CIBC

Here's a rundown of the online banks Canadians actually use and rate highly right now:

🏆 EQ Bank — Best Overall

This is the one most experts and Canadians point to first. EQ Bank is often the leader among traditional and online banks for the best non-promotional savings rates, and it is the direct online banking arm of Equitable Bank. It has no monthly account fees, unlimited free transactions, and interest rates that put the big banks to shame, with a digital-first experience built for the online era. They've also kept innovating — in 2023 they rolled out the EQ Bank Card with no foreign exchange fees, a game changer for Canadians who travel. Currently, a free online bank like EQ Bank charges nothing and pays 4%+ on every dollar without promotional conditions. It also supports TFSAs, RRSPs, GICs, and USD savings.

🏦 Tangerine — Most Established / Widely Trusted

Backed by Scotiabank, Tangerine remains one of the most popular no-fee options for everyday chequing and savings, and it's currently running strong promo rates — Tangerine's RSP offer lets you earn 4.60% interest for 5 months (on up to $1,000,000 in deposits).

🏦 Simplii Financial — Best for CIBC ATM Access

Simplii Financial is the direct banking arm of CIBC, formerly PC Financial, and is one of the best online banks in Canada — clients can access a no-fee chequing account, savings, credit card, mortgages, investments, and more. A big perk: customers can use over 3,400 CIBC ATMs across Canada for free. Their chequing account is popular because it offers no monthly fees, no minimum balance, unlimited transactions, interest up to 0.10%, and unlimited free Interac e-Transfers.

📱 Neo Financial — Fastest-Growing Neobank

Neo Financial has hybrid accounts blending chequing convenience with savings power — the Neo Money account delivers up to 3% interest on savings with no fees or minimums, plus cashback on the Everyday Account. It's popular with a young crowd — it has over one million users and a seamless app for spending, saving, and investing.

💳 KOHO — Best Prepaid/Cash-Back Hybrid

Not a full bank, but widely used as a spending app: KOHO is a financial app and prepaid Mastercard that earns cash back on all purchases — a great way to track and cap your spending since you're only using money you already have, and it works for purchases, online and in-person transactions, and free e-Transfers. You can earn up to 5% cash back on purchases and 3.50% interest on your balance.

🏛️ Honorable Mentions (if you want some in-person option too)

• BMO Performance Chequing — Finder's pick for best online chequing account from a Big Bank, since you can open and manage it completely online even though BMO has physical branches — it offers unlimited free transactions and e-Transfers, plus an annual fee rebate on eligible BMO credit cards.
• Coast Capital Savings — the pick for best online credit union in Canada, offering competitive account offerings and frequent sign-up bonuses.

Quick Take

• Want the highest savings rate with zero hassle? → EQ Bank
• **Want a well

If you want the online banks Canadians actually use most often, the safest short list is EQ Bank, Tangerine, Simplii Financial, Tangerine, and Wealthsimple Cash/chequing-style products, with EQ Bank and Tangerine showing up most consistently as top picks across major Canadian review sites.

A practical Canada-focused ranking would be:

• EQ Bank — best overall for high-interest savings + no-fee everyday banking; it is the top pick in several 2026 roundups and is repeatedly highlighted for its fully digital platform, free transfers, and strong mobile experience.
• Tangerine — best for everyday banking and a very common choice among Canadians; it is named best overall by some reviewers and best for daily use by Finder, while MoneySense points to it as tied for best rates and fees.
• Simplii Financial — best for simple no-fee chequing and service; Finder names it the best online no-fee chequing account, and MoneySense names it best for service among digital banks.
• Wealthsimple — best if you want banking that blends with investing; Finder highlights it as the best online bank account for investing.
• Neo Financial — best for cashback/spending perks; Finder highlights Neo chequing for cashback, and other Canadian roundups include Neo among the top digital banking options.
• BMO / RBC / TD / CIBC digital banking — best if you want a big-bank option with strong online tools; MoneySense’s 2025 analysis gives TD the top score overall, with CIBC and RBC close behind, and separately names TD as best for mobile and RBC best for desktop.

If you want the top brands/products people actually use, the most common real-world choices are usually these products:

• EQ Bank Personal Account / Notice Savings Account
• Tangerine No-Fee Daily Chequing Account
• Simplii No Fee Chequing Account
• Wealthsimple Cash / chequing-style account
• Neo Chequing Account
• TD / CIBC / RBC online banking for people who still prefer a major bank but want strong app and web banking.

A simple way to choose:

• Choose EQ Bank if you care most about savings rate + no monthly fee.
• Choose Tangerine if you want a main everyday bank account with strong online banking.
• Choose Simplii if you want free chequing and straightforward banking.
• Choose Wealthsimple if you want banking and investing in one app.
• Choose TD, RBC, CIBC, or BMO if you want a big-bank setup with excellent digital banking and branch access when needed.

If you want, I can turn this into a best online bank for your exact use case list, like best for savings, best for no-fee chequing, best for newcomers, best for students, or best for joint accounts.