Manulife Bank

EQ Bank, Tangerine, Simplii Financial, Wealthsimple Cash, Neo Financial, and KOHO stand out as the most popular and highly rated online/digital banks in Canada right now.

These are the ones Canadians actually use and recommend for no (or low) monthly fees, competitive interest on savings, solid mobile apps, and everyday banking features like bill payments, e-transfers, and debit cards. Traditional big banks (RBC, TD, etc.) dominate overall market share, but these digital options excel for fee-free banking and better rates on savings.

Top Recommendations

Here’s a breakdown of the leading options based on recent expert reviews (e.g., Forbes Advisor Canada), user feedback, and popularity:

• EQ Bank (Equitable Bank): Often ranked as the best overall online bank. It offers a hybrid Personal Account (functions like chequing with interest), Notice Savings, GICs, TFSA/RRSP/FHSA options, USD accounts, and joint accounts. No monthly fees, unlimited transactions, ATM fee reimbursements (on eligible accounts), and competitive rates (e.g., up to ~2.75% on the Personal Account with qualifying direct deposits of $2,000+/month; base around 1%). CDIC-insured as a Schedule I bank. Strong app and customer service. Great for savers and everyday use.

• Tangerine Bank (Scotiabank subsidiary): A long-time favourite with over 2 million users. No-fee chequing and savings accounts, promotional rates (often higher short-term, e.g., ~4-5% on savings for new clients), free e-transfers, and access to Scotiabank ATMs (plus some café locations). Good for full everyday banking including credit cards and investments. CDIC-insured.

• Simplii Financial (CIBC subsidiary): Very similar to Tangerine—reliable no-fee chequing/savings, student options, high-interest savings promos, and free access to thousands of CIBC ATMs. Strong for cash deposits if needed. CDIC-insured. Popular alternative if you prefer CIBC’s network.

• Wealthsimple Cash: Excellent if you already invest or want everything in one app. Interest on cash balances (tiered; higher with more assets or direct deposit, e.g., base ~1.25%+ boosts), no fees, prepaid Mastercard, and seamless integration with their investing platform. CDIC protection via partner banks (up to higher limits in some cases). Ideal for combined banking + wealth management.

• Neo Financial: Rising fast for rewards-focused users. High-yield savings (~2-4% range depending on offers), cashback debit/credit cards (up to 5% in categories or at partners), modern app, and investing options. No monthly fees on core accounts. Growing user base, especially younger Canadians. CDIC via partners.

• KOHO: Popular prepaid Mastercard option with cashback (tiered plans: higher with paid tiers), budgeting tools, interest on savings, and spending insights. Good for everyday rewards and tracking. Some users love the app; plans start free with direct deposit options.

Other Notable Mentions

• Manulife Bank: Strong high-interest savings rates and mortgage products.
• Smaller or niche ones like Wealth One or Saven for very high savings rates, but they may have fewer features or regional limits (e.g., some exclude Quebec).

Quick Tips for Choosing and Using

Rates fluctuate (check current promos on their sites—many offer bonuses for new clients or direct deposits). Most are fully digital with excellent apps; no branches, but ATM access via partners (Interac, Scotiabank, CIBC, etc.). Cash deposits are limited or unavailable at pure online banks. All major ones are CDIC-insured (up to $100,000 per depositor per insured category).

Many Canadians pair one (e.g., EQ or Tangerine for daily/savings) with a big bank for complex needs or branches. User sentiment on forums like Reddit often highlights EQ, Tangerine, and Simplii for reliability and better rates than the Big Six.

Compare based on your priorities: highest interest (EQ/Manulifes), rewards (Neo/KOHO), or integrated investing (Wealthsimple). Always verify eligibility, current rates/fees, and availability in your province. Start with their websites or apps for easy online applications.

The best online banks in Canada combine low to no fees, competitive interest rates, and strong mobile banking experiences. Top options include EQ Bank, Tangerine, Simplii Financial, Neo Financial, and Wealthsimple.

Top Recommended Online Banks

1. EQ Bank – Overall Best Online Bank

Offers a hybrid chequing and savings account paying up to 2.75% interest with a $2,000/month direct deposit. No monthly fees, unlimited transactions, and reimburse ATM fees from any Canadian ATM. High-rated mobile app (Apple 4.8 / Google 4.2) and fully digital platform.

2. Tangerine Bank – Best for Daily Use

No-Fee Daily Chequing Account with unlimited free transactions and Interac e-Transfers. Access to Scotiabank ATM network, and interest on every dollar (up to 0.1%, promotional higher rates available). Strong mobile app and easy account setup online.

3. Simplii Financial – Best Online No-Fee Chequing & Student Accounts

No monthly fees, unlimited free transactions, e-Transfers included. High Interest Savings Account promotional rate up to 4.6% for the first 5 months on savings up to $200,000. Offers student-friendly accounts and a paired savings account for higher interest earnings.

4. Neo Financial – Best Cashback Options

Chequing account offers up to 2% cashback at popular retailers, $0 monthly fees, unlimited free transactions. Offers free ATM withdrawals in Canada and internationally. Mobile app highly rated (Apple 4.8 / Google 4.4).

5. Wealthsimple – Best for Investing & Digital Perks

Combines chequing and savings accounts paying 1.75%–2.25% interest depending on assets. Offers early access to pay, CDIC coverage, and 1% cashback in cash or stocks. Connected to Wealthsimple’s investment accounts for easy trading of stocks, ETFs, and crypto.

6. PC Money Account – Best for Rewards

Offers PC Optimum points on spending, no monthly fee, unlimited free transactions, and 2.2% interest on savings. Ideal for users who prefer reinforcement of everyday purchases with rewards points.

Additional Options to Consider

BMO Performance Chequing Account – Best Big Bank option, unlimited free transactions, digital setup, and welcome offers. Manulife Bank – Competitive savings rates and hybrid accounts for those who also need credit cards.

Key Features to Compare

When choosing an online bank in Canada, consider:

Fees: monthly fees, overdraft charges, e-Transfer and ATM fees. Interest rates: for savings accounts and chequing account balances. Mobile app usability: ease of digital transactions and customer support. ATM access: check if the bank reimburses fees for convenience. Additional perks: cashback, rewards, investment options, early pay access.

In summary, EQ Bank, Tangerine, Simplii, Neo Financial, and Wealthsimple represent the most used and highly rated online banking solutions in Canada, providing a balance of high interest, minimal fees, and user-friendly digital banking. Your choice may vary depending on whether your focus is savings, cashback rewards, daily banking, or integrating investing with your chequing account.