The Complete Guide to Canada’s Best Online Banks

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best-online-bank-canadaThe world is going digital and banking is no exception. According to the Canadian Bankers Association, in 2017, more than 68% of Canadians were doing their banking online and through mobile— and that number is rapidly rising. There are many solid reasons to consider any of the online banks in Canada including convenience, features, and pricing. Read on to learn about this emerging trend in personal finance management, including our top picks for the best online banks in Canada.

Why Use an Online Bank

If you haven’t yet tried online banking, you might wonder what the fuss is about. After all, traditional face-to-face branch banking has served Canadians well for decades. Before you make up your mind, consider these three areas in which online banking in Canada exceeds in-person branch banking:

With online banking, your account is accessible from your computer, tablet, mobile app, or telephone. This means an end to searching for a brick-and-mortar branch or an ATM, and renders the concept of “banker’s hours” obsolete. If you want access to your money 24/7, online banking is the way to go.

Some brick-and-mortar banks offer customers “low-fee” accounts, but even these command a base monthly fee which can add up fast. In fact, Canadians are still paying an average of $200 per year in banking fees. With online banking, customers have the option of a no-fee account — usually coupled with extremely competitive rates for common services like Interac transfers and a high-interest rate on savings accounts. If you don’t want to pay for the privilege of accessing your own money, an online account might be just the solution.

Special Features
Imagine asking a teller to deposit a cheque using a smartphone photo or to send money by email? They’d probably look at you like you have two heads – but Mobile Deposit and Interact e-Transfer are services that many online banks offer. In addition to all the traditional features to which customers have become accustomed, online banks offer special features that are simply unavailable elsewhere.

Finding the Best Online Bank in Canada

Traditional banks are being left behind by online banking in Canada. The only services online banks can’t offer that traditional banks can are safety deposit boxes, counter service, and in-person advice. That said, online banking does offer advice over the telephone or email and has the distinct advantage of being available 24/7 from wherever you are. Decreasing service fees, increasing interest rates, and a wider selection of convenient services make online banking an attractive choice.

Online BankBest For
TangerineBest Overall
Scotia OnLineBest For Digital Interface
EQ BankBest For Super Savers
RBC OnlineBest For Bundles
BMO OnlineBest For Senior, Student, & Military Discounts
TD OnlineBest For Mobile App
CIBC OnlineBest Overall for Seniors
FirstOntarioBest For Ontarians Seeking a Credit Union
Simplii FinancialBest For Free Internet e-Transfers
motusbankBest For Mortgages and Personal Loans

Tangerine: Best Overall

One of the best fully “branchless” online banks in Canada, Tangerine pairs some of the best online banking services with zero fees on all daily banking like withdrawals, transfer, and bill payments. Their 1.10% interest rate for savings accounts is respectable, but the 2.75% promotional rate when you sign up for a no-fee Tangerine Savings Account, TFSA or RSP Savings Account for the first 6 months is outstanding. For savvy savers, it's a great way to maximize your savings, and you can also earn up to $200 in cash bonuses simply by switching to a Tangerine Chequing account.

As of April 22, 2019, with the Tangerine Money-Back Credit Card you can earn 4% Money-Back Rewards on purchases in up to three Money-Back Categories of their choice, for the first three months. Plus, if you automatically deposit your cash back rewards into a Tangerine Savings Account, you get an extra third 2% Money-Back Category. Apply now before this promo expires on  October 31, 2019! It’s a great way to get the best bang for your buck. Did we mention that there’s no annual fee for this credit card?

Tangerine has also been ahead of the game in using technology to enhance their services, and they've earned a reputation for excellent customer service, winning awards year after year. Should you need help, you can get in touch with a Tangerine Associate through an online chat session, a Twitter DM, or the 24/7 customer service line. Read our full Tangerine review to find out why it's our top pick for an online bank in Canada.

Learn more about Tangerine.

Scotia OnLine: Best For Digital Interface

Best high interest savings accounts in CanadaAs one of Canada’s “Big 5” banks, it’s not surprising that Scotiabank’s online (web and mobile app) banking options are feature-rich and intuitive to use. Although most customers pay a monthly service fee of between $3.95 and $30.95 (accounts with a minimum balance and students accounts are free, and seniors get a discount), the interface and offerings were enough for Forrester to name Scotia OnLine as “The Best Consumer Digital Bank in Canada.” All Scotia chequing accounts come with the choice of earning SCENE points (perfect for entertainment and movie lovers) or Scotia Rewards® Points, which can be used towards travel. Rewards chequing accounts are a rarity in the banking world, so this is a big perk. As a special promotion, new customers can earn $300* cash when they open a Preferred Package account by December 30, 2019.

