The 5 Easiest Bank Accounts to Open Online in Canada (2024)

Many financial institutions in Canada today have made it easier for customers to open a savings or chequing account online through convenient and user-friendly platforms.

This article will cover some of the easiest bank accounts to open online in Canada. These include EQ Bank Personal Account, Simplii Financial No-Fee Chequing Account, and Neo Money Account.

Easiest Bank Accounts to Open Online in Canada

Simplii Financial No-Fee Chequing Account

If you want to open a checking account online instantly in Canada, consider applying for a No-Fee Chequing Account from Simplii, a CIBC division. It comes with no monthly fees, no minimum balance, free daily banking, unlimited withdrawals, debit purchases, bill payments, and free access to 3,400+ CIBC ATMs across Canada.

Since it's an online bank, Simplii Financial provides no in-person banking support or services. Also, Simplii online products are not available in Quebec.

The requirements to open a No-Fee Chequing account are Canadian residency, the age of majority in your province, SIN, and your digital signature. Simplii will also need your consent to obtain your credit report.

You can get up to a $500 welcome bonus when you meet the eligibility requirements and setup a direct deposit.

EQ Bank Personal Account

EQ Bank Personal Account comes with no monthly maintenance fee, no everyday banking fees, unlimited daily banking transactions, free withdrawals from any ATM in Canada, and requires no minimum deposit to open.

It works like a chequing account but with interest. It can be linked to the EQ Bank Card (except in Quebec). It's also covered by CDIC protection. However, since EQ Bank is an online-only bank, it has no brick-and-mortar locations, plus its EQ Bank Card is not available in Quebec.

To open an account, you must be the age of majority, have a Social Insurance Number (SIN), and be able to provide a photo ID for verification purposes.

Neo Money Account

The Neo Money account isn't just a savings account and a hybrid chequing account in one. It's a free online bank account you can open in Canada that earns interest on money in your account. It has no monthly fees, no minimum balance, and includes unlimited transactions and a daily no-fee chequing account.

The Neo Money account is also eligible for CDIC deposit protection. To open a Neo Money account, you must have a SIN, and be at least 13 years old (14 years old if you're a Quebec resident).

As for its downsides, Neo Financial is also an online-only service, so if you prefer banking in person or at a branch, it may not be the best fit for you.

Scotiabank Preferred Package

Scotiabank Preferred Package is a chequing account with mobile and online banking, mobile cheque deposit, unlimited transactions and Interac e-Transfer transactions. It can also be used for everyday banking, such as purchases, payroll deposits, and ABM.

To open a Preferred Package account, you must be at least 16 years old and a Canadian resident. On the online application form, provide your personal details and your SIN.

Preferred Package may not be ideal for anyone whose goal is only to open a savings account that earns interest. You also need to maintain a minimum daily closing balance of $4,000 monthly if you don't want to pay the monthly account fee of $16.95.

Scotiabank offers new clients a $350 welcome bonus if they meet the requirements.

Tangerine No-Fee Daily Chequing Account

The No-Fee Daily chequing account from Tangerine is among the easiest bank accounts to open online in Canada. It features no minimum balances or monthly fees, no daily fees, free daily chequing transactions and Interac e-transfers, and zero fees when using Scotiabank's ABM network.

To open a Tangerine account, provide your personal information and Social Insurance Number. You may also need to upload an approved photo ID and a document showing your Canadian residence.

Like the others on this list, Tangerine is an online-only bank and may not be suitable for those who need to conduct transactions in a physical location. There's also a hefty fee of $45 for non-sufficient funds.

How To Open a Bank Account Online

Opening a bank account online usually takes only a few minutes. Follow these simple steps to apply for a savings account or a chequing account online:

1. Choose an online bank. Compare factors like the minimum balance requirements, fees, and the availability of online banking or a mobile app.
2. Go to your preferred bank's website. Fill out the application form and provide the required details, such as your name, address, birth date, Social Insurance Number (SIN), email address, and other necessary information.
3. Verify your identity. Some banks require identity verification and may ask you to upload proof of your identity, such as a government-issued photo ID or other documents.

Online Banks vs Traditional Bank Accounts

Online banks and traditional banks both offer unique advantages and considerations. While they generally provide similar services, there are some significant distinctions.

• Access. Traditional banks require you to visit their branch during business hours. Online banks let you easily open a bank account online and get instant access since they are available 24/7. You can access your accounts anytime, anywhere with an internet connection.
• Rates. Online banks typically offer better rates than traditional banks primarily because they have no overhead. Traditional banks have higher interest rates and monthly service and account fees due to costs associated with maintaining branches.
• Safety and security. Online banks employ sophisticated safety protocols, such as data encryption, to protect against external threats. Traditional banks may not always have the same high levels of security.
• Services. A traditional bank often has numerous services compared to the limited ones that a digital bank offers. The former also provides more personal relationships and proprietary ATMs.
• Customer service. Both offer customer service options through chat or phone. Traditional banks offer in-person services on top of chat and phone.