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Published June 6, 2024

Best Online Bank Accounts in Canada for 2024

Compare the top online bank accounts to find the best account that offers chequing privileges, charges low or monthly fees, and earns higher interest rates on your deposits.

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

According to the Canadian Banking Association[1], many Canadians conduct their banking virtually and plan to keep doing so. As Canadians get more comfortable with digital banking, more people may choose online-only banks.

While online banks may not offer as many services as brick-and-mortar banks, they are often convenient to use for daily banking.

Our selections focus on the online chequing and hybrid accounts that charge lower (or no) monthly fees and offer higher interest rates on your deposits.

Best online bank accounts

Best bonus on a high-interest hybrid account

EQ Bank Personal Account

EQ Bank Personal Account
  • Bonus Offer
    N/A
  • Monthly Fee
    $0
  • Number of Transactions
    Dollar limits apply*
Our Take
Why we like it

  • EQ Bank’s Personal Account is the digital-first bank’s flexible hybrid chequing and savings account. It features a high interest rate, no monthly fees, and free and unlimited transfers.
  • The bank also offers joint accounts, US dollar accounts, TFSAs, RRSPs, and GICs.
Product Details
  • Customers who set up direct deposit on their EQ Bank account will also get a bonus interest on recurring pre-authorized debits.
  • Here’s how to get the bonus interest: (a) Set up $500/month or more in either direct deposit for your pay or recurring pre-authorized debits. (b) Applies to your Personal Account, Joint Account and EQ Bank Card¹ balance. (c) Once set it up, they’ll be eligible for the increased rate of 4.00%* for 12 months! (d) Those who already set up the above automatically qualify for bonus interest!
  • 4.00% interest rate*.
  • No monthly fee.
  • This hybrid account gives you the benefits of savings with the flexibility of chequing.
  • Mobile Cheque Deposit is available through the EQ Bank mobile app.
  • Zero monthly banking fees.
  • No transaction or service fees. EQ Bank does not charge account fees, fees for sending or receiving Interac e-Transfers®, fees for bill payments, overdraft fees, or dormant account fees.
  • No minimum balance, but a $200,000 maximum balance.
  • Access your money immediately through the mobile app and online banking website, where you can deposit or transfer funds using Interac e-Transfers® or Electronic Funds Transfer (EFT) to linked accounts.
  • Eligible for CDIC deposit insurance.
  • As of December 2022, EQ Bank is available to Québec residents.
  • *Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.
Best tired cash-back on a high-interest hybrid account

KOHO Spending and Savings Account

KOHO Spending and Savings Account
  • Bonus Offer
    30-day free trial
  • Monthly Fee
    $0-$19
  • Number of Transactions
    Dollar limits apply*
Our Take
Why we like it

  • This hybrid chequing-savings account earns up to 5.00% interest on savings and up to 5.00% cash back on purchases depending on the subscription plan selected.
  • KOHO is a virtual bank that also offers cash back prepaid Mastercards cards
Product Details
  • Interest Rate varies by selected subscription plan. Essential Plan: 5%, Extra Plan: 5%, Everything Plan: 5%.
  • Monthly Fee varies by selected subscription plan. Essential Plan: $4, Extra Plan: $9, Everything Plan: $19.
  • The account comes with the KOHO prepaid Mastercard that earns up to 5% instant cash back on spending (depending on the selected subscription plan).
  • The mobile app comes with spending pattern analysis, budgeting, automated savings and a RoundUp! feature that helps you save money on every purchase.
  • No minimum balance.
  • Immediate access to your money through free withdrawals, e-Transfers, and more.
  • Eligible for up to $100k CDIC deposit insurance.
Best high-interest hybrid account

Manulife The All-In Banking Package

Manulife The All-In Banking Package
  • Bonus Offer
    N/A
  • Monthly Fee
    $10
  • Number of Transactions
    Unlimited
Our Take
  • The All-in Banking Package combines unlimited chequing features, high-interest savings and other financial features through online banking.
  • Manulife Bank has provided Canadians with branchless banking since 1993. Services include chequing and savings, credit cards, mortgages, loans, and investment accounts.
Product Details
  • Unlimited daily transactions include e-transfers, ATM withdrawals and debit purchases.
  • Free ATM withdrawals with THE EXCHANGE Network across Canada.
  • Automate your savings and earn more interest with Savings Sweeps, which automatically moves excess money into your savings account each night.
  • Travel insurance with an annual limit to cover travel disruption.
  • Manage your money and see account insights by phone, through online banking and a mobile app.
  • Eligible for CDIC deposit insurance.
Best no-fee chequing account with a modest interest rate

