Last Updated on June 19, 2025 by Yetty Akindele
Online banks in Canada continue to gain popularity thanks to their low (or no) fees, competitive interest rates, intuitive mobile apps, and easy setup. As traditional banks raise fees, digital-first options offer compelling alternatives—especially with generous sign-up bonuses and perks. Here’s a look at the standouts as at the time of writing this article.
Table of Contents
1. EQ Bank (Equitable Bank)
What makes it great?
Equitable Bank, EQ Bank is Canada’s first digital-only bank, born in 2016. Renowned for ultra-competitive high‑interest savings, no fees on everyday transactions, unlimited transactions, free withdrawals from any ATM in Canada and a solid banking infrastructure.
Top Offer
While EQ Bank currently isn’t running a big cash bonus, its Everyday Banking Accounts (Personal and Joint Accounts) offer a standout rate (currently at 3.50%)—far above traditional banks . It also lets you bundle in TFSA/RSPs, and offers global transfers via Wise integration at rates that according to EQ Bank are 5x cheaper with no hidden fees or markups.
Additionally, EQ Bank offers high interest 10 and 30 days Notice Savings Accounts- a type of account where an advance notice of withdrawal is required prior to withdrawal based on the number of days selected when opening the account. This way, if you know you will be needing your savings at a specific time, you can have the money grow and make a request equal the number of days required for an advance notice prior to withdrawal. These Notice Savings Account types offer more flexibility with a shorter duration over GICs.
Why it’s a top pick
No monthly fees, unlimited free Interac e-transfers, no minimum balances, TFSA/RRSP registration options, high interest short duration for withdrawal Notice Savings Accounts, and consistently high rates. Ideal for savers wanting risk-free, high-yield accounts.
2. Tangerine Bank
What makes it great?
A subsidiary of Scotiabank, but still a direct bank—Tangerine offers no-fee chequing and savings accounts, TFSA/RSPs, GICs, and a cash-back Mastercard—all managed via a user friendly web and mobile app.
Top offer
As at the time of writing this article, Tangerine bank has a new client promotional offer on their regular Savings account, TFSA and RSP accounts at 4.50% for 5 months. Tangerine Bank also has an attractive offer of $250 when you open their No-fee Daily Chequing account and move your payroll deposits to that account. Additionally, Tangerine Bank offers unlimited free transactions and ABM access through Scotiabank alliances make it a strong everyday choice.
Why it’s a top pick
A reliable no-fee option with no fuss, attractive new client offers, Money-Back credit cards, continuously improved digital platform, and good integration with the larger Scotiabank infrastructure.
3. Simplii Financial (CIBC)
What makes it great?
Simplii Financial—CIBC’s direct‑banking arm—offers no-fee chequing, high‑interest savings, no minimum balances and CIBC-quality banking but exclusively online.
Top offer (ending June 30, 2025)
- No‑Fee Chequing: Earn $300 by setting up direct deposits of a minimum of $100 for three consecutive months.
- High‑Interest Savings Account (HISA): Earn 3.7% for seven months (on balances up to $500K).
Why it’s a top pick
Generous one‑time cash and promotional interest perfect for new clients looking to consolidate savings. No fee chequing accounts. No minimum balances, and a wide array of financial products.
4. BMO Online (BMO Bank of Montreal)
What makes it great?
A major “Big Five” bank with modern online offerings and regular promo bundles.
Top offers
- Digital Checking Bonus: Up to $460 by opening online between May 5 and Sept 8, 2025.
- Performance Chequing bundle: Up to $700 cash, 4.8% interest on savings amplifier (with $4k balance), + credit card and identity perks.
Why it’s a top pick
For those wanting the perks of a big bank without fees—bonus offers plus higher interest.
5. Scotiabank
What makes it great?
One of Canada’s widest brick-and-mortar networks, but its online promotions are especially robust right now.
Top offers
- Ultimate/Preferred Package: Earn $500 chequing bonus, plus an extra $200 if you bundle savings or registered accounts, for a total up to $700, until July 31, 2025.
- Newcomer StartRight Promo: Up to $2,200 in first‑year value (mix of banking, credit card points, fee waivers, and money transfers).
Why it’s a top pick
Great for families or newcomers who can use multiple banking products. Offers digital banking plus full‑service support.
6. TD Canada Trust
What makes it great?
TD’s best online chequing offers combine cash bonuses and registered/savings plans.
