young woman opening a bank account online by phone

Online banking is transforming how Canadians manage their money, offering convenience, low fees, and innovative tools tailored to individual needs.

Whether you’re an immigrant settling in Canada, a student looking for budget-friendly solutions, or someone seeking better financial flexibility, opening an online bank account can be a game-changer.

By the end of this guide, you’ll have all the insights to choose the best option for your financial goals. Keep reading to learn more!

How to open an online bank account in Canada

Opening an online bank account in Canada is straightforward and often quicker than opening a traditional account.

The process begins with researching available options, as banks and fintech companies offer a wide range of services.

Once you’ve identified the online bank that aligns with your goals, the next step is preparing your documents.

You’ll typically need government-issued ID, proof of address, and your Social Insurance Number (SIN).
Most online banks allow you to open an account directly through their app or website.

The application process involves filling out a form, uploading your documents, and verifying your identity.

Some banks use secure video calls or facial recognition selfies to confirm your identity, making it a hassle-free experience.

Once approved, you can fund your account and start managing your finances digitally.

This ease and accessibility have made online bank accounts increasingly popular, especially for those who value efficiency and cost savings.

grandfather opening a bank account online

Top online bank accounts in Canada

Canada’s online banking sector offers a variety of options tailored to diverse financial needs. From no-fee checking accounts to high-interest savings accounts, there’s something for every customer.

Below, we explore the top online bank accounts, detailing their features, advantages, and disadvantages to help you decide.

EQ Bank Personal Account

EQ Bank is a leader in the online banking space, offering one of the most competitive personal accounts in Canada.

This account focuses on maximizing savings without charging monthly fees.

Users enjoy a high-interest rate on all balances, making it an excellent choice for those looking to grow their savings while managing everyday transactions.

One standout feature is its unlimited, free Interac e-Transfers, allowing you to send money without worrying about hidden fees.

Additionally, there’s no minimum balance requirement, giving users the freedom to maintain any balance without penalties.

However, EQ Bank doesn’t provide a physical debit card, limiting in-store purchases to online payment options.

For those who primarily conduct their banking online, this account remains an excellent choice.

Manulife Advantage Account

The Manulife Advantage Account combines the features of a checking and savings account, offering users flexibility and competitive interest rates.

This hybrid account is particularly appealing to individuals seeking to manage savings and daily expenses in one place.

Manulife’s mobile-friendly platform ensures seamless access, and its integration with other Manulife financial products makes it ideal for existing customers.

However, maintaining a minimum balance is necessary to avoid monthly fees, which may not suit everyone.

Despite this, the account’s flexibility and additional benefits make it a strong contender for those seeking comprehensive banking solutions.

Neo Financial Everyday Account

Neo Financial’s Everyday Account stands out for its focus on cashback rewards and digital features.

Designed for users who prioritize rewards, this account provides cashback on purchases without charging any monthly fees.

Its intuitive app simplifies financial management, appealing to tech-savvy Canadians.

While Neo Financial lacks an extensive ATM network, it compensates by offering a smooth digital experience and valuable perks.

This account is perfect for frequent spenders who want to maximize rewards while enjoying a straightforward banking experience.

Woman opening a bank account online

Simplii Financial No-Fee Chequing Account

Simplii Financial has built its reputation on offering hassle-free, no-fee banking services. This chequing account allows unlimited transactions, including free Interac e-Transfers, with no monthly fees.

Backed by CIBC, Simplii Financial provides the reliability of a traditional bank with the convenience of a digital platform.

However, as it operates entirely online, there are no physical branches for in-person assistance.

For users comfortable with digital banking and seeking a cost-effective solution, this account is an excellent option.

Motusbank Chequing Account

Motusbank, a division of Meridian Credit Union, offers a chequing account that appeals to those seeking low fees and opportunities to earn interest.

The account includes features like free Interac e-Transfers, no monthly fees, and competitive interest rates on balances.

As a credit union, Motusbank operates with a member-first approach, adding a layer of personalized service.

However, some users may find its ATM network smaller compared to traditional banks. For those prioritizing accessibility and digital access, Motusbank is a strong option to consider.

National bank connected chequing account

The Connected Chequing Account from National Bank bridges traditional banking services with digital innovations.

It offers flexibility through a range of services, including access to physical branches and ATMs, alongside robust online tools.

While this account includes a monthly fee, it can be waived by maintaining a minimum balance or meeting other criteria.

This makes it suitable for those who want the security of traditional banking combined with the convenience of online management.

The account’s seamless integration with other National Bank products is an added advantage for existing customers.

Tangerine No-Fee Daily Chequing Account

Tangerine’s no-fee daily chequing account is a popular choice for Canadians seeking simple and cost-effective banking services.

This account offers unlimited Interac e-Transfers, no monthly fees, and access to Scotiabank’s extensive ATM network.

Its user-friendly platform ensures a seamless experience, making account management easy for clients anywhere.

While its customer service hours are limited compared to larger banks, Tangerine remains a top option for those seeking a reliable and straightforward banking solution.

KOHO Spending and Savings Account

The KOHO Spending and Savings Account is a modern take on banking, designed to combine daily spending with effective saving tools.

It offers cashback on purchases and charges no monthly fees, making it appealing to younger users.

Unlike traditional banks, KOHO operates as a fintech platform, providing services through a prepaid Visa card. This account is ideal for those who prefer a cost-effective, app-based financial solution.

However, it lacks features like check deposits, which may be a drawback for some. Despite this, KOHO’s rewards and savings features make it a great option for tech-savvy individuals.

grandmother opening a bank account

How to choose the best online bank account in Canada

Selecting the best online bank account depends on your financial needs and habits. If saving money is a priority, consider accounts like EQ Bank, which offer high-interest rates.

For frequent shoppers, cashback-focused accounts like Neo Financial and KOHO may be more suitable.

It’s also important to evaluate how you access your funds. While some accounts provide extensive ATM networks, others rely entirely on digital transactions.

Consider additional features such as customer service availability, integration with other financial products, and user-friendly apps.

By analyzing these factors, you can confidently choose the online bank account that best aligns with your goals.

Online bank accounts in Canada offer a modern and efficient way to manage your finances. Whether you prioritize savings, rewards, or convenience, there’s an option tailored to your needs.

By carefully exploring the features, fees, and benefits of each account, you can find the best online bank account to suit your lifestyle.

For more insights into digital banking and financial tips, continue exploring our website. Take the first step toward smarter banking today — your perfect online bank is just a click away!

Looking for a suggestion? Read our content explaining how to switch banks in Canada!