Motive® Cha-Ching Chequing Account™

Motive® Cha-Ching Chequing Account™
  • Bonus Offer
    N/A
  • Monthly Fee
    $0
  • Number of Transactions
    Unlimited
Our Take
  • With unlimited free transactions, no monthly fee and free access to one of Canada’s largest ATM networks, the Motive Cha-Ching Chequing account is a low-cost way to manage your money.
  • Motive Financial is an online division of Canadian Western Bank and offers chequing and savings accounts, registered plans and GICs.
Product Details
  • Earn interest at a 0.25% rate.
  • No monthly fee.
  • Unlimited monthly withdrawals, including online bill payments, ATM withdrawals, Interac Direct Purchase payments, Interac e-Transfers®, electronic funds transfers to other financial institutions, automatic payments and other electronic debits.
  • First 50 personalized cheques free.
  • Free use of ATMs on THE EXCHANGE Network.
  • Two free uses of non-EXCHANGE Network ATMs, $1.50 per transaction after that.
  • Deposits protected by Canada Deposit Insurance Corporation.
Best no-fee chequing account with a modest interest rate

motusbank Chequing Account

motusbank Chequing Account
  • Bonus Offer
    N/A
  • Monthly Fee
    $0
  • Number of Transactions
    Unlimited
Our Take
  • motusbank isn’t the only financial institution offering a chequing account with no monthly fee and unlimited debit payments, but it ups the ante with a stylish vertical debit card, the ability to deposit cheques by taking a picture and a few other useful perks.
  • motusbank is an online division of Meridian Credit Union and offers chequing and savings accounts, mortgages, registered plans, GICs, investing, and a home equity line of credit loan.
Product Details
  • Earn interest at a 0.15% rate.
  • $0 monthly fee.
  • No minimum balance required.
  • Free, unlimited Interac e-Transfers®.
  • Unlimited debit purchases, bill payments and withdrawals, including transfers between accounts, Interac Direct Payment purchases, pre-authorized debit, ATM withdrawals and cheques.
  • No-fee access to THE EXCHANGE Network of ATMs in Canada and the Allpoint Network in the U.S.
  • Deposit Anywhere: deposit a cheque by taking a photo.
  • First order of 25 cheques is free.
  • Free, unlimited use of motusbank’s Price Drop feature, which hunts for cheaper prices when online shopping.
  • Foreign debit transaction surcharge: $2.50.
  • Paper statement fee per month: $2.
  • ATM international transaction fee: $5.
  • ATM US transaction fee (non-Allpoint Network): $3.
  • Deposits protected by Canada Deposit Insurance Corporation, up to a maximum of $100,000.
Best premium chequing account with student offers

National Bank The Connected® Chequing Account

National Bank The Connected® Chequing Account
  • Bonus Offer
    N/A
  • Monthly Fee
    $15.95
    Waived with minimum balance
  • Number of Transactions
    Unlimited
Our Take
  • You get unlimited digital transactions, free unlimited e-transfers and a $30 discount on eligible credit cards when you open The Connected chequing account.
  • National Bank of Canada, or NBC, is headquartered in Montreal, Quebec, and is one of Canada’s Big Six banks offering bank accounts, lending and investment solutions, and wealth management services. Read our review of National Bank of Canada for more information.
Product Details
  • Unlimited access to all digital transactions.
  • Unlimited and free Interac e-transfers.
  • Make international payments with Mastercard Send by Mastercard and Interac.
  • $30 off after enrolment of an eligible credit card.
  • Mobile or contactless payment with Apple Pay, Google Pay and Interac Debit contactless payments.
  • Access to cheque images and mobile cheque deposits.
  • Free online statements.
  • Special rate for online trading.
  • Access to ABMs in THE EXCHANGE network at no additional cost.
  • Eligible deposits are covered by CDIC.
  • Banking products are available only to those aged 18 and over.
Best for bonus reward points

