EQ Bank, Tangerine, and Simplii Financial lead 2026 rankings for online-only banking, delivering high yields, zero fees, and seamless apps amid Canada's digital shift.
| Bank | Chequing Interest | Monthly Fee | e-Transfers | Standout Feature |
|---|---|---|---|---|
| EQ Bank | 4-5% promo | $0 | Unlimited | Worldwide ATM reimbursements |
| Tangerine | 0.01% | $0 | Unlimited | $400 switch bonuses |
| Simplii Financial | 0.01% | $0 | Unlimited | CIBC ATM access |
| Wealthsimple | 2-4.5% tiered | $0 | Unlimited | Cashback on bills |
| Neo Financial | Up to 5% | $0 | Unlimited | High-interest everyday spend |
EQ Bank
EQ tops charts for no-fee chequing/savings earning 4%+ promos—far above Big 5's 0.01%. Pure digital with Interac e-Transfers, mobile deposits, and GICs; CDIC-insured to $100k. Ideal for high balances from service exports; lacks cash deposits but reimburses all ATMs globally.
Tangerine
Scotiabank-backed with unlimited transactions, free cheques, and client rewards (e.g., travel insurance). Ties EQ for best rates/fees per MoneySense; strong switch tools and $350+ promos. Mobile app excels for budgeting; suits everyday use without Scotia's fees.
Simplii Financial
CIBC subsidiary offers forever-free chequing, overdraft protection, and 1,000+ free ATMs. Best for service per Surviscor; wires/cheques included. Reliable 20+ years; $300 switch incentives. Perfect hybrid for occasional cash needs via CIBC network.
Wealthsimple Cash
Tiered interest (4.5% under $100k), 1% cashback, joint accounts, and Questrade links for investors. No cheques but instant transfers; top app ratings. Great for Nairobi pros consolidating CAD inflows with automated savings pods.
Neo Financial
Runner-up innovator with 5% everyday interest, cashback Mastercard, and mortgages. No RESPs yet but expanding; seamless for spending/saving. Strong for mobile-first users chasing yields over branches.
Traditional giants like TD (top mobile per MoneySense) and RBC (desktop leader) blend online prowess with branches but charge premiums—TD scores 72/100 overall. Credit unions (Coast Capital, Alterna) follow for regional perks.
Digital banks save $200+ yearly via no fees, beating inflation-eroded savings rates. Pair EQ savings with Tangerine chequing for optimal low-cost setup; all CDIC-protected. Switch mid-2026 using Powerswitch for bonuses amid open banking rollout.
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