Alterna Bank

If you want an online account Canadians actually use, I’d shortlist Tangerine, Simplii, EQ Bank and Wealthsimple. They aren’t interchangeable: the best choice depends on whether you need to deposit cash, earn interest on everyday money, or keep investing in the same app.

My practical recommendation: Start with Tangerine if you want one straightforward primary bank, or Simplii if CIBC ATMs suit you better. Choose EQ Bank if interest on your day-to-day balance matters more than cash deposits. Choose Wealthsimple if you’ll use its investing features too. Check the current rate and account terms before moving your paycheque; rates and offers change. (tangerine.ca)

Also worth a look: PC Money Account if you regularly collect PC Optimum points. It advertises no monthly account fee and an optional interest-earning savings feature, but it wouldn’t be my first pick over the four above for general-purpose banking. (pcfinancial.ca)

Across the Canadian roundups, the same handful of names keep coming up. Rates and promotions change often, so check the current numbers before you open an account.

Top picks

1. EQ Bank is best for savings and hybrid chequing/savings.

• One review says EQ Bank is often the leader for non-promotional savings rates among traditional and online banks.
• Its Personal Account has no fees, unlimited debit purchases and free Interac e-Transfers.
• One comparison lists a base rate of 1.50% and a top rate of 2.75% with $2,000+/month in direct deposit, $0 monthly fee, and direct CDIC coverage. Other sites quote different rates, so check EQ's own site.

2. Simplii Financial is best for no-fee everyday banking.

• It's the direct banking arm of CIBC and was formerly PC Financial.
• You get a no-fee chequing account, savings, a credit card, mortgages and investments, plus free access to over 3,400 CIBC ATMs.

3. Tangerine is the most established full-service online bank.

• It's a wholly owned subsidiary of Scotiabank, often considered one of Canada's largest online banks with over two million users.
• A Finder comparison found that Tangerine's mobile app has the highest customer ratings across iOS and Android.
• A review lists a 2% cash back no-fee credit card as a strength.

4. Wealthsimple Cash is best if you also invest.

• It's a good fit if you want banking and investing in one app.
• Its savings rate depends on how much you hold with Wealthsimple. One source lists 1.25% at the core tier and 2.25% at the top tier.

5. Neo Financial and KOHO are best for cashback and budgeting.

• Neo is a Calgary-based company with hybrid accounts that blend chequing with savings.
• KOHO is aimed at people who want simple spending-tracking tools and cashback.
• KOHO is a prepaid-card product, not a full bank. It's CDIC-insured only through its partner, Peoples Trust.

Other options: Motusbank (owned by Meridian Credit Union), Alterna Bank (credit-union owned, with a no-fee chequing account), and Wise if you need multi-currency accounts.

Which one to choose

• Highest savings rate: EQ Bank
• Free chequing with ATM access: Simplii
• One main bank with a good app: Tangerine
• Banking plus investing: Wealthsimple
• Cashback on spending: Neo or KOHO

Tips

• Promotional rates: Many advertised savings rates are temporary or depend on conditions such as direct deposit. Compare the base rate, not just the headline number.
• CDIC insurance: Confirm that your deposits are covered, especially at fintechs, where coverage may go through a partner institution.
• Combining banks: A common setup is Simplii or Tangerine for chequing and EQ Bank for savings.

Let me know if you want a comparison for a particular use, such as newcomers to Canada, students, or a TFSA or RRSP.

When it comes to online banking in Canada, the market is primarily split between online divisions of the Big Banks (like Tangerine and Simplii) and digital-first financial platforms (like EQ Bank and Wealthsimple).

Most Canadians actually use a combination of these to get the best of both worlds: zero monthly fees, high interest rates, and free ATM access.

Here is a breakdown of the top online banks and digital accounts in Canada right now, based on real-world usability, rates, and features.

1. EQ Bank – Best Overall Direct Bank for Everyday Savings & Rates

EQ Bank (a trade name of Equitable Bank, a scheduled Canadian charter bank) is arguably the favorite online bank among Canadians who want consistent high interest without playing "promotional rate" games.

