Top-rated Canadian banking apps compared by fees, cash back, interest rates, and features — updated for 2025.
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Try KOHO Free — Code 45ET55JSYACanadians pay some of the highest banking fees in the world. The average Canadian spends over $200 per year on bank fees alone. In 2025, there's simply no reason to pay those fees when digital-first banking apps offer free accounts, higher interest rates, and better cash back rewards than most traditional banks.
This guide ranks the best banking apps available to Canadians in 2025 based on monthly fees, savings rates, cash back, and the quality of the mobile experience.
| App | Monthly Fee | Cash Back | Savings Rate | CDIC Insured |
|---|---|---|---|---|
| KOHO | $0 | Up to 2% | Up to 5% | Yes (via Peoples Bank) |
| Wealthsimple Cash | $0 | 4% | 4% | Yes (via Canadian Western) |
| Neo Financial | $0–$4.99 | Up to 4% | 2.25% | Yes (via ATB Financial) |
| EQ Bank | $0 | 0% | 2.5–3% | Yes |
| Tangerine | $0 | 2% | 0.10% | Yes (Scotiabank subsidiary) |
| Simplii Financial | $0 | 0% | 0.10% | Yes (CIBC subsidiary) |
KOHO is our top pick for the best overall free banking app in Canada. It combines a no-fee prepaid Visa card with a high-interest savings account, real-time spending analytics, and genuine cash back on everyday purchases. There are no minimum balances, no monthly fees on the free plan, and no tricks.
With KOHO, you earn 1% cash back on groceries and transportation and 0.5% on everything else. Premium plans unlock higher cash back rates. KOHO accounts are CDIC-insured through Peoples Bank of Canada, so your money is protected up to $100,000.
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Launched in 2023, Wealthsimple Cash offers 4% cash back on all spending — the highest flat cash back rate among Canadian banking apps. It also pays 4% interest on cash balances. The catch is that Wealthsimple Cash works best as a spending account paired with other Wealthsimple products like their investing platform.
Neo Financial combines a no-fee chequing account with Canada's highest-earning credit card. Cardholders earn up to 4% cash back at partner retailers. Neo's savings account pays 2.25% with no minimums. The standard plan is free, with a Premium plan at $4.99/month that unlocks higher rewards.
EQ Bank doesn't offer a traditional chequing account, but it's the gold standard for savings in Canada. Rates sit between 2.5% and 3% on the Personal Account, well above any big bank. There are no fees, no minimums, and full CDIC deposit insurance. EQ Bank is ideal for Canadians who want to park savings and earn meaningful interest.
Tangerine is an online-only subsidiary of Scotiabank with over two million customers. The no-fee chequing account includes unlimited transactions, a competitive savings account, and solid mobile banking tools. Tangerine offers 2% cash back in two spending categories of your choice, making it one of the better no-fee credit card options as well.
Simplii Financial, a CIBC subsidiary, offers a no-fee chequing account with access to CIBC's vast ATM network at no charge. It's a practical option for Canadians who still use ATMs regularly but want to avoid monthly fees.
The right app depends on your spending habits. If you want cash back on everyday spending, KOHO or Wealthsimple Cash are the top picks. If you're focused on building savings, EQ Bank offers the best interest rates. If you want a full banking relationship with credit card access, Neo Financial or Tangerine are worth considering.
Yes. All of the apps listed above hold deposits through CDIC-member institutions, meaning your money is protected up to $100,000 per depositor category. Canadian banking apps are regulated under federal or provincial law, use 256-bit encryption, and offer two-factor authentication. They are as safe as traditional bank accounts.
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