The Top Digital Banks That Offer No-Fee Accounts, Easy Mobile Access, And Serious Savings
Banking in Canada has come a long way, and online banks are leading the charge. With no physical branches to maintain, digital-first institutions pass the savings on to you, meaning lower fees, better interest rates, and a smoother banking experience overall.
Online banks are making it easier than ever to manage your money.
What’s more, many of these banks offer features like unlimited transactions, easy e-transfers, mobile cheque deposits, and sometimes, 24/7 customer support, all without setting foot in a branch. So let’s take a look at three of the best online banks in Canada that are worth checking out if you’re looking to make the move to digital.
Why More Canadians Are Switching to Online Banking
Let’s be honest here, banking has changed a lot over the last few years. More and more Canadians are ditching the traditional methods of banking and switching to online banks, and it’s easy to see why.
Convenience is a huge factor; who wants to stand in line when you can manage everything from your phone? On top of that, online banks tend to offer better perks like no monthly fees, higher interest rates on savings, and fewer sneaky charges overall. For people who value flexibility and want to keep more of their money, it just makes sense. It’s sort of becoming the “new normal” in terms of how we bank.
What to Look For in a Great Online Bank
As of now, there isn’t a major selection of online banks in Canada; however, choosing the right one for you can be a bit tricky since they all offer something completely unique. We recommend:
Looking for low or no-fee banking. One of the biggest perks of online banks is saving on those annoying monthly charges.
Check out how easy it is to access your money. Do they offer free e-transfers? Can you deposit a cheque using your phone? That convenience matters.
Keeping an eye on interest rates, many online banks offer better savings rates than traditional ones. Interest rates are typically lower with online banks, but we recommend looking into it further.
Looking into Security. Make sure the bank is CDIC-insured and uses strong encryption so you know your funds are safe.
Access to Customer Support. You may think you don’t need it until something happens and you need yo speak with a rep. It’s imperative to have good customer service.
Best Online Banks In Canada
Online banks have come a long way in Canada; all of them offer a modern, flexible alternative to traditional banking. If you’re wondering where to start, we’ve rounded up three of the best online banks in Canada that you might want to look into.
Simplii Financial
Simplii Financial is a favorite among Canadians who want straightforward, no-fee banking. With their No Fee Chequing Account, you get unlimited transactions, free Interac e-Transfers, and zero monthly charges. It’s backed by CIBC, so you get the reliability of a big bank with the savings of a digital one.
Their online platform and mobile app are easy to use, and they often have welcome bonuses for new clients, which is a nice perk if you ask us.
EQ Bank
EQ Bank is all about high-interest savings and smart financial tools. Their Savings Plus Account is sort of like a chequing and savings account in one. No everyday banking fees and an interest rate that’s much higher than what you’d get from most traditional banks. You can pay bills, transfer money, and even send international transfers all online. The app is intuitive, and customer service is known to be responsive. EQ is especially great if you’re looking to grow your money while keeping it accessible.
Tangerine
Tangerine is a long-time leader in Canada’s online banking scene. It’s owned by Scotiabank, and it has the most options in terms of no-fee accounts, including chequing, savings, and even investment options. Their mobile app is one of the best out there. It’s simple, reliable, and packed with useful tools. Tangerine’s No-Fee Daily Chequing Account comes with unlimited transactions and free e-transfers while costing you absolutely nothing each month. You also get access to Scotiabank ATMs without fees, which is also a plus.
Choosing the right online bank can make a big difference in how you manage your money. The best part of all of this is that you can open an account and start saving all without walking into a physical location. No waiting in line, no hidden fees, it’s really that simple. As banking continues to evolve, online banks are proving that modern convenience and low fees are doable in the financial sector.
Written by:
Amy Orr is a professional writer and editor with over 10 years of experience in the Canadian, U.S. and U.K. financial markets. She has written for numerous publications on topics as diverse as economic literacy, corporate finance, and technical analysis of numerical data. Prior to transitioning to full-time writing, she worked in the hedge fund sector. Her academic background is astrophysics, and she has a Masters in Finance from the University of Edinburgh Business School.