• Why people use it:
  • Everyday Interest Rate: Consistently offers one of the highest base savings rates in Canada on non-promotional accounts (Personal Account and Notice Savings Accounts).
  • EQ Bank Card: Acts like a debit card with cash back (usually 0.5%–1%), zero FX fees on international purchases, and reimburses all ATM fees anywhere in Canada.
  • Features: Unlimited free Interac e-Transfers, cheap international money transfers (powered by Wise), TFSA, RRSP, and high-yield GICs.
• CDIC Protection: Yes ($100,000 per deposit category).
• Downside: No physical bank branches and no cheque writing capability (though you can set up direct deposit and pre-authorized debits).

2. Wealthsimple Cash – Best Digital Hybrid (Spending, High Interest & Investing)

While Wealthsimple started as a robo-advisor, Wealthsimple Cash has become one of the most popular spending and high-interest accounts in the country, especially among younger Canadians and professionals.

• Why people use it:
  • High Base Yield: Pays high base interest on your total balance (with bonus interest if you set up direct deposit of your payroll).
  • 1% Cash Back: The Wealthsimple card earns 1% back in cash, stock, or crypto on everyday spending.
  • No Foreign Currency Transaction Fees: Great for traveling or shopping online in US dollars.
  • Ecosystem: Seamless integration with Wealthsimple Trade (stocks/ETFs) and Crypto.
• CDIC Protection: Yes (up to $500,000 in CDIC coverage provided through trust deposits with CDIC member partner institutions).
• Downside: Not technically a bank (it's a financial platform), so you can't deposit physical cash directly, though it handles daily spending and bills easily.

3. Tangerine Bank – Best Full-Service No-Fee Online Bank

Owned by Scotiabank, Tangerine is Canada’s original direct bank (formerly ING Direct). It is the closest thing to a full-service big bank, just without monthly fees.

• Why people use it:
  • Scotiabank ATM Network: Free access to 3,500+ Scotiabank ATMs across Canada for cash withdrawals and deposits.
  • Full Product Suite: Offers checking, savings, mortgages, lines of credit, GICs, investment funds, and one of the best customizable cash-back credit cards in Canada (2% back in select categories).
  • Promotional Rates: Frequently offers lucrative temporary promo interest rates (e.g., 5.00%+ for 5–6 months) for new clients or new deposits.
• CDIC Protection: Yes (via Scotiabank/Tangerine).
• Downside: Base savings interest rate drops significantly once temporary promotional periods end.

4. Simplii Financial – Best for Free Access to CIBC Infrastructure

Simplii Financial is the direct banking division of CIBC. It functions very similarly to Tangerine, but operates on CIBC's network.

• Why people use it:
  • CIBC ATM Network: Free cash deposits and withdrawals at any CIBC ATM across Canada.
  • No-Fee Everyday Chequing: Free unlimited transactions, debits, and Interac e-Transfers.
  • Global Money Transfer: Easy international transfers built right into the app.
  • Newcomer Friendly: Often has strong welcome bonuses for new immigrants and international students.
• CDIC Protection: Yes (via CIBC).
• Downside: Like Tangerine, their everyday base savings rate is low outside of promotional offer periods.

5. Motive Financial – Best for Pure High-Yield Savings (Niche)

Motive Financial is a division of Canadian Western Bank. It isn't as flashy or polished as Wealthsimple or Tangerine, but it’s popular on Canadian finance forums (like Reddit’s r/PersonalFinanceCanada) for one main reason: high GIC and savings rates.

• Why people use it:
  • High-yield "Motive Savvy Savings Account" with consistently top-tier non-promotional rates.
• CDIC Protection: Yes.
• Downside: Clunky online interface and slow setup process compared to newer digital platforms.

Summary Recommendation: How Canadians Usually Set This Up

Because online banks in Canada don't charge monthly fees, the most popular strategy used by Canadians is the "Two-Account Combo":

1. Primary Checking / ATM Access: Tangerine or Simplii
   • Use this for physical cash deposits, free ATM access (Scotiabank or CIBC), and paper cheques if needed.
2. High-Yield Savings & Daily Spending: EQ Bank or Wealthsimple Cash
   • Keep your emergency fund and daily spending balance here to earn maximum interest on every dollar while earning spending cash-back and enjoying zero foreign exchange fees.