The PC Money™ Account

The PC Money™ Account
  • Bonus Offer
    Up to 125,000 Points ($400 value)
  • Monthly Fee
    $0
  • Number of Transactions
    Unlimited
Our Take
  • The PC Money Account from President’s Choice Financial is not just another no-fee chequing account. It’s a rewards program, too. Every time you spend money using your PC Money Account card, you’ll earn PC Optimum points that can be put toward future purchases.
  • President’s Choice Financial is part of Loblaw Companies Limited with millions of account holders across Canada that save bank fees and earn rewards through the PC Optimum points system.
Product Details
  • Enjoy up to 125,000 points in welcome offers when you open a no monthly fee PC Money™ Account. Here’s how: (1) Earn 75,000 points when you set up a minimum of $1,500 in payroll or pension direct deposit for 3 consecutive months, starting within 60 days of opening your account. (2) Earn 50,000 points: That’s 10,000 points for each of your first 5 bill payments of $50+ within 60 days of opening your account.
  • Earn 10 PC Optimum points (five regular, five bonus) for every dollar spent.
  • Earn up to 25 PC Optimum points per dollar spent at Shoppers Drug Mart.
  • Earn up to 5,000 points per month when making bill payments with your account.
  • No monthly fee.
  • No minimum balance required.
  • Free unlimited everyday transactions online and in-store, including electronic fund transfers, withdrawals at PC Financial bank machines, self-serve bill payments and purchases in Canadian dollars.
  • Free Interac e-Transfer® services.
  • The PC Money Account card, provided by Mastercard, is compatible with Apple Pay and Google Pay digital wallets and can be used anywhere Mastercard is accepted.
  • PC Financial provides Mastercard Zero Liability Promise for unauthorized purchases.
  • Free access to PC Financial ATMs.
  • CDIC protection on eligible deposits worth up to $100,000.
Best cash-back and students offers

Simplii Financial™ No Fee Chequing Account

Simplii Financial™ No Fee Chequing Account
  • Bonus Offer
    $400
  • Monthly Fee
    $0
  • Number of Transactions
    Unlimited
Our Take
  • With no monthly fee, unlimited debit purchases and free access to more than 3,400 ATM machines across Canada, Simplii Financial’s No Fee Chequing Account is a low-cost way to handle your day-to-day banking.
  • Simplii Financial is an online bank owned by CIBC that offers savings and chequing accounts, credit cards, mortgages, loans, lines of credit, registered plans, GICs, and mutual fund accounts. Read our review of Simplii Financial for more information.
Product Details
  • Welcome offer: Apply for a Simplii Financial No Fee Chequing Account by October 31, 2024 and earn a $400† cash reward. Must be a new Simplii Financial client and set up one or more eligible recurring direct deposits totalling at least $100 per month within 120 days. Recurring direct deposits must be credited to the account for at least three consecutive months in the 120-day period.
  • No monthly fees.
  • No minimum balance.
  • Unlimited debit purchases, bill payments and withdrawals.
  • Free access to over 3,400 CIBC ATMs across Canada.
  • Shop online and in-store with the Simplii Financial Debit Mastercard, which can be used anywhere Mastercard is accepted.
  • Direct payroll and pension deposit.
  • Optional overdraft protection for $4.95 a month.
  • Pre-authorized bill payments.
  • Account-to-account transfers, including automatic transfers.
  • Send personalized gift cards.
  • Earn $50 by referring a friend who opens a No Fee Chequing Account or other eligible account.
  • Interest rate: 0.01% on balances of $25,000 or less; 0.05% on balances greater than $25,000.
  • CDIC protection for eligible deposits.
Best no-fee chequing account with cash-back offer

