Looking for the best online banks in Canada for 2026? You’re not alone. More Canadians are ditching traditional branches for digital banks that offer higher interest rates, no monthly fees, and modern, easy-to-use platforms. These banks often provide better savings rates, lower fees, and convenient mobile apps that fit today’s fast-paced lifestyle. Whether you’re after high-interest savings, registered accounts like TFSAs and RRSPs, or cashback rewards, there’s an online bank tailored to your needs.
Quick Comparison of Best Online Banks in Canada 2026
- EQ Bank: Best overall; savings ~4.0%, no monthly fees, GICs, TFSA/RRSP, joint accounts, CDIC insured.
- Tangerine: No-fee chequing and savings; promo rates ~5.0% dropping to ~2.0%; owned by Scotiabank; some café branches.
- Simplii Financial: No-fee chequing and savings; promo ~5.0%; access to 3,400+ CIBC ATMs; CIBC-owned.
- Wealthsimple Cash: ~3.5% interest on cash; no fees; prepaid Mastercard; investing integration.
- Neo Financial: ~4.0% savings; cashback debit card up to 5%; modern app; growing presence.
- Manulife Bank: ~4.5% Advantage Account; strong savings rates; mortgage products.
- KOHO: ~4.0% savings with subscription; cashback on spending; spending insights; popular with younger users.
1. EQ Bank
EQ Bank stands out as the best overall online bank in Canada for 2026. It charges no monthly fees and offers a competitive savings interest rate of about 4.0%, which is well above the average rates you’ll find at traditional banks. For example, the Big Five Canadian banks typically offer savings rates below 1.0%, making EQ Bank a top pick for anyone looking to grow their savings faster.
The bank also provides Guaranteed Investment Certificates (GICs) with attractive terms and solid returns, which can be locked in for periods ranging from one to five years. Registered accounts are available too, including Tax-Free Savings Accounts (TFSA) and Registered Retirement Savings Plans (RRSP), allowing Canadians to save tax-free or for retirement with the same high interest rates. Joint accounts are supported, which is great for couples or business partners.
All deposits with EQ Bank are protected under the Canada Deposit Insurance Corporation (CDIC), ensuring your money is safe up to $100,000 per insured category. The bank operates fully online with no physical branches, which suits anyone comfortable managing finances digitally.
EQ Bank’s mobile app and website are user-friendly, enabling easy transfers, bill payments, and cheque deposits. Their platform also supports Interac e-Transfers with no fees, which is a big plus.
Pros: No fees, solid 4.0% savings rate, TFSA/RRSP options, joint accounts, CDIC insured, user-friendly app, free Interac e-Transfers.
Cons: No physical branches or in-person support, limited product range compared to big banks.
Best for: Savers wanting high interest and registered accounts without fees, comfortable with fully digital banking.
Pricing: No monthly fees; savings rate approximately 4.0%; GIC rates vary but competitive; free e-Transfers.
2. Tangerine
Tangerine is one of Canada’s most popular online banks, owned by Scotiabank. It offers no-fee chequing and savings accounts with a promotional interest rate of around 5.0% on savings accounts for new clients, which typically drops to about 2.0% after the promo period ends. While not quite as high as EQ Bank’s standard rate, Tangerine’s rates are still well above average.
One advantage Tangerine has is the availability of some physical café-style branches in major cities like Toronto and Vancouver, offering a hybrid experience for customers who want occasional in-person service. Tangerine also supports TFSA and RRSP accounts and offers GICs with competitive rates. Their mobile app is robust and easy to use, supporting bill payments, mobile cheque deposits, and Interac e-Transfers.
Customers benefit from no monthly fees on both chequing and savings accounts, and free access to Scotiabank ATMs across Canada. Tangerine has been known for its strong customer service, with phone and chat support readily available.
Pros: No monthly fees, promotional high rates, hybrid model with some branches, TFSA/RRSP and GIC options, strong customer service.
Cons: Savings rates drop after promo, fewer joint account options, limited product range compared to big banks.
Best for: New savers wanting a mix of online convenience and occasional branch access, looking for promotional rates.
Pricing: No monthly fees; promo savings rate ~5.0% for 3-6 months, then ~2.0%; free access to Scotiabank ATMs.
3. Simplii Financial
Simplii Financial is owned by CIBC and offers no-fee chequing and savings accounts with promotional interest rates of about 5.0% on savings, which then drops to around 1.5% after the introductory period. Simplii customers have access to over 3,400 CIBC ATMs across Canada, making cash withdrawals convenient and free.
The bank supports TFSA and RRSP accounts, as well as GICs with competitive rates. Meanwhile simplii’s mobile app offers features like mobile cheque deposit, bill payments, and Interac e-Transfers with no fees. Customer service includes phone and online chat support, which many users find responsive.
While Simplii doesn’t have physical branches, many customers appreciate the ATM network and strong digital tools. Savings rates post-promo are a bit lower than EQ Bank and Tangerine, but the no-fee structure and extensive ATM access remain compelling.
