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
Signup bonus
Use code 45ET55JSYA
Prepaid model
Best rates need paid plan
Neo Financial
Signup bonus
New account bonus
4% needs paid plan
Newer platform
EQ Bank
Referral bonus
Referral program
No branches
Referral amount varies
Simplii Financial
New client offer
With qualifying criteria
Must meet criteria
Promo timing varies
Tangerine
New client offer
With qualifying direct deposit
Must set up direct deposit
Promo expires
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.