Your 2025 Guide to Online Banks and Credit Unions in Canada

Where can you find the best digital banking experience in Canada? In this second annual review, MoneySense set out to answer that question by identifying the top online banks and credit unions across the country.

To build the ranking, MoneySense partnered with Surviscor, a Canadian research and consulting firm that specializes in evaluating financial service customer experiences. Surviscor analyzed hundreds of data points across Canada’s digital banking landscape, including traditional banks, credit unions, co-operatives and neo/branchless banks.

Best online banking firms for 2025

Below are MoneySense’s picks for the best online banking firms in Canada for 2025, based on Surviscor’s in-depth analysis. The rankings reflect four core pillars of the digital banking experience: desktop platform, mobile platform, rates and fees, and service availability and responsiveness. For a full explanation of the evaluation approach, see the methodology section.

Rank in 2025	Firm	Points awarded	Rank in 2024	Complete Surviscor Analysis
1	TD Canada Trust	72	1	TD Canada Trust pros and cons
2	CIBC	71	2	CIBC pros and cons
3	RBC Royal Bank	66	3	RBC Royal Bank pros and cons
4	Coast Capital Savings	48	8	Coast Capital Savings pros and cons
5	Desjardins	42	4	Desjardins pros and cons
6 (tie)	BMO Bank of Montreal	32	7	BMO Bank of Montreal pros and cons
6 (tie)	Scotiabank	32	6	Scotiabank pros and cons
8	National Bank of Canada	31	5	National Bank of Canada pros and cons
9	Tangerine	28	9	Tangerine pros and cons
10	Conexus Credit Union	23	10	Conexus Credit Union pros and cons
11	Simplii Financial	22	13	Simplii Financial pros and cons
12	Meridian Credit Union	21	11	Meridian Credit Union pros and cons
13	Alterna Savings	15	17 (tie)	Alterna Savings pros and cons
14	Motusbank	12	12	Motusbank pros and cons
15 (tie)	ATB Financial	10	14 (tie)	ATB Financial pros and cons
15 (tie)	EQ Bank	10	17 (tie)	EQ Bank pros and cons
17	Vancity	9	19 (tie)	Vancity pros and cons
18	Alterna Bank	8	21	Alterna Bank pros and cons
19 (tie)	PC Financial	4	22 (tie)	PC Financial pros and cons
19 (tie)	BlueShore Financial	4	24	BlueShore Financial pros and cons
21 (tie)	Laurentian Bank	1	22 (tie)	Laurentian Bank pros and cons
21 (tie)	Manulife Bank	1	14 (tie)	Manulife Bank pros and cons
23	Servus Credit Union	0	16	Servus Credit Union pros and cons

Digital and online banking in Canada

Canadians have many digital banking options beyond the familiar big banks. Regional credit unions, co-operatives and branchless or neo-banks can offer lower fees, competitive rates and distinct features that may better match certain needs. This analysis highlights those alternatives and shows how they stack up in digital experience.

Many people remain loyal to large banks—often out of habit, convenience or perceived trust—despite the fact that smaller firms can offer lower fees or better rates. This review examines a wide range of institutions, including credit unions and Desjardins, and focuses on the functionality offered through the two primary digital platforms: desktop (including tablets) and mobile (phone apps).

Surviscor’s analysis groups its assessment into 10 categories: four broader customer experience pillars that reflect overall performance, and six that drill down into platform-specific usability and functionality. The four pillars—desktop, mobile, rates and fees, and service—form the foundation of the larger categories, while the desktop and mobile data were used to evaluate the six more targeted areas.

Check the ranking table above to see which organizations scored highest overall. Below we describe the top three firms and identify leaders across specialized categories so you can match a bank’s strengths to your own digital banking priorities.

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Top 3 online banking firms in Canada

Here’s a closer look at the top three overall winners for 2025 and what sets them apart.

