On-line banks in Canada are rising at an unprecedented tempo, with extra folks than ever making the change to digital-first monetary platforms. In reality, 78% of Canadians now deal with most of their banking on-line in accordance tot he Canadian Bankers Affiliation. Consequently, one of the best Canadian banks – each conventional and digital-only – are evolving quickly to maintain up with client expectations.
To replicate these ongoing adjustments, we’ve up to date our checklist of The Greatest On-line Banks in Canada to cowl the whole lot from promotional presents and rates of interest to account charges and transaction prices.
Whereas the pandemic accelerated this pattern, banking specialists agree that the shift to digital banking isn’t only a short-term phenomenon – it’s a everlasting change. And it is sensible: for most individuals, managing cash on-line is just sooner, simpler, and extra handy than coping with in-person department visits. Plus, you get higher rates of interest!
On this information, we’ll break down one of the best on-line banks in Canada, in addition to the strongest digital choices from conventional banks, so you could find the proper total match to your monetary wants.
Greatest On-line Canadian Financial institution Comparability
Whereas reviewing my private rating of Canada’s on-line banks, please needless to say everybody’s necessities are totally different. Personally, I would like one of the best rates of interest for my excessive curiosity financial savings accounts and Canadian GICs. In an effort to get these elite charges, I’m prepared to not have to go to a bodily retailer in a strip mall.
Now, needless to say whereas digital banks are competing with the large brick and mortar banks, they nonetheless fluctuate fairly a bit of their choices. Among the new on-line banks in Canada supply teaser charges (which I don’t love) whereas others have a decrease, however constant fee that maintain regular over time.
Equally, some digital banks are primary and solely supply one or two account choices whereas others are rising so as to add accounts aside from chequing and financial savings together with TFSAs and RRSPs and even mortgages.
So in case you are searching for one of the best on-line financial institution in Canada in terms of your private wishlist, learn on to see which packing containers our main opponents examine off.
Why Use an On-line Financial institution?
When was the final time you walked right into a financial institution?
As of late most Canadians use on-line banking to conduct and handle their monetary wants. One of the best on-line banks have made our lives considerably simpler, to the purpose the place it’s the norm somewhat than the shiny new toy.
“The common Canadian visits their financial institution’s web site 5 instances as typically as they do their department. Whereas variations emerge throughout generations, in-person banking is now the most typical method to financial institution for less than 10 per cent of Canadians”
Canadian Bankers Affiliation, 2022
I don’t find out about you, however I positively desire with the ability to pay my payments from my sofa whereas carrying sweatpants on a chilly winter day somewhat than having to attend in line to see a teller.
Options
On-line banks will let you full a lot of the identical actions a teller would do for you. You possibly can:
- Open new accounts
- View up-to-date account exercise (transactions, balances)
- Switch funds between accounts
- Make future-dated, or common invoice funds
- Connect with funding accounts
- Pay your bank card steadiness
- Deposit cheques
- Ship e-transfers
- Apply for loans
Better of all, this may be carried out anytime, anyplace by way of an intuitive cellular banking app in your telephone, or a cellular banking web site in your laptop. Moreover, most on-line banks are utilizing 2 issue authentication or biometrics to make sure that your account stays safe.
On-line Banking Value
Large banks have overhead prices that trickle all the way down to you, the shopper, which implies it’s important to pay extra to your accounts and regularly are provided decrease rates of interest. Compared, on-line banks don’t have these massive overhead prices which implies they’ll give you larger charges and, relying on the web financial institution, even free financial institution accounts.
Case Examine: How a lot will I save if I change from RBC to EQ Financial institution?
| RBC Benefit Banking Chequing Account | EQ Financial institution Private Account | |
| Month-to-month Account Price | $11.95 (though some reductions exist for college students, seniors, and newcomers to Canada) | $0 |
| Account Curiosity Charge | 0% | 3.50% |
| Limitless free Interac e-transfers | Sure (nicely, 999 monthly) | Sure |
| Does it have a financial institution card? | Sure – include a debit card. | Sure – comes with a pay as you go card. |
Wanting on the above desk, it’s obvious that you will save way more cash with EQ Financial institution, particularly over the long run. However, let’s dive in a bit deeper to make sure, lets?
