Best Digital Banks In Canada 2020

Canada has many online only banks which offer a whole host of innovative features that make everyday banking and saving easy. Take a look below at some of the best digital banks in Canada…

  • 0.5% cashback on purchases.
  • Virtual cards for online shopping
  • Realtime balance updates..
  • NO hidden fees!

What is the best online bank in Canada?

With the rise in popularity for online banks globally, it is no surprise that Canadians are also starting to wonder, what is the best rated bank in Canada? Although the answer is subjective to a certain extent, we believe the best of the current digital only offering in Canada is highlighted on this page. Although the choice is limited at the time of writing, we firmly believe that there will be more Canadian online banks being launched in the coming months. Meanwhile, as highlighted in our KOHO Bank Review, we believe that this is the best digital bank for Canadians right now.

Which is the safest bank in Canada?

In terms of safety, digital or online only banks tend to offer more in the way of security features. For example many digital banks in Canada offer features such as proximity validation when using the debit card to withdraw cash or make a transaction. This works by only authorizing the transaction if your smartphone is within a certain radius of the physical location of the transaction. You can also disable your cards in seconds via the app if you suspect your card is lost or stolen. No need to call somebody and cancel cards etc. Simply freeze your card until you figure out if it has been stolen or simply lost. If you are unable to locate your card you can then order a replacement in seconds from the app. While waiting for your replacement, you can create a temporary virtual card so that you can continue to use your account for online purchases or even in stores using Apple Pay. Virtual debit cards are also a great invention for shopping online, on websites you may not fully trust. You can simply generate a virtual card each time you wish to purchase something online, which will eliminate the chance of your card details being stolen.

Instant online banks Canada

The worst thing about setting up a new bank account in Canada is the paperwork, identification, getting an appointment and traveling (sometimes for many miles) to a branch in a town or city. With instant online banks such as KOHO, you can be up and running instantly after filling out your information and completing verification (often completed in 3 minutes or less!). This has many advantages, and eliminates the need to take time out of your day to complete what should have always been a simple task.

New digital banks in Canada

Canadian digital banks have opened up more frequently over the past 5 years. However, most banks in Canada are still not 100% digital. Every bank we feature on this page is a neo bank which means they do not have any physical banks and everything is done online usually through an app on your smart phone. Right now, the best new digital banks in our opinion are are KOHO and Tangerine.