Gold — Best online bank: TD Canada Trust

TD Canada Trust holds the top overall position for 2025, scoring 72 out of 100 points. It leads in three categories and is runner-up in two others. TD offers polished and consistent desktop and mobile platforms, simplified application processes for both new and existing customers, rich account information and strong transactional capabilities.

Key drawbacks include non-competitive rates and fees (TD ranks 19th out of 23 on that measure), and limited non-branch support channels for prospective customers—phone and social media are the primary options. Many large banks face similar constraints around human-based chat support for new customers.

Pros

• Clear, easy-to-navigate design on both desktop and mobile
• Pre-login educational resources on desktop
• Pre-login stock market information and quotes on mobile
• Extensive account information and analysis on both platforms
• Robust money movement and bill payment features

Cons

• Rates and fees are not competitive
• New customers have limited e-based contact options
• Few customization features on either platform
• Minimal account notifications
• Limited educational resources on mobile

Interested in a deeper review? Read the complete Surviscor review of TD Canada Trust.

Silver — Best online bank: CIBC

CIBC finished a close second with 71 points. It leads in two categories and is runner-up in three others. Historically an innovator in mobile banking, CIBC has an industry-leading mobile app and a redesigned, user-friendly desktop experience. Its strengths include smooth account opening and a strong commitment to digital financial education.

Like other large banks, CIBC’s main weakness is non-competitive rates and fees—it placed last in this category among the 23 firms reviewed.

Pros

• Balanced and consistently strong experience across mobile and desktop
• Industry-leading mobile platform
• Excellent account opening process for new and existing customers
• Strong account alerts and notifications
• Good range of digital account services

Cons

• Rates and fees are uncompetitive
• New customers can only contact the bank by phone or social media
• Account information and analytics are average
• Few tools and calculators
• Limited customization features

For more detail, see the Surviscor review of CIBC.

Bronze — Best online bank: RBC Royal Bank

RBC Royal Bank ranks third with 66 points. It tops two categories and places in the top three across several others. RBC’s desktop platform is especially strong, offering extensive account information, analysis and transaction features. Its mobile app is also high quality, though it doesn’t always match the desktop’s depth of features.

The persistent downside across the largest banks appears again: weak rates and fees. RBC ranks 21st of 23 in this area. The mobile experience, while good for many tasks, lacks some of the desktop functionality.

Pros

• Leading desktop platform with extensive features
• Comprehensive account management and analytics
• Solid mobile transaction capabilities
• Strong desktop educational resources
• Account-spending tool (NOMI) that helps customers understand spending patterns

Cons

• Non-competitive rates and fees
• Limited e-based contact options for new customers
• Functionality differs between desktop and mobile
• Weak account alerting and notifications
• Few mobile educational resources

For a full evaluation, read the Surviscor review of RBC.

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Best online banking firms by category

Surviscor’s guiding advice is “buyer beware.” Marketing often highlights small differences while hiding important details in fine print. Our overall ranking may not suit every customer because different features matter more to different people. To help you choose, we highlight the best firms across 10 categories grouped into three types: platform experiences, relationship experiences and functional digital experiences.

Digital experience category	Best online banking firm(s)
Best for desktop users	RBC Royal Bank
Best for mobile users	TD Canada Trust
Best for service	Simplii Financial
Best for rates and fees	Tangerine (tied) EQ Bank (tied)
Best for onboarding experience	CIBC
Best for digital user experience	TD Canada Trust
Best for account information and management	CIBC (tied) TD Canada Trust (tied)
Best for completing digital transactions	RBC Royal Bank
Best for educational resources	CIBC
Best for account analysis and budgeting	ATB Financial

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Best online banking firms for desktop users

If you prefer banking on a desktop, laptop or tablet, the desktop platform typically provides the most comprehensive features. We assessed pre-login experience, overall usability, account information and analysis, money transfers and payments, and the availability of educational resources.

Big banks generally dominate the desktop experience because they invested early and continue to develop advanced features. Surviscor advises that every banking firm should offer a robust desktop platform—if a firm lacks one, it’s a red flag for long-term flexibility and access to advanced features.

