Wealthsimple

As of September 2026, I’d shortlist these as the online banking brands Canadians actually use—not obscure promo-only accounts.

Best online banks / banking apps in Canada

My practical recommendation

If you want one online bank only, pick:

• Tangerine if you want the safest “full online bank” default: chequing, savings, credit cards, GICs, mortgages, Scotiabank ABM access.
• Simplii if you live outside Quebec and CIBC ATMs are more convenient than Scotiabank ATMs.
• Wealthsimple Chequing if you already invest with Wealthsimple, travel, dislike FX fees, and want a very modern app.
• EQ Bank if your main goal is earning better interest on cash and you don’t need every traditional chequing feature.

Best two-account setup for most Canadians

For a realistic setup, I’d do:

Tangerine or Simplii as your “traditional” no-fee chequing account
+ EQ Bank or Wealthsimple for higher-interest cash / investing / modern app features.

That combo gives you no-fee day-to-day banking, ATM access through a major-bank network, e-Transfers, bill payments, and somewhere better to park savings.

Safety note

EQ Bank, Tangerine Bank, Simplii via CIBC, and PC Financial / President’s Choice Bank appear on CDIC’s member-institution list or under CDIC-member parent institutions. Wealthsimple is different: it says chequing balances are held in trust with CDIC-member institutions and that Wealthsimple itself is not a CDIC member. (cdic.ca)

Ditching the "Big Six" banks (RBC, TD, BMO, CIBC, Scotiabank, and National Bank) to avoid their $15 to $30 monthly account fees is one of the easiest ways to save money in Canada.

Today, online-only banks and digital financial platforms are incredibly popular. Your money is just as safe as it would be at a traditional brick-and-mortar bank because these platforms are either federally regulated Schedule I banks themselves or partner with them to provide CDIC (Canada Deposit Insurance Corporation) protection.

The four most popular online banking products that Canadians actually use, along with their pros, cons, and best-use cases, include:

1. EQ Bank (The Best Overall Online Bank)

EQ Bank (the digital arm of Equitable Bank) is widely considered the gold standard for digital banking in Canada. Instead of separating your money into checking and savings, they offer a single hybrid account.

• The Flagship Product: EQ Bank Personal Account
• The Perks:
  • No monthly fees and unlimited free transactions/e-Transfers.
  • High Interest: You earn a strong everyday interest rate (currently 2.75% if you set up qualifying direct deposits of at least $500/month; otherwise 1.00% base).
  • The EQ Bank Card: A reloadable prepaid Mastercard that gives you 0.5% cash back on all purchases.
  • Free ATMs Nationwide: You can use any ATM in Canada for free—EQ Bank will reimburse you for the fees the other bank charges.
  • No Foreign Exchange (FX) Fees: If you travel or buy things online in USD, they do not charge the typical 2.5% FX markup.
• The Catch: You cannot easily deposit physical cash, and EQ Bank does not offer bank drafts (which you often need for a down payment on a house or buying a car).
• Best For: Anyone who wants a high interest rate on their day-to-day spending cash, frequent travelers, and those who want free ATM access anywhere.

2. Wealthsimple (The Best Fintech & Investing Hybrid)

While Wealthsimple is technically a financial technology company and not a registered bank, millions of Canadians use Wealthsimple Chequing (formerly Wealthsimple Cash) as their primary everyday account. Your funds are held with partner Schedule I banks, giving you up to $1,000,000 in CDIC coverage.

• The Flagship Product: Wealthsimple Chequing Account
• The Perks:
  • No fees of any kind.
  • Earn Interest on Spending: You earn between 1.25% and 2.25% interest on your balance depending on your client tier (Core, Premium, or Generation) and whether you direct-deposit your paycheck.
  • 1% Cash Back: You get a physical/virtual plastic Visa card that pays 1% cash back on everything, which you can choose to auto-invest into stocks or crypto.
  • Free ATM Reimbursements: They reimburse ATM operator fees globally.
• The Catch: Like EQ, you can’t deposit physical cash, and they don't offer paper bank drafts.
• Best For: Younger Canadians, tech-savvy users, and anyone who already uses Wealthsimple for their TFSA, RRSP, or FHSA investing and wants their daily spending seamlessly integrated into one beautiful app.

3. Tangerine Bank (The Best "Big-Bank" Backed Experience)

Owned by Scotiabank, Tangerine is Canada’s pioneer online bank. It offers a much more "traditional" banking experience than EQ or Wealthsimple, making it highly reliable.