Tangerine No-Fee Daily Chequing Account

Tangerine No-Fee Daily Chequing Account
  • Bonus Offer
    $250
  • Monthly Fee
    $0
  • Number of Transactions
    Unlimited
Our Take
  • Tangerine’s No-Fee Daily Chequing Account offers free access to 44,000 ABMs worldwide, overdraft protection, financial monitoring tools and a secure way to shop both online and in person.
  • Tangerine is a subsidiary of Scotiabank and offers chequing and savings accounts, GICS, registered accounts, credit cards, mortgages, loans and investment products. Read our review of Tangerine for more information.
Product Details
  • Switch your payroll deposits and you could get $250.
  • No monthly fee.
  • Interest rate: up to 0.1%.
  • Free online daily banking, including debit purchases, bill payments, pre-authorized payments, Interac e-Transfers and ABM transactions that use Scotiabank’s ABM network.
  • ABM withdrawals with other banks in Canada: $1.50.
  • ABM withdrawals on other networks worldwide: $3.00.
  • Free first cheque book (50 cheques). $50 for each additional cheque book.
  • Tangerine Client Card with Visa Debit can be used anywhere Visa is accepted, and can be added to Apply Pay, Google Pay and Samsung Pay.
  • Card is covered by Interac and Visa Debit Zero Liability protection, so you won’t have to pay for unauthorized purchases.
  • Access to tools and alerts that help monitor spending activity.
  • CDIC protection for all eligible deposits.
Best high-interest hybrid account

Wealthsimple Cash Account

Wealthsimple Cash Account
  • Bonus Offer
    N/A
  • Monthly Fee
    $0
  • Number of Transactions
    Spending and usage limits apply*
Our Take
  • The Wealthsimple Cash account provides a no-fee way to handle your everyday spending needs while earning earning 1% back in cash, stock or cryptocurrency when you pay with your Wealthsimple card.
  • Wealthsimple is a Canadian online investment management service that offers stocks, ETFs, crypto and managed investing, spending and saving accounts, tax services and a peer-to-peer money transfer Cash App.
Product Details
  • No monthly fees.
  • No foreign exchange fees.
  • No ATM fees.
  • No minimum balance required.
  • Manage your rewards, spending, and send and receive money from friends using the mobile Wealthsimple Cash App.
  • Use your Wealthsimple Cash account to pay bills, make e-transfers and directly deposit your paycheque.
  • The Wealthsimple card can be used anywhere Visa is accepted, in store or online.
  • Digital and physical Wealthsimple Cash Visa debit card provided.
  • Card can be added to Apple Pay and Google Pay digital wallets and used at ATMs Canada-wide. Standard ATM fees will apply.
  • Get 1% back in cash, stock or crypto whenever you spend using your account.
  • CDIC protection for eligible deposits.
Best prepaid Mastercard with tired cash-back

Neo Money™ Account

Neo Money™ Account
  • Bonus Offer
    N/A
  • Monthly Fee
    $0-$4.99
  • Number of Transactions
    Dollar limits apply*
Our Take
Why we like it

  • Neo offers a digital-first banking experience and a fee-free account with one of the highest interest rates available in Canada.
  • Comes with a prepaid Neo Money™ Card that earns an average 5%+ unlimited cash back at thousands of local and national Neo partners.
Product Details
  • One account to spend, save and earn 4.00% interest.
  • No fees, 4.00% interest rate as of December 4, 2023 (not a promotional rate; Savings interest rate is calculated daily on the closing balance and paid monthly).
  • Earn up to 225x more than at traditional banks (0.05% is the rate at most banks for high interest savings accounts, with 0% on most daily everyday chequing accounts – unlimited transaction accounts are typically $29.99 per month, whereas Neo is free).
  • Make bill payments, send and receive Interac e-Transfers®, and make bank to bank transfers to and from existing bank account – all with no monthly fees or minimum balances and unlimited free transactions.
  • Available Canada-wide (with the exception of Quebec, coming soon).
  • Manage everything from the phone app, whenever and wherever. Desktop/web banking is also available.
  • Much like any bank account at a traditional bank, the Neo Money™ Account is eligible for CDIC deposit protection, and provided by Concentra Bank, a CDIC member institution. Deposits held in Neo Money™ Accounts are combined with eligible deposits held at Concentra Bank, for up to $100,000 of deposit protection, per category, per depositor.
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Methodology

NerdWallet selects the best online bank accounts based on several criteria including annual percentage yields, minimum balances, fees, digital experience and more. Only chequing and hybrid accounts from online-only banks that are available in more than one province are considered for this list.

