Equitable Bank

As of October 3, 2026, I’d focus on the online banks/products Canadians actually use: Wealthsimple, Tangerine, Simplii, EQ Bank, with PC Money / Neo as situational add-ons. Rates and promos change often, so treat interest rates below as “check-before-opening.”

Best overall picks

My practical recommendation

If you want one simple setup:
Use Wealthsimple as your main app if you’re comfortable with a fintech-style account and also invest there. Pair it with Tangerine or Simplii for a more traditional chequing backup, bank drafts, ATM access, and redundancy.

If you want the safest “boring but good” online-bank setup:
Use Tangerine or Simplii for day-to-day chequing, then EQ Bank or Wealthsimple Savings for emergency savings.

If you live in Quebec:
Be careful: Simplii banking services aren’t available in Quebec, and EQ says certain products—like Notice Savings—aren’t available in Quebec. Tangerine and Wealthsimple are usually the more relevant names to compare first. (simplii.com)

My top 3 combos

1. Best everyday combo: Tangerine Chequing + Wealthsimple Savings/Investing
2. Best savings combo: EQ Bank Personal/Notice Savings + Simplii or Tangerine Chequing
3. Best all-in digital combo: Wealthsimple Chequing + Wealthsimple Savings, with a small Tangerine/Simplii account as backup

One safety note: CDIC deposit insurance is automatic for eligible deposits at CDIC member institutions and generally insures eligible deposits separately up to $100,000; chequing, savings, GICs, and foreign-currency deposits can be covered, while stocks, ETFs, mutual funds, crypto, and fraud losses are not. (canada.ca)

Best Online Banks in Canada (2026)

Based on current rankings and actual usage, here are the top picks Canadians are choosing right now:

🏆 Top Overall Picks

1. EQ Bank — Best for high-interest savings EQ Bank consistently tops lists for non-promotional rates. If you are looking for the best non-promotional savings rates, EQ Bank is often the leader among traditional and online banks. Its Notice Savings Account is particularly strong — as of January 12, 2026, it was offering 2.75% interest per annum, which beat the Big 5 banks, Tangerine, and Simplii Financial. The EQ Bank Personal Account also offers a no-fee Personal Account offering 2.5%+ interest on balances up to $100,000, unlimited debit purchases, and free Interac e-Transfers.

2. Tangerine — Best for everyday full-service banking Tangerine replicates most of what a Big 5 bank offers (chequing, savings, GICs, credit cards, mortgages) but with no monthly fees and parent-bank ATM networks for cash deposits (via Scotiabank). It's also the most-loved app: its app ratings are excellent, with 49,900 Google Play reviews averaging 4.5 stars, plus 77,000 App Store reviews averaging 4.7 stars. Tangerine (Scotiabank) also offers credit cards (no-fee cash back), a robo-advisor, TFSAs, RRSPs, and RESPs.

3. Simplii Financial — Best CIBC-backed alternative Simplii has almost 2 million users and is a fully-owned subsidiary of CIBC, serving as its direct banking front. It's great if you want ATM access through CIBC and a strong 4% cash back credit card.

💳 Specialty Picks

Wealthsimple Cash — Best if you already invest Wealthsimple Cash is the best choice for Canadians who also invest through Wealthsimple Trade or Wealthsimple Invest, as the integration is seamless.

Neo Financial — Best for cashback + savings combo Calgary-based Neo Financial is known for hybrid accounts blending chequing convenience with savings power. It also has strong app reviews, tying for third place among mobile banking apps.

KOHO — Best for budgeting tools Koho shines for Canadians who want simple tools to track spending and earn cashback (1-2% on purchases).

Wise — Best for international/multi-currency needs Wise is best for multi-currency banking, offering accounts in 10 currencies and the ability to hold and exchange over 50 currencies, with low fee money transfers.

🏦 Quick Comparison

My Recommendation

• If you want simplicity + trust: Go with Tangerine — it's the most "set it and forget it" option with a polished app and full banking suite.
• If you're chasing the best savings rate: EQ Bank

Here in Canada, the "Big Five" banks (RBC, TD, BMO, CIBC, and Scotiabank) still dominate, but their monthly account fees and low interest rates have driven millions of Canadians to switch to digital-only banks.

If you want to completely avoid monthly fees, earn actual interest on your balance, and enjoy free Interac e-Transfers, these are the best online banking options that Canadians actually use every day.

1. EQ Bank (Best Overall Hybrid Account)

EQ Bank (the digital arm of Equitable Bank) is widely considered the gold standard for online banking in Canada. Instead of making you choose between a chequing and a savings account, they offer a single hybrid account called the EQ Bank Personal Account.

