Best Online Banks in Canada: EQ Bank, Tangerine, Simplii, KOHO and More Compared

This page sets EQ Bank, Tangerine and Simplii Financial side by side, profiles them with Oaken Financial and Manulife Bank one by one, then sets KOHO, Wealthsimple and Neo Financial side by side. The profiles are in alphabetical order within each group, online banks first and fintech accounts second, and each table’s columns follow its heading; neither order is a ranking, and the page does not pick one. Each table opens with who offers the account and how its deposits are protected, in the institution’s own words, and links in the cells lead to that bank’s row on the pages that compare fees, limits and rates.

EQ Bank vs Tangerine vs Simplii

The table holds each bank’s everyday account, its savings and TFSA savings accounts, ATMs and Interac e-Transfers, and the last rows link each bank’s row on the pages that compare those topics.

	EQ Bank	Tangerine	Simplii Financial
Who offers it, in its words	EQ Bank is a trade name of Equitable Bank. Equitable Bank is a federally regulated Schedule I bank	Tangerine is a trade name of Tangerine Bank, a wholly-owned subsidiary of The Bank of Nova Scotia	Simplii Financial is a trade name of CIBC.
Deposit protection, in its words	Your deposits may be insurable by the Canada Deposit Insurance Corporation. Equitable Bank is a member of CDIC. EQ Bank is a trade name of Equitable Bank.	Tangerine is a trade name of Tangerine Bank, a wholly-owned subsidiary of The Bank of Nova Scotia and a CDIC member in its own right	Simplii Financial is a trade name of CIBC. CIBC is a member of CDIC. Deposits made with Simplii Financial do not benefit from additional or separate CDIC deposit insurance coverage from CIBC. Eligible deposits made with Simplii Financial are aggregately protected with eligible deposits held at CIBC up to the maximum amount of deposit insurance coverage provided by the CDIC.
Everyday account and monthly fee	EQ Bank Personal Account $0: no monthly fees and no minimum balances other no-fee accounts EQ Bank Joint Account $0: no monthly fees and no minimum balance requirement other no-fee accounts	Tangerine No-Fee Daily Chequing Account $0 a month, with no minimum balance; a fee may apply to non-standard transactions other no-fee accounts	Simplii No Fee Chequing Account $0: no monthly fees other no-fee accounts
Transactions	EQ Bank Personal Account: Unlimited transactions each month EQ Bank Joint Account: Unlimited transactions each month	Unlimited debit purchases, bill payments and pre-authorized transactions each day	Unlimited debit purchases, bill payments and withdrawals
Interest on the everyday account	EQ Bank Personal Account: 1.50% base rate; 2.75% with qualifying recurring direct deposits of at least $2,000 a month EQ Bank Joint Account: 1.50% base rate; 2.75% with qualifying recurring direct deposits of at least $2,000 a month	0.01% at a balance of $0, 0.05% from $50,000, 0.10% from $100,000 and 0.01% from $500,000	0.01% a year on every balance tier
Savings account and its regular rate	EQ Bank 30 Day Notice Savings Account: 30 Day Notice Savings Account 2.75% (30 days notice to withdraw); 10 Day Notice Savings Account 2.35% (10 days notice to withdraw) all savings rates	Tangerine Savings Account: 0.30% on every dollar, no minimum balance all savings rates	Simplii High Interest Savings Account: 0.30% on $0.00 to $50,000.00; 0.50% on $50,000.01 to $100,000.00; 0.60% on $100,000.01 to $500,000.00; 0.70% on $500,000.01 to $1,000,000.00; 1.00% on $1,000,000.01 and up all savings rates
TFSA savings account rate	1.50%	0.30%	0.40%
ATMs	No EQ Bank fee for ATM withdrawals in Canada or abroad with the EQ Bank Card; ATM providers may charge their own fees Refunds: EQ Bank reimburses the ATM fees you are charged for using the EQ Bank Card at an ATM in Canada, for 5 withdrawals a month, up to $5 per withdrawal; the reimbursement is not made for fees charged outside Canada ATM fees	Chequing Account: free at Scotiabank and Global ATM Alliance ABMs (Global ATM Alliance members waive their surcharges; not in China, Colombia, Costa Rica, Guyana, Haiti, Malaysia, Netherlands Antilles, Panama, Thailand, Uruguay or Venezuela); $1.50 at other ABMs in Canada; $3 at ABMs outside the Global ATM Alliance in the US or worldwide ATM fees	Free at CIBC ATMs in Canada (not for withdrawals from a savings account). At bank machines not displaying the CIBC name or logo: $1.50 in Canada (Interac network), $3.00 outside Canada (foreign bank machine charge); some machines may add surcharges to the withdrawal; foreign currency withdrawals outside Canada may carry an administrative fee of 2.5% of the converted amount ATM fees
Interac e-Transfer	EQ Bank charges no fee for sending or receiving Interac e-Transfers limits	Free on the Tangerine Chequing Account (the fee schedule lists Interac e-Transfer as FREE under that account's fees) limits	No fee to send money using Interac e-Transfer limits
US dollar account	EQ Bank US Dollar Account	Tangerine US$ Savings Account	Simplii USD Savings Account
Fees and services on other pages	NSF fee cheque and cash deposits wires	NSF fee overdraft cheque and cash deposits wires	NSF fee overdraft cheque and cash deposits wires
Source	EQ Bank's page EQ Bank's page EQ Bank's page EQ Bank's page EQ Bank's page EQ Bank's page EQ Bank's page	Tangerine's page Tangerine's page Tangerine's page Tangerine's page Tangerine's page	Simplii Financial's page Simplii Financial's page Simplii Financial's page Simplii Financial's page Simplii Financial's document (PDF) Simplii Financial's page Simplii Financial's page Simplii Financial's page