• The Flagship Product: Tangerine No-Fee Daily Chequing Account
• The Perks:
  • No monthly fees and unlimited free transactions/e-Transfers.
  • ATM Network: You get free unlimited access to Scotiabank's network of over 3,500 ATMs across Canada.
  • Bank Drafts: Unlike pure digital fintechs, you can easily order a bank draft online and pick it up at a Scotiabank kiosk or have it couriered to your house.
  • The Tangerine Money-Back Credit Card: One of the best no-fee credit cards in Canada, offering 2% cash back on up to three categories of your choice.
  • Promo Interest Rates: Tangerine regularly offers aggressive promotional savings rates (often around 4.50% to 5.00% for the first 5 months).
• The Catch: Once the promotional period ends, Tangerine’s base savings rate drops to a very low 0.30%.
• Best For: People transitioning away from the Big Six who still want the security of a major bank network, need access to physical ATMs to deposit cash, or need occasional bank drafts.

4. Simplii Financial (The Best for CIBC Users & Newcomers)

Simplii Financial is owned and operated by CIBC. It is Tangerine’s direct rival and operates almost identically, just using the CIBC network instead of Scotiabank.

• The Flagship Product: Simplii No-Fee Chequing Account
• The Perks:
  • No monthly fees and free unlimited transactions/e-Transfers.
  • ATM Network: Free, unlimited access to CIBC's massive network of ATMs.
  • Newcomer/Student friendly: Simplii has some of the most aggressive cash welcome bonuses for students and newcomers to Canada.
  • International Transfers: Great built-in options for sending money overseas with $0 transfer fees.
• The Catch: Similar to Tangerine, their regular high-interest savings rate is very low (0.30%) outside of their 5-month introductory promo rates.
• Best For: Anyone who lives near CIBC ATMs, international students, and newcomers looking for solid sign-up bonuses.

How Most Canadians Set Up Their Accounts

Because online banks are free, many people choose a "hybrid" banking setup to get the best of both worlds:

1. The Primary Hub (EQ Bank or Wealthsimple): They keep their primary savings and day-to-day spending money here to earn high ongoing interest (2.25% to 2.75%) and get cash back on spending.
2. The Backup (Tangerine or Simplii): They keep a free, secondary account open here. This acts as a bridge to a major ATM network (Scotiabank or CIBC) for depositing cash or ordering a bank draft on the rare occasion they need one.

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.

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.

Canada's top online banks and digital-first financial platforms have largely eliminated monthly fees while offering high interest rates that traditional big banks rarely match. Based on what Canadians actually use for day-to-day banking, savings, and overall value, here are the top brands and products:

EQ Bank (Personal Account & Savings): Highly praised by Forbes Advisor Canada and community forums like Reddit's Personal Finance Canada as an all-around champion. Their Personal Account functions like a hybrid chequing/savings account—offering free bill payments, free Interac e-Transfers, and no monthly fees or minimum balances, while bumping up interest rates significantly when you set up a recurring direct deposit. Wealthsimple (Cash Account): Though technically a fintech investment platform rather than a traditional chartered bank, Wealthsimple’s Cash account has become massively popular for everyday use. It offers a high base interest rate, no monthly fees, physical/virtual prepaid Mastercard spending with cash-back rewards, and seamless integration into stock, crypto, and TFSA/RRSP investing. Tangerine (No-Fee Daily Chequing & Savings): A subsidiary of Scotiabank, Tangerine is one of the original and most reliable digital banks in Canada. Users love it for truly fee-free daily chequing, free access to Scotiabank’s massive nationwide ATM network, and frequent promotional interest rates on savings accounts. Simplii Financial (No-Fee Chequing): Backed by CIBC, Simplii operates very similarly to Tangerine. It offers a completely free daily chequing account with unlimited debit transactions, free e-Transfers, and fee-free access to CIBC ATMs, making it a staple for students and budget-conscious households. KOHO (Spending & Savings Hybrid): A popular alternative for people looking to build credit or manage spending tightly. KOHO offers prepaid Mastercard options with integrated budgeting apps, cash-back on everyday purchases, and tiered interest rates on your balance.

If you'd like to narrow this down, let me know:

Are you looking primarily for a daily chequing account or a high-interest savings account? Do you care about cash-back rewards on spending?