Best online banks and credit unions in Canada for 2024 Mar 20th

Where can you get the best digital banking experience in Canada? We set out to find out in this inaugural 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 financial institutions across the Canada’s digital banking space, including traditional banks, credit unions, co-operatives and neo/branchless banks. 

Best online banking firms for 2024

Here are the best online banking firms in Canada in 2024, 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 the points, read our methodology.

RankFirm and points awardedSurviscor’s full analysis1TD Canada Trust (72 points)TD Canada Trust’s pros and cons2CIBC (70 points)CIBC’s pros and cons3Royal Bank of Canada (68 points)Royal Bank of Canada’s pros and cons4Desjardins (44 points)Desjardins’ pros and cons5National Bank of Canada (38 points)National Bank of Canada’s pros and cons6Scotiabank (34 points)Scotiabank’s pros and cons7Bank of Montreal (33 points)Bank of Montreal’s pros and cons8Coast Capital Savings (31 points)Coast Capital Savings’ pros and cons9Tangerine (27 points)Tangerine’s pros and cons10Conexus Credit Union (25 points)Conexus Credit Union’s pros and cons11Meridian Credit Union (22 points)Meridian Credit Union’s pros and cons12Motusbank (16 points)Motusbank’s pros and cons13Simplii Financial (14 points)Simplii Financial’s pros and cons14 (tie)ATB Financial (10 points)ATB Financial’s pros and cons14 (tie)Manulife Bank of Canada (10 points)Manulife Bank of Canada’s pros and cons16Servus Credit Union (8 points)Servus Credit Union’s pros and cons17 (tie)Alterna Savings (7 points)Alterna Savings’ pros and cons17 (tie)EQ Bank (7 points)EQ Bank’s pros and cons19 (tie)Motive Financial (6 points)Motive Financial’s pros and cons19 (tie)Vancity (6 points)Vancity’s pros and cons21 Alterna Bank (5 points)Alterna Bank’s pros and cons22 (tie)Laurentian Bank (4 points)Laurentian Bank’s pros and cons22 (tie)PC Financial (4 points)PC Financial’s pros and cons24BlueShore Financial (0 points)BlueShore Financial’s pros and cons

Note: The Royal Bank of Canada takeover of HSBC Canada is in progress, so we left HSBC Canada out of this review…