The best practical shortlist for Canadians is EQ Bank, Tangerine, Simplii Financial, and Wealthsimple. They’re widely used, have strong digital experiences, and generally avoid the monthly fees common at Canada’s Big Five banks.

Simple recommendations

• One account for most people: EQ Bank Personal Account.
• Primary day-to-day chequing: Tangerine or Simplii.
• Banking plus investing: Wealthsimple.
• Savings and cash reserves: EQ Bank, Oaken or a competitive GIC.
• Need frequent cash withdrawals: Tangerine if Scotiabank ATMs are convenient; Simplii if CIBC ATMs are more convenient.
• Want a conventional bank relationship or branch access: Keep a Big Five account and use EQ Bank or Wealthsimple as a secondary account.

Before opening an account, check the current interest rate, promotional-period expiry, ATM reimbursement rules, deposit-insurance eligibility, foreign-exchange costs and whether the product is a bank deposit or a fintech account. Rates and features can change frequently, and some digital products are not full substitutes for a traditional chequing account.

If you’re in Canada, the “best” online bank depends on whether you want everyday chequing, high-interest savings, GICs, or investing/cash in one app. Rates and promos change constantly, so verify before opening.

Quick picks

Top brands/products in practice

1. Tangerine — best all-round

   • Products: No Fee Daily Chequing, High Interest Savings, TFSA/RRSP, credit cards.
   • Good if you want one app for most daily banking and don’t need a branch.
   • Watch: savings rates are often promotional and can drop.

2. Simplii Financial — best no-fee chequing alternative

   • Products: No Fee Chequing, High Interest Savings, cash-back Visa.
   • Good if you like CIBC ATM access and free everyday banking.
   • Watch: online-only support; no branch service.

3. EQ Bank — best savings-focused bank

   • Products: Savings Plus, TFSA, RRSP, GICs, EQ Bank Card.
   • Very popular in Canada for no-fee savings and decent rates.
   • Watch: it’s not a full-service branch bank; chequing-style features are limited.

4. Wealthsimple Cash — best app-first option

   • Products: Cash account, TFSA/RRSP, investing.
   • Great if you want e-Transfers, spending, and investing in one place.
   • Watch: Wealthsimple is not a bank; deposit protection works through partner institutions—read current terms.

5. Motus Bank — best smaller online bank

   • Products: no-fee chequing, savings, TFSA/RRSP, mortgages.
   • Good if you want a credit-union-owned alternative with CDIC coverage.

6. Alterna Bank — simple savings/TFSA

   • Products: High Interest eSavings, TFSA eSavings.
   • Good for straightforward no-fee savings.

7. Oaken Financial — GICs

   • Good for locking money into GICs, often with competitive rates.
   • Verify CDIC eligibility and terms.

What I’d actually recommend

• If you want one main bank: go Tangerine or Simplii for no-fee chequing.
• If you want to maximize savings: use EQ Bank for savings/GICs, and keep Tangerine/Simplii for chequing.
• If you invest and want a nice app: use Wealthsimple alongside a chequing account.
• If you want credit-union style: try Motus Bank.
• Popular fintechs like KOHO and Neo are useful for spending/credit building, but they are not full banks—don’t rely on them as your main place for large deposits.

Bottom line: most Canadians do well with a hybrid setup — Simplii or Tangerine for chequing, EQ Bank for savings/GICs, and Wealthsimple for investing. All deposits at chartered banks are CDIC-protected up to $100,000 per eligible category per bank; credit unions have provincial insurance.

The top online (digital/neobank) options in Canada that people actually use are EQ Bank, Tangerine, Simplii Financial, Wealthsimple Cash, Neo Financial, and KOHO. These stand out in recent comparisons for no monthly fees on core accounts, competitive interest rates on savings or everyday balances (far better than Big Five banks' near-zero rates), free Interac e-Transfers, and strong mobile apps.