Beginning with the month-to-month account payment, over the course of the yr you’ll be paying $143.40 for an account with RBC in comparison with… nada with EQ Financial institution.
As an alternative of spending that $143 on pointless month-to-month charges, with EQ Financial institution you possibly can have that cash (together with the remainder of your account steadiness) gaining you 3.50% curiosity for the primary yr. Come yr 2, the rate of interest with EQ drops all the way down to 1.75%, however that’s nonetheless a powerful on a regular basis rate of interest. And in addition to, RBC isn’t providing you any curiosity with their chequing account.
Assuming you begin with $10,000 and don’t add or spend any cash in addition to on account charges, after one yr that $10,000 with RBC can have decreased to $9856.60. In the meantime, over at EQ Financial institution that cash has been working for you and you’ve got a candy $10,400. Come the top of yr 2, you’re all the way down to $9,713.20 with RBC, and as much as $10,660 with EQ Financial institution. That is all with out even making deposits to your account and people quantities will solely deviate farther from each other over time!
As well as, should you’re contemplating locking away cash in a one-year GIC, you’ll get a 3.45% return with EQ however solely 3.00% with RBC. Once more, being a web based financial institution, EQ reveals us how saving on overhead prices means passing down financial savings to the shopper!
There could also be some bells and whistles out there from RBC you could’t get with EQ Financial institution, similar to cheques and security deposit packing containers, however these don’t come without spending a dime! You’re going to be paying extra charges for these providers, on high of the unavoidable month-to-month account payment.
Each accounts supply free limitless e-transfers, and have many ATM choices for money withdrawals. However in terms of yr after yr financial savings on account charges, and compounding development through curiosity in your cash, the EQ Financial institution Private Account is the particular winner for elevated financial savings.
Comfort
One other enormous draw to on-line banking is the comfort. You are able to do the whole lot from opening an account to paying a invoice on-line anyplace; from the consolation of your private home, to the gymnasium, to the workplace. It doesn’t matter, your on-line banking is at all times out there.
On-line Banks are Time Savers
On high of being handy, on-line banks truly prevent time. No extra ready in line or worrying about financial institution hours. You are able to do no matter that you must with the push of a few buttons (or laptop keys) at no matter time of day you need.
Buyer Assist
On-line banks have additionally change into very forward-thinking with their buyer help. Most banks might be reached by telephone, e mail, social media, and on-line chat packing containers on their web sites. The hours of customer support for on-line banks are inclined to vastly overshadow these of brick-and-mortar places.
You can find quite a lot of scores for the standard of customer support for on-line banks, in order that’s simply one more reason why we’ve carried out the work right here for you by evaluating all of them.
What On-line Banks Don’t Present
There are a couple of areas the place on-line banks are less than par with brick and mortar banks. They’re missing in private contact because you seemingly received’t be speaking face-to-face with an precise individual. (Though, should you’re like me and like a web based chat or transient e mail alternate to ready in line at a financial institution, then you possibly can nonetheless get person-to-person assist – simply in a non-traditional means.)
Relying on the web financial institution, there could also be fewer ATMs out there – which could possibly be a draw back should you take care of money regularly. When you frequently make the most of ATMs, it will be value selecting a web based financial institution that has free-to-use ATMs which are conveniently situated for you.
On-line banks are sometimes missing within the all-in-one packages that lots of the greater banks can supply and there are typically limitations when it comes to the varieties of providers provided similar to mortgages and investments. You additionally received’t be getting a security deposit field with a web based financial institution!
Are On-line Banks Protected?
With regards to the protection of on-line banks in Canada, the pure query for many of us, is are the digital-only banks as secure as the normal brick-and-mortar banks like RBC, TD, BMO, and so forth. The excellent news? Canadian on-line banks are simply as secure as their standard counterparts.
There are a number of layers of safety in place to make sure the safety of each your cash and your private info at all the on-line banks in Canada (as they’re Chartered Banks as outlined by authorities rules).