Gold—Best for desktop: RBC Royal Bank

RBC is Surviscor’s top choice for desktop banking in 2025, scoring 162 out of 220 points. Its desktop platform delivers extensive account information, strong transactional features and an informative public website. These strengths make it the most capable desktop experience overall.

For more detail, see the Surviscor review of RBC.

Best online banking firms for mobile users

Mobile apps are often designed for quick tasks, which means they can fall short of desktop feature parity. For this category we evaluated the same criteria as the desktop review but focused on how well each bank translated features to a handheld experience. Don’t assume app store ratings tell the whole story—Surviscor’s assessments look at comprehensive functionality rather than superficial ratings.

Gold—Best for mobile: TD Canada Trust

TD leads this category with 142 out of 230 points. Its mobile app is intuitive, provides solid account information and supports common transactions well. TD also offers several pre-login features that make account access and research easier. The biggest shortcoming is a limited selection of supporting resources within the app.

For more on TD’s mobile strengths and weaknesses, see the Surviscor review.

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Best online banking firms for service

Customer service now spans email, phone, in-person meetings, form-based requests, live chat, virtual assistants and social media. Surviscor evaluates pre-login and logged-in interactions, the methods offered on desktop and mobile, and overall service responsiveness using a long-standing mystery-shopping program. Over 115,000 interactions spanning 45 firms inform Surviscor’s view of service trends.

Overall, Surviscor finds service levels haven’t improved dramatically over the last decade. That said, Simplii Financial stands out for consistently fast digital responses and strong service metrics among non-Big Five firms.

Gold—Best for service: Simplii Financial

Simplii Financial, CIBC’s digital arm, tops the service category with 45 out of 80 points. Surviscor’s mystery shopping recorded fast response times for anonymous service inquiries, averaging under one hour across 142 interactions in 2024.

Read more in the Surviscor review of Simplii Financial.

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Best online banking firms for rates and fees

Rates and fees vary widely across products and institutions. Surviscor measured posted rates for five product groups—chequing accounts, unregistered savings, registered accounts (RRSP, TFSA), GICs and mortgages—using publicly posted rates and excluding promotional or bundled offers. The smaller, branchless firms often offer better rates and lower fees, while larger institutions emphasize service bundles and customer experience.

Gold—Best for rates and fees (tie): Tangerine and EQ Bank

Tangerine and EQ Bank tied for the best rates and fees in 2025. Tangerine stands out for competitive mortgage rates and strong offerings across chequing, savings and GICs, while EQ Bank leads on savings interest rates and competitive GIC rates. EQ Bank’s mortgage rates are harder to find without being a customer, but its deposit rates are industry-leading.

See Surviscor’s assessments of Tangerine and EQ Bank for more detail.

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Best online banking firms for onboarding experience

Onboarding covers the digital account opening and sign-up process, including pre-login information, the number of accounts you can open in one session, e-signature support and service methods available during account setup. Big banks tend to lead due to the breadth of products, but many institutions now offer improved digital onboarding.

Gold—Best for onboarding experience: CIBC

CIBC scored highest for onboarding, offering a smooth, well-designed account opening process on both desktop and mobile with strong support for both new and existing customers.

See Surviscor’s detailed CIBC review.

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Best online banking firms for digital user experience

This category measures overall usability, navigational design, user protection features, product availability and customization options across desktop and mobile. Even if big banks often perform well, smaller firms can compete when they offer focused, user-friendly designs.

Gold—Best for digital user experience: TD Canada Trust

TD earned the top spot for digital user experience. Its sites and apps are easy to navigate both before and after login, and it offers a broad set of products and services. The main limitation is a lack of deep customization options for users.

Learn more in Surviscor’s review of TD Canada Trust.

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Best online banking firms for account information and management

This area assesses how well a bank presents balances, transaction history and account details, how easily users can sift and manage data, and how effectively the platforms summarize account standing on each visit. Big banks generally offer richer information, but parity across desktop and mobile remains a challenge.

