Account works like a combined chequing and savings account, offering variable cashback rewards on your purchases and 4% interest on your savings. Another great option is the Eq Bank Personal Account, which pays 0.5% cashback and 4% interest on your balance until you spend.
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, Group Editor | Personal finance expert
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.
Best bank promotions in Canada
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 accounts 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 considered applying for a bank account online or switching bank products. According to data from the Finder: Consumer Sentiment Survey, 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, setting up your online bank account access takes less than 10 minutes. Just create a password and set up our authorization process. After that, it’s relatively simple to open and use your online bank account to manage your finances.
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 to switch banks and apply for new bank account online?
If you want lower fees, better interest rates or just a higher standard of customer service then it might be time to switch banks. Learn how to switch banks with six, easy steps.
How to open a business bank account in Canada
How do I open a chequing account online instantly in Canada?
What do I need to open a bank account online in Canada?
Identification
Personal information
Identification
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 valid identification, such as a passport or driver’s license, then you’ll need to follow the steps for opening 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? Generally, you’ll 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 applying for a bank account 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 cashback and store discounts. Compared to earning 0.05% on balances above $4,999.99 with a TD High Interest Savings Account, you could earn 5% with a KOHO Earn Interest account or 2.5% with a EQ Bank Personal 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 you apply for 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. 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. In fact, you will not need a credit report to apply and open a bank account in Canada.
- 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.
How do Canadians plan to bank in 2023?
In the Finder: Consumer Sentiment Survey 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 Survey 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
- Finder: Consumer Sentiment Survey Q1 2023,
- Government of Canada: Employment and Social Development Services
- Finder: Consumer Sentiment Survey Q2 2023,
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