Learn more about Scotia OnLine.

EQ Bank: Best For Super Savers

EQ-Bank-Savings-Account-243EQ Bank takes an entirely different approach to online banking than the others on this list. With no branches and no ATMs, EQ is accessed entirely through the web and mobile app only – a totally unique model. Instead of using personal cheques, a debit card, or an ATM, clients can move money between their EQ Bank account and linked accounts. For those willing to try a new way of banking, the benefit is clear: EQ offers no monthly fees and 2.30% interest on their no-fee EQ Bank Savings Plus Account. While EQ Bank may not be as well known in Canada, it’s certainly a trust-worthy bank to stash your cash – owned by Equitable Bank, it’s been around since 1970. One thing to note: EQ Bank doesn’t offer a chequing account.

Learn more about EQ Bank.

RBC Online: Best For Bundles

Best high interest savings accounts in Canada

Another “Big 5” bank, RBC Online offers numerous account options at different levels with a wide range in monthly fees (from $4.00 to $30.00). Though they don’t waive fees for maintaining certain balances, customers can cut down their service charges by bundling RBC products (such as credit cards, investments, and/or mortgage). The RBC online banking option includes all the typical features, like transfer and bill payments, but there’s not much outstanding in their portfolio.

Learn more about RBC Online.

BMO Online: Best For Senior, Student, & Military Discounts

Best high interest savings accounts in CanadaIn line with the other “Big 5” banks on this list, BMO offers a standard set of features with standard rates, though customers with the Savings Builder Account can earn up to 1.6% interest.  Although they offer discounts to seniors, students, and armed forces, the monthly fees range from $4.00 to $30.00 month. Their online banking interface is intuitive and has all the typical features.

Learn more about BMO Online.

TD Online: Best For Mobile App

Best high interest savings accounts in CanadaNeither the account options nor the interest rates tempt with TD Canada Trust, but this bank does offer several decent no-fee savings accounts. They have a mobile app for online banking along with handy add-on features like TD MySpend that helps customers track and improve spending habits.

Learn more about TD Online.

CIBC Online: Best Overall For Seniors

CIBCBest high interest savings accounts in Canada offers a full portfolio of account options designed for people at different stages of their lives and careers. In terms of fees and interest rates, CIBC is in line with the other Big 5 banks. One notable difference here is that unlike the other institutions on our list, CIBC offers five account types for seniors — everything from a simple chequing account to a bundle that includes a premium credit card to US dollar account for seniors.

Learn more about CIBC Online.

FirstOntario: Best For Ontarians Seeking a Credit Union

First OntarioThe only credit union on our list, FirstOntario offers chequing and savings accounts, as well as free and paid options. Some of their features include online bill payments, debits, bank transfers, Interac e-Transfer, and personal cheques, along with a slew of nifty online tools. There’s even a feature that lets you round up on purchases and save the balance.

Learn more about FirstOntario.

Simplii Financial: Best For Free Internet e-Transfers

best savings account CanadaFormerly PC Financial and affiliated with CIBC, Simplii is one of the branchless options for online banking in Canada. Like the name says, Simplii trades in simplicity, offering one chequing and one savings account, each without monthly fees. Using web or mobile, customers can do everything from pay bills to transfer funds to paperless cheque deposits. The no-fee chequing account offers unlimited debit purchases, bill payments and withdrawals, free access to over 3,400 CIBC ATMs across Canada, and free Interac e-Transfers.

Learn more about Simplii Financial.

motusbank: Best For Mortgages and Loans

motusbankCanada’s fastest-growing credit union, Meridian, has just launched their new digital bank, motusbank, and it’s quickly creating a buzz across the nation. Of all the digital banks out there, motusbank offers arguably the most products for customers, as well as impressive interest rates that will appeal to people in different financial situations. Plus, there are no monthly fees or a minimum balance required, and you also get other perks like unlimited Interac e-Transfers, mobile cheque deposits, and access to 3,700 EXCHANGE Network – one of Canada’s largest ATM networks.