Checked against each institution's pages between October 19, 2026 and October 22, 2026.

Institutions in this table: EQ Bank, Tangerine and Simplii Financial.

Promotional rates, and when each ends, are on promotional rates; TFSA accounts across institutions are on TFSA accounts compared.

Each bank’s profile below adds what the table leaves out, such as GIC rates, a credit card and the help line.

Online banks, one by one

The five profiles are in alphabetical order.

EQ Bank

EQ Bank’s TFSA GIC rates are 3.70% for one year, 4.15% for three years and 4.30% for five. GIC rates at other institutions are on GIC rates compared.

EQ Bank's account agreement says it will not accept cash for deposit, and its Personal Account page lists needing to deposit cash among the reasons the account may not suit a client. Other banks’ deposit options are on deposits by bank.

EQ Bank says it is not able to offer wire transfers at the moment (wire transfers by bank).

EQ Bank’s customer care numbers: 1-844-437-2265 (844-4EQ-BANK); 1-416-551-3449 (outside North America). Phone or chat from 8 am to midnight, Eastern Time, 7 days a week.

Manulife Bank

Manulife Bank’s accounts and fees, and Manulife One, are on Manulife Bank’s page.

Manulife Bank’s phone line is 1-877-765-2265 (its help section). Phone: Monday to Friday, 8 a.m. to 8 p.m.; Saturday and Sunday, 9 a.m. to 5 p.m., across all local time zones in Canada.

Manulife Bank of Canada is on CDIC's list of member institutions; what membership covers is on CDIC deposit insurance.

Oaken Financial

Oaken Financial is a trademark of Home Bank, a wholly owned subsidiary of Home Trust Company.

All savings accounts are eligible for CDIC coverage, up to all applicable limits. Each account is issued by either Home Bank or Home Trust Company, both separate members of CDIC. How CDIC coverage and its limits work is on CDIC deposit insurance.

Oaken’s savings rate is 2.80% (Savings Account and TFSA Savings Account), in effect since October 16, 2026 (Oaken’s row in the savings rates table). No fees and no minimum balance requirements; no limitations on the number of transactions (non-registered savings account).

Oaken’s registered GIC rates are 3.75% for one year, 4.30% for three years and 4.50% for five (Rates in effect since October 16, 2026), with a minimum deposit of $1,000 for non-registered, RSP and TFSA GICs; $10,000 for a RIF GIC. Other institutions’ GIC rates are on GIC rates compared.

Oaken’s phone line is 1-855-OAKEN-22 (625-3622), open Monday to Friday 8:00AM to 8:00PM EST and Saturday from 9:00AM to 5:00pm EST.

Simplii Financial

Cash and cheques can be deposited into a chequing account at any CIBC ATM that accepts deposits. Other banks’ deposit options are on deposits by bank.

Sending a wire (wire transfers by bank): At a CIBC branch; Simplii says to specify the preferred branch when making the request.

The Simplii Financial Cash Back Visa Card has an annual fee of $0. Other cash back cards are on cash back credit cards compared.

Simplii’s phone line is 1-888-723-8881. Phone: 24 hours a day. Live agent support (online banking and the Simplii app only): Monday to Friday 7:00 am to 9:00 pm ET, Saturday 9:00 am to 5:00 pm ET, Sunday closed.

Tangerine

Deposits can be made for free at any Scotiabank Branch ABM. Tangerine's Account Terms say that if cash is sent to Tangerine, it is not responsible for any loss. Other banks’ deposit options are on deposits by bank.