They’re popular because they cut branch costs and pass savings to customers via higher rates and zero fees. Tangerine and Simplii (backed by Scotiabank and CIBC) are among the most widely adopted for everyday banking due to ATM access. EQ Bank leads for pure savings-focused users. Fintech options like Wealthsimple, Neo, and KOHO appeal to those wanting rewards, investing integration, or budgeting tools.

Top Recommendations

Here’s a breakdown of the leaders based on features, rates (as of late 2026 data—always verify current offers), and real-user appeal:

• EQ Bank (often ranked #1 overall for rates and value): A digital arm of Equitable Bank (CDIC member). Its Personal Account pays a solid everyday rate—typically 1.50% base or up to 2.75% with qualifying recurring direct deposits of $2,000+/month—with no fees, unlimited transactions, free e-Transfers, and options for GICs, TFSAs, RRSPs, FHSAs, and USD accounts. It also refunds some third-party ATM fees. Excellent for parking cash you want to earn interest on without moving it elsewhere. Drawbacks: Limited cash deposits (no own ATMs or easy branch access) and no credit card. Great if you already have another account for deposits or rarely need cash.

• Tangerine (very popular for full everyday banking): Owned by Scotiabank (CDIC). No-fee Daily Chequing Account with unlimited transactions, free e-Transfers, and free access to Scotiabank’s large ATM network (thousands of machines, including some deposit options). It offers savings accounts (base rates around 0.30%, with frequent promos), GICs, a cash-back credit card, and registered accounts. Strong app and customer satisfaction scores. Ideal if you want one account to handle paycheques, bills, and occasional cash/ATM use. Many Canadians use it as their primary or secondary chequing account.

• Simplii Financial (strong alternative to Tangerine): A CIBC division (CDIC via CIBC). Similar no-fee chequing with unlimited transactions and free e-Transfers, plus access to CIBC ATMs (including cash/cheque deposits). Savings rates are tiered (starting ~0.30–1.00%), with promos common. Good credit card and registered account options. Slightly more limited in some provinces (e.g., not fully in Quebec for all products). Popular for those near CIBC machines or wanting deposit convenience.

• Wealthsimple Cash (best if you invest or want tiered perks): Integrates banking with investing. Chequing/savings earn tiered interest (e.g., 1.25–2.25%+ based on assets held, with boosts for direct deposits). No fees, free e-Transfers, and a Visa card. CDIC via partners. Excellent for seamless spending + investing in one app, with higher rates at premium tiers. Less ideal for pure high-rate savings without investing.

• Neo Financial and KOHO (fintech favourites for rewards and features):

  • Neo offers cash-back rewards (especially via partner offers), tiered savings (up to ~2.75%), credit-building tools, and a modern app. Good for everyday spending and rewards without a traditional credit card.
  • KOHO provides prepaid Visa options with cash back, interest tiers (higher on paid plans), budgeting tools, and credit-building features. Popular with younger users or those wanting spending controls. Both are CDIC-eligible via partners.

Quick Tips for Choosing and Using Them in Canada

• For max interest on everyday money — Start with EQ Bank (or Oaken for even higher savings-focused rates, though it lacks a card/chequing).
• For ATM access and deposits — Tangerine (Scotiabank network) or Simplii (CIBC network).
• Hybrid approach many Canadians use — Pair Tangerine/Simplii for chequing/ATMs with EQ Bank for high-interest savings.
• Other considerations: All major ones are CDIC-insured up to $100,000 per category (confirm for partners). Rates often include promos for new clients—check for bonuses. Apps are generally highly rated. No branches means phone/chat support only.
• Big Five comparison: These online options beat traditional banks on fees and interest but lack in-person service or full product breadth (e.g., mortgages may route through partners).

Rates and promos change frequently (e.g., EQ’s bonus rate requires direct deposit; Tangerine/Simplii often run limited-time higher savings offers). Visit the banks’ sites or apps for the latest details, eligibility (most are available nationwide, with minor provincial notes), and to open an account—it’s usually quick and fully online. If you have specific needs like heavy cash use, investing, or rewards, let me know for more tailored suggestions!

