Top Mobile Banks in Canada

Relocating to Canada means navigating a new financial landscape dominated by powerful traditional banks and innovative digital-only challengers.

For immigrants, students, and temporary residents, the right bank can mean the difference between saving hundreds in fees and constantly wrestling with hidden charges. If you want to open a online bank account, here are the top Canadian online banks you can consider:

Tangerine Bank (A Scotiabank Subsidiary)

Tangerine is an online bank that focuses on simple, affordable banking. It offers chequing and savings accounts with no monthly fees, which makes banking accessible to more people.

The standard savings account pays 0.30% base interest. New accounts or new deposits qualify for a promotional rate of 4.50% for the first five months. For chequing accounts, interest rates are tiered based on balance. Balances over $100,000 earn up to 0.10%.

Tangerine offers credit cards that give unlimited 2% cashback on purchases that qualify. This lets customers earn rewards without much effort. Customers also get free access to Scotiabank’s ATM network across Canada.

Beyond basic banking services, Tangerine provides several investment options. These include Tax-Free Savings Accounts, Guaranteed Investment Certificates, and Registered Retirement Savings Plans. This makes Tangerine useful for everyday banking and for long-term financial planning.

EQ Bank (Equitable Bank)

EQ Bank specializes in high-interest savings accounts with no hidden fees. Its personal savings account offers 1.25% base interest, which can go up to 4.00% when you set up direct deposits. This encourages regular saving habits.

The notice savings account pays 3.00% interest, but you need to give 30 days’ notice before withdrawing. This account works well for people who can leave their money untouched for a while.

EQ Bank doesn’t provide debit cards or ATM access. However, it does support key digital banking features like bill payments and unlimited INTERAC e-Transfers. This makes managing money straightforward without physical banking locations.

EQ Bank also offers registered accounts, including RRSPs, TFSAs, and GICs. These accounts let users earn interest while getting tax advantages.

Koho

Koho targets users who want a digital banking experience focused on budgeting and building credit. Its prepaid Mastercard has different interest rates depending on which subscription plan you choose. The Essential Plan pays 2.5%, the Extra Plan pays 3.5%, and the Everything Plan pays 4.0%. This makes it a good choice for people who want to earn interest on their spending balance.

Koho offers unlimited free e-transfers and zero-interest overdraft protection. This makes managing finances easier. The app has strong budgeting tools that help customers track how they spend money and set goals for saving.

Koho also includes features that help build credit. It reports user activity to credit bureaus, which can improve credit scores over time. The bank offers joint accounts and flexible subscription options, which appeals to families or users with specific banking needs.

Neo Financial

Neo Financial stands out because of its cashback rewards and high-interest savings. Its savings account pays 2.50%, which is higher than most online banks. The Neo Money prepaid Mastercard offers instant 1% cashback on gas and grocery purchases.

For people using credit cards, Neo Financial provides the Neo Secured Mastercard. This card costs $5 per month but doesn’t require a credit score, making it accessible to more people.

For people who spend more, the Neo World Elite credit card has an annual fee of $125. However, it offers strong rewards. You get 5% cashback on groceries, 3% on gas, and 1% on all other purchases. You also get 4% on recurring payments like subscriptions.

Neo also supports investment accounts including RRSPs, TFSAs, and GICs. This lets users combine spending rewards with saving and investing.

Simplii Financial (A CIBC Digital Bank)

Simplii Financial is CIBC’s digital banking service. It offers a full range of banking and investment services without monthly fees.

Its high-interest savings account currently offers up to 3.70% interest for new clients who open accounts between April 1 and June 30, 2025. This makes it very competitive for people saving short-term. The TFSA savings account earns 0.40%.

For investing, Simplii offers Tax-Free Savings Accounts, Guaranteed Investment Certificates, and Registered Retirement Savings Plans. Customers can also open USD and other foreign currency savings accounts. Simplii offers three types of loan products, including personal loans. This gives borrowers flexibility.

With no fees and strong backing from CIBC, Simplii Financial offers convenience, variety, and competitive rates for digital banking.

Yousend: A simpler way to send money abroad

While Canadian digital banks like Tangerine, Koho, EQ Bank, and Simplii are great for managing local savings and everyday banking, they’re not always built with international money transfers in mind, especially if you need to send money across borders frequently or support family abroad.

That’s where Yousend stands out. Unlike traditional banks that often charge high fees for international transfers and offer poor exchange rates, Yousend offers a fast, borderless experience designed for people who need to move money across countries without the usual hassles.

You can send money in under 2 minutes, get better exchange rates, and see exactly what you’re paying before you confirm.

The app is clean and easy to use. You don’t need a tutorial to figure it out. You can hold multiple currencies in one wallet, which is helpful if you send money to different countries regularly. Verification is fast, so you can get started right away instead of waiting days for approval like you might with traditional banks.

If you’re supporting family abroad, running a business that needs quick international payments, or simply tired of the limited cross-border options from Canadian digital banks, Yousend offers a smoother option.