Digital banking in Canada is here to stay. More and more people are managing their money online and through mobile banking without having to visit a bank branch. The latest banking technology offers a smooth user-interface, robust safety features and loads of convenient banking options.
Compare digital banking providers in Canada below and see which traditional banks offer digital banking through their websites and banking apps.
Digital banking is a fairly loose umbrella term that includes online banking, mobile banking, budgeting apps, and challenger banks (also called new banks). As the name suggests, online banking is the activity of dealing with your finances through the internet.
Some digital banks in Canada operate entirely online – usually through an app or website rather than from a physical branch – while others provide both online and in-person service.
Online banking has steadily been increasing in popularity in Canada. In the recent Finder: Consumer Sentiment Survey Q1, more than 1,845 Canadians were asked about their plans to open and use banking products, and almost 1 in 4 respondents (24%) said they planned to open an account with a digital bank.
| Bank | Account | What We Like | Monthly Fee | |
|---|---|---|---|---|
 | Simplii No Fee Chequing Account |
| $0 | |
 | EQ Bank Personal Account |
| $0 | |
 | KOHO Earn Interest |
| $0 | |
 | Neo Money Account |
| $0 | |
 | Tangerine Savings Account |
| $0 | |
 | BMO Performance Chequing Account |
| $17.95 (can be waived) | |
 | Scotiabank Preferred Package |
| $16.95 (can be waived) | |
 | RBC Signature No Limit Banking Account |
| $16.95 (can be partially waived) | |
 | National Bank Connected Account |
| $15.95 (can be waived) | |
 | TD Unlimited Chequing Account |
| $16.95 (can be waived) | |
 | CIBC Smart Account |
| $16.95 (can be waived) |
Digital banks are designed to be cheaper and more flexible than traditional banks. Ultimately, the aim is to compete with big banks like TD Bank, CIBC, RBC, Scotiabank and BMO. In response, some of the Big Banks have actually created their own digital-only banks to keep customers and profits from leaking away to competitors. For example, Tangerine is owned by Scotiabank, CIBC owns Simplii Financial, and Motusbank is a subsidiary of Meridian Credit Union.
Most digital banks were founded in the decade following the 2008 global financial crisis. The number of digital banks in Canada is small but growing, steadily gaining ground in a market dominated by financial industry giants like the Big 5 Banks.
These banks in Canada only operate as digital banks, which mean they don’t offer physical bank branch locations, but instead enable customer to rely entirely on their web platform and mobile app to manage finances. Popular digital-only banks in Canada include:
Simplii Financial offers an entirely digital banking platform in Canada, which is backed by one of Canada’s Big Five banks, CIBC. It offers a host of online banking products like an everyday chequing account, high-interest savings account, credit card, mortgage, loans and investment opportunities.
Simplii offers a seamless digital banking experience through its website and a well-developed app available on both the Apple App and Google Play stores.
As a digital bank in Canada, Simplii does not have the overhead costs associated with traditional banks, which means it can pass on those savings to its customers through no-fee accounts and credit card options.
Get started with the Simplii No Fee Chequing Account:
Simplii Financial offers a mobile app for both iOS and Android.
| Apple App Store rating | Google Play rating | |
|---|---|---|
| Simplii Financial app |  4.1 – ★★★★★(11K reviews) |  4.5 – ★★★★★(15K reviews) |
EQ Bank is an exclusively digital bank in Canada offering savings accounts, US dollar account, reloadable transaction card, investment accounts, international money transfers, a business bank account and even mortgages. It was founded in 2016 and now has more than $8 billion in deposits.
The EQ Bank Personal Account has the functionality of both a savings and chequing account, giving you unlimited transactions and a relatively high interest rate on your balance. The EQ Bank mobile app is also available in both the Apple App and Google Play stores.
Get started with the EQ Bank Personal Account:
You can download the EQ Bank app for both iOS and Android devices.
| Apple App Store rating | Google Play rating | |
|---|---|---|
| EQ Bank app | 4.8 – ★★★★★ (34K reviews) | 4.3 – ★★★★★ (7K reviews) |
Founded in 2014, KOHO offers Canadians a virtual banking experience through its KOHO prepaid Mastercard. You can use that card to make unlimited purchases wherever Mastercard is accepted, to pay bills or withdraw funds from domestic ATMs at no extra charge.
Add to that a stellar mobile app experience on both iOS and Android, and you have a serious online bank contender.That said, KOHO’s online banking options are limited, as it does not offer products like loans, credit cards or TFSAs. But if you’re looking for a simplified online banking option in Canada that allows you to access funds digitally, KOHO is definitively worth considering.