First, with reference to regulatory oversight these digital banks aren’t some fly-by-night operations. They function underneath the supervision of the Workplace of the Superintendent of Monetary Establishments (OSFI), which enforces excessive requirements of monetary safety, danger administration, and operational reliability throughout all Canadian monetary establishments.
Each on-line financial institution should meet strict capital and liquidity necessities to show they’ll face up to monetary challenges. They’re required to endure common audits and report monetary statements, making it unattainable for monetary hassle to creep up unnoticed. Many of those banks, like EQ Financial institution and Tangerine (owned by Scotiabank), are backed by well-established monetary establishments that publish their financials each quarter, including one more layer of transparency.
Most of Canada’s finest on-line banks are Canada Deposit Insurance coverage Company (CDIC) members. Which means deposits of as much as $100,000 per insured account kind are 100% protected – even within the extremely unlikely occasion that a web based financial institution have been to fail.
That “per account” is attention-grabbing too, as a result of which means you might theoretically have a $100,000 TFSA, Non-registered account, RRSP, and so forth. So may your partner. So you might be totally insured by the Canadian authorities for a fairly large sum of money! To place your thoughts additional comfy, Canada hasn’t had a serious financial institution failure in a long time. Our banking system is globally acknowledged as one of many most secure on this planet.
When you’re nervous about on-line banking safety, it’s best to know that digital-first banks truly make investments extra in cybersecurity than most conventional establishments. Why? As a result of their whole enterprise mannequin relies on offering safe, seamless on-line providers.
Right here’s what they do to maintain your cash secure:
Finish-to-Finish Encryption – Your knowledge is totally encrypted, making it virtually unattainable for hackers to intercept.
Two-Issue Authentication (2FA) – A second verification step (like an SMS code or authentication app) ensures that even when somebody will get your password, they nonetheless can’t entry your account.
Fraud Monitoring & AI-Primarily based Risk Detection – On-line banks constantly scan for uncommon exercise and may mechanically freeze transactions if one thing appears to be like suspicious.
Safety Ensures – Some banks, like EQ Financial institution, supply a full reimbursement if unauthorized transactions happen in your account.
So if safety is your foremost concern, you possibly can really feel simply as secure retaining your cash in a web based financial institution as you’d at any of the Large 5.
EQ Financial institution – My Decide For The Greatest On-line Financial institution Account in Canada
Since 2016, EQ Financial institution has been devoted to reasonably priced, handy digital banking. Its guardian establishment, Equitable Financial institution, was based in 1970 and is Canada’s 7th largest nationwide financial institution.
EQ Financial institution presents private high-interest financial savings accounts (particular person, joint, and USD) in addition to aggressive GICs, RRSPs, TFSAs and FHSAs. When you fund certainly one of these account earlier than February 28, 2025 you additionally get an extra 2% cashback on high of the standard rate of interest. Click on right here to take pleasure in this nice promotion. Additionally they supply a “Mortgage Market” the place you possibly can evaluate mortgage merchandise provided by lenders throughout the nation. Take a look at our full EQ Financial institution Overview for extra particulars.
EQ Financial institution simply retains getting higher. In 2023 they launched the brand new EQ Financial institution Card. The Financial institution Card is a large leap ahead for purchasers, because it eliminated one of many few friction factors when it got here to on a regular basis makes use of. The brand new addition coming this yr is a enterprise account, in addition to the just lately launched EQ Discover Account.
By giving Canadians a handy method to pay for stuff, utilizing the identical loopy high-interest financial savings account that they earn a ton of curiosity on, EQ continues to separate themselves from the pack.
And better of all, EQ is now out there in Quebec!
Professionals:
- Nice rates of interest on financial savings accounts and GICs
- No charges
- Glorious cellular app
- Cashback financial institution card
- Canada’s solely Discover Account (super-high curiosity)
- *New* enterprise accounts as of 2024
Greatest Characteristic: No charges, nice charges, handy buying energy, and a improbable app.
Neo Monetary — Runner Up for Greatest On-line Financial institution in Canada
Neo Monetary, a Canadian fintech firm, was based in 2019 and presents quite a lot of merchandise. It has taken second place in our checklist of Greatest On-line Banks in Canada.
