Canada’s Top Online Bank Accounts for Chequing and Savings

High rates and low fees: Virtual banks don’t have physical locations, which reduce overhead. They pass these savings on to customers through higher interest rates and low (or no) fees.

Attractive bonus interest rates: Banks sometimes use high, temporary rates to attract new customers. These introductory rates act as a sign-up incentive and are most lucrative if you fund new accounts with a large balance.

Daily banking at your finger tips: You can set up direct deposit for your paycheque, pay bills, and move money to other accounts at any time — no need to worry about branch hours.

No minimum balance requirements: Online banks rarely require a minimum account balance, sometimes called “hostage money,” to use their services. You have full access to your hard-earned money without worrying about staying above a threshold.

Limited-period bonus rates: The high introductory interest rates end after a set period. As the lower base rate kicks in, your growth will dwindle.

Limited self-serve options: Unless your online financial institution partners with a major bank, you may not be able to deposit cash or cheques at an ATM. You might also pay fees for cash withdrawals, though some online banks, such as Wealthsimple and EQ Bank, reimburse ATM fees charged by other banks. 

Online-only support: Without physical branches, customer support is limited to online chat, phone or email. Services like bank drafts or safety deposit boxes aren’t available. 

Fewer product choices: Online banks usually offer fewer financial products compared to traditional banks. This could become an issue if your banking needs grow or you prefer managing multiple financial services in one place. 

Your financial goals: Do you want to reduce monthly costs by using a low- or no-fee account with unlimited transactions? Is earning high interest to grow your savings quickly a priority?

Your comfort level with technology: Are you comfortable banking online or through a mobile app? Is the convenience of online banking worth forgoing in-branch services? 

Your banking needs: Does your online bank account come with ATM access? What types of banking, investment or loan products do you plan to use?

Deposit insurance and trust factors: You should feel confident in where you place your money. Is your prospective bank a Canada Deposit Insurance Corporation (CDIC) member and are your deposits eligible for protection? Do the account's security features include multi-factor authentication, suspicious activity alerts, and a zero-liability policy for unauthorized purchases? 

Promotions, rewards and perks: Many online banks offer promotional interest rates, cash bonuses, or gifts for new account holders. Some banks run seasonal promotions, like higher interest rates on new deposits or discounts through brand partners. Ask yourself if these perks match your spending and saving goals. 

Personal information: Name, email, phone number and home address.

Photo identification: A valid passport, Canadian driver’s licence, or other government-issued photo ID.

Proof that you reside in Canada.

Social Insurance Number (SIN).