In this article, I will focus on the prominent online banks in Canada analyzing the features and advantages of each.
These banks have minimal fees, provide digital-friendly interfaces, and have interest rates that are highly competitive.
Regardless of whether you are looking for high-interest savings or banking that is free of charge, these solutions address numerous financial needs.
Key Points & Best Online Banks In Canada List
| Online Bank | Key Features |
|---|---|
| Simplii Financial | No-fee daily banking, competitive interest rates, backed by CIBC |
| Tangerine | No monthly fees, high-interest savings, user-friendly mobile app |
| EQ Bank | High-interest savings, no-fee banking, fast e-Transfers |
| Canadian Western Bank | Online-focused services, strong business banking options |
| Alterna Bank | Competitive savings rates, no-fee chequing, hybrid credit union structure |
| Neo Financial | Innovative fintech experience, cashback rewards, sleek mobile app |
| Motive Financial | High-interest savings, no-fee accounts, simple interface |
| Motusbank | Owned by Meridian Credit Union, no-fee banking, mortgage products available |
| Manulife Bank | All-in-one banking package, daily banking + savings + borrowing in one account |
| Laurentian Bank Digital | Digital-first services, part of traditional Laurentian Bank, growing fintech edge |
10 Best Online Banks In Canada
1.Simplii Financial
In Canada, the CIBC (Canadian Imperial Bank of Commerce) launched its online bank, Simplii Financial, in 2017. Simplii offers no-fee daily bank transactions, high-interest savings, and an intuitive online interface.
They also have 24/7 customer service in English, French, and through various mediums like phone, chat, or email. Customers don’t have to meet any minimum balance requirements to set up an account with the bank since Simplii does not charge monthly account maintenance fees.
The bank also provides chequing, savings, credit cards, and investment accounts in addition to its primary services, making it ideal for digitally-savvy Canadians who value convenience and low costs for their banking.
| Feature | Details |
|---|---|
| Founded | 2017 |
| Founder | Canadian Imperial Bank of Commerce (CIBC) |
| Languages Supported | English, French |
| Customer Support | 24/7 support via phone, chat, and email |
| Minimum Deposit | No minimum deposit required |
| Fees | No monthly fees for most accounts |
| Account Types | Chequing accounts, Savings accounts, Credit cards, Investment accounts |
2.Tangerine
The Tangerine Bank, created in 1997 by The ING Group and later bought out by Scotiabank in 2012, was renamed from ING Direct Canada. This institution operates as a fully-digital bank that has no-fee daily banking services.
They offer customer support in English and French, responding to calls or messages any time of day, any day of the week. To open an account, there is no minimum deposit necessitated and most of accounts have no monthly fees associated with them.
For the Canadians looking for convenient solutions for online banking, Tangerine has a wide selection of accounts including chequing accounts, saving accounts, credit cards, investment accounts as well as mortgages.
| Feature | Details |
|---|---|
| Regulation | Backed by Scotiabank and insured by the Canada Deposit Insurance Corporation (CDIC). |
| Account Types | No-fee chequing, high-interest savings, USD savings, and tax-free savings accounts. |
| Minimum Deposit | No minimum deposit required. |
| Key Features | Free unlimited transactions, access to over 3,600 Scotiabank ATMs, mobile cheque deposits, and cashback credit cards. |
| Fees | No monthly fees for chequing and savings accounts. |
| Customer Support | 24/7 phone and online support. |
3.EQ Bank
Founded in 1970, Equitable Bank launched EQ Bank in 2016 as one of the first digital-only banks in Canada. Customers receive a completely digital banking experience, without any face-to-face interactions in branch offices. Support is available in both English and French via phone or chat from 8 am to midnight EST, every day of the week.
Unlike traditional banks, there is no minimum deposit required when opening an account, and multiple accounts have no monthly fees.
Users can set up personal accounts, joint accounts, tax-free savings accounts (TFSAs), registered retirement savings plans (RRSPs), first home savings accounts (FHSAs) US dollar accounts, and Guaranteed Investment Certificates (GICs).
The bank also allows Wise powered international money transfers and has an EQ Bank Card that can be reloaded. Deposits made at the bank are insured by the Canada Deposit Insurance Corporation (CDIC) up to certain limits.
| Feature | Details |
|---|---|
| Founded | 2016 |
| Founder | Equitable Bank (parent company) |
| Languages Supported | English |
| Customer Support | 24/7 support via phone, chat, and email |
| Minimum Deposit | No minimum deposit required |
| Fees | No monthly fees, unlimited free Interac e-Transfers, bill payments, and EFTs |
| Account Types | Personal Account, Joint Account, Notice Savings Account, TFSA Savings Account, RSP Savings Account, U.S. Dollar Account, Business Account |
| Interest Rates | Up to 4.00% on Personal Account with qualifying direct deposit; 4.50% to 5.00% on Notice Savings Account with 10–30 day withdrawal notice |
| ATM Access | Free withdrawals from any ATM in Canada with EQ Bank Card; ATM fees reimbursed |
| Deposit Insurance | Eligible for CDIC protection up to $100,000 per depositor per insured category |
| Digital Banking | Fully digital, branchless banking experience |
| Security | Utilizes Microsoft Azure cloud platform for enhanced security and agility |
4.Canadian Western Bank
Founded in 1988, Canadian Western Bank (CWB) resulted from merging the Bank of Alberta and Western & Pacific Bank of Canada. It was co-founded by Charles Alexander Allard and Eugene Pechet. CWB’s head office is located in Edmonton, Alberta where they provide services in French and English.
