How this ranking works
Each account gets a cost score for each usage profile: 100 − (fees a year ÷ $3), floored at 0 — so $0 a year scores 100 and $300 or more scores 0. A profile the account can’t serve (for example, branch visits at an online bank) scores 0.
Weights: Light 25% · Everyday 50% · Heavy 25%. Profiles are defined in the finder; fees come from the true-cost engine described in the methodology.
Rebates for bundles or credit cards, welcome bonuses, app quality and customer service. Those matter, but they can’t be checked from published fee data — so they don’t move the order.
Three kinds of digital banking
| Type | Examples | Deposit protection |
|---|---|---|
| Branchless bank | EQ Bank, Tangerine, Alterna Bank, Wealth One | CDIC member in its own right |
| Division of a bigger bank | Simplii Financial (CIBC) | Shares the parent’s CDIC limits |
| Fintech app | Neo, KOHO, Wealthsimple | Through partner CDIC members, per each company’s disclosures |
What to compare
- Charter: is it on OSFI’s bank list?
- Protection: CDIC member, division, or partner arrangement? Check the CDIC list.
- Cash and cheques: how do you deposit them without a branch?
- ATM access: which network is free?
- Support and complaints: phone and chat hours; OBSI applies to banks and federal credit unions.
- USD: do you need a US-dollar account?
Open banking is coming, slowly
Canada’s consumer-driven banking framework will let you share data with accredited apps without handing over passwords. As of October 30, 2026 it is not live; see the status page.
Same app look, different vaults. Two apps can hold your money at the same partner — and share one CDIC limit.
Frequently asked questions
Are online banks in Canada safe?
Branchless banks such as EQ Bank and Tangerine are Schedule I banks and CDIC members. Fintech apps are not banks; their protection depends on partner institutions.
Is Simplii covered separately from CIBC?
No. Simplii Financial is a CIBC division, so deposits at both share CIBC’s CDIC limits.
Educational information only, not financial, legal or tax advice. CanadianBanks.ca is independent and is not affiliated with, endorsed by or paid by any institution listed. Confirm details with the institution and the official sources linked on each page before you act. Read the full disclaimer.