KOHO offers these prepaid card options:
Get started with KOHO Earn Interest:
The KOHO app is available on both iOS and Android phones.
| Apple App Store rating | Google Play rating | |
|---|---|---|
| KOHO app | 4.8 – ★★★★★ (78K reviews) | 4.6 – ★★★★★ (64K reviews) |
Neo Financial offers a digital banking experience in Canada through its spending, savings, credit, investing and mortgage products. It also offers financial learning resources and a stellar mobile app experience.
The Neo Money Account offers some stand out features: Earn up to 6% interest on your balance + get up to 15% cashback on first-time purchases with your Neo Money card.
Get started with the Neo Money Account:
Neo Financial offers a mobile app for both iOS and Android devices.
| Apple App Store rating | Google Play rating | |
|---|---|---|
| Neo app | 4.8 – ★★★★★ (31K reviews) | 4.7 – ★★★★★ (7K reviews) |
Backed by Scotiabank, Tangerine is one of the most well-established, fully online banks in Canada. It offers an impressive suite of digital banking products through its comprehensive digital banking platform – everything from credit cards and mortgages to chequing and savings accounts.
Tangerine’s online banking portal and mobile app are designed around a self-service model. That means you can open accounts, apply for credit cards, manage investments, deposit cheques, download documents and cancel a card all from the app, without having to wait in line at a branch or on the phone.
One of Tangerine’s biggest draws is its no-fee model. You can get access to all of its accounts and credit cards with no monthly or annual fee. If you’re looking for a comprehensive digital bank in Canada, Tangerine may be just what you need.
Get started with the Tangerine Savings Account now and earn an interest rate of up to 5.75%:
The Tangerine app is available for download on both iOS and Android.
| Apple App Store rating | Google Play rating | |
|---|---|---|
| Tangerine app | 4.7 – ★★★★★ (65K reviews) | 4.7 – ★★★★★ (36K reviews) |
Although the Big Banks have branches across Canada, they also offer robust digital banking through their online login banking portals and mobile apps. Here is a breakdown of the biggest banks in Canada, what they offer and how their digital banking platforms compare. Learn more about digital banking from these banks below:
BMO is one of Canada’s Big Five Banks, and has a robust online banking system. It offers a full suite of banking products from everyday banking and lending to private wealth management. BMO is the 8th largest bank in North America by assets and serves over 12 million customers.
Looking at the digital banking side of BMO, it offers an online banking portal and highly-rated mobile app from both the Apple App and Google Play stores. You can manage your accounts, transfer funds, deposit cheques and pay bills all through the online banking system.
Get started with the BMO Performance Chequing Account:
BMO offers a robust mobile app for both iOS and Android.
| Apple App Store rating | Google Play rating | |
|---|---|---|
| BMO app | 4.6 – ★★★★★ (111K reviews) | 4.3 – ★★★★★ (76K reviews) |
Scotiabank is one of Canada’s Big Five Banks, so you can expect a robust set of financial products. It also offers a unique rewards points system with the Scene+ program.
You can build up Scene+ points with certain Scotiabank credit cards and accounts, and redeem your points towards entertainment, movies, travel, shopping, dining, and banking.
Scotiabank offers digital banking in Canada through its mobile app and online banking portal. The Scotiabank app has very high ratings from users in both the Apple App and Google Play stores. The app offers budgeting tools, access to a Scotia advisor and the option to view and redeem your Scene+ points.
Scotiabank is offering a very competitive welcome offer: Earn a $400 welcome bonus. Get started with the Scotiabank Preferred Package:
You can download the Scotiabank app on both iOS and Android devices.
| Apple App Store rating | Google Play rating | |
|---|---|---|
| Scotiabank app | 4.7 – ★★★★★ (695K reviews) | 4.5 – ★★★★★ (3K reviews) |
RBC is another of Canada’s Big Five Banks, and provides its customers with a well-established digital banking system in addition to its in-branch service. It serves more than 7 million customers in Canada, the US and in over 25 other countries.
The RBC online banking portal and mobile app (available for both iOS and Android) allow you to transfer money, pay bills, monitor your business banking, manage your investments and use wealth management services.
Get started with the RBC Signature No Limit Banking Account:
The RBC app is available for both iOS and Android mobile operating systems.
| Apple App Store rating | Google Play rating | |
|---|---|---|
| RBC app | 4.8 – ★★★★★ (208K reviews) | 3.7 – ★★★★★ (38K reviews) |
National Bank is Canada’s sixth largest bank and, like other big banks, it offers customers a convenient online banking platform. National Bank offers a full suite of banking products – from chequing accounts and credit cards to lines of credit and mortgages.