Customers can obtain assistance through phone and the internet. CWB offers different types of accounts like Standard Chequing, Apex All-Inclusive Chequing, Gold Leaf PLUS® (for clients aged 57 and older), Youth Account, and Student Account.
Fees differ per account; for example, the Standard Chequing Account entails a $4.00 fee per month unless a minimum balance of $1,000 is kept. CWB is a member of the Canada Deposit Insurance Corporation (CDIC), thus providing protection to deposits.
In June 2024, it was announced that CWB would be acquired by the National Bank of Canada, with the transaction expected to complete by the end of 2025.
| Feature | Details |
|---|
| Online Banking Platform | CWBdirect® Online Banking for personal and business accounts. |
| Mobile Banking App | cwb.digital™ app for iOS and Android devices. |
| Accessibility | Instant and free access for all personal accounts. |
| Security Features | Multi-factor authentication, encryption, and session time-out for enhanced security. |
| Account Management | View balances, transfer funds, pay bills, and access account activity in real time. |
| Cheque Deposit | Remote cheque deposit via Deposit Anywhere™ service. |
| Interac e-Transfers | Send, request, and receive Interac® e-Transfers. |
| Business Banking | CWBdirect® Business Online Banking with features like multiple signers and CRA payments. |
| Mobile Web Access | Access banking services via mobile web without the need to download an app. |
| ATM Access | Access to CWB ATMs and partner networks for withdrawals |
5.Alterna Bank
Founded on October 29, 1992, in Ottawa, Ontario, Alterna Bank is a direct bank and a subsidiary of Alterna Savings and Credit Union Limited.
The bank provides its services in both English and French and offers customer service via telephone as well as through online platforms.
Most of the accounts have no minimum deposit requirements, while many do not incur monthly maintenance fees. The bank’s account products consist of the No-Fee eChequing Account
High Interest eSavings Account, TFSA eSavings Account, and RRSP eSavings Account. Clients have access to more than 3,300 ATMs across Canada that are free of surcharges through THE EXCHANGE® Network.
| Feature | Details |
|---|---|
| Regulation | A subsidiary of Alterna Savings and Credit Union, insured by CDIC. |
| Account Types | No-fee chequing, high-interest savings, TFSA, RRSP, and business accounts. |
| Minimum Deposit | No minimum deposit required. |
| Key Features | Free unlimited transactions, access to over 3,300 ATMs via THE EXCHANGE Network, and fully digital mortgage options. |
| Fees | No monthly fees for chequing and savings accounts. |
| Customer Support | Online and phone support available. |
6.Neo Financial
Neo Financial is a Calgary, Alberta based firm which was registered in 2019 by Andrew Chau, Jeff Adamson, and Kris Read. It is one of the most advanced digitized banking systems in Canada.
They operate in English and have customer support through chat, email, and phone 7 days a week from 7:00 am to 8:00 pm (MST).
The company has no minimum deposit requirements and does not impose any monthly fees on its core products.
Their accounts include Neo everyday account, Neo High-Interest Savings Account, Neo Credit Card, Neo Secured Credit Card, Neo Invest and Neo Mortgage.
Peoples Bank of Canada, a member of the CDIC secures and protects the clients deposit by up to $100,000 per depositor per category.
| Feature | Details |
|---|---|
| Regulation | Operates under Canadian financial regulations and is CDIC-insured. |
| Account Types | Neo Money Account (hybrid chequing-savings) and high-interest savings accounts. |
| Minimum Deposit | No minimum deposit required. |
| Key Features | Unlimited free transactions, cashback rewards on purchases, and competitive interest rates up to 4%. |
| Fees | No monthly fees for accounts. |
| Customer Support | Online and app-based support available. |
7.Motive Financial
Motive Financial, part of the Canadian Western Bank, is one of the most innovative Canadian banks offering fully digital banking services since 2008.
The specific founder’s name might not be in the public domain, but it operates under the Canadian Western Bank banner. Customer support is offered in English via telephone and online channels.
There is no minimum deposit needed to open an account, and most accounts do not charge a monthly fee.
Motive Financial provides a number of accounts which include the Motive Savvy Savings™ Account, Motive Cha-Ching Chequing Account™, Tax-Free Savings Accounts (TFSAs), Registered Retirement Savings Plans (RRSPs) and Guaranteed Investment Certificates (GICs).