If you need a mortgage, motusbank is the place to go right now: they’re offering a range of 1-5 year fixed-rate mortgages, with rates as low as 2.49%. There's also a 5-year variable rate mortgage at an incredible rate of 2.74%. They also offer personal loans, home equity lines of credit, and secured lines of credit. The bottom line: motusbank really does have a wide range of products and competitive rates, all of which can be easily accessed online or by a quick phone call.

Learn more about motusbank.

Comparison of the Best Online Banks Canada 2019

When you’re ready to consider opening an online bank account in Canada, use this chart to compare the best online banks in Canada with the best online banking services.

 TangerineScotia OnLineEQ BankRBCBMOTDCIBCFirstOntarioSimplii
Chequing Accounts1 type6 typesNo4 types5 types6 types9 types4 types1 type
Savings Accounts5 types5 types1 type4 types4 types3 types5 types4 types1 type
Student/Youth AccountsNo2 typesNo3 TypesNo, but special students/youth rates2 types2 typesNoNo
Senior AccountsNoNo, but special seniors rates NoNo, but special seniors ratesNo, but special seniors ratesNo, but special seniors rates5 types1 typeNo
Monthly Fees$0$3.95-$30.95$0$4.00-$30.00$4.00-$30.00 with discounts for seniors, armed forces, students$0-$29.95$3.90 to $28.95$0-$10.00None
Min. Balance to Waive FeesNo$200-4,000NoNo$3,000-$6,000$2,000-$25,000$3,000NoNone
Max Savings Interest Rate1.20% (new clients earn 2.75% interest for the first 6 months)2.10%2.30%1.05%Up to 1.60%1.20% with $10,000 or more1.20% with $5,000 or more and 1.8% on new deposits1.5%1.20%
Brick and Mortar BranchesNoYesNoYesYesYesYesYesNo
More InfoLearn MoreLearn MoreLearn MoreLearn MoreLearn MoreLearn MoreLearn MoreLearn MoreLearn More

Comparing Tangerine and Simplii

When it comes to naming the best online banking services in Canada, the field narrows to the top branchless online banks: Tangerine and Simplii. Unlike traditional banks, these two carry no monthly fees, have robust feature sets, and are made for online or mobile use. With the exception of EQ Bank (which missed the top spot overall because of a lack of features such as ATM withdrawals), branchless banks offer similar interest rates to traditional banks but without the fees. While either option is a great choice for the average Canadian, there are some slight differences. Let’s take a closer look.

For chequing accounts, both Tangerine and Simplii offer:

  • No fees for daily transactions including withdrawals, transfers between accounts, and Interac purchases
  • Unlimited bill payments (one-time or automated)
  • Unlimited ATM withdrawals within parents networks of machines (Scotiabank for Tangerine and CIBC for Simplii)
  • Mobile cheque deposit (where you can use the camera on your phone to deposit a cheque)
  • Overdraft protection (with application)
  • 24/7 customer support

Tangerine vs Simplii Chequing Account

Interest RateUp to 0.65%0.05%-0.5%
Interact e-Transfers$1.00Free
ChequesFirst book of 50 cheques freeFree
High-Interest Savings Account1.20% (new clients earn 2.75% interest for the first 6 months)1.20%

As you can see, the difference between these two online banking options is really minor. Heavy users of paper cheques or Interac transfers may lean towards Simplii, while Tangerine has a slightly higher interest rate for chequing accounts that may entice savers. Otherwise, the choice may just come down to whether you prefer the CIBC or Scotiabank ATM network.

How Safe are Online Banks in Canada?

Every bank on our list is well-established in Canada and a credible financial institution. Like traditional banks, the odds of online banks failing are very slim. In any case, you can rest easy: the Canada Deposit Insurance Corporation (CDIC) covers eligible deposits in your own name, joint accounts, trust accounts, TFSAs, RRSPs, and more up to $100,000. It does not apply to investment products such as stocks, bonds, or mutual funds.

Security breaches of online accounts are rare, but it's always wise to choose a unique and complex password and PIN.

Why Go with Online Banking: Benefits of Banks with No Fees?

The best bank account in Canada for you is the one that helps you save money — not the one that costs you money to use. Based on that criterion alone, look for a trustworthy online bank without fees, like Tangerine or Simplii. Although neither bank has brick-and-mortar branches (so you’ll have to store your family jewels elsewhere), both offer the benefit of 24/7 online or mobile access, superior pricing (can’t beat no-fee!), and a full feature set including unlimited transactions, paperless cheque deposits, and Interac e-Transfer.