Pros: No fees, large ATM network, TFSA/RRSP and GICs, promotional high savings rate, good mobile app.
Cons: Savings rate drops after promo, no physical branches, slightly lower post-promo rates.
Best for: Customers wanting fee-free banking with good ATM access and promotional savings rates.
Pricing: No monthly fees; promo savings rate ~5.0% for 3-6 months, then ~1.5%; free CIBC ATM access.
4. Wealthsimple Cash
Wealthsimple Cash is a newer player offering about 3.5% interest on cash balances, which is competitive though slightly below EQ Bank and Tangerine’s promo rates. It provides a no-fee prepaid Mastercard that can be used anywhere Mastercard is accepted, along with a modern app that integrates seamlessly with Wealthsimple’s investing platform.
This makes it attractive for users who want to manage their spending and saving in one place and easily move funds between cash and investments. There are no monthly fees or minimum balances required.
Wealthsimple Cash supports Interac e-Transfers and bill payments, though it doesn't offer traditional banking products like chequing accounts or registered accounts such as TFSAs or RRSPs. It’s more of a hybrid between a spending account and a cash savings tool, with strong appeal to younger Canadians and those already investing with Wealthsimple.
Pros: No fees, 3.5% interest on cash, prepaid Mastercard, investing integration, easy-to-use app.
Cons: No registered accounts, no chequing account, limited product range.
Best for: Investors wanting a simple cash account linked to investing, no-fee spending with interest.
Pricing: No monthly fees; 3.5% interest on cash; no minimum balance; no fees on transactions.
5. Neo Financial
Neo Financial offers a competitive savings rate of about 4.0%, matching EQ Bank’s rate, along with a cashback debit card that offers up to 5% back on select purchases. The app is modern and well-rated, providing budgeting and spending insights to help customers manage their money.
Neo is growing its presence rapidly in Canada, focusing on rewarding everyday spending and providing a smooth digital banking experience. It offers no monthly fees and no minimum balance requirements.
While Neo doesn't offer registered accounts like TFSAs or RRSPs, it does provide GICs. It’s geared more towards younger Canadians and those wanting a combination of high savings rates plus cashback rewards on daily purchases.
Pros: High savings rate (~4.0%), cashback debit card, no fees, strong mobile app, budgeting tools.
Cons: No registered accounts, no physical branches, limited product offerings.
Best for: Cashback enthusiasts and savers looking for a modern app with rewards.
Pricing: No monthly fees; savings rate ~4.0%; cashback varies up to 5% on select categories.
6. Manulife Bank
Manulife Bank offers the Advantage Account, which provides a strong interest rate around 4.5%, one of the highest available in Canada for a chequing/savings hybrid. The bank also offers mortgage products and other financial services, making it a good choice for customers wanting to bundle banking with other financial products.
Manulife’s digital platform supports bill payments, Interac e-Transfers, and mobile cheque deposits. The bank allows customers to earn interest on their chequing balance, which is unusual and appealing for those who keep significant funds in their account.
There are no monthly fees on the Advantage Account if you maintain a minimum balance, typically around $5,000. For customers who can keep this balance, the high interest rate is a big benefit.
Pros: High 4.5% interest rate, mortgage and financial product integration, interest on chequing balance.
Cons: Minimum balance required to avoid fees, no physical branches, limited account types.
Best for: Customers with higher balances wanting interest on chequing and mortgage integration.
Pricing: No monthly fee if minimum $5,000 balance maintained; interest rate ~4.5% on balances.
7. KOHO
KOHO is popular with younger Canadians, offering about 4.0% interest on savings when subscribed to their premium plan, which costs about $84 annually (CAD). The app provides cashback on spending, spending insights, and budgeting tools, making it a helpful platform for managing day-to-day finances.
KOHO uses a prepaid Visa card system, so it’s not a traditional bank but functions as a financial platform with banking features. It supports no-fee Interac e-Transfers and bill payments, and its app is praised for its intuitive design.
The cashback rewards can be up to 2% on everyday purchases, increasing with the premium subscription. KOHO also offers features like early paycheque access and no-fee overdraft up to a certain limit.
Pros: 4.0% savings with subscription, cashback rewards, budgeting tools, no fees on transactions.
Cons: Annual subscription fee for highest savings rate, prepaid card limitations, no registered accounts.
Best for: Younger users wanting cashback and savings with budgeting help.
Pricing: Free basic plan; $84/year for premium with 4.0% savings; cashback up to 2%+.
Online banks in Canada are shaking up the market by offering savings rates often two to five times higher than the Big Five banks, with no monthly fees and slick apps that make banking fast and simple. For most savers, EQ Bank’s no-fee accounts and 4.0% interest rate make it the best all-around choice in 2026. But if you want a little branch access, Tangerine’s hybrid model fits well. Those seeking cashback rewards might lean towards Neo or KOHO, while customers managing higher balances could find Manulife Bank’s Advantage Account appealing. No matter what your priorities are — savings, rewards, or convenience — Canada’s online banks have options that suit many needs.
This article was created with AI assistance.