Tangerine says it doesn't offer wire transfers, sending or receiving, at this time (wire transfers by bank).

The Tangerine Money-Back Credit Card has an annual fee of $0 (its review).

Tangerine’s phone line is 1-888-826-4374. Phone: 24 hours a day, 7 days a week. Online chat for saving and chequing: weekdays 8am - 8pm ET, weekends 9am - 5pm ET.

KOHO vs Wealthsimple vs Neo

The table sets the three fintech accounts side by side; the first two rows give, in each firm’s words, who offers the account it names and where the money is held, and the rows after them give plans, interest, ATMs and Interac e-Transfers.

	KOHO	Wealthsimple	Neo Financial
Who offers it, in its words	KOHO is a financial app with a prepaid Mastercard®	Wealthsimple chequing accounts are offered by Wealthsimple Investments Inc. ("WSII"), a member of the Canadian Investment Regulatory Organization ("CIRO"), and Wealthsimple Payments Inc. ("WSP"), a FINTRAC registered money services business	The Neo Cash account is offered by Neo Financial Technologies Inc. ("Neo"), a FINTRAC-registered money services business
Where the money is held, in its words	When you opt in to Earn Interest, your funds are placed in trust with one or more CDIC member institutions. Funds held in trust by CDIC member institutions are eligible for CDIC protection if the member institution were to fail. KOHO Accounts not earning interest are not eligible for CDIC protection.	Wealthsimple says the balance in a Wealthsimple chequing account is held in trust for the client with members of the Canada Deposit Insurance Corporation (CDIC), that Wealthsimple is not a CDIC member, and that coverage is free and automatic Wealthsimple Savings account: held through Wealthsimple Investments Inc., a member of CIRO; cash balances are protected by CIPF for up to $1,000,000 CAD, and Wealthsimple says that coverage is automatic; Wealthsimple says Savings accounts aren't covered by CDIC.	Neo's Chequing page says funds held in the Neo Chequing account are eligible for CDIC insurance, and that Neo accounts are eligible for CDIC deposit protection Neo is not a CDIC member institution. Funds added to Neo Cash accounts (the legal name of Neo Savings) are held in trust with one or more CDIC member institutions, and Neo says eligible funds held in trust are insured by CDIC, provided certain disclosure rules are met.
Plans and monthly prices	KOHO Core $0 a month: no monthly fee, no trial, no commitment other no-fee accounts KOHO Essential $0 a month when you set up direct deposit or add $1,000 or more to your KOHO account each month Set up a recurring direct deposit for your paycheque or government benefits, or put a total of $1,000 or more into your KOHO account each month (cash deposits, e-Transfers and transfers from other accounts all count; the money does not have to stay there) KOHO Extra $12 a month on a yearly plan, otherwise $18 a month KOHO Everything $14.75 a month on a yearly plan, otherwise $22 a month	Wealthsimple Chequing (Core) $0 a month: no monthly account fees or minimum balance fees other no-fee accounts Wealthsimple Chequing (Premium) $0 a month: no monthly account fees or minimum balance fees other no-fee accounts Wealthsimple Chequing (Generation) $0 a month: no monthly account fees or minimum balance fees other no-fee accounts	Neo Chequing Account $0 with the free Essentials membership (core day-to-day use); from January 1, 2027 some Neo Chequing transactions carry fees unless you have a Neo Start, Build or Grow membership other no-fee accounts
Interest, with its conditions	To earn high interest with your KOHO account, all you have to do is opt in to Earn Interest KOHO Core: 2% on every dollar, no minimum balance KOHO Essential: 2% on your entire balance KOHO Extra: 2.5% on your entire balance KOHO Everything: 3.5% on your entire balance all savings rates	Wealthsimple Chequing (Core): 1.25% for clients with less than $100,000 in assets with Wealthsimple Wealthsimple Chequing (Premium): 1.75% for clients with over $100,000 in assets with Wealthsimple Wealthsimple Chequing (Generation): 2.25% for clients with at least $500,000 in assets with Wealthsimple Extra 0.50 percentage points: Core and Premium clients who direct deposit at least $2,000 within a 30-day period Wealthsimple Savings account: 2.5% interest for everyone from day 1, regardless of the total value of assets (no tiers) all savings rates	Neo Savings: 2% with the Essentials membership, 2.5% with Build, 2.75% with Grow. The rate depends on the membership, not the balance. all savings rates
ATMs	KOHO says you may be charged a $2-3 out-of-network fee to use an ATM because it does not own any ATMs for free withdrawals; withdrawals work at ATMs on the Cirrus network Refunds: KOHO says that with an Extra or Everything plan you get one free withdrawal at ATMs outside Canada each month, that international ATM fees are usually at least $2-3, and that you can reach its support team for a reimbursement to your account; KOHO's accounts page says that with the Everything plan you get free ATM withdrawals ATM fees	Wealthsimple charges no ATM fees; the ATM operator may charge one (about $3.00 for a withdrawal at ATMs Canada-wide with the physical card), which Wealthsimple reimburses Refunds: Wealthsimple says it will reimburse eligible fees charged by any ATM provider worldwide; its chequing chart says an unlimited number of reimbursements, regardless of the fee, within 4 business days after the ATM transaction settles ATM fees	Neo charges no fee now for a cash withdrawal with the Neo Money card; the ATM operator may charge its own fee. From January 1, 2027 Neo's cash withdrawal fee on Neo Chequing with the Neo Money card is $1.50, or $0 with a Neo Start, Build or Grow membership Refunds: Neo reimburses the ATM operator's fee, up to $5 per withdrawal, to Build or Grow members for withdrawals in Canada in Canadian dollars with the Neo Money card where the operator charged a fee; international withdrawals are not eligible; it is applied automatically, usually within about a minute ATM fees
Interac e-Transfer	Free: $0 fees on all e-Transfers limits	No Wealthsimple fee for Interac e-Transfer limits	Neo Chequing: $0 per transfer before January 1, 2027; from January 1, 2027, $1 per transfer, or $0 with a Neo membership limits
Fees and services on other pages	overdraft cash deposits	NSF fee overdraft cash deposits wires	NSF fee bank fees table
Source	KOHO's page KOHO's page KOHO's page KOHO's page KOHO's page KOHO's page KOHO's page KOHO's page	Wealthsimple's page Wealthsimple's page Wealthsimple's page Wealthsimple's page Wealthsimple's page Wealthsimple's page	Neo Financial's page Neo Financial's page Neo Financial's page Neo Financial's page Neo Financial's page Neo Financial's page