Ultimately, Tangerine stands out as the best online bank in Canada. Offering no-fee chequing and savings accounts, outstanding customer service, innovative banking technology, and competitive interest rates, Tangerine snags our top spot as the best online bank in Canada. You’ll enjoy a full range of banking services while keeping more money in your wallet where it belongs.

If you liked this article, you might also enjoy The Best Robo Advisors in Canada 2019: A Complete Guide.

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Keph Senett

Keph Senett is a Canadian freelance writer with an interest in helping people make solid choices towards debt-free living. Her work has appeared in publications including Al Jazeera America, Greedy Rates, BBC News, and The Globe & Mail.


  1. Kate on June 27, 2016 at 5:25 am

    Thanks for breaking this down – it’s great to know how many options we have!

  2. KC on June 27, 2016 at 8:53 am

    Nice set-up! I showed this to my somewhat computer illiterate mother and she understood perfectly and is willing to try working on the online option now.

    Now, I’ve never heard of Zag until just now and do have to agree that they still have a ways to go but we have to remember that PCF started off the same way. I expect that we’ll see the same of them as PCF and Tangerine in about 5 years as their client base gets bigger.

  3. Kornel on June 27, 2016 at 7:05 pm

    Great Report Kyle! I’ve been with PC for a while so it’s good to see a comparison of what others are offering.

    I tried EQ Bank recently and have been happy so far. The free Interac transfers (a certain amount of free ones per month) made it pretty appealing.

    Their high interest rate made it pretty attractive too as a place keep your emergency fund so I gave them a shot for those 2 reasons.

  4. Kyle on June 27, 2016 at 8:39 pm

    Thanks for stopping by Kornel! Always good to get a first hand review.

  5. Kyle on June 27, 2016 at 8:40 pm

    That’s great to hear KC! I hope for the sake of competition that EQ and Zag are able to keep pushing the envelope.

  6. Stephen Weyman on June 28, 2016 at 7:55 am

    You really blew me away with this guide guys – love the graphics and analysis. VERY well done.

  7. Kyle on June 29, 2016 at 2:28 pm

    Thanks Stephen, really appreciate that!

  8. Janine on June 29, 2016 at 2:41 pm

    This is great! Can’t wait to share it with my readers!

  9. Ronaldo Argamino on July 2, 2016 at 7:20 am

    Thanks for the info…still some great things out there besides doom n gloom of banking…

  10. Barry Kaufman on July 2, 2016 at 7:26 pm

    Great article and I use two of the online banks mentioned. However, the big 5 banks also provide useful services, especially to seniors. Almost every time I go into a regular bank, I usually see an elderly senior seated in a special area getting help from a bank teller. And, the teller often spends 15 minutes or more helping a confused senior. So, let’s not always knock the banks for the service charges they charge to non-seniors.

  11. Sean Cooper, Financial Journalist on July 2, 2016 at 9:59 pm

    Amazing guide! It’s a toss up between Tangerine and PC Financial. I learned something new. I thought email transfer from Tangerine could only be to other Tangerine customers. Let’s just say I’ll never pay for another e-transfer again!

  12. Elizabeth on July 3, 2016 at 11:30 am

    Great information! Any of these available in the province of QC? To my knowledge, only Tangerine… 🙁

  13. Kyle on July 3, 2016 at 1:13 pm

    I can’t say I’m totally certain Elizabeth. I bet Zag is an option for sure since it is ran by Desjardins.

  14. Kyle on July 3, 2016 at 1:14 pm

    Thanks Sean! I actually learned a bunch of new stuff putting this stuff together. I think the field is going to evolve pretty quickly over the next couple of years.

  15. Kyle on July 3, 2016 at 1:15 pm

    There is no doubt that if you’re able to maintain a fairly high balance in your account, or if you qualify for a senior/student discount, the big banks are probably the way to go in terms of value and functionality. If you don’t fall into those categories however, those fees can be a real PITB!

  16. Kyle on July 3, 2016 at 1:16 pm

    Thanks for stopping by Ronaldo. The good news is that banks are going to have to compete with these guys going forward. As more and more people get comfortable with online models, fees will almost certainly come down!

