KOHO, EQ Bank, Tangerine, Wealthsimple & more — Canada's best fintech banking options compared side by side.
Neo-banks (also called challenger banks or fintech banks) are financial technology companies that offer banking-like services entirely through mobile apps and websites — no physical branches. In Canada, the term covers a spectrum:
What they all share: zero or low fees, app-first experience, higher savings rates, and none of the overhead of branch networks.
| Neo-Bank | Monthly Fee | Savings Rate | Key Feature | CDIC? |
|---|---|---|---|---|
| KOHO | $0–$19 | 2.50%+ | Up to 5% cashback | Via Peoples Trust |
| EQ Bank | $0 | 3.00% | Free unlimited e-Transfers | Yes (direct) |
| Tangerine | $0 | Promo 5.25% | Full banking products | Yes |
| Simplii Financial | $0 | Promo 4.75% | Free CIBC ATMs | Yes |
| Wealthsimple Cash | $0 | 4.00% | Instant stock trading | Via CDIC partners |
| Stack | $0–$9.99 | N/A | Travel-friendly, no FX fees | Via partner banks |
KOHO is Canada's leading fintech bank app with over 1 million users. Its free plan offers 1% cashback on groceries and transportation, while the KOHO Everything plan ($19/month) unlocks up to 5% cashback on categories you choose, a 2.50% savings rate, and credit-building features.
The standout feature: KOHO's Cover feature provides a small interest-free cash advance if you're short before payday. Combined with real-time spending insights and automatic saving roundups, KOHO is arguably the most complete fintech banking app in Canada.
Use code 45ET55JSYA to earn a $100 bonus when you sign up and meet spend requirements.
EQ Bank (Equitable Bank) is a Schedule I chartered bank — not just a fintech wrapper. This means your deposits are insured directly by CDIC. Their savings account pays a consistent 3.00% with no minimum balance and no monthly fees. Their mobile app is clean and functional, though less feature-rich than KOHO's.
EQ Bank also offers TFSA and RRSP savings accounts, GICs, and international money transfers via Wise. They recently launched a debit card giving them a more complete everyday banking solution.
Wealthsimple Cash is primarily aimed at Wealthsimple's existing investment customers — but it's excellent on its own merits. The 4.00% savings rate is one of the highest available without a promotional gimmick. The app integrates seamlessly with Wealthsimple Trade (stocks/ETFs) and Crypto, making it a powerful financial hub for younger Canadians.
Tangerine is technically the online banking arm of Scotiabank, but it operates independently with its own brand and products. It's the neo-bank to choose if you want a complete banking relationship — chequing, savings, mortgages, credit cards, and GICs — all fee-free online.