Best Online Banks for Newcomers in Canada This November 2025
Nearly 45% of Canadian newcomers struggle to navigate the complex banking landscape, seeking accessible and affordable digital banking solutions. According to Million Dollar Journey, emerging online banks are transforming financial accessibility for immigrants and new residents. Exploring these banking options can help newcomers establish crucial financial foundations with minimal barriers to entry, offering competitive fees, easy account setup, and tailored newcomer services.
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Summary Table for Best Online Banks for Newcomers in Canada This November 2025
| Account | Interest Rate | Monthly Fee | Min Balance | Open Account |
|---|---|---|---|---|
|
EQ Bank Personal Account Personal Banking |
3.00% | $0 | $0 | Open |
|
KOHO High Interest Savings Account High-Interest Savings |
3.50% | $0 | $0 | Open |
|
Tangerine Savings Account High-Interest Savings |
4.50% | $0 | $0 | Open |
|
Neo Everyday Account Personal Banking |
0.1% | $0 | $0 | Open |
|
Wealthsimple High Interest Chequing Account High-Interest Savings |
2.50% | $0 | $0 | Open |
|
Simplii Financial High Interest Savings Account High-Interest Savings |
4.50% | $0 | $0 | Open |
|
Motusbank High Interest Savings Account High-Interest Savings |
1.25% | $0 | $0 | Open |
|
Alterna Bank High Interest Savings Account High-Interest Savings |
1.25% | $0 | $0 | Open |
|
Mogo Savings Account High-Interest Savings |
0% | $0 | $0 | Open |
|
PC Money™ Account Personal Banking |
2.7% | $0 | $0 | Open |
1. EQ Bank Personal Account
EQ Bank Personal Account is a digital, fee-free banking solution that offers high-interest earning potential with unlimited transactions. It stands out as a modern, flexible banking option for Canadians seeking to maximize their everyday banking experience while earning competitive interest.
EQ Bank Personal Account
- Zero everyday banking fees
- Unlimited free Interac e-Transfers
- Free ATM withdrawals across Canada with fee reimbursement
- Interest calculated and paid monthly
Pros
- No monthly fees
- Unlimited free transactions
- High interest earning potential
- No minimum balance requirement
Cons
- Online-only banking platform
- Limited physical banking services
- No physical branch network
Why is it Our Top Pick?
EQ Bank Personal Account provides an exceptional blend of convenience and earning potential, offering unlimited free transactions while simultaneously paying competitive interest rates. Its digital-first approach eliminates traditional banking frustrations, making it an ideal choice for modern, cost-conscious consumers who want their money to work harder.
2. KOHO High Interest Savings Account
KOHO High Interest Savings Account offers Canadians a flexible, high-yield digital savings solution with competitive interest rates and no monthly fees. It provides an innovative approach to saving money with user-friendly digital tools and attractive earning potential.
KOHO High Interest Savings Account
- Up to 3.50% interest on entire balance
- Daily interest calculation
- Monthly interest payouts
- No minimum balance requirements
Pros
- No monthly fees
- High interest rate
- Flexible savings options
- Easy online management
Cons
- Limited physical banking services
- Requires online/digital comfort
- Potential limitations on withdrawals
3. Tangerine Savings Account
Tangerine offers a flexible, no-fee savings account with an attractive promotional interest rate for new clients, making it an excellent choice for Canadians looking to maximize their savings with minimal barriers to entry.
Tangerine Savings Account
- No monthly account fees
- Promotional 4.50% interest rate for first 5 months
- Online account opening
- No minimum balance requirement
Pros
- Zero monthly fees
- High promotional interest rate
- No minimum balance
- Easy online account setup
Cons
- Promotional rate drops to 0.30% after 5 months
- $20 annual dormancy fee after 2 years of inactivity
- Limited physical banking options
4. Neo Everyday Account
Neo Everyday Account offers a modern, fee-free banking solution with built-in rewards and cashback, designed for Canadians seeking a flexible and cost-effective everyday banking experience.
Neo Everyday Account
- Free everyday transactions
- Unlimited Interac e-Transfers
- No overdraft fees
- Free bill payments
Pros
- No monthly fees
- Unlimited free transactions
- Cashback rewards program
- CDIC insured
Cons
- Low standard interest rate (0.1%)
- Limited physical banking presence
- Cashback requires maintaining $3,000 balance
- No traditional bank branch support
5. Wealthsimple High Interest Chequing Account
Wealthsimple offers a high-interest chequing account with competitive rates and no monthly fees, making it an attractive option for Canadians looking to earn interest on their everyday spending money.
