Open a Bank Account Online in Canada in 5 Easy Steps in 2023 | Finder (2024)

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How do I open a chequing account online instantly in Canada?

Opening a chequing account online instantly in Canada is the same process you’d follow for any other bank account opening online. First, compare online banks in Canada to find the best chequing account for you — and apply. Just like the five-step process of opening a bank account online, you will need to verify your identity before getting a confirmation email and follow-up documentation, as well as your debit card sent to you in the mail. Once you open a chequing account online, you can set up online banking with the bank’s mobile app and deposit some funds.

What do I need to open a bank account online in Canada?

The whole process of opening an online Canadian bank account shouldn’t take more than 10 minutes. If you’re at least 18 years old, you can apply for most bank accounts online. You’ll be provided with a checklist of things you should have with you before you apply. If you’re an existing customer of the bank, make sure you have your relevant customer ID or account number.

Identification

ID is required to help banks protect you from fraud. If someone gets your Social Insurance Number (SIN),⁽²⁾ they could try to open a line of credit or apply for an account in your name to hide illegally obtained money. Banks verify your ID to make sure it’s really you opening the account and not someone trying to steal your identity. If you don’t have valid identification, such as a passport or driver’s license, then you’ll need to follow the steps for opening a bank account without ID.

Personal information

Most accounts allow you to apply for a joint account with one or more people. If you’re applying for a joint account, all account holders must provide their personal information, including SIN and ID, address and contact information.

Bank account opening online: Eligibility requirements

What do you need to open a bank account in Canada? To open a savings account online or to open a chequing account online? Generally, you’ll need to:

• Be a Canadian resident with a Canadian residential address. If you are new to Canada, read how to open a bank account in Canada without proof of address.
• Be at least 18 years of age or the age of majority in your province or territory (note that some banks will let minors open an account with a guardian)
• Provide a copy of your government-issued ID such as a passport or driver’s license (you may be required to upload a scanned copy of your ID for verification purposes)

Benefits of applying for a bank account online

• You can skip the hassle of going to a branch
• You aren’t confined to the branch’s hours of operation to do your banking
• Online banking apps are easy to use
• It usually takes about 10 minutes to get started
• You can bank from anywhere, including when travelling, commuting, etc.

What to watch out for when you apply for a bank account online

You may have to visit a local branch to open a bank account if you run into any of these challenges.

• You have no or bad credit. In Canada everyone is entitled to open a bank account in Canada. There are no credit score checks and no income qualifications. However, banks and other financial institutions may use your credit history — which is tied to your credit score — to verify your identity. This is a soft pull on your credit report — so there is no impact on your credit score. Even if you don’t have a credit report, you can still open a bank account in Canada. In fact, you will not need a credit report to apply and open a bank account in Canada.
• You are a minor. At almost all banks and credit unions, anyone under the age of 18 or the age of majority in your province can’t open a bank account without a parent or legal guardian present. Some banks allow minors — some as young as 14 — to open a bank account, but it will require an in-person visit to the local branch.
• You are a non-Canadian citizen or resident. Non-residents can still open accounts at some banks in Canada, but there are extra steps involved. You may be required to bring your passport and work visa or student ID to a local branch to verify your identity and complete the application process.
• You want to open business accounts. While opening a bank account online for yourself is simple, it’s more difficult to open a bank account online for your business. Depending on your business structure and requirements, you may be able to complete the process online, but most will require booking an in-person appointment.

While many traditional banks have an online presence, not all online banks have physical branches. If you are running into trouble with any of the above, digital banks may still be able to help you get set up online since there is no option to go into a branch.

How do Canadians plan to bank in 2023?

In the Finder: Consumer Sentiment Tracker Q1 (CSTQ1), we asked more than 1,840 Canadians about their financial plans in 2023 including what type of bank account and banking products they plan to open this year. Nearly 1 in 5 Canadians (17%) said they planned to open a chequing account.

The most popular banking product, among all age demographics, is a savings account, followed by a chequing account and then a credit card.

At the start of the year, Canadians were looking for bank accounts with no transaction fees (11.88%) and a high interest rate (10.52%). By the end of March, Canadians began to look for other perks. In the Finder: Consumer Sentiment Tracker Q2 (CSTQ2),⁽³⁾ the most popular features Canadians were looking for in a bank account included:

• Points or rewards (excluding cashback) — 11.27%
• Cashback rewards — 9.76%
• No transaction fees — 9.47%
• High-interest rate — 8.67%
• Interest-earning chequing account — 7.29%

Bottom line

The days of spending an hour at the bank to open an account are gone, and you can open a new chequing or savings account online from your computer or phone in minutes. But don’t let the speed and convenience rush you into deciding. Compare savings accounts or chequing accounts before getting started to find the one that’s right for you.

Bank account opening online FAQs

• No, you don't need to make a deposit when you open a bank account in Canada. According to federal regulations, you have the right to open a bank account even if you don't have a job, cannot make a deposit or declare bankruptcy.

• You can activate your card online or over the phone. The primary account holder will generally need to activate their card first before any additional cardholders can do the same.

• All of the Canadian online bank accounts listed in our table here are easy to open.

• Absolutely. Just follow these five easy steps above to open a bank account online in Canada and choose from these bank account providers to start your application.

• To open a checking account online instantly in Canada, follow the same five easy steps described above. Compare online banks in Canada to apply for the best chequing account for you. Then after you verify your identity online, you'll soon receive your debit card in the mail. Finally, set up online banking with the bank's mobile app and deposit some funds so you can start using it.

• Once you’re approved for the account, you can register for online banking. In most cases, you'll be able to do this online or via the app through a link sent to you in an email, but some banks will require you to call customer service to set up a password.

• After your account is open, paper statements may be sent to you in the mail each month by default. You can choose to get electronic statements instead by calling the provider or by logging on to the online banking portal and changing your settings. Often, you may end up paying to receive paper statements, but electronic statements are typically provided for free.

• In some cases, yes. However, it will mostly depend on the bank you're interested in. Most banks require the following information to open an account:

  • Valid ID, like a passport or driver's license
  • Social Insurance Number (SIN)
  • Proof of address

  If you're a Canadian citizen, the process to open a bank account should be relatively straightforward because you should have access to the right documents. However, if you're not a citizen, you may be required to provide other documents in place of those normally required. These can include:

  • Permanent residence card
  • Temporary residence card
  • Work permit and proof of employment
  • Study permit

  Call the bank you're interested in for more information and to learn the exact documents required for your specific situation. To learn more, read our guides to best bank accounts for newcomers to Canada.

• It depends on the institution. Some may ask you to input an electronic signature on their paperwork, which you can do easily through applications like Docusign. Others may follow up with paper forms in the mail that you need to sign physically. Finally, you might be asked to print, sign and scan your signed forms.

• To open a Canadian bank account online, you'll need to be a Canadian resident with a Canadian residential address and be at least the age of majority in your province or territory (usually 18 or 19, but note that some banks will let minors open an account with a guardian), plus provide a copy of your government-issued ID. However, some banks will also approve a non-resident living in Canada or someone planning to move to Canada to open a bank account online or in person.