  17. Kyle on July 3, 2016 at 1:22 pm

    Thanks Janine, appreciate it!

  18. Achieva Financial on July 4, 2016 at 5:09 pm

    Elizabeth – we’re available to Quebec residents at Achieva.

  19. Tom on July 6, 2016 at 8:29 am

    What about Manulife Bank?

  20. Daniel Trezub on July 6, 2016 at 11:01 am

    Wow, this is a GREAT post! I am sending it to all my friends and clients that ask me about online banks!
    Thanks and congratulations!

  21. Kyle on July 6, 2016 at 5:37 pm

    Thanks Dan! Appreciate the support.

  22. Kyle on July 6, 2016 at 5:41 pm

    You’re completely right Tom. Hadn’t come across them, but upon taking a further look they should be added. When I update the article in a few months I’ll certainly adjust that.

  23. Chrissy on November 26, 2016 at 10:08 am

    Thank you Kyle. I’ve been reading your articles for a couple of years now, and always find then super helpful. This one is no different. Thank you SO MUCH for the time and effort you put into articles like this. Such a helpful way to analyze my decision to break off from Scotiabank. I was just charged a $9.99 monthly fee because my account dipped below the $2,500 minimum (for one day by a few dollars). How frustrating. I’m a very conscious, careful saver/spender and even I can’t keep such a close eye on my accounts! I’m sick of it and glad I have such good options to move to. Again, thanks for this article. It was extremely helpful.

  24. Kyle on November 26, 2016 at 12:42 pm

    Glad to hear you’re going to make use of it Chrissy! If more Canadians take the steps you are perhaps our big banks will wake up and get competitive – but I wouldn’t hold my breath 😉

  25. Cindy on August 16, 2017 at 10:37 am

    Problem with this is: as a happy PC customer for 18 years I was just notified by email today that as of November 1, 2017 all my accounts will be transferred to CIBC. PC Financial is pulling out of banking. Looks like I’m going to be pulling all my investments out of PC and maybe considering Tangerine.

  26. Mark on August 16, 2017 at 11:42 am

    Today PCF informed me that they are shutting down. I don’t know what my accounts are going to look like after Nov.2017, so I’m starting to look for options. Thanks for the awesome breakdown of [current] options we have! I didn’t know CdnDirect, Zag, and EQ existed! Hopefully one of them will begin offering a debit-interac card because I don’t like the “new orange”.

  27. Doug on August 24, 2017 at 4:36 pm

    Good article, but I didn’t see a date that it was published. Is it still current (Aug. 2017)? Also, can you tell me if U.S. citizens/residents can open online accounts at these banks? Thanks much.

  28. Kyle on August 25, 2017 at 12:29 pm

    We are about to re-publish/update the article in a few days here Dough (good timing). At the current time I can’t tell if US residents can open an account, but US citizens living in Canada shouldn’t have a problem.

  29. Owen @ PlanEasy on August 28, 2017 at 8:27 am

    Nice summary. We bank with both Tangerine and PC Financial and we like them both. Service wise we dont see a big difference between the two. The biggest factor for us is having Scotiabank and/or CIBC bank machines close by. Depending on what you have close to you either one will work.

    The only “difficulty” we ever had was buying our home and getting a certified cheque. We had to order it in advance and it was mailed to us. Not really a big deal but if you didn’t plan ahead it makes things difficult.

    We even bought a $15,000 used car with our debit cards! My wife and I could each do up to a $9,999 transaction on our debit cards. We just had to call ahead to set up an increased limit with the bank. They gave us two hours to make the transaction. Pretty easy.

  30. Kyle on September 1, 2017 at 12:10 pm

    That you managed to buy your car in cash with two debit card transactions is pretty cool Owen! Thanks for the firsthand feedback on the service of both companies.

  31. Nadine on September 16, 2017 at 9:39 am

    Thank you for the break down, really appreciate it. I reread what you wrote with respect to PC’s credit card (no points after Nov 1st) but that is not the case. It’s their bank accounts that will no longer accrue points.

  32. Nadine on September 16, 2017 at 9:42 am

    Forgot to ask, what are your thought with respect to Meridian? Current offer is 2.75% for 90 day non redeemable GIC or TFSA

  33. Megan on September 27, 2017 at 12:03 pm

    I actually just recently switched all of my direct deposit and automatic payments to come out of my new EQ bank, so that I can take extra advantage of that interest rate! I just use one of the free email xfers to skim the spending money for the month into my new Tangerine account (they’ll hold your money if you don’t email it).