The National Bank mobile app is available on Android and iOS and is very highly rated by users on both platforms. You can deposit cheques, transfer funds, make international money transfers and more all through this digital banking platform.
Get $30 towards an eligible National Bank credit card you activate after opening a National Bank Connected Account. Get started with the National Bank Connected Account:You can download the National Bank app on iOS and Android devices.
| Apple App Store rating | Google Play rating | |
|---|---|---|
| National Bank app | 4.7 – ★★★★★ (196K reviews) | 4.7 – ★★★★★ (2K reviews) |
TD is not only one of Canada’s Big Five Banks, but is one of the top 10 banks in North America. TD Canada Trust is the commercial banking arm of TD Bank Group, which services over 27.5 million customers worldwide.
Like other big banks we’ve discussed, TD offers digital banking through its mobile app and online banking portal. In fact, TD’s mobile app tied for first place in “Highest in Customer Satisfaction” as part of the J.D. Power 2023 Canada Banking Mobile App Satisfaction Study.
Get started with the TD Unlimited Chequing Account:
TD offers a mobile app for both iOS and Android devices.
| Apple App Store rating | Google Play rating | |
|---|---|---|
| TD app | 4.5 – ★★★★★ (78K reviews) | 4.1 – ★★★★★ (102K reviews) |
Whether you’re looking for everyday banking solutions or ongoing wealth management, CIBC has a lot to offer its customers both online and in person as one of Canada’s Big Five Banks. When it comes to digital banking, CIBC offers both a mobile app (for iOS and Android) and online banking portal.
The CIBC mobile app tied for first place in the J.D. Power 2023 Canada Banking Mobile App Satisfaction Study for “Highest in Customer Satisfaction.” CIBC’s app boasts some interesting features, like allowing you to check your credit score for free, get real-time currency conversions for CIBC Visa Cards, set up savings goals and open accounts.
Get started with the CIBC Smart Account:
The CIBC mobile app is available for download on iOS and Android.
| Apple App Store rating | Google Play rating | |
|---|---|---|
| CIBC app | 4.3 – ★★★★★ (20K reviews) | 4.0 – ★★★★★ (39K reviews) |
Opting for digital banking can give Canadians many conveniences and perks, but it’s always important to consider the drawbacks when deciding if it’s the right move for you.
Digital banking enables you to manage all of your finances entirely online through mobile banking apps and online banking portals. Although you may see the term “digital banking” used interchangeably with the term “online banking,” it’s safe to think of digital banking as the umbrella term for all the various ways you can manage your money over the internet.
Most banks in Canada offer a digital banking experience with a mobile app designed to help you complete all or most of your day-to-day banking online, without having to visit a physical bank branch. You simply log in to your bank’s online portal or mobile app to pay bills, open new accounts, send e-transfers, order cheques, request replacement cards and much more.
The biggest digital bank from our list of digital banks in Canada, according to the total number of customers serviced, is Tangerine with over 2 million customers and more than $40 billion in total assets.
| Digital bank | Number of customers |
|---|---|
| Tangerine | More than 2 million |
| Simplii Financial | Less than 2 million |
| Neo Financial | More than 1 million |
| KOHO | More than 1 million |
| EQ Bank | More than 607,000 |
From the online offerings of major banks to big digtial-only banks like EQ Bank and Tangerine, it’s easy to forget that there are plenty of other banks in Canada that offer digital banking. Consider these other options:
Many credit unions and lesser-known financial institutions have competitive offerings with digital-only banking or a mix of online and in-branch banking. Credit unions like Alterna, Coast Capital, Meridian and Vancity all offer chequing and savings accounts you can manage via online or mobile banking. Some other small-bank and credit unions examples in Canada include:
Providers like KOHO, Neo Financial and Mydoh provide mobile apps designed to make it easy to manage your money. Other perks like earning interest on your balance and cash back on purchases are often included too.
Yes, most banks and other financial institutions that offer digital banking use standard safety measures to ensure your money is safe.
Firstly, keep in mind that digital banking providers need to have the same banking licenses as existing Canadian banks before they’re able to offer products and services. Banks will be regulated by the Office of the Superintendent of Financial Institutions (OSFI) and the Financial Consumer Agency of Canada (FCAC).
Almost all deposit-taking financial institutions in Canada — including the Big 6 Banks, digital-only banks, money apps and fintechs — are members of the government’s Canadian Deposit Insurance Corporation (CDIC). Any money deposited in a CDIC-member bank is protected for a reimbursement of the full amount (up to $100,000) in the event of a bank collapse, insolvency, theft or similar method of loss.
You can have multiple accounts protected under CDIC insurance, each up to $100,000. If you’re unsure, go online or call the online bank or fintech provider and look for CDIC protection.
