We began the year with Mint closing its service—an end that many users still feel. While it’s natural to be disappointed, this change also creates an opportunity to explore other apps that can simplify how you manage money.
Picking the right financial app depends on your needs and preferences. Below, we explain what financial apps do, which features matter most, how to stay safe, and which notable apps are worth considering this year.
What is a financial app?
A financial app (or fintech app) is software you use on a phone, tablet, or computer to manage money. These apps can offer budgeting tools, spending trackers, account aggregation, product comparisons, automated bill payment reminders, and more. Some provide a consolidated view of your accounts across banks and credit cards, while others focus on a single function like investing or debt repayment.
The main advantages are convenience and accessibility: many apps let you check balances, make payments, and track transactions from a smartwatch or smartphone. Some also provide competitive rates or features that traditional banks don’t. Given these benefits, it’s no surprise that many Canadians rely on fintech apps for everyday money management.
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What features should you look for in a financial app?
Different apps serve different purposes, so prioritize features that match your goals. Key features to consider include:
- Platform compatibility: Check whether the app works on your device—iOS or Android for mobile, and Windows or macOS for desktop if needed.
- Freemium and pricing: Many apps offer a basic free tier plus paid subscriptions with advanced features. Look for clear pricing and a trial period so you can test the app risk-free.
- User experience: The app should be intuitive, with clear reports and straightforward navigation so you can find insights quickly.
- Customer support: Verify whether support is available by chat, email, or phone in case you need help troubleshooting.
- Account integration: If the app links to your bank accounts, check whether it imports transactions automatically or requires manual entry, and whether it supports the financial institutions you use.
- Customization: For complex finances, look for custom categories, tags, or rules so you can tailor how transactions are organized and reported.
Are finance apps safe?
Financial fraud is a growing concern. In 2023, Canadians lost a record $554 million to fraud, according to the Canadian Anti-Fraud Centre. Scam apps exist and can impersonate legitimate services to steal data. Established banks and top-tier apps typically use strong encryption and robust security measures to protect user information, but it’s important to confirm you’re downloading the authentic app from a trusted app store—never install apps from links in unsolicited emails or texts.
How can you protect yourself from fraudulent activity?
Protect your accounts by using strong, unique passwords and enabling two-factor authentication (2FA) whenever available. Never share login details, and review an app’s privacy and security policies before providing banking or card information—some fintech services may conflict with your bank’s terms and conditions. Regularly monitor account activity and report any suspicious transactions to your financial institution.
If you suspect fraud, report it promptly and contact Canada’s credit bureaus (Equifax and TransUnion) to request a fraud alert on your credit file. Early detection and action can limit damage and help you recover more quickly.
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MoneySense is a long-running Canadian personal finance magazine with an editorial team of trained journalists and contributors who work with trusted financial experts. We review and compare product offerings from major institutions to help readers find competitive accounts and tools.
The best financial apps for Canadians
Fintech apps address a range of needs—budgeting, saving, investing, managing debt, or running a small business. To help narrow the field, we highlight top apps across five common categories so you can decide which ones match your priorities.
Best overall financial app: MoolahMate
Montreal-based MoolahMate is an emerging option for users who miss Mint. It combines transaction aggregation, budgeting, and reporting in an approachable interface. After connecting your accounts, the app can import transactions automatically within about 24 hours, giving you a complete view of income and spending. Features include customizable reports, task lists, reminders for important dates like property tax deadlines, educational articles, and community forums. MoolahMate offers a 30-day free trial, followed by a yearly plan or a monthly subscription.
Best budgeting app: YNAB
YNAB (You Need a Budget) has a long track record and suits users who want hands-on budgeting and flexibility. Its zero-based budgeting method assigns a job to every dollar—covering bills, debt, savings, and discretionary spending—so your money aligns with your goals. YNAB provides a 34-day free trial and paid subscriptions for individuals; family-sharing options let multiple people use one subscription.
Best debt management app: Debt Payoff Planner
Debt Payoff Planner helps users consolidate multiple debts into a clear repayment strategy. The app compares snowball and avalanche methods, shows how extra payments shorten your payoff timeline, and tracks progress with motivating milestones. It’s a useful free tool for anyone focused on becoming debt-free.
Best stock market investing app: Blossom
Blossom is a social investing platform that combines community features with portfolio tracking and education. Users can choose to display portfolios publicly to share holdings, asset allocations, and performance with the community. The platform also offers educational content, dividend tracking, and portfolio analysis. Blossom has attracted a large base of retail investors and partners with personal finance creators to surface ideas and insights.
Best payment app for entrepreneurs: Wise
Wise offers a business account that simplifies international payments with transparent fees and competitive exchange rates. It can be useful for small businesses with remote employees or clients abroad. After a one-time registration fee, you pay only for the services you use—sending, receiving, and converting money at published rates and fees. Wise supports multi-currency balances and debit card spending without the typical foreign transaction markups charged by many banks.
Achieving your financial goals for 2024 and beyond
Before committing to any app, try it for a short period to see whether it fits your habits and helps you move toward your financial goals. If it doesn’t, switch and continue testing alternatives—new apps and features appear regularly on app stores. The right tool should make it easier to track progress, reduce financial stress, and stay aligned with your priorities.
Read more about budgeting:
- MoneySense’s free Excel template for your monthly budget
- How to afford a fun life
- The best chequing accounts in Canada
- How Canadians can save on gas, groceries, cellphone and other household bills