Gold—Best for account information and management: CIBC and TD Canada Trust

CIBC and TD tied for the top spot. Both scored 64 out of 120 points, reflecting that even the leaders provide only about half of the ideal functionality. CIBC offers more consistent features across platforms, while TD provides stronger mobile account documentation but uneven desktop performance in some areas.

Read Surviscor’s reviews for CIBC and TD Canada Trust.

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Best online banking firms for completing digital transactions

This category evaluates money movements (internal transfers, external transfers, Interac e-transfers), bill payments, cheque deposits, investment purchases and other transactional capabilities. Large banks typically offer the most comprehensive transactional tools.

Gold—Best for digital transactions: RBC Royal Bank

RBC leads for overall transactional experience with 82 out of 110 points. Its desktop platform is particularly strong, although the mobile app is slightly weaker when it comes to investment availability and the purchasing experience.

See Surviscor’s assessment of RBC for more detail.

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Best online banking firms for educational resources

Surviscor measures the availability and quality of educational materials such as articles, courses, videos, webinars, podcasts and decision tools that help customers understand banking and investment products. While some firms treat FAQs and blog posts as education, Surviscor looks for structured learning resources that translate into better decision-making for users.

Gold — Best for educational resources: CIBC

CIBC scored near-perfect in this category, offering a balanced set of interactive educational resources on desktop and good coverage on mobile. More mobile tools and calculators would further strengthen its offering.

Read the Surviscor review of CIBC for examples.

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Best online banking firms for account analysis and budgeting

Account analytics and budgeting tools were examined across multiple criteria to find tools that visualize spending and allow customization of categories, subcategories and financial planning based on actual transaction data. Few firms excel in this area: only about half provide basic coverage and only a quarter offer full-featured analytics.

Gold—Best for analysis and budgeting: ATB Financial

ATB Financial is the leader for analytics and budgeting, scoring 19 out of 20. Its tool integrates multiple account types and allows custom categories and subcategories for revenues and expenses, which supports detailed budgeting and planning.

See the Surviscor review of ATB Financial for specifics.

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Compare Canada’s best digital banking firms

The comparison table below displays features across institutions. A checkmark indicates the feature is available on both mobile and desktop; a platform note indicates availability on one platform only; and an X indicates the feature is not available on either platform.

	Alterna Bank	Alterna Savings	ATB Financial	BlueShore Financial	BMO Bank of Montreal	CIBC	Coast Capital Savings	Conexus Credit Union	Desjardins	EQ Bank	Laurentian Bank	Manulife Bank	Meridian Credit Union	Motusbank	National Bank of Canada	PC Financial	RBC Royal Bank	Scotiabank	Servus Credit Union	Simplii Financial	Tangerine	TD Canada Trust	Vancity

(1) 142 service requests per firm between January and December 2024
(2) Industry average response time was 39 hours between January and December 2024

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Methodology

Surviscor completed a comprehensive features and functionality questionnaire—nearly 8,000 questions per firm—covering both desktop and mobile platforms and hundreds of typical consumer tasks. Surviscor also reviewed posted rates and fees across five product categories in February 2025 and recorded 142 service interactions per firm over the 12 months ending Dec. 31, 2024. Each firm was scored within 10 sections of the review (10 points for first through 1 point for tenth), and the overall score is the sum of the awarded section points.

More Surviscor resources

Surviscor publishes in-depth, unbiased analysis of online banking and brokerage firms in Canada. Their reviews include platform evaluations, service metrics and fee comparisons to help consumers match digital banking offerings to their needs. Surviscor also provides tools like scorChoice to create personalized scorecards based on the digital banking features that matter most to you, and a blog that offers ongoing insight into digital customer experiences.

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Read more about banking:

• Video: How to find the best online bank account
• The best chequing accounts in Canada
• MoneySense’s free Excel template for your monthly budget
• It’s probably time you switched banks—4 easy steps for Canadians