    Summary of the best online bank accounts

    What to know about online bank accounts

    By Janine DeVault

    Online bank accounts are those offered by online-only banks. Some are digital subsidiaries of major banks, such as Tangerine Bank (Scotiabank) or credit unions, such as motusbank (Meridian Credit Union) in Canada. Online banks do not offer in-branch services. 

    Brick-and-mortar financial institutions that offer digital banking options aren’t considered online bank accounts because they aren’t fully virtual. 

    Low or no-fee accounts are an appealing feature of many online banks. These accounts usually don’t have minimum balance requirements or impose limits or fees on daily transactions, making them very flexible for account holders.

    Types of online bank accounts in Canada

    Online banks offer several different types of accounts to meet your banking needs.

    Online chequing accounts

    Online chequing accounts are convenient for everyday banking. You can set up direct deposit to receive your paycheque into the account, use it to pay bills, move money to other accounts, and make store purchases using a debit card.

    But, online chequing accounts may have some limitations for those with more complex banking needs.

    Unless it’s associated with a major bank, you may not be able to deposit cash or cheques into your online account from an ATM. Additionally, online chequing accounts may not let you deposit cheques in foreign currencies. You’ll likely also pay a fee to withdraw cash.

    Online savings accounts 

    Virtual banks have lower overhead costs because they do not offer physical locations. They can pass those savings on to their customers through higher interest rates and low (or no) banking fees

    Through virtual banks, you can access many types of online savings accounts, including:

    Hybrid bank accounts 

    Many online banks offer hybrid accounts that allow you to earn interest on the same account balance used for daily transactions. 

    These accounts can be attractive for saving towards travel, home renovation, or a wedding. You can squirrel the funds away and earn interest. Then, you can spend freely without needing to transfer the funds back to your primary chequing account.

    How online bank accounts work 

    Online bank accounts usually have unique banking features, fewer fees and streamlined banking solutions. Understanding how these factors differ from standard bank accounts is crucial in determining the best fit for your daily banking needs.

    Key considerations when choosing an online bank account

    Before opening a new bank account, it’s essential to evaluate your banking needs and priorities to ensure your online bank account will help you meet your goals. Here are some key considerations:

    How to open an online bank account

    You can open an account with a virtual bank through their website or proprietary app. Usually they will ask you to provide:

    Generally, you must be a Canadian resident at or above the age of majority in your province of residence to be eligible to open an account.

    Approval for online bank accounts is usually swift. But, before you can use your account, the online bank will verify your identity based on the documents you provide. The approval process could take a few minutes to a couple of days.

    Alternatives to newcomer bank accounts

    Many of the features common to online bank accounts can be found in other kinds of bank accounts. These accounts include:

    Account TypeProsCons
    Online savings accountsSome hybrid accounts include chequing privileges.

    Choose to earn a high interest rate in a non-registered HISA, RRSP or TFSA.

    Usually, there are no fees.
    You may need to keep a minimum account balance.

    Typically, there is no in-person service.
    High interest savings accounts (HISAs)Typically used to earn a high interest rate in a non-registered HISA, RRSP or TFSA.

    Usually, there are no fees.
    You may need to keep a minimum account balance.

    The highest rates are typically only found at online banks.
    No fee chequing accountsNo monthly fees.

    Unlimited transactions are common.
    Rarely offers access to branch banking.

    Low to no interest.
    Chequing accounts (Big 6 Bank)In-person and online service.

    Ability to link other accounts, sometimes with bonus offers included.
    Most accounts charge a monthly fee.

    Risk of other costs, like non-sufficient funds (NSF) or dormant account charges.

    Works Cited
    1. Canadian Bankers Association, “Focus: How Canadians Bank,” accessed June 7, 2024.

    Frequently asked questions about online bank accounts

    Are online bank accounts secure?


    Depends on the deposit insurance and security features of the online bank account. Always verify that your chosen bank account is protected by the Canada Deposit Insurance Corporation (CDIC) to ensure your deposits are safe. Also, check for built-in security features like multi-factor authentication, purchase protection and suspicious activity monitoring. 

    What is a hybrid bank account?

    Hybrid accounts combine chequing and savings account features. They typically offer unlimited monthly transactions and allow you to earn high interest rates on your balance.

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