Digital-first, no-fee banking for Canadians under 25. Cashback apps, crypto investing, and instant e-Transfers.
Gen Z (born 1997–2012, now aged 13–28) are Canada's most digitally native generation. They expect seamless mobile apps, real-time notifications, no hidden fees, and integration with digital payment methods like Apple Pay and Google Pay. Traditional bank branches are largely irrelevant to this demographic.
KOHO was practically designed for Gen Z: instant-open, beautiful app, zero fees, cashback on everyday purchases, and a $100 welcome bonus. No branch visits, no paperwork, no nonsense.
Wealthsimple combines a high-interest cash account with seamless investing (stocks, ETFs, crypto, TFSA). For Gen Z who want to start investing alongside their banking, this is the best all-in-one platform.
Tangerine (owned by Scotiabank) offers a full no-fee chequing account with ATM access at Scotiabank machines. Their no-fee Mastercard with 2% cashback is popular with students and young professionals.
For Gen Z who prefer the security of a Big Five bank, RBC's Student Banking Account offers free banking for post-secondary students with a valid student ID. Free unlimited transactions, no monthly fee.
| Bank | Monthly Fee | Cashback | Crypto | Apple/Google Pay | Best For |
|---|---|---|---|---|---|
| KOHO | $0 | Up to 2% | No | Yes | Everyday spending + saving |
| Wealthsimple | $0 | No | Yes | Yes | Investing + banking combo |
| Tangerine | $0 | 2% (credit card) | No | Yes | No-fee traditional banking |
| RBC Student | $0 (student) | No | No | Yes | Students wanting Big Five |
| Neo Financial | $0 | Up to 5% (select merchants) | No | Yes | High cashback shopping |
KOHO is the top-rated no-fee bank for Gen Z in Canada. No branch visits, instant setup, and $100 free with code 45ET55JSYA.
Open KOHO Now — Code: 45ET55JSYAKOHO is the best first bank account for most Canadians under 25: zero fees, instant approval, cashback on every purchase, and a $100 welcome bonus. For students at university or college, RBC Student Banking or TD Student Banking are also free and provide the credibility of a major bank for things like credit cards and student loans.
Yes. KOHO, Wealthsimple, Tangerine, and EQ Bank all offer fully online account opening for Canadians 18 and over. You'll need government-issued ID and a Social Insurance Number (SIN). Major banks (TD, RBC) also offer online account opening but may require a branch visit to complete setup.
Almost all major Canadian banks and fintechs support Apple Pay and Google Pay in 2025: KOHO, TD, RBC, Scotiabank, BMO, CIBC, Tangerine, EQ Bank, Wealthsimple, and Neo Financial. As long as your bank offers a Visa or Mastercard debit, you can add it to your phone's wallet.
Yes. KOHO is available to any Canadian 18 or older with a valid government ID and SIN. There's no credit check, no minimum deposit, and you can be approved and receiving your virtual card within minutes of signing up online.
Wealthsimple is the best platform for Gen Z who want to combine banking and investing. Their Wealthsimple Cash account offers a high interest rate, and their investing platform lets you buy stocks, ETFs, and crypto with no minimum. Their TFSA account lets young Canadians invest tax-free from age 18.