• The Interest: You earn a 1.00% base interest rate, which bumps up to 2.75% if you set up a recurring direct deposit of at least $2,000/month.
• The Card: The EQ Bank Card is a prepaid Mastercard that lets you spend directly from your account, earning 0.5% cash back on all purchases.
• ATM Access: This is EQ's killer feature. You can use any ATM in Canada for free. If the ATM operator charges you a fee (usually $3 to $5), EQ Bank automatically reimburses that fee to your account.
• Pros: No monthly fees, unlimited transactions, free e-Transfers, great rates on GICs, and registered accounts (TFSA, RRSP, FHSA). Your money is federally insured by the CDIC up to $100,000.
• Cons: No physical branches; you cannot deposit physical cash.

2. Wealthsimple Cash (Best for Tech-Forward Users & Travelers)

While Wealthsimple started as an investing platform, the Wealthsimple Cash account has evolved into one of the most popular primary spending accounts in the country. Strictly speaking, Wealthsimple is a fintech company rather than a bank, but they partner with multiple CDIC-member banks to hold your deposits safely.

• The Interest: Interest is tiered based on your total assets with Wealthsimple: 1.25% for Core clients, 1.75% for Premium ($100k+ assets), and 2.25% for Generation ($500k+ assets). You can also get a 0.5% boost with direct deposits. For dedicated non-registered savings, they also offer a flat 2.5% savings account.
• The Card: A physical and digital card that gives you 1% cash back on all spending (which you can auto-invest into stocks or crypto).
• No Foreign Transaction (FX) Fees: Unlike almost every Canadian bank card (which charges a 2.5% fee on foreign transactions), Wealthsimple charges 0% FX fees. This makes it a favorite for traveling or buying from US websites.
• Safety: Because they split your deposits across multiple partner banks, they offer an unprecedented $1 million in CDIC insurance (10x the standard limit).
• Pros: Slickest mobile app in Canada, free physical checkbooks (if you set up direct deposit), and seamless integration with stock trading and robo-investing.
• Cons: Like EQ, there are no branches and you cannot deposit physical cash.

3. Tangerine (Best for Full-Service & Credit Card Integration)

Owned by Scotiabank, Tangerine is the grandfather of online banking in Canada (formerly ING Direct). It functions much more like a traditional bank but without the physical storefronts.

• The Perks: The Tangerine No-Fee Daily Chequing Account gives you entirely free daily banking.
• ATM Access: Because they are owned by Scotiabank, you get free access to Scotiabank’s massive network of 3,500+ ATMs across Canada for withdrawing and depositing cash or cheques.
• The Credit Card: Tangerine’s Money-Back Credit Card is incredibly popular. It has no annual fee and gives you 2% cash back on up to three categories of your choice (like groceries, gas, or recurring bills).
• Pros: Great introductory promotional interest rates on savings accounts. You can easily order bank drafts online and link multiple external bank accounts.
• Cons: Outside of their new-customer promotional periods, their regular, ongoing savings account interest rates are very low.

4. Simplii Financial (Best for CIBC ATM Access & Bank Drafts)

Simplii Financial is CIBC’s digital-only brand. It is very similar to Tangerine but runs on the CIBC infrastructure.

• The Perks: Completely free chequing account with unlimited transactions, e-Transfers, and no minimum balances.
• ATM Access: Free access to CIBC's nationwide ATM network.
• The Bank Draft Advantage: One major pain point of online banks is trying to get a bank draft (e.g., when buying a car or putting a deposit on a home). Simplii solves this beautifully: you can order a bank draft online or over the phone and pick it up at any physical CIBC branch.
• Pros: Backed by CIBC, great welcome bonuses for signing up (often up to $300+), and excellent, free international money transfers.
• Cons: The web browser and app interface can feel slightly dated compared to Wealthsimple. Like Tangerine, their non-promotional savings interest rates are low.

How Canadians Actually Use These Banks (The "Combo" Strategy)

Most financially-savvy Canadians don't use just one bank. Because online banks are free, the most popular strategy is to run a two-bank system:

1. The Wealth Engine (EQ Bank or Wealthsimple Cash): You keep the majority of your cash here to earn 2.5%+ interest on your savings, handle your e-Transfers, and use their cards for daily cash back.
2. The Brick-and-Mortar Backup (Tangerine or Simplii): You keep an account here as a gateway to physical cash. Since they are linked to Scotiabank and CIBC respectively, you can easily deposit physical cash at an ATM, deposit paper cheques instantly, or order a physical bank draft if you ever buy a car or a house.

Which one should you pick today?

• Go with EQ Bank if you want a reliable, high-yield everyday account with free ATM use anywhere.
• Go with Wealthsimple if you already invest, hate foreign transaction fees when traveling, and want the best app interface.
• Go with Tangerine or Simplii if you want a reliable, no-fee backup account with ATM access to Scotiabank or CIBC.

