Best Online Banks Canada 2026
| Bank | Savings Rate | Chequing Fee | ATM Access | Best For |
|---|---|---|---|---|
| EQ Bank | 4.00% | $0 | THE Exchange | Best savings rate |
| Tangerine | 0.10% (5%+ promo) | $0 | Scotiabank ATMs | Full-service |
| Simplii Financial | 0.40% (4%+ promo) | $0 | CIBC ATMs | Full-service |
| Wealthsimple Cash | 3.50% | $0 | None | Investing + banking |
| Neo Financial | 4.00% (promo) | $0 | None | High cashback |
| KOHO | 0.5-5.0% | $0-19 | None | Budgeting + credit building |
| Motive Financial | 3.85% | $0 | THE Exchange | Savings focused |
| Alterna Bank | 3.60% | $0 | THE Exchange | Co-op/credit union |
Feature Comparison
| Feature | EQ Bank | Tangerine | Simplii | Wealthsimple |
|---|---|---|---|---|
| Savings rate | 4.00% | 0.10% | 0.40% | 3.50% |
| Promo rate | None needed | 5%+ (limited time) | 4%+ (limited time) | N/A |
| Chequing | ✅ Free | ✅ Free | ✅ Free | ✅ Free |
| e-Transfer | Free | Free | Free | Free |
| ATM deposits | THE Exchange only | ✅ Scotiabank | ✅ CIBC | ❌ |
| Cash deposits | ❌ | ✅ SBK ATMs | ✅ CIBC ATMs | ❌ |
| GICs | ✅ Competitive | ✅ | ✅ | ❌ |
| Mortgage | ✅ | ✅ | ✅ | ❌ |
| Credit card | ❌ | ✅ | ✅ | ❌ |
| Investing | ❌ | ❌ | ❌ | ✅ Best-in-class |
| CDIC insured | ✅ | ✅ (Scotiabank) | ✅ (CIBC) | ✅ |
| Joint account | ✅ | ✅ | ✅ | ✅ |
| US dollar | ✅ | ✅ | ❌ | ❌ |
Savings Rate Comparison ($25,000 Deposit)
| Bank | Rate | Annual Interest |
|---|---|---|
| EQ Bank | 4.00% | $1,000 |
| Neo Financial (promo) | 4.00% | $1,000 |
| Motive Financial | 3.85% | $963 |
| Wealthsimple Cash | 3.50% | $875 |
| Simplii (promo) | 4.00% | $1,000 |
| Simplii (regular) | 0.40% | $100 |
| Tangerine (promo) | 5.00% | $1,250 (limited time) |
| Tangerine (regular) | 0.10% | $25 |
| Big 5 bank HISA | 0.01-0.05% | $2.50-12.50 |
Online Banks vs Traditional Banks
| Feature | Online Bank | Big 5 Bank |
|---|---|---|
| Monthly fee | $0 | $4-30/month |
| Savings rate | 3.5-4.0%+ | 0.01-0.05% |
| ATM access | Major network OR none | Own + EXCHANGE |
| In-branch service | ❌ | ✅ |
| Cash deposits | Some (ATM) | ✅ |
| Phone/chat support | ✅ | ✅ |
| Mobile app | ✅ (often better) | ✅ |
| Annual savings (fees) | $180-360 | $0 |
| Annual savings (interest on $25K) | $875-1,000 | $2.50-12.50 |
Total annual advantage of online banking: $1,000-1,350 on fees + interest for a $25K balance.
Picking the Right Online Bank
| Need | Best Option | Why |
|---|---|---|
| Highest savings rate | EQ Bank | Consistent 4%+, no promo chasing |
| Full-service + ATM | Tangerine or Simplii | Free chequing with Big 5 ATM networks |
| Investing + banking | Wealthsimple | Seamless Cash + Trade integration |
| Cash deposit needed | Simplii (CIBC) or Tangerine (SBK) | ATM cash deposit capability |
| Budgeting tools | KOHO | Prepaid card prevents overspending |
| High cashback spending | Neo Financial | Up to 5% at partner merchants |
| GICs | EQ Bank | Competitive rates, flexible terms |
| Mortgage | Tangerine | Often lowest posted rates |
| US dollar account | EQ Bank | US savings and chequing |
How to Switch to an Online Bank
| Step | Timeline |
|---|---|
| 1. Open new account online | 10 minutes |
| 2. Fund via e-Transfer or EFT | 1-3 business days |
| 3. Set up direct deposit with employer | Next pay cycle |
| 4. Transfer pre-authorized payments | 1-2 billing cycles |
| 5. Keep old account open (1-2 months overlap) | Safety net |
| 6. Close old account once everything transferred | Call old bank |