Top offer
- Up to $450 chequing bonus + $50 savings bonus + up to $200 tied to $10 k deposit = $700 total, through Nov 5, 2025
Why it’s a top pick
Strong incentive package for new clients looking to maximize value in transactions + savings.
7. RBC (Royal Bank of Canada)
What makes it great?
Canada’s largest bank with excellent digital services and high customer satisfaction .
Top offer
- Open an RBC Signature No Limit or VIP account by July 2, 2025; set up two qualifying transactions by Sept 5, to receive a complimentary Apple Watch Series 10 (~$500+ value)
Why it’s a top pick
If you want premium banking with a high‑end tech perk. Plus RBC’s large branch and ATM network.
8. CIBC Smart Account
What makes it great?
Lower‑fee chequing with bonus tiers.
Top offer
- Earn up to $450 when opening with qualifying direct deposit and transactions.
- Bundle with eAdvantage savings/account and $10k deposit for extra $200.
Why it’s a top pick
Simplified and transparent: more moderate bonus than Big Five, but fewer hoops to jump through.
9. Other Noteworthy Digital Banks
- Alterna Bank: Offers online chequing & high-interest savings, backed by credit union trust.
- Wealthsimple: Beyond investing, their Wealthsimple Save/Cash accounts offer hybrid high-interest + spending features—though promos vary and aren’t usually cash bonuses.
Comparative Snapshot
| Bank | Bonus / Promo | Interest Rate (Savings) | Fees | Notes |
|---|---|---|---|---|
| EQ Bank | N/A | ~3.50% | No fees | Best overall for high-yield, no-hassle saving. |
| Tangerine | 4.50% for 5 months valid December 18, 2024 – July 31,2025 | 0.30% | No fees | Reliable, everyday banking with cashback card. |
| Simplii Financial | $300 + 3.7% | 3.7% for 7 mo | No fees | Balanced bonus + promotional interest. |
| BMO | Up to $700 | 4.75% on Savings Amplifier Account | No fees (with minimum balance of $4k) | Big bank perks without monthly charge. |
| Scotiabank | Up to +$700 (Applies when you bundle a Preferred Package + Savings + Registered Accounts) | Standard | Package fee (waivable) | Best for product bundling & newcomers. |
| TD Canada Trust | Up to $700 | Standard savings rate | Fee waived with balance | Clean structure, solid online + branches. |
| RBC | Apple Watch Series 10 | Standard | Fee applies ($16.95–30/m). Reduceable with the ‘Value Program’. | Premium perk, ideal for tech-lovers. |
| CIBC Smart Account | Up to $450 | Standard savings rate | $0–16.95/mo waived with deposit | Simple, moderate bonus, easy to qualify. |
Choosing the Right Online Bank
- Value preference:
- Want cash bonuses? Consider Simplii, Tangerine, BMO, Scotiabank, TD, CIBC, or RBC.
- Want ongoing high interest? Go for EQ Bank.
- Account style:
- Prefer no-fee everyday accounts? Tangerine, EQ, Simplii Financial.
- Need branch access? Big banks (Scotia, RBC, TD, BMO, CIBC) offer in-person support.
- Bundling goals:
- Planning TFSA/RRSP, credit cards, mortgages? Consider Scotiabank or TD for bundled incentives and deeper integration.
- Eligibility check:
- Many offers exclude existing/former customers—check conditions like prior account closures and residency.
Final Recommendations
- Best ongoing savings → EQ Bank
- Best combined promo + app experience → Simplii Financial
- Top bundled offer for newcomers → Scotiabank StartRight
- Best premium tech perk → RBC Signature / VIP (Apple Watch)
- Solid big-bank hybrid → TD or BMO for bonus + standard services
- Everyday chequing done right → Tangerine
Takeaways
- Read the fine print: Offers often require 2–3 qualifying actions, balances, or bundle rules.
- Timing matters: Many bonuses end mid‑2025—be sure you open before deadlines and finish requirements promptly.
- Always check latest terms: Rates and promos shift frequently—confirm directly when applying.
Next Steps
- Decide what matters most: cash payout, interest, or premium perks.
- Match with your typical account activity and willingness to meet promo conditions.
- Apply via the bank’s official site, keep track of timelines, and be sure to complete qualifying transactions.
Online Banks in Canada’s landscape has never been more rewarding. Whether you’re seeking a high-interest account or a big bonus, there’s a strong option tailored to your needs—so go snag the one that suits you best!