If you want the best online banks in Canada that people actually use, the strongest names are EQ Bank, Tangerine, Simplii Financial, and Wealthsimple Cash/Chequing. For people who still want a big-bank online experience, TD is also a frequent top pick in Canadian rankings.

Here’s the practical shortlist:

A few notes that help with choosing:

• EQ Bank is the most consistently top-rated online-only option in the results, especially for an all-in-one digital banking account.
• Tangerine is a strong choice if you want a well-known brand with no-fee day-to-day banking and a wider product lineup.
• Simplii Financial is backed by CIBC and is a common pick for people who want straightforward online banking without branch banking.
• Wealthsimple Cash/Chequing is best if you care most about a modern app and simple digital money management rather than traditional branch banking.
• TD is not online-only, but it is one of the most-used names in Canadian “best online bank” rankings, especially for people who want the reassurance of a big bank.

If you want the most practical recommendation, I’d narrow it to:

• Best overall: EQ Bank
• Best no-fee everyday banking: Tangerine or Simplii Financial
• Best big-bank option: TD
• Best modern app-first option: Wealthsimple

If you want, I can also rank these by best interest rates, best no-fee chequing, best for newcomers, or best for joint accounts.

For Canada, the online banks and fintechs people actually use most are EQ Bank, Tangerine, Simplii, Motive, Oaken, Wealthsimple, Neo, KOHO, and PC Money. Rates change often, so verify current rates and terms before opening anything.

Quick picks

• Best overall online bank: EQ Bank
• Best no-fee daily chequing: Tangerine or Simplii Financial
• Best pure savings/GICs: Motive Financial or Oaken Financial
• Best investing + spending combo: Wealthsimple
• Best cashback/credit-building fintechs: Neo, KOHO, PC Money

The main ones Canadians use

EQ Bank — Best overall online bank
Owned by Equitable Bank, CDIC member. No monthly fees, strong savings interest, free Interac e-Transfers, bill payments, direct deposit, TFSA/RRSP/FHSA savings, and the EQ Bank Card for spending. Great if you want app-first banking and don’t need branches. Downsides: limited ATM/branch support, and the card is prepaid rather than a traditional debit card.

Tangerine — Best no-fee daily chequing
Owned by Scotiabank. Very popular as a main no-fee bank. Unlimited chequing transactions, free e-Transfers, debit card, and access to Scotiabank ATMs. Savings rates are often promotional, and the Money-Back credit card is decent. CDIC member. Downsides: promo rates expire, and customer service gets mixed reviews.

Simplii Financial — Best Tangerine alternative
Owned by CIBC. Similar setup: no-fee chequing, free e-Transfers, debit card, and access to CIBC ATMs. Good high-interest savings promos. CDIC coverage is under CIBC, so if you also bank with CIBC, coverage may be combined. Downsides: similar to Tangerine — app-only, no branches.

Motive Financial — Best for savings/GICs
Owned by Canadian Western Bank. Often has competitive savings and GIC rates. CDIC member. Downsides: basic app, not a great everyday chequing bank, and limited service.

Oaken Financial — Best for GICs/savings
Owned by Home Trust/Home Bank. Popular for high-interest savings and GICs. CDIC member. Downsides: not a daily banking account — it’s mainly for parking savings.

Wealthsimple — Best for investing + spending
Not a bank, but huge in Canada. Wealthsimple Cash has no monthly fees, pays interest, supports direct deposit, e-Transfers, bill payments, and a prepaid card. Great if you also use Wealthsimple Invest/Trade. Check current CDIC/CIPF treatment because it’s not a traditional bank.

Neo Financial — Best for cashback/credit building
Popular with younger Canadians. Neo Money account, cashback Mastercard, secured card for credit building. Not a bank; deposits are held through partner banks. Confirm CDIC coverage.

KOHO — Best prepaid/budgeting card
No-fee prepaid Mastercard, cashback, credit-building tools, and budgeting features. Not a bank. Good for spending and budgeting, but not a full chequing replacement for everyone.

PC Money Account — Best for PC Optimum shoppers
No-fee account with PC Optimum points. Great if you shop at Loblaws, No Frills, Shoppers Drug Mart, etc. Provided by President’s Choice Bank, which is CDIC-covered. Downsides: points are only useful at Loblaw-owned stores.

Honourable mentions: Alterna Bank and Manulife Bank both offer no-fee chequing and savings options, but they’re less talked about than EQ, Tangerine, and Simplii.