Financial institutions that offer digital banking typically use technology to enhance safety. These features often include:
Mobile banking is any sort of financial management that is done primarily through an app. It provides access to all online banking services solely through an app designed for a smooth, efficient user experience from your phone or tablet.
Mobile banking apps help you save, budget and manage your spending on the go. Some of the best advantages to mobile banking are:
Most mobile banking apps will also give you access to loads of other financial tools, like investments management, account applications, card limit management and account settings.
While opting for smaller digital banks can potentially save you money, there are some potential risks to consider before signing up for some of the smaller, alternative digital banks.
According to results from the recent Finder: Consumer Sentiment Survey Q1, the majority of Canadians (55%) plan to open a bank account or new banking product at one of Canada’s big five banks. However, a growing number of Canadians — almost 1 in 4 (24%) — are turning to online banks, instead.
Digital banking is designed to be user friendly, so making the transition into digital banking is easier than ever. Follow these simple steps to get started with digital banking:
If you want to join one of the new digital bank providers that have yet to open in Canada, you can join their waitlist by visiting their website. When they launch products, those on the waitlist will be the first to know and the first to receive access to these new products.
“Challenger” is generally used to refer to challenging the market power of traditional banks. While digital banks are built on existing infrastructure and closely mimic traditional banks, challenger banks don’t use any physical infrastructure or digital operating systems that are already being used by existing financial institutions.
For example, digital banks like Tangerine or EQ Bank, usually don’t have physical branches (or they rely on the branches of other physical banks) and customers use mobile banking apps to control their money. Challenger banks, like Revolut or N26, are completely web based and don’t use any existing legacy systems to operate.
Not all challenger banks or new banks are actually banks. According to Canadian regulations, challengers and online banking apps need a full banking license to use the term “bank” in company branding and marketing materials.
Tangerine and EQ Bank are chartered (licensed) digital banks that offer a suite of everyday banking products. But apps like Mint and KOHO offer a narrower range of products that target more specific financial needs. Such apps compliment – but aren’t necessarily a substitute for – the institutions you use for everyday banking.
Digital banking is becoming more and more popular – and for good reason. Besides the convenience it provides, digital banking often caters to specific niches and groups, and is known for coming with innovative apps. But before you ditch your current traditional bank, take the time to read through all of the fine print to make sure the digital bank you’re interested in is as good as it sounds, then compare digital banking providers to find the right one for you.
The results of the Finder: Consumer Sentiment Survey Q1 were collected through an online Pollfish survey conducted between December 2022 and January 2023. In the survey, 1,846 Canadians from across the country were asked about their current banking services and their intentions and motivations for new banking products. The estimated margin of error for the survey is +/- 3%, 19 out of 20 times.
The results of the Finder: Consumer Sentiment Survey Q2 were collected through an online Pollfish survey conducted between April 27 to 29, 2023. In the survey, 1,011 Canadians from across the country were asked about their current banking services and their intentions and motivations for new banking products. The estimated margin of error for the survey is +/- 3.08%, 19 out of 20 times.
These Chime alternatives offer no-fee online and mobile banking along wih a host of other perks.
Read more…
The Canadian neobanks and fintechs worth considering if you’re searching for Nubank alternatives.
Read more…
Digital banking continues to grow in popularity. Learn the key figures regarding Canada digital banking statistics.
Read more…
Learn what makes a good online savings account and find out what features are best when choosing an online savings account.
Read more…
Whether you’re looking for a digital-only bank, a virtual bank account or a bank account you can access online, we help you find and compare the best online banks in Canada.
Read more…
It’s easy to open a digital bank account with government-issued ID, and you might not need additional proof of residency.
Read more… These Chime alternatives offer no-fee online and mobile banking along wih a host of other perks.
The Canadian neobanks and fintechs worth considering if you’re searching for Nubank alternatives.
Whether you’re looking for a digital-only bank, a virtual bank account or a bank account you can access online, we help you find and compare the best online banks in Canada.
It’s easy to open a digital bank account with government-issued ID, and you might not need additional proof of residency.
Looking for Revolut alternatives in Canada? These Canadian banks and financial apps may be just what you need.
Is this sleek UK financial banking app available in Canada? Find out in our Starling Bank review.
Earn high interest and pay zero fees when you sign up for a savings account or guaranteed investment certificate with this reputable online bank.
Is Revolut’s app-only bank the solution for you? We talk about the account, Revolut app. Read our review to get the low down on another challenger bank.
Get a higher return on your savings with the new all-in-one Wealthsimple Cash account.
Compare a range of banks and apps that let you split bills, request money and send payments to friends.