Checked against each institution's pages between October 19, 2026 and October 22, 2026.

Institutions in this table: KOHO, Wealthsimple and Neo Financial.

EQ Bank’s column, for a comparison with KOHO or Wealthsimple, is in the EQ Bank, Tangerine and Simplii table. Neo’s other fees are in its row of the bank fees table.

Fintech accounts, one by one

The three profiles are in alphabetical order.

KOHO

KOHO offers KOHO Cover, a cash advance bundle KOHO presents as an alternative to overdraft: access up to $500; the bundle fee starts as low as $2 and varies with the amount of the cash advance; $0 interest; access to Cover is subject to a subscription to the paid Cover bundle (overdraft protection by bank).

KOHO says Credit Building is a line of credit on which you make monthly interest-free payments to show your consistency, and that KOHO reports your Credit Building payment activity to both Equifax and TransUnion.

Cash can be added at Canada Post locations: in the KOHO app, tap Add Money, then Add Cash, then find the nearest Canada Post location; bring government-issued photo ID and show the app's QR code to the clerk. Minimum $10 per transaction, up to $3,000 per transaction and $3,000 every 24 hours, up to $10,000 per 30 days, in Canadian dollars. Other banks’ deposit options are on deposits by bank.

No phone number is listed on KOHO's contact page, which lists live chat and in-app support (both 24/7) and a help centre.

Neo Financial

Transaction fees $0 on Neo Savings. Memberships: Essentials free, Build $9.99 a month (included at no extra cost with a Neo World Elite, United World Elite or Cathay World Elite Mastercard), Grow $14.99 a month. Starting January 1, 2027, new fees apply to Neo Chequing and Neo Savings accounts, with no fees if you have a Neo membership.

Neo’s NSF fee: Neo Chequing: $0 until January 1, 2027; from January 1, 2027, $4.99, or $0 with a Neo Start, Build or Grow membership (Neo Start is listed as coming soon) (NSF fees by bank; Neo’s row of the bank fees table).

Neo’s help: Live chat every day from 7 AM to 8 PM Mountain Time; the virtual assistant can answer questions any time. Phone: 1-855-636-2265, the number in Neo's Neo Everyday account disclosures (effective December 4, 2023); Neo's contact page gives live chat hours and no phone number.

Wealthsimple Chequing

In US dollars, Wealthsimple offers the Wealthsimple USD account (up to 8 USD savings accounts); other banks’ US dollar accounts are on US dollar accounts compared.