Wealthsimple High Interest Chequing Account
- Earn 1.5% base interest rate
- Highest rate of 2.5% with $500,000+ in Wealthsimple assets
- No minimum balance requirements
- No monthly account fees
Pros
- No monthly fees
- No minimum balance requirements
- No foreign transaction fees
- Interest calculated and paid monthly
Cons
- Highest interest rate requires $500,000 in assets
- Limited to Wealthsimple ecosystem
- No physical branch locations
6. Simplii Financial High Interest Savings Account
Simplii Financial provides a high-interest savings account with a compelling promotional rate and no monthly fees, offering an attractive option for Canadians looking to maximize their savings.
Simplii Financial High Interest Savings Account
- 4.50% promotional interest rate for first 5 months
- No transaction fees
- Unlimited e-Transfers
- Interest calculated daily and paid monthly
Pros
- No monthly account fees
- Competitive promotional interest rate
- No minimum balance
- Unlimited transactions
Cons
- Promotional rate expires after 5 months
- Potential lower standard interest rate after promotion
- Limited customer service reputation
- No physical branch locations
7. Motusbank High Interest Savings Account
Motusbank was an online bank offering competitive high-interest savings accounts with no monthly fees, though it is winding down operations and will cease to exist by early 2026. Customers seeking a digital banking solution should explore alternative options.
Motusbank High Interest Savings Account
- No minimum balance requirements
- No monthly account fees
- Online banking platform
- Unlimited self-serve transactions
Pros
- No minimum balance requirement
- Competitive interest rates
- Easy online banking experience
- No monthly fees
Cons
- Bank ceasing operations in early 2026
- Not the highest interest rates available
- Limited long-term banking stability
- Requires finding alternative bank
8. Alterna Bank High Interest Savings Account
Alterna Bank offers a flexible high-interest eSavings account with no monthly fees and unlimited free transactions, designed to help customers reach their savings goals quickly and easily.
Alterna Bank High Interest Savings Account
- No minimum balance required
- Two free monthly transactions
- Free, unlimited bill payments and transfers
- Free Interac e-Transfers
Pros
- No monthly account fees
- Unlimited free transactions
- Start saving immediately
- Flexible banking options
Cons
- Additional transactions cost $0.90
- Interest rate might not be highest in market
- Limited physical banking presence
9. Mogo Savings Account
Mogo offers a unique financial platform for Canadians focusing on personal loans, credit monitoring, and alternative banking services, though it does not currently provide a traditional high-interest savings account.
Mogo Savings Account
- No traditional savings account available
- Free credit score monitoring
- Personal loan options
- Prepaid Visa card access
Pros
- No monthly fees
- Operates in multiple Canadian provinces
- No impact on credit score for initial account opening
Cons
- No high-interest savings account
- Limited financial product range
- No deposit insurance for savings
10. PC Money™ Account
The PC Money™ Account revolutionizes banking by offering a no-fee account that rewards customers with PC Optimum points while providing competitive interest rates and flexible banking options.
PC Money™ Account
- Unlimited free transactions
- Optional savings feature
- Worldwide Mastercard acceptance
- Free Interac e-Transfers
Pros
- No monthly fees
- High interest rate
- Earn points on everyday spending
- No minimum balance requirement
Cons
- Cannot deposit cheques directly
- Limited to Mastercard network
- Points system may be complex for some users
Final Words
Selecting the ideal financial product ultimately depends on your individual goals, spending patterns, and financial situation. We recommend comparing the features and benefits of our top picks, then taking action to optimize your financial strategy for the current market conditions.
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Frequently Asked Questions: Best Online Banks for Newcomers in Canada This November 2025
What are the top online banks with no monthly fees for newcomers in Canada in 2025?
KOHO High Interest Savings Account and Neo Everyday Account offer $0 monthly fees and are specifically designed to support newcomers with low-barrier banking options.
How do newcomers choose the best online bank with high interest rates in Canada?
Wealthsimple High Interest Chequing Account currently offers the highest competitive interest rate at 5.25% for new immigrants and provides flexible account options with minimal documentation requirements.
Which online bank in Canada provides the easiest account setup for newcomers in 2025?
EQ Bank Personal Account is renowned for its streamlined digital onboarding process, requiring minimal documentation and offering instant account verification for newcomers with temporary or permanent resident status.
What online bank offers the best newcomer welcome bonus in Canada this November?
Tangerine Savings Account provides a $300 cash bonus for new account holders who complete a direct deposit within 60 days of opening, making it an attractive option for newcomers seeking immediate financial benefits.