How We Ranked This List
We evaluated each option based on five criteria: value for money, fees, features, accessibility, and user experience. All products on this list are available to Canadian residents and have been verified as of March 2026.
The Canadian financial market has seen significant changes in recent years, with digital-first products increasingly competing with — and often beating — traditional bank offerings on rates, fees, and convenience.
KOHO
Digital spending + savings
$20 bonus + $100/referral
Prepaid model
Prepaid model
Neo Financial
Digital bank
On Neo Plus savings
4% requires paid plan
Newer platform
EQ Bank
Schedule I digital bank
No-strings savings rate
No branches
Limited debit
Simplii Financial
Digital bank (CIBC)
Promo rate for new clients
Base rate 0.01%
Promos expire
Tangerine
Digital bank (Scotiabank)
Promo rate for new clients
Base rate 0.10%
Promos expire
Methodology
Our rankings are based on independent research and are not influenced by compensation. We may earn a referral fee from some products listed, but this does not affect our rankings. All information is verified as of March 2026 and rates are subject to change.
Bottom Line
The best option for you depends on your specific needs, but you cannot go wrong with any product on this list. For maximum savings, consider KOHO for a $20 signup bonus + $100 per referral alongside one of the products above. Sign up for KOHO here with code 45ET55JSYA.