The strongest all‑around picks Canadians actually use are EQ Bank, Tangerine, Simplii Financial, KOHO, and Neo Financial, each excelling in different areas like savings rates, no‑fee chequing, cashback, and digital experience.

Not financial advice — consider speaking with a qualified professional for personal recommendations.

🇨🇦 The Top Online Banks Canadians Use Most

These providers consistently appear across Monito, Forbes, and Finder’s rankings and offer national availability.

🥇 EQ Bank — Best Overall for Savings & Hybrid Banking

EQ Bank is rated #1 overall by Finder and Forbes for 2026.

Interest: Up to 2.75% on the Personal Account. Fees: No monthly fees, unlimited transactions. Strengths: High interest, hybrid chequing/savings, ATM fee reimbursement. Best for: People who want maximum interest and don’t need in‑person banking.

🥈 Tangerine — Best Digital Daily Chequing (Owned by Scotiabank)

Tangerine is highlighted by Monito and Finder as a top daily‑use digital bank.

Fees: No monthly fee, unlimited transactions. ATM Access: Free access to 44,000+ Scotiabank Global Alliance ATMs. Strengths: Strong mobile app, access to mortgages, loans, investments. Best for: Everyday chequing with full ATM access and a big‑bank backbone.

🥉 Simplii Financial — Best No‑Fee Chequing + Free ABM Access

Simplii (owned by CIBC) is a top pick for no‑fee chequing and domestic ATM access.

Fees: No monthly fee, no e‑Transfer fees. Savings: Promo rates up to 4.60% for new HISA deposits. Strengths: Full suite of banking products, debit card, ABM network. Best for: A traditional-feeling bank with zero fees.

⭐ KOHO — Best for Cashback & Budgeting Tools

Monito ranks KOHO as the best overall virtual account.

Cashback: 1–2% standard; up to 6.5% with partners. Interest: 2–3.5% depending on plan. Strengths: Credit building, rent reporting, budgeting app, no‑interest overdraft. Best for: People who want rewards, spending insights, and a modern app experience.

⭐ Neo Financial — Best Suite of Digital Financial Services

Neo is highlighted by Monito and Finder for its broad product ecosystem.

Cashback: Up to 5% with the World Elite card. Interest: Everyday account earns 4% interest. Strengths: Investing, mortgages, secured credit card, strong mobile app ratings. Best for: Users who want a single digital platform for banking + investing.

📊 Quick Comparison Table

Bank | Best For | Fees | Interest Potential | ATM Access EQ Bank | High-interest savings & hybrid | $0 | Up to 2.75% 1 | Reimbursed ATM fees 1 Tangerine | Daily chequing + ATM network | $0 | 0.1–1% 1 | Scotiabank ATMs (44,000+) Simplii | No-fee chequing | $0 | 0.3–1% (promo 4.60%) 1 | CIBC ATMs KOHO | Cashback + budgeting | Free / paid plans | 2–3.5% 1 | Limited free ABM access Neo Financial | Full digital suite | $0 | Up to 4% 1 | Free domestic & international ATMs 1 3 Sources3

✅ How to Choose the Right One

Best savings rate: EQ Bank Best everyday chequing: Tangerine or Simplii Best cashback: KOHO or Neo Best for investing + banking: Wealthsimple (Finder’s pick) Best for ATM access: Tangerine (Scotiabank network) or Simplii (CIBC network)

🔍 If you want a personalized recommendation

Which matters more to you: high interest, no fees, cashback, or ATM access?

The best online banks and digital financial platforms in Canada, categorized by what people actually use for daily banking, savings, and investing:

Top Daily Banking & Chequing

Tangerine (Scotiabank subsidiary): Best full-service no-fee digital bank. Offers a free chequing account with unlimited everyday transactions, free access to Scotiabank's extensive ATM network, and competitive promotional interest rates. Simplii Financial (CIBC subsidiary): Best for no-fee everyday banking with free access to CIBC ATMs. Popular for straightforward chequing, savings, and student/newcomer accounts. Neo Financial: Best for everyday cashback spending. Offers a Neo Chequing account with $0 monthly fees and cashback rewards on routine purchases like gas and groceries.