Neo Monetary presents a hybrid high-interest financial savings account combining a 3% on a regular basis rate of interest together with free transactions and point-of-sale availability of a chequing account. You possibly can learn extra in my full Neo Financial savings Account overview.
Its money again Mastercard is one of the best bank card for the typical Canadian. With the premium card you’ll obtain a mean of 5% money again in any respect Neo Associate shops. The cardboard has a singular user-friendly app, and a fast approval course of and is accessible to Canadians with credit score scores as little as 600.
Professionals:
- Excessive on a regular basis rate of interest
- Free e-transfers & invoice funds
- No charges or minimal balances
- Greatest money again presents of any bank card in Canada
Cons:
- Not out there in Quebec
- Restricted joint accounts
- No USD accounts
- No GICs
Greatest Characteristic: wonderful on a regular basis rates of interest of three% and the Neo Monetary Mastercard – Canada’s finest bank card for money again presents.
Tangerine — Greatest Lengthy Time period GICs
Tangerine, a digital-only subsidiary of Scotiabank, was initially ING Direct, a pioneer in branchless banking within the Nineties. Acquired by Scotiabank in 2012, Tangerine was thought of Canada’s high on-line financial institution for years.
Tangerine presents no-fee chequing and financial savings accounts, no-fee cashback bank cards, mortgages, and funding account choices. At present, they’re providing the best GIC charges in Canada: 5% for 3-5 Yr Assured Investments. You possibly can learn extra in my full Tangerine overview.
At present, once you open a brand new account with Tangerine you may get an rate of interest of 6% of their excessive curiosity financial savings account, which is nice. Nevertheless, after 5 months that drops to a measly 0.70% which is actually nothing to write down residence about.
Professionals:
- Greatest 3-5 Yr GIC charges of 5%
- Glorious on-line platform and app
- Strong no-fee bank card choices
- Good promotional supply
- Greatest all-in-one on-line financial institution
Greatest Characteristic: The No-Price Cash Again Credit score Card and the comfort of a one-stop financial institution.
Scotiabank — Greatest Large Financial institution for On-line Banking
The one certainly one of Canada’s massive banks to make our checklist, Scotiabank was based in 1831. It presents quite a lot of banking packages, most of which you’ll be able to apply for and entry fully on-line.
Scotiabank presents chequing and financial savings accounts, a line of bank cards, and funding accounts. Their Final Package deal consists of an enormous variety of options, from a security deposit field to cheques and financial institution drafts for no further payment. With this account you possibly can profit from one of the best of each on-line and brick-and-mortar providers.
Scotiabank is at the moment providing new purchasers a $400 welcome bonus in the event that they join their Most well-liked or Final Packages and arrange two computerized funds or deposits. You possibly can learn all the small print in our Scotiabank Overview.
Professionals:
- Glorious perks and inclusions
- Beneficiant welcome bonus
- Premium bank card payment waived
Cons:
- Hefty payment until you preserve a minimal steadiness
Package deal is just value it should you truly need all of the bells and whistles
Greatest Characteristic: The package deal inclusions. Large banks are expensive, however Scotiabank’s packages supply good worth for that cash.
Simplii Monetary – Greatest On-line Financial institution Welcome Bonus
Simplii Monetary falls underneath the CIBC umbrella and was often known as PC Monetary till 2017.
Simplii presents the total vary of on-line banking options: chequing and financial savings accounts, bank cards, mortgages, loans, and funding choices together with GICs, RRSPs, TFSAs, and mutual funds. Study extra about Simplii Monetary right here.
Simplii is at the moment providing a welcome bonus of $300 should you open a chequing account. Whereas that’s the identical quantity as Scotiabank presents, there are fewer necessities to qualify. New financial savings accounts additionally obtain 5 months of a 3.90% promotional rate of interest.
Professionals:
- Glorious welcome bonus
- Number of banking choices
- Low charges
Cons:
- Low on a regular basis rate of interest for financial savings accounts
- GIC charges aren’t aggressive
- Customer support isn’t nice
- Platform isn’t person pleasant
Greatest Characteristic: That candy welcome bonus and the number of choices.
