Top Online Banks Digital Banks in Canada
Online banks in Canada are often referred to as "digital banks" or "virtual banks." The terms are largely interchangeable and describe financial institutions that operate primarily (or exclusively) through digital channels like mobile apps and websites, without physical branches. "Digital banking" can also broadly encompass online services offered by traditional banks, but when discussing branchless or online-only providers, "digital bank" is a common synonym. This reflects the growing preference for virtual services, with 77% of Canadians conducting banking digitally as of 2025. These banks are regulated by the Office of the Superintendent of Financial Institutions (OSFI) and insured by the Canada Deposit Insurance Corporation (CDIC) up to $100,000 per eligible account, ensuring safety comparable to traditional banks. Online-only or digital-first banks.
Look for features like interest rates (often 2-4% on savings), no monthly fees, unlimited transactions, easy to use app, and good customer satisfaction.
EQ Bank
https://www.eqbank.ca
Digital-only; highest savings rates; no physical branches; ~$10B assets.
High interest savings, no monthly fees
Savers, online-only users
Tops most lists; up to 3.30% interest on savings, no fees, unlimited transfers, CDIC-insured. Best for high-yield savings.
Tangerine
https://www.tangerine.ca
Digital-only (Scotiabank subsidiary); no-fee chequing/savings; 2M+ customers, ~$50B assets.
Backed by Scotiabank, great app
Budgeting, no-fee banking
No-fee chequing/savings, 2.50%+ interest promo rates, unlimited e-Transfers, backed by Scotiabank. Excellent for daily banking.
Simplii Financial
https://www.simplii.com
Digital-only (CIBC subsidiary); high-interest savings; 2M+ customers.
Backed by CIBC, easy setup
Students, newcomers
CIBC subsidiary; no-fee accounts, up to 4.25% promo on new savings (ends Sept 2025), free ATMs nationwide. Great for beginners.
Neo Financial
https://www.neofinancial.com
Canadians can manage their money with tech-first financial tools.
Neo World Elite Mastercard, Neo World Mastercard, Neo Money, Neo Invest, Neo Mortgage.
2.25% cashback on debit spends, no fees, high-interest savings (2.25%), integrated rewards.
Ideal for rewards seekers.
Wealthsimple: Your money's worth more.
https://www.wealthsimple.com
Wealthsimple is an *online-only financial services platform* that offers banking-like products, such as high-interest chequing accounts, savings, and debit cards, all managed entirely through their mobile app and website—no physical branches. While it's not a traditional chartered bank (and can't legally call itself one), it partners with CDIC-insured institutions to provide deposit protection up to $1 million and full banking functionality for everyday needs like transfers, bill payments, and ATM access.
This makes it a popular choice for Canadians seeking fee-free, digital-first banking alongside investing tools.
Earn up to 2.5% in interest, with no everyday account fees.
Hybrid chequing/savings with 1.75-2.50% interest, no fees, seamless investing integration. Best for holistic finance.
Plus, access your cash from ATMs Canada-wide and we’ll cover the fees up to $5.
Presidents Choice Financial
https://www.pcfinancial.ca/en/
Digital-only (Loblaw-owned); no-fee basics tied to grocery perks.
Spending and banking have never been so rewarding.
The ONLY bank that rewards you with PC Optimum™ points.These options are great if you're seeking lower costs (e.g., digital banks) or regional expertise.
Alterna Bank
https://alternabank.ca
Canada’s end-to-end digital bank. No-fee eChequing account
Alterna Bank, its subsidiary, is the online-only bank offering digital-first services like no-fee chequing, high-interest savings, and e-mortgages.
Koho
https://www.koho.ca
Prepaid Mastercard with 1-2% cashback, no fees on basics, high-interest savings vault. Suited for budgeting.
These banks are available nationwide and emphasize mobile-first experiences. Rates and promos can change, so verify on their sites.
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