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How Canada’s Top Online Bank Accounts Stack Up in 2025

Jun 16, 2025
Get competitive interest rates on chequing and hybrid accounts from Canada’s top online banks. Choose from our top picks with low fees, convenience, and digital banking benefits.
Profile photo of Siddhi Bagwe
Written by Siddhi Bagwe
Editor & Content Strategist
Profile photo of Beth Buczynski
Edited by Beth Buczynski
Head of Content, New Markets
Profile photo of Siddhi Bagwe
Written by Siddhi Bagwe
Editor & Content Strategist
+ 1 more
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, 77% Canadians conduct their banking virtually and among them 30% use app banking . As Canadians get more comfortable with digital banking, more people may choose online bank accounts.

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 in Canada

🏆 Best hybrid bank accounts

Best bonus offer
EQ Bank Personal Account
EQ Bank Personal Account
APPLY NOW
on EQ Bank's website
5.0
NerdWallet rating
Interest rate
3.50%*
Promotional rate

Bonus offer
N/A

Monthly fee
$0

Transactions
Dollar limits apply*
APPLY NOW
on EQ Bank's website

Great regular interest with cash-back
KOHO High Interest Savings Account
KOHO High Interest Savings Account
APPLY NOW
on KOHO's website
4.9
NerdWallet rating
Interest rate
Up to 4.00%
No minimum balance required

Bonus offer
30-day free trial

Monthly fee
$0-$14.75

Transactions
Dollar limits apply*
APPLY NOW
on KOHO's website

Best regular interest with bonus reward points
The PC Money™ Account
The PC Money™ Account
4.8
NerdWallet rating
Interest rate
3.10%

Bonus offer
Earn 100,000 bonus PC Optimum points.* Valued $100

Monthly fee
$0

Transactions
Unlimited

Best tiered cash-back
Neo Everyday Account
Neo Everyday Account
APPLY NOW
on Neo Financial's website
4.5
NerdWallet rating
Interest rate
0.10%

Bonus offer
N/A

Monthly fee
$0-$9.99

Transactions
Dollar limits apply*
APPLY NOW
on Neo Financial's website

Best regular interest with cash-back
Wealthsimple High Interest Chequing Account
Wealthsimple High Interest Chequing Account
4.6
NerdWallet rating
Interest rate
1.75% - 2.75%

Bonus offer
N/A

Monthly fee
$0

Transactions
Spending and usage limits apply*

🏆 Best online chequing accounts

Best cash-back and student offers
Simplii Financial™ No Fee Chequing Account
Simplii Financial™ No Fee Chequing Account
APPLY NOW
on Simplii Financial™'s website
4.7
NerdWallet rating
Bonus offer
$300

Monthly fee
$0

Transactions
Unlimited
APPLY NOW
on Simplii Financial™'s website

Best cash-back offer
Tangerine No-Fee Daily Chequing Account
Tangerine No-Fee Daily Chequing Account
4.6
NerdWallet rating
Interest rate
Up to 0.10%

Bonus offer
$250

Monthly fee
$0

Transactions
Unlimited

Best premium perks with student offers
National Bank The Connected® Chequing Account
National Bank The Connected® Chequing Account
4.2
NerdWallet rating
Bonus offer
N/A

Monthly fee
$15.95
Waived with minimum balance

Transactions
Unlimited

Best no-fee chequing perks + modest interest
Alterna Bank No Fee eChequing Account
Alterna Bank No Fee eChequing Account
4.5
NerdWallet rating
Interest rate
0.05%

Monthly fee
$0

Transactions
Unlimited

Summary of the best online bank accounts

    • Our pick for best bonus offer: EQ Bank Personal Account.

    • Our pick for great regular interest with cash-back: KOHO Spending and Savings Account.

    • Our pick for best regular interest with bonus reward points: The PC Money Account.

    • Our pick for best tiered cash-back: Neo Everyday Account.

    • Our pick for best regular interest with cash-back: Wealthsimple High Interest Chequing Account.

    • Our pick for best cash-back and student offers: Simplii Financial No Fee Chequing Account.

    • Our pick for best cash-back offer: Tangerine No-Fee Daily Chequing Account.

    • Our pick for best premium perks with student offers: National Bank The Connected Chequing Account.

    • Our pick for best no-fee chequing perks + modest interest: Alterna Bank No Fee eChequing Account.

Methodology

BACK TO TOP

NerdWallet selects the best online bank accounts based on several criteria. Factors in our evaluation methodology include annual percentage yields, minimum balances, fees, digital experience and hybrid account features. Only top online chequing and high-interest savings accounts from financial institutions that are available in more than one province are considered for this list.

What to know about online bank accounts

The online bank accounts listed above are offered by independent, online-only banks or digital subsidiaries of traditional banks. Most provide free everyday transactions but don’t offer in-person services at branches.

Benefits to look for in an online bank account

We give our highest star ratings to online bank accounts with:

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

  • Daily banking at your finger tips: You can set up direct deposit to receive your paycheque into the account, 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.

Downsides to be aware of with an online bank account

Online bank accounts have some limitations, especially if you have more complex banking needs or prefer full-service banking. These include:

  • Limited self-serve options: Unless your online financial institution is associated with a major bank, you may not be able to deposit cash or cheques at an ATM. You might also pay fees when withdrawing cash, 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. 

NerdWallet Home Page

More Nerdy Perspective

An online bank account makes a ton of sense, especially if you just want the basics and feel comfortable handling your banking right from your phone or computer.

I’ve found that breaking free from traditional branch banking can seriously boost your savings. First off, these online-only accounts usually offer steady, higher-than-average interest rates, which means more money in your account, faster. Then you've got cash-back and rewards, making every dollar you spend work harder. And let’s not underestimate how quickly the savings add up when you pay no or low fees for account usage.

Need cash from time to time? Many of these hybrid and online chequing accounts offer free ATM withdrawals through partner networks, or they’ll reimburse you for out-of-network ATM charges anywhere in Canada. Not bad at all, right?

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Siddhi BagweEditor & Content Strategist | Bank accounts, term deposits, international student finances

How to find the best online bank account for you

When choosing the best online bank account, think carefully about your banking needs and what you want your bank to offer.

Here are some key things to consider:

  • 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 doing banking online or through a mobile app? Is the convenience of banking online a strong enough trade-off to forgo in-branch banking 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 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 increased interest rates on new deposits or discounts on purchases through brand partners. Ask yourself if these perks match your spending and saving goals. 

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:

  • 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).

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.

💡Did you know?
You may need to have an active bank account with another financial institution to open and fund the new online bank account.

Alternatives to online bank accounts

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

Account Type

Pros

Cons

Online savings accounts.

Some 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 accounts.

No 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.

Frequently asked questions


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.

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.

The best online bank account for you depends on your financial goals and banking preferences. How you’d use the account can help you find an ideal one from our list of top online bank accounts.

Most of our top picks for online bank accounts received high ratings for their mobile apps on Google Play and the Apple App Store. Reddit user comments also support our picks, with positive opinions on Wealthsimple and Tangerine. EQ Bank and Simplii Financial are also mentioned by Redditors for their user-friendly mobile and web banking interfaces.

NerdWallet writers are subject matter authorities who use primary, trustworthy sources to inform their work, including peer-reviewed studies, government websites, academic research and interviews with industry experts. All content is fact-checked for accuracy, timeliness and relevance. You can learn more about NerdWallet's high standards for journalism by reading our editorial guidelines.

  1. Canadian Bankers Association. How Canadians Bank: 2024 survey of Canadians. Accessed Jan 1, 2025.