What I’d actually do in Canada

Most people don’t use just one. A common setup is:

• Tangerine or Simplii for no-fee daily chequing, debit card, and ATM access
• EQ Bank or Motive for savings and GICs
• Wealthsimple if you also invest
• Neo, KOHO, or PC Money if you want cashback, credit building, or PC Optimum points

If you want one online bank only: EQ Bank is the strongest all-rounder for savings + simple daily banking. If you want a traditional debit card and ATM network: Tangerine or Simplii.

Important: CDIC covers eligible deposits up to $100,000 per depositor, per insured bank. Joint accounts are covered separately. For fintechs like Wealthsimple, Neo, and KOHO, check exactly how deposits are held and whether CDIC applies.

EQ Bank, Tangerine, Simplii Financial, and Wealthsimple Cash stand out as the top online/digital banking options that Canadians actually use and recommend most often.

These are fully digital (or primarily so), with no monthly fees on core accounts, competitive interest on savings, free Interac e-Transfers, and strong mobile apps. They’re popular alternatives to the Big 5 (RBC, TD, Scotiabank, BMO, CIBC) for lower costs and better rates on cash, though they have fewer branches/ATMs. Most deposits are CDIC-insured up to $100,000 per category (or equivalent via partners).

Rates and promos change frequently (often tied to Bank of Canada policy), so always verify on the provider’s site. Many Canadians combine 1–2 of these (e.g., one for daily chequing/ATMs + EQ Bank for high-yield savings).

Top Recommendations

Here are the leading options based on recent reviews, comparisons, and user feedback:

• EQ Bank (Personal Account + Notice Savings or GICs): Often ranked as the best overall online bank or top for savers. It offers a hybrid chequing/savings account with no fees, unlimited transactions/e-Transfers, a prepaid Mastercard (0.5% cash back on some versions, no FX fees), and strong ongoing interest (e.g., 1% base, up to 2.75% with $2,000+/month qualifying direct deposit as of mid-2026 data). It also has competitive GICs, registered accounts (TFSA, RRSP, FHSA), USD options, and a well-regarded app. Backed by Equitable Bank (CDIC member). Great if you want high rates without chasing promos or need GICs. Limited physical ATM access (reimbursements or partners in some cases).

• Tangerine (No-Fee Daily Chequing + Savings): A Scotiabank subsidiary and long-time favourite for everyday banking. No fees, unlimited transactions/e-Transfers, free access to Scotiabank’s large ATM network (~3,500+), credit cards with cash back, GICs, and occasional strong promos (e.g., higher savings rates for new clients for a few months). Solid app and customer satisfaction in its category. Ideal primary chequing account if you value ATM access and Big 5 backing.

• Simplii Financial (No-Fee Chequing + High Interest Savings): CIBC’s digital arm, very similar to Tangerine. No fees, unlimited everything, free CIBC ATM access (~3,400+), student/newcomer options, promos, and GICs/mutual funds. Good for straightforward daily use and cash deposits. Often praised for reliability and promos.

• Wealthsimple Cash (part of the Wealthsimple platform): Popular all-in-one option for those who also invest or want extras like crypto. No fees, tiered interest on cash (higher with more assets under management, e.g., 1.25% Core up to 2.25%+ tiers; boosts with direct deposit), prepaid Mastercard/Visa debit, bill pay, e-Transfers, and seamless integration with self-directed investing, managed portfolios, or tax filing. CDIC coverage via partner banks (higher limits possible). Excellent app and useful if you want banking + investing in one place.

Other Notable Mentions

• Neo Financial: Offers cashback rewards and sometimes competitive savings rates, but user feedback (e.g., on Reddit) is more mixed regarding app reliability, service, and consistency.
• KOHO: Budgeting-focused prepaid accounts with cashback tiers; more niche.
• Others (e.g., Manulife Bank, Oaken for GICs, PC Money): Solid for specific needs like higher savings or rewards but less frequently top-ranked for general use.

Quick Tips for Canadians

• For highest ongoing savings rates without promos — Start with EQ Bank.
• For daily spending/ATMs/cheques — Tangerine or Simplii (pick based on which Big 5 ATM network you prefer or to diversify CDIC coverage).
• For investing integration — Wealthsimple.
• Many stack accounts (e.g., Tangerine/Simplii chequing + EQ savings) since transfers are free and easy.
• All are available nationwide (with some Quebec nuances for certain products). Sign-up is fully online with ID verification.
• Check for welcome bonuses (cash or rate promos) when opening new accounts.
• Big 5 banks still dominate for complex needs (mortgages, business, branches), but these online options handle most personal banking well at lower cost.

Rates as of the latest available 2026 data in sources—confirm directly, as they fluctuate. If you share more about your priorities (e.g., savings vs. daily use, investing, specific features), I can refine this further!