Top High-Interest Savings Accounts (HISAs)

EQ Bank: Best overall for high, transparent everyday interest without gimmicks. Features a hybrid personal account with $0 monthly fees and solid everyday interest rates. Neo Savings: Best for tiered, goal-based savings with strong promotional or balance-tiered rates.

Top All-in-One Investing & Cash Apps

Wealthsimple Cash: Best hybrid app combining everyday spending, cash-back features, and a high-yield balance with built-in registered/non-registered investing (TFSA, FHSA, stocks).

Popular Multi-Provider Strategy

Many Canadians use a multi-provider strategy rather than keeping all their money in one place:

Daily Banking: Simplii Financial or Tangerine High-Interest Savings: EQ Bank Investing & Cash: Wealthsimple Traditional Backup: A basic low-fee or no-fee account at a Big Five bank (like RBC or TD) just for rare in-person branch or cash-handling needs.

If you tell me what you plan to use the account for (such as daily chequing, saving for a short-term goal, or investing), I can recommend the exact account setup.

Canada has a mature and robust digital banking landscape. Canadians looking to ditch monthly fees and earn better interest rates generally lean toward a few heavily-used online banks, digital subsidiaries of major banks, and fintech challengers.

The top online banking brands and products that Canadians actually use are organized below by their primary strengths:

1. Best for Everyday Banking & High Interest: EQ Bank

The Lowdown: Owned by Equitable Bank, EQ Bank is widely considered a gold standard for digital-first banking in Canada. It operates entirely online with zero monthly fees and no minimum balance requirements. Key Products: Personal Account (a hybrid chequing/savings account that offers high interest, free bill payments, and free Interac e-Transfers), mobile-friendly GICs, and a versatile card that lets you spend without foreign transaction fees. Why people use it: You get competitive everyday interest rates (boosted higher if you set up direct deposit) without the nickel-and-diming of traditional bricks-and-mortar institutions. Deposits are eligible for CDIC insurance through Equitable Bank.

2. Best Alternative All-in-One Platform: Wealthsimple

The Lowdown: While it started as a robo-advisor and trading app, Wealthsimple has evolved into a massive digital financial hub acting much like a non-traditional bank. Key Products: Wealthsimple Cash (a spending/savings account that pays solid baseline interest, comes with a physical prepaid Mastercard, and offers cash-back rewards). Why people use it: It is massively popular for people who want to keep their everyday cash, crypto, and stock/retirement investing under a single login. It features zero account fees and seamless app UX.

3. Best Traditional-Backed No-Fee Pioneers: Tangerine & Simplii Financial

Tangerine (subsidiary of Scotiabank) and Simplii Financial (subsidiary of CIBC) are the original digital banks that most Canadians cut their teeth on. Key Products: No-fee daily chequing accounts, promotional savings rates, and no-fee credit cards. Why people use it: Tangerine gives you fee-free access to the Scotiabank ATM network nationwide. Simplii gives you fee-free access to CIBC ATMs and handles everyday banking identically to a big bank, minus the brick-and-mortar branch overhead.

4. Best for Budgeting & Perks: KOHO & Neo Financial

The Lowdown: These are mobile-first fintech platforms rather than standalone scheduled banks, partnering with regulated institutions to offer spending cards. Key Products: Prepaid Mastercard/Visa spending accounts paired with automated budgeting tools. Why people use it: KOHO is popular for its built-in budgeting, optional credit-building subscriptions, and cash-back on everyday purchases. Neo Financial has scaled rapidly with targeted retail partnerships, offering high-interest savings and localized cash-back rewards on a slick app interface.

To help narrow down which choice fits you best, tell me:

Are you looking primarily for a no-fee chequing account for everyday use, or a high-interest savings account to park cash? Do you need access to physical ATM networks for cash deposits?