    I’m not super impressed with Tangerine since also opening that account. I find they don’t really give you a heads up about how some features of theirs function.

    Their “free” email transfer option is actually an electronic transfer, rather than an interac transfer, meaning your recipient has to enter all of their account info to receive (rather than depositing directly into their account the way others function).

    So far, I’m not finding it any better than PC. I’m still using it because I figure I’ll give it a fair try… but I’m just not finding their customer service or communications to be as high quality as PC.

    LOVING EQ, as a bill hub, though. I’d recommend them 🙂

  34. d bee on September 29, 2017 at 2:18 pm

    Tangerine has, as of September 23rd changed their website. Enough change to make the simple things awkward and the complicated almost impossible. My suggestion is that Tangerine be withdrawn from the rank of serious contenders to that of a minor league maybe. It appears that they purchased the use of web technology that appears to be quite similar to that of a local credit union’s (sorry but I can’t really prove stuff that I one get peaks of!) app. If you only bank from a smart phone you might like it but as of September 29th over 99% of Facebook comments are negative and Tangerine is trying to convince its customers how good the change is and isn’t listening.

  35. Kyle on October 2, 2017 at 2:05 pm

    We’ll pass along your message DB. The problem with demoting Tangerine is who do you go to instead? Until Simplii Financial is unveiled I’m not quite sure who takes the Big Orange Machine’s spot.

  36. Mario on October 4, 2017 at 12:52 pm

    I have a CIBC chequing account in Mississauga, Ontario. The problem is that CIBC get my money from the government because I’m retired from Ford Motor C°. but I have been getting many problems with them.
    I’ve tried to get my money, because I’m living in sudamerica now, but they canceled my Advantage Debit Card without any explanation.
    Now I’m complaining to my Union in Toronto, because I need my money. Can I open a Scotian Bank chequing account from my country.
    My balance is $ 21.196,00

  37. john on October 6, 2017 at 11:01 am

    EQ Savings Plus Account does not offer joint accounts. So, if either my wife or myself die or have a stroke, the healthy spouse cannot get hands on the money without going into court.

  38. Barbara on October 8, 2017 at 11:13 am

    Can’t do pc financial because as you said its over and simplii is not open for biz yet. Researched Tangerine over on their facebook page and people are very angry about the new website and how hard it is to navigate, as well as their site being down for all of Friday. Not good. So, now I’m thinking i might go for the manitoba credit union achieva…as of today, Oct 8 2017, the rate is 1.85 for savings, plus they have it linked with acculink to my credit union atms here just in case, and its completely insured 100% of total funds, not just 100 grand. So far so good. Will keep researching. I like EQ too, but its scary cause no chequing and no TMS.

  39. Kyle on October 12, 2017 at 2:07 pm

    If you have a will that should be pretty straight forward John…

  40. Kyle on October 12, 2017 at 2:07 pm

    Depends on your residency status Mario.

  41. Gerard on November 10, 2017 at 7:16 pm

    1. Is there any published rating available or exists for internet banking institutions similar to that provided by in the USA?
    2. how do those lucky enough tackle deposit insurance for funds above the CDIC max?

  42. Maria O on January 8, 2018 at 6:23 pm

    Happened on this article while looking for comments about any dissatisfaction with Simplii. Until this month I had not noticed any appreciable change and I have been a very longtime customer of PCFinancial. But I just came across a change I was incredulous about. In the past couple of years I’ve taken a few thousand out of my RRSP each year. I would go into the kiosk and make the request and it took about five days to be in my account. So I expected more or less the same or that it would be even easier! Not so! I have to print off a form to request the money and MAIL it to them!! That’s right, snail mail. And then it will take up to 15! days to move it WITHIN the same institution’s accounts. Seriously. This is totally unacceptable and I can’t believe a bank is doing business in this way in this day and age. Now I just want to move my whole RRSP to someone else, and maybe the rest of my accounts with them as well.

  43. Dipin Dhingra on February 7, 2018 at 10:23 am

    I am a Permanent Resident, and will be opening my first account. Do you say that an online Tangerine bank is enough to do all kind of banking , rather than the physical branch bank?

    Is it easy to close these accounts when needed?