Motusbank – Greatest On-line Financial institution for Travelling within the US
Motusbank is comparatively new in terms of one of the best on-line banks in Canada. It’s owned by Ontario-based Meridian Credit score Union which makes it a favorite for on-line banking in Ontario.
Motusbank presents chequing and financial savings accounts, in addition to GICs, mortgages, monetary planning and personalised investing, and an thrilling partnership with Qtrade Direct Investing, our high really useful on-line dealer.
Motus Financial institution has a leg up on the opposite on-line banks in terms of journey to the USA. They provide entry to over 40,000 ATMs, surcharge-free, within the USA by way of the Allpoint community. A helpful profit to have for anybody who travels regularly to the USA. Learn my Motusbank Overview right here.
Professionals:
- Free US ATM entry
- Qtrade partnership
- Good financial savings account rate of interest
Cons:
- Decrease GIC charges
- Not out there in Quebec
Greatest Characteristic: Free ATM entry within the US.
Motive Monetary – Earn Curiosity on On-line Chequing Account Steadiness
Motive Monetary is likely one of the largest on-line banks in Canada and is a division of the Canadian Western Financial institution.
Motive Monetary presents a chequing account and a financial savings account, plus GICs, TFSAs, and RRSPs. New purchasers opening a Motive Savvy Financial savings Account will see an rate of interest of 4.10% – a extremely good fee in comparison with many different on-line banks. Whereas there isn’t any month-to-month payment for this account, the opposite charges actually add up and make their excessive rate of interest much less enticing.
Motive Monetary allows you to earn curiosity in your chequing account too. The Cha-Ching Chequing account will deliver you 0.15% in curiosity. It has free Interac e-transfers, limitless free transactions, no month-to-month payment, and 50 personalised cheques are included. Take a look at my Motive Monetary Overview for full particulars.
Professionals:
- Chequing account earns curiosity
- Financial savings account has an amazing rate of interest
- No month-to-month charges
Cons:
- Further charges can add up
- Restricted transactions for financial savings accounts
Greatest Characteristic: Incomes greater than 0.01% curiosity on a chequing account.
Alterna Financial institution – On-line Financial institution With a Qtrade Welcome Bonus
Alterna Financial institution is a part of the Alterna Financial savings Credit score Union, which relies in Ontario. They provide on a regular basis banking accounts, mortgages, and investing choices. Their HISA rate of interest is larger than a number of the others on this checklist, at 2.25%, however what actually makes Alterna Financial institution stand out is their partnership with Qtrade.
Whereas Motusbank has additionally partnered with Qtrade, Alterna is providing new traders as much as $2,000 cashback in the event that they open an account and make investments $5,000 with Qtrade Direct Investing. Take a look at our Qtrade Overview to see why they’re MDJ’s high really useful on-line dealer in Canada.
Professionals:
- Aggressive rate of interest
- Qtrade welcome bonus
Cons:
- Minimal funding of $5,000 to be eligible for the Qtrade bonus
Greatest Characteristic: A Qtrade partnership that provides you cashback.
Oaken Monetary – Out there in Quebec
Oaken Monetary’s guardian firm is Residence Belief, Canada’s largest impartial belief firm. It solely has one financial savings account and a few GIC choices. Nevertheless, what it lacks in product choices it makes up for in worth, with an ordinary rate of interest of three.4%.
The opposite factor that makes Oaken Monetary a standout is that Quebec residents are in a position to open an account with them which isn’t the case for a lot of different on-line banks in Canada.
Professionals:
- Glorious rate of interest on financial savings account
- Out there to Quebec residents
- No charges
- Enterprise accounts out there
Greatest Characteristic: The superb commonplace rate of interest and the supply in Quebec.
Kinds of On-line Financial institution Accounts
In contrast to conventional banks, every on-line financial institution presents one thing a bit totally different. As you might have seen from my mini-reviews, not each financial institution will supply all the varieties of financial institution accounts listed beneath. For now, listed here are the primary varieties of on-line financial institution accounts out there in Canada.
- Financial savings Accounts you could park your cash in and earn a little bit of curiosity on the identical time.