Sending a wire to another bank (wire transfers by bank): CA$15 for CAD wire transfers and US$15 for USD wire transfers; no Wealthsimple fee on eligible outgoing wires of $10,000 or more for clients in the Generation tier. The receiving institution may charge a separate fee.

Wealthsimple overdraft protection covers recurring bill payments and pre-authorized debits when there is a shortfall in your chequing account by borrowing from your portfolio line of credit; it uses a client's existing portfolio line of credit, which is a margin loan, and only offers coverage for specific transaction types (overdraft protection by bank).

Wealthsimple’s investing accounts are reviewed on the Wealthsimple review. Its referral program is described on the sign-up offers page.

Wealthsimple’s phone line is 1-855-255-9038. Chat: anytime, per Wealthsimple's contact page; the page gives no phone hours.

Is money at an online bank or a fintech protected?

The protection rows in the tables above, and the Oaken Financial and Manulife Bank profiles, say what protects the money at each institution in the words of its source, and a statement applies to the product it names, not to the firm’s other products.

The Canada Deposit Insurance Corporation (CDIC) insures eligible deposits at its member institutions if one fails, up to $100,000 per coverage category, principal and interest included, so deposits in more than one category can be covered for more in total. How CDIC membership and coverage work is explained on CDIC deposit insurance.

Investments are protected differently: CDIC lists mutual funds, stocks, bonds and ETFs among the products it does not insure, and CIPF gives limited protection for property a member investment firm holds for an eligible client if the firm becomes insolvent (CDIC vs CIPF).

Sources

The figures and rules on this page come from these sources, last checked against them between September 14, 2026 and October 6, 2026. How we check facts.

cdic.ca: List of member institutions
cdic.ca: What's covered — CDIC
eqbank.ca: Rates
eqbank.ca: Personal account agreement
eqbank.ca: Common questions
eqbank.ca: Notice Savings Account | EQ Bank
eqbank.ca: Personal Account | EQ Bank
eqbank.ca: Joint account
eqbank.ca: Fees features
eqbank.ca: Usd
help.koho.ca: How do i load cash into my koho account Hy7aii5Ibl
help.wealthsimple.com: 37721419687963 Wire funds from your Wealthsimple account
help.wealthsimple.com: 360056590614 How we keep your money safe
help.wealthsimple.com: 49551038179739 Get started with kids and teens accounts
help.wealthsimple.com: Document
koho.ca: Overdraft protection
koho.ca: Credit building
koho.ca: Contact
koho.ca: www.koho.ca
koho.ca: High Interest Savings Account - Earn up to 3.5%
koho.ca: Core
koho.ca: Essential
koho.ca: Extra
koho.ca: Everything
koho.ca: Accounts
koho.ca: Interac etransfer
manulifebank.ca: High interest chequing savings account
manulifebank.ca: Contact us
neofinancial.com: Neo Savings Account | Top Interest Rates | Neo Financial™
neofinancial.com: Whats changing october 2026
neofinancial.com: Contact
neofinancial.com: Chequing
oaken.com: Oaken savings account
oaken.com: Oaken Financial - Our Savings account rates
oaken.com: Oaken Financial - Our GIC rates
oaken.com: How to reach us
online.simplii.com: Data table
simplii.com: Faq
simplii.com: Simplii Financial Cash Back Visa Card | Simplii Financial
simplii.com: Contact us
simplii.com: High Interest Savings Account | Simplii Financial
simplii.com: No fee chequing
simplii.com: TFSA | Investments | Simplii Financial
simplii.com: Products services agreement
simplii.com: E transfer
simplii.com: Usd savings account
static.production.neofinancial.com: Neo everyday account and access card disclosures and fees en
support.neofinancial.com: 14009888 get a neo savings account
support.neofinancial.com: 14009903 guide for parents on youth accounts
support.neofinancial.com: Document
Tangerine: Which abms can i use to make deposits and withdrawals
Tangerine: How do i send a wire transfer or wire money
Tangerine: Cash Back Credit Card: Bonus 10% Cash Back for 2 months* | Tangerine
Tangerine: Contact us
Tangerine: Savings Account Interest Rates | Tangerine
Tangerine: Chequing account
Tangerine: How do i open a tangerine children s savings account
Tangerine: Savings account
Tangerine: Data table
Tangerine: Bank fee schedule
Tangerine: Us dollar savings account
wealthsimple.com: Usd
wealthsimple.com: Wealthsimple overdraft protection
wealthsimple.com: Contact
wealthsimple.com: Canada's most powerful chequing account | Wealthsimple
wealthsimple.com: Savings
wealthsimple.com: Chequing chart
wealthsimple.com: Cash