Where can you get the best digital banking experience in Canada? We wanted to find out in this second annual review of the best online banks and credit unions in Canada.
To come up with the ranking, MoneySense partnered with Surviscor, a leading Canadian research and consulting firm specializing in financial service customer experiences. Surviscor analyzed hundreds of data points on firms across the Canadian digital banking space, including traditional banks, credit unions, co-operatives and neo/branchless banks.
Table of contents: Best online banks and credit unions in Canada
- Top three online banking firms in Canada
- Best online banking firms by category
- Best online banking firms for desktop users
- Best online banking firms for mobile users
- Best online banking firms for service
- Best online banking firms for rates and fees
- Best online banking firms for onboarding experience
- Best online banking firms for digital user experience
- Best online banking firms for account information and management
- Best online banking firms for completing digital transactions
- Best online banking firms for educational resources
- Best online banking firms for account analysis and budgeting
- Digital banking firm comparison tool
- Methodology
Best online banking firms for 2025
Here are the best online banking firms in Canada in 2025, based on Surviscor’s analysis. The results are based on the four pillars of the digital banking experience: desktop experience, mobile experience, rates and fees, and service availability and responsiveness. To find out more about how we ranked firms, read our methodology.
| 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 |
Note: The National Bank of Canada takeover of Canadian Western Bank is complete, so we left Motive Financial, the latter’s online-only subsidiary, out of this review. Motive Financial customers are being moved over to National Bank of Canada, but they also have the opportunity to search for another firm.
Digital and online banking in Canada
Did you know Canadians have an abundance of choice outside of the popular, and traditional, big banks? Hopefully you do. But if not, this analysis will open your mind to other options, including regionally based credit unions and co-operatives, and neo or branchless virtual banks.
Let’s face it, the majority of Canadians love and trust banks—sometimes blindly. It’s unclear if this loyalty stems from familiarity, tradition or a general lack of trust in financial institutions. But many Canadians stick with big banks, even when they know they will most likely find lower costs and fees elsewhere. The reality is that there are many exceptional digital banking firms across Canada.
Before we dig into the results, let’s address the elephant in the room: the term digital banking. It’s important not to confuse digital banking with digital bank. Digital banking refers to our use of phones, tablets, laptops and desktops for banking.
Every firm in this review offers digital banking. Most of the neo/branchless banks are discount subsidiaries of larger bricks-and-mortar firms; they do not have branches for you to visit or use, and they offer either full or partial traditional banking services. The analysis also includes credit unions and Desjardins—a co-operative that is hugely popular in Quebec and stands in a category of its own.
The review has 10 categories of focus: four that speak to a customer’s larger overall experiences, and six that look more closely at the user experience within two digital platforms (mobile and desktop). In each case, we’ve used Surviscor’s existing research and ensured the four pillars of experience—desktop, mobile, rates and fees, and service—are incorporated into the four larger categories. Desktop and mobile data are used to narrow in on the best firms within the six more targeted experiences.
Check the chart to see which banking firms in Canada scored the most points for all categories, then read more about the top three online banking firms and the best ones depending on your digital banking needs, styles and long-term goals.
Top 3 online banking firms in Canada
Here’s a closer look at the top three overall winners.
Gold — Best online bank: TD Canada Trust
TD Canada Trust is once again MoneySense’s pick for the best online banking firm in Canada in 2025, again scoring 72 out of a possible 100 points. It ranks in the top spot in three of the 10 categories and is the runner-up in another two categories.
TD Canada Trust is the banking arm of Toronto Dominion Bank and was Canada’s second-largest bank by asset size in 2024, according to Statista. TD Canada Trust offers two well-designed and comprehensive digital platforms for consumers that include easy application processes for both prospective and current customers, comprehensive account information and transactional capabilities, and strong digital-based education.
TD’s most glaring drawback is the structure of its rates and fees, for which it ranks 19 among the 23 banking firms under review. Another issue is that prospective customers can only receive non-branch, non-automated support by phone or through social media. However, this is a common issue among big banks, despite decent service availability overall, with only the odd firm offering some level of human-based chat in key areas.
Pros
- Navigational design on both desktop and mobile that is easy to use and understand
- Educational resources available pre-login on desktop
- Stock market information (including quotes) available pre-login on mobile
- Depth of account information and analysis available on both platforms
- Top-tier money movement and bill payment capabilities on both platforms
Cons
- Non-competitive rates and fees
- Social media and phone are the only e-based methods of communication for new customers
- Lack of customization features on both platforms
- Low level of account notifications on both platforms
- Few educational resources on mobile
Interested in better understanding the good, the bad and the ugly about digital banking with TD Canada Trust? Read the complete Surviscor review.
Silver — Best online bank: CIBC
CIBC is the next best firm overall, scoring 71 out of a possible 100 points. It ranks in the top spot in two of the 10 categories and is the runner-up in three others.
CIBC was the smallest of the traditional Big Five banks in terms of asset size in 2024, according to Statista. But it sure does pack a punch, and has for years, when it comes to digital banking experiences. CIBC’s mobile platform has long been considered the industry leader and innovator. CIBC was the first big bank to have launched a mobile app, and it has finally launched a new desktop design that remains easy to use, improving an already good overall banking experience for users. The bank’s strengths lie in the account opening process and its commitment to promoting financial literacy across digital platforms.
Consistent with its big bank peers, however, CIBC’s biggest drawback is that it lacks competitiveness on its rates and fees. In this area, it fell to the bottom of the 2025 ranking, placing last among the 23 banking firms under review.
Pros
- A digital experience that is balanced and consistently good across mobile and desktop
- Industry-leading mobile platform, which set the industry standard for excellence
- Top-tier account opening process on both platforms for both new and existing customers
- Strong account alerting and notifications capabilities on both platforms
- Good amount of digital-based account services
Cons
- Non-competitive rates and fees
- New customers can only communicate with the bank by phone and through social media
- Average account information and analytics available on both desktop and mobile
- Few tools and calculators on both platforms
- Below-average customization features on both platforms
Are you interested in better understanding the good, the bad and the ugly about digital banking with CIBC? Read the complete Surviscor review.
Bronze — Best online bank: RBC Royal Bank
RBC Royal Bank rounds out the top three again in 2025, scoring 66 out of a possible 100 points. It ranks in the top spot in two of the 10 categories and within the top three in four of the remaining categories.
RBC Royal Bank was Canada’s largest bank by asset size in 2024, according to Statista, and it has been Surviscor’s top choice for desktop-based online banking for many years. It set the recent standards for overall experience with its best-of-breed depth of account information and transactional capabilities. Its mobile platform is no slouch, either—it also ranks as a top-tier platform.
We are sounding like a broken record, but the most obvious drawback with RBC is rates and fees that aren’t competitive. In this area, it ranks a whopping 21 among the 23 banking firms. And despite finishing strong in the mobile platform category, RBC’s mobile platform does not offer the same complete experience that the desktop platform does.
Pros
- Industry-dominant desktop platform with the majority of bells and whistles
- Top-tier account management, information and analytics
- Good mobile platform for transactions
- Top-tier educational resources on desktop
- Account spending tool NOMI, which helps clients better understand how they’re using their money
Cons
- Non-competitive rates and fees
- New customers can only communicate with the bank by phone and through social media
- Disjointed functionality and product availability between desktop and mobile
- Poor account alerting and notifications capabilities on both platforms
- Lack of educational resources in both the pre-login and secure areas on mobile
Are you interested in better understanding the good, the bad and the ugly about digital banking with RBC? Read the complete Surviscor review.
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