- Chequing Accounts that enable for straightforward entry to your cash for month-to-month payments and each day bills.
- Excessive Curiosity Financial savings Accounts supply a better rate of interest than common financial savings accounts. On-line banks are identified for having the best rates of interest in Canada.
- TFSA Accounts are Canadian authorities sponsored accounts that will let you make investments as much as a certain quantity after which save, develop, and withdraw your cash tax free.
- Hybrid Financial savings and Chequing Accounts act like a financial savings account when it comes to incomes curiosity, however allows you to spend like a chequing account.
- Funding Accounts will let you simply make investments your financial savings that can assist you plan for the longer term.
- Scholar Accounts work the identical as common chequing and financial savings accounts, and are a good way to assist youthful folks change into extra financially savvy.
- Joint Accounts are an excellent choice for a scenario the place a couple of individual wants to have the ability to handle funds, ship cash, pay payments, make withdrawals, and so forth.
- Senior Accounts supply extra reductions and freebies to assist these in retirement save more cash.
Greatest On-line Banks in Canada Account Sorts Comparability
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Sure, however solely to married or common-law {couples} |
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Sure however each candidates have to be new with the intention to open it on-line, in any other case you will need to contact motive |
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Greatest On-line Financial institution Cell App
There isn’t any doubt that the most important banks in Canada similar to RBC and TD supply very stable cellular apps. For my cash although, I’ll put the person expertise of EQ Financial institution’s cellular app up towards any of them.
You possibly can inform the financial institution was created to do enterprise solely in a web based surroundings. The app may be very easy, and the power to request money from one other linked account is actually distinctive and handy. Whereas I desire to do most of my transactions on my desktop (since I spend a lot of my day at my laptop anyway) I do know pals that use EQ Financial institution solely by way of their app.
Shifting cash between accounts, exchanging currencies, and even investing in a GIC inside an RRSP or TFSA is fast and painless on the app. Easy accessibility to eTransfers (for $0) separates EQ from the credit score union banking apps.
There was some chatter on the private finance reddit that I frequent regarding the biometric login needing some enchancment, however I truthfully simply desire to make use of the password anyway, so I can’t remark firsthand. General, a small worth to pay when balanced towards all the free providers EQ lets you entry by way of their app.
On-line Banking in Canada: FAQ
Canadian Digital Banks in 2025 – No Charges and the Proper Match
One of the best on-line financial institution for you in the end relies on what you want from a monetary establishment… and the way a lot you’re prepared to pay (or somewhat, not pay) in charges. On-line banks have surged in recognition exactly as a result of they provide a ton of worth with zero greenback (no-fee) accounts, larger rates of interest, and a seamless digital banking expertise.
At this level, most Canadians can do practically all of their banking on-line, from invoice funds and cellular examine deposits to cash transfers and financial savings – all from a telephone or laptop computer, with out ever stepping right into a department. That mentioned, possibly you actually benefit from the personalised safety of with the ability to stroll right into a department location. That’s clearly fully wonderful – simply understand that you just’re paying for that comfort!
There’s no scarcity of on-line banking choices in Canada, however once we weigh the components that matter most: charges, rates of interest, account choices, and ease of use – one identify persistently comes out on high: EQ Financial institution.
EQ options no month-to-month charges and limitless free transactions. They’re going to offer you considerably larger rates of interest than the large banks do. Plus, EQ is designed solely for on-line banking. It’s not a facet focus of theirs, that has type of been constructed to help the department in-person expertise. That results in issues like extra user-friendly web sites and a greater cellular app.
EQ has additionally been fairly revolutionary over the previous few years. They added an EQ Financial institution Card in 2023 (providing fee-free spending and no international alternate charges), after which in 2024 they launched each a brand new company account choice, in addition to the primary 30-day Discover Account in Canada!
In the end, the selection of the perfect on-line financial institution hinges in your particular wants. If interacting with a consultant in individual holds better significance for you than securing essentially the most aggressive rates of interest for GICs and high-interest financial savings accounts, then contemplating a Large 6 Financial institution with a brick-and-mortar location may nonetheless be preferable.