It is worth mentioning that the Motive Savvy Savings™ Account has a very attractive interest rate of 3.60%.
It offers two free transactions each month, but additional withdrawals are subject to a $5.00 fee. Interac e-Transfers are available at $1.00 per transaction. Motive Financial is a CDIC member, which provides protection for depositors up to known limits.
| Feature | Details |
|---|---|
| Regulation | A division of Canadian Western Bank, insured by CDIC. |
| Account Types | No-fee chequing, high-interest savings, RRSP, TFSA, and GIC accounts. |
| Minimum Deposit | No minimum deposit required. |
| Key Features | High-interest rates, free unlimited ATM withdrawals via THE EXCHANGE Network, and competitive GIC rates. |
| Fees | No monthly fees for chequing and savings accounts; $1 fee for Interac e-Transfers. |
| Customer Support | Online and phone support available. |
8.Motusbank
Motusbank is a full-service digital bank in Canada that started operating on April 2, 2019, “Motus” meaning “movement” in Latin. It is owned by Meridian Credit Union, the largest credit union in Ontario and the third largest in Canada.
Motusbank provides support over the phone and online in English. They do not have a minimum deposit requirement for opening an account and most of their accounts do not incur monthly charges.
They offer chequing accounts, savings accounts (including TFSAs and RRSPs), Guaranteed Investment Certificates (GICs), loans, mortgages, and a variety of other investment options. Motusbank is a member of the Canada Deposit Insurance Corporation (CDIC) which protects user deposits up to a certain amount.
| Feature | Details |
|---|---|
| Regulation | A subsidiary of Meridian Credit Union, insured by CDIC. |
| Account Types | High-interest savings, no-fee chequing, TFSA, RRSP, and GIC accounts. |
| Minimum Deposit | No minimum deposit required. |
| Key Features | Competitive interest rates, low mortgage rates, interest-earning chequing accounts, and easy online account setup. |
| Fees | No monthly fees for chequing and savings accounts. |
| Customer Support | Online and phone support available. |
9.Manulife Bank
Manulife Bank was founded in 1993 and is a subsidiary of Manulife Financial Corporation which dates back to 1887, established by Canada’s first Prime Minister, Sir John A. Macdonald.
The Bank provides customer support via phone and online in both English and French. Opening an account does not require a minimum initial deposit, and most accounts incur no monthly fees.
Among the account offerings are the Manulife Advantage Account, Manulife One, Tax-Free Savings Accounts (TFSAs), Registered Retirement Savings Plans (RRSPs), and Guaranteed Investment Certificates (GICs).
Manulife Bank is a member of the Canada Deposit Insurance Corporation (CDIC) that provides deposit insurance within the established limits.
| Feature | Details |
|---|---|
| Regulation | A member of the Canada Deposit Insurance Corporation (CDIC). |
| Account Types | High-interest savings, no-fee chequing, TFSA, RRSP, and mortgage accounts. |
| Minimum Deposit | No minimum deposit required. |
| Key Features | Competitive interest rates, flexible mortgage options, mobile banking app, and integrated financial planning tools. |
| Fees | No monthly fees for chequing and savings accounts. |
| Customer Support | 24/7 online and phone support. |
10.Laurentian Bank Digital
Laurentian Bank Digital is the online banking branch of Canada’s Laurentian Bank, established in 1846 by Monsignor Ignace Bourget in Montreal, Quebec. The bank’s website is available in English and French, and they provide customer support over the phone or online.
Opening an account does not require an initial deposit, and most accounts do not incur monthly fees. Accounts offered include the Laurentian Bank Digital Chequing Account, High-Interest Savings Account, Tax-Free Savings Accounts (TFSAs), Registered Retirement Savings Plans (RRSPs), and Guaranteed Investment Certificates (GICs).
With Laurentian Bank Digital, customers can access the Canada Deposit Insurance Corporation (CDIC) insurance that protects their deposits up to certain limits.
| Feature | Details |
|---|---|
| Regulation | A digital arm of Laurentian Bank, insured by CDIC. |
| Account Types | High-interest savings and chequing accounts. |
| Minimum Deposit | No minimum deposit required. |
| Key Features | Competitive interest rates up to 3%, no monthly fees, unlimited Interac e-Transfers, and access to THE EXCHANGE Network ATMs. |
| Fees | No monthly fees for chequing and savings accounts. |
| Customer Support | Online and phone support available. |
Conclusion
To sum up, the top online banks in Canada provide high-interest accounts while maintaining low fees, and offer exceptional security and convenience.
Users searching for strong customer service, efficient business dealings and helpful support choose EQ Bank, Tangerine, and Simplii Financial, and these banks do not let them down.
These online banks deliver, whether it’s for a high-interest savings account or free banking because they make everyday transactions smooth and accessible.