  44. Katherine on February 9, 2018 at 3:01 pm

    This was extremely helpful.
    Thanks much for taking the time to present it simply enough to be understood, and with enough detail to give me what I needed without having to search anywhere else now.

  45. Kyle on February 11, 2018 at 9:59 am

    No problem Katherine – that’s what we do here!

  46. Kyle on February 11, 2018 at 10:02 am

    It is definitely easy to close this account Dipin. As far as “all kinds of banking” you’ll have to be more specific. I think 90% or so of Canadians could run their daily banking needs through Tangerine if not more. If you are doing some business-related stuff, or similarly “complicated” arrangements it might not be a perfect fit.

  47. TJ on May 8, 2018 at 8:25 am

    I have Simplii (checking & Savings), WealthSimple (savings), and RBC (checking, savings, TFSA) accounts as well as valuable, linked RBC Bank (US) accounts.
    All of these serve their own purposes and I don’t ever pay any fees.
    Having multi-products with RBC results in no fees (although I did open a TFSA with them into which I deposit a nominal amount each month to ensure I get the full fee rebate.)
    I’m now wondering whether I should open a EQ savings account to get the current 2.3% rate which is better that the 1.7% offered by WealthSimple. I was wondering though how my wife can access those funds upon my sudden demise, and I think I now see the account must be joint.

  48. Lilie on June 11, 2018 at 1:35 pm


    Does anyone have any experience with Alterna Bank esaving account? They offered a 2.05 % interest rate on their saving account but I don’t see much talk about them, so that makes me a bit worried about opening an account with them?

  49. Mark on June 26, 2018 at 10:02 pm

    Can you please update to include Alterna, as I keep on seeing it mentioned in the same breath as EQ Bank.

  50. Mark on June 26, 2018 at 10:07 pm

    Can you cover the tax implications of opening a joint savings account with your spouse? What if one person contributes 90% or 100% of funds?

  51. wilf fryday on September 6, 2018 at 12:22 pm

    Am looking for a location to place proceeds from sale of our home. We are now renting. Had a ‘run in’ with Tangerine today, (long time customer) went looking for alternatives and found your web site. Interesting.

    However, I notice date references for 2016 and 2017. Thus I assume that much of the content is out of date. Is there an update? I see an offer coupon from Tangerine for a high interest rate. Not sure, because of date of this article if it is current in Sept 2018.

    Where would you place the proceeds of a middle priced home?

    A senior with a not too long time line, therefore need low risk.

  52. Norm on March 1, 2019 at 3:08 pm

    Now that it’s 2019 … there’s lots that can be updated.

    Simplii Financial now has free eTransfers and same day transfers from savings to chequing (or visa versa) like Tangerine.
    Personally, having both has meant I’m typically able to get the bonus interest offers on pretty much all my money on deposit.

    Zag Bank is closing so it should be removed.

    EQ Bank has added a range of GICs, though from what I have heard, the agreement gives them the upper hand to dissolve the GIC early. The liquidity issues that Home Capital Group (I believe Equitable Bank is their online offering) was to me a warning to avoid having too much with EQ Bank.

  53. James on April 2, 2019 at 10:23 pm

    Motusbank just started out pretty well for an online bank too. Free Interact transfers, free cheques, and exchange network ATMs.

  54. Tyler on June 3, 2019 at 4:18 pm

    I’d look at Tangerine. But $1 per E-transfer is ridiculous. I don’t use e-transfer much but at $1 a pop is a deal breaker.

  55. John Russel on June 12, 2019 at 3:57 am

    Hello i’m creating an offshore company in Canada, would you recommend for me to use an online bank rather than traditional?

  56. Michael Farr on July 27, 2019 at 8:23 am

    I recently opened accounts with CIBC so that I could compare with my TD Seniors Account. TD wins hands down with their no fee policy for chequing Account. I was promised a ‘bonus’ by CIBC for opening a chequing Account. Nothing. Opened a Visa card with 4% back on groceries and gas. For economical reasons, we buy much of our groceries at Walmart but that doesn’t count under their Visa guidelines (1% as it’s a retail store). I’ve opened an account with EQ and, so far, happy with them. Will be going back to TD for everyday chequing needs, but willing to keep savings at EQ.

  57. Lisa Jackson on October 7, 2019 at 7:53 pm

    Hi John,

    This is a question to ask your attorney and/or chartered accountant. Best of luck!

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