No-Fee Banking
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Canada's best online banks offer everything the Big 5 charge you for — chequing, savings, GICs, mortgages, and credit cards — at zero or near-zero fees, and often with significantly better interest rates. Here's the complete guide to Canada's best online banks for 2026, ranked and compared across every major category.
| Bank | Monthly Fee | Savings Rate | Cash Back | TFSA/RRSP | Mortgage | Parent |
|---|---|---|---|---|---|---|
| EQ Bank | $0 | 2.75%* | None | Yes (savings/GICs) | No | Equitable Bank |
| Simplii | $0 | 0.10% + promos | 4% dining (Visa) | Yes | Yes | CIBC |
| Tangerine | $0 | 0.10% + promos | 2% categories (MC) | Yes | Yes | Scotiabank |
| KOHO | $0–$19/mo | 3%–5% | 0.5%–5% | No | No | Peoples Trust (CDIC) |
| Neo Financial | $0 | 4.00% | 1%–5%+ | Yes | Yes | ATB Financial (CDIC) |
* EQ Bank rate check: Ratehub listed 2.75% for the EQ Bank Personal Account when checked August 3, 2026. Rates can change; verify current terms with the provider.
EQ Bank is the gold standard for Canadian savers. Owned by Equitable Bank (Canada's 7th largest bank, CDIC insured), EQ Bank offers:
Best for: Savings, GICs, and anyone who wants to earn real interest on their money. EQ Bank is not a complete bank — no credit cards, no mortgages — but as a savings vehicle, nothing beats it.
At 2.75%, $50,000 earns approximately $1,375 over one year before tax, assuming the rate and balance remain unchanged. This is an illustration, not a guaranteed return.
Simplii Financial is CIBC's digital banking brand. It offers everything a primary bank account needs — completely free:
Best for: Anyone who wants to replace their Big 5 chequing account and save $130–$200/year, especially restaurant-heavy spenders who want 4% dining cash back.
Tangerine is Scotiabank's digital banking brand. Like Simplii, it offers free unlimited chequing — but its key differentiator is the Tangerine Money-Back Mastercard:
Best for: Customizable cash back on everyday spending. Choosing groceries + gas as your two 2% categories gives most Canadian households significant annual cash back with no annual fee.
See: TD vs Tangerine | RBC vs Tangerine
KOHO is Canada's leading fintech challenger bank with over 1 million users. It combines no-fee banking with cash back rewards and meaningful interest on balances:
Best for: Canadians who want cash back on all purchases (not just one category), meaningful interest on their balance without locking anything in, and powerful savings/budgeting tools. The free tier is better than most paid bank accounts.
Neo Financial is Canada's fastest-growing fintech, founded by SkipTheDishes entrepreneurs in 2019:
Best for: Credit building, registered account savings (TFSA/RRSP), and shoppers who frequent Neo partner stores for 5%+ cash back. The only challenger bank in Canada that offers a true Mastercard credit card.
| Goal | Best Online Bank | Why |
|---|---|---|
| Daily savings rate checked | EQ Bank Personal Account | 2.75% as listed by Ratehub on August 3, 2026; verify current terms |
| Best GIC rates | EQ Bank or Oaken | Both consistently beat Big 5 GIC rates |
| Free chequing (dining focus) | Simplii | 4% on restaurants with no annual fee |
| Free chequing (groceries/gas) | Tangerine | 2% in chosen categories |
| Cash back on everything | KOHO | Up to 5% on all purchases |
| Highest interest + cash back combo | KOHO Everything | 5% interest + 5% cash back |
| Credit building | Neo Financial | True Mastercard builds credit automatically |
| TFSA/RRSP savings | EQ Bank or Neo | Rates vary by product; compare current provider terms |
| Mortgage | Tangerine or Simplii | Both offer competitive digital mortgages |
| Students | KOHO or EQ Bank | Free, high interest, no hidden fees |
| Newcomers to Canada | KOHO or Simplii | Easy digital setup, no credit check for KOHO |
KOHO is Canada's highest-rated challenger bank — over 1 million users, up to 5% cash back, 3%–5% interest on balances, and zero monthly fees. Use referral code BREMO2026 to get a cash back bonus when you sign up.
Get KOHO Free — Use Code BREMO2026No credit check required. Referral code BREMO2026 applied automatically.
There's no single "best" online bank — the right choice depends on what you need:
The optimal Canadian banking setup in 2026:
This four-bank setup costs nothing and can earn $2,000–$3,000+ per year more than keeping everything at a Big 5 bank.
Before switching accounts, use Bremo's bank fee calculator to estimate what your current account costs each year. If you are comparing a temporary headline savings offer, use the promotional savings rate cliff calculator to compare the promotional period with the ongoing rate, fees, contributions, and estimated tax. Then check the emergency fund runway planner to see how many months your savings could cover.
Tired of bank fees? Open a no-fee KOHO account, get $20 with code BREMO2026 →