Chime is a fintech that offers access to a range of fee-free banking services. These include a chequing account and a high-interest savings account, a no-fee overdraft facility and a Visa debit card.Chime is hugely popular in the United States, but it’s not available to Canadians. So if you’re looking for Canadian fintechs and neobanks that offer similar products and services, check out these Chime alternatives.Is Chime available in Canada?No, Chime is not available in Canada. You’ll need to be living in the United States to open an account with Chime.But there are several providers that do offer low or no-fee digital banking in Canada, so let’s take a closer look at seven Chime alternatives.Top 7 Chime alternatives in Canada1. EQ BankEQ Bank is the direct banking arm of Equitable Bank. Launched in 2016, this digital bank is a Canada Deposit Insurance Corporation (CDIC) member and offers a wide range of personal banking products.The EQ Bank Personal Account is a hybrid savings/chequing account, while EQ also supports free withdrawals from any ATM in Canada. Other products include TFSAs and RRSPs, a US dollar account, GICs and an online mortgage marketplace.EQ Bank also offers a streamlined online platform and mobile app, making it well worth a look if you’re searching for Chime alternatives in Canada.
EQ Bank Personal Account
4%
Interest Rate
$0
Account Fee
$0
Transaction Fee
The EQ Bank Personal Account is a hybrid of a savings account and a chequing account. It pays a standard rate of 2.5% interest on your balance, but this rises to 4% if you direct deposit your pay into your account. At the same time, you can perform unlimited transactions (including e-Transfers) with no monthly fee, earn cash back on purchases and get fee-free withdrawals from any ATM in Canada.
High interest rate
No minimum balance requirement
Unlimited transactions
Easy access to your funds whenever you need
No physical branches
You need to direct deposit your pay to get the maximum interest rate
Min. Age
18
Account Fee
$0
Transaction Fee
$0
Interac e-Transfer Fee
$0
NSF Fee
$0
2. Simplii FinancialSimplii Financial is a digital bank owned by CIBC. Launched in 2017, this branchless bank aims to make banking simple.Open an account with Simplii and you can manage it online, via the Simplii Financial mobile app and at CIBC ATMs. Products include Simplii’s No Fee Chequing Account, which supports unlimited debit purchases, bill payments and withdrawals with no monthly fee.It also offers foreign currency savings accounts, newcomer and student banking packages, a Cash Back Visa credit card that pays up to 4% cash back on eligible purchases, mortgages, personal loans and lines of credit.
Simplii High Interest Savings Account
6%
Interest Rate
$0
Account Fee
$0
Transaction Fee
This account offers a high promotional interest rate of 6% for the first 5 months. It then reverts back to a rate of 0.4% on balances of $100,000 or less, with higher rates available on larger balances. There are no monthly fees or minimum balance requirements to contend with, and you can set up automatic deposits to help grow your balance faster.
No fees
No minimum balance requirement
High promotional rate
Higher rates available elsewhere once promo period ends
Tiered rate structure means you may not qualify for the highest standard rate
No physical branches
Min. Age
18
Account Fee
$0
Transaction Fee
$0
Interac e-Transfer Fee
$0
NSF Fee
$45
3. KOHOKOHO offers a fee-free bank account that supports unlimited transactions and pays 3% interest like a savings account. And because your account is linked to a prepaid Mastercard, you can spend your money whenever you want (and get cash back from KOHO partners for doing so).What makes KOHO an enticing Chime alternative is its user-friendly app. The app, which is rated 4.8 out of 5 by iOS users and 4.6 out of 5 by Android users, makes it easy to send transfers, check your balance and track your spending. You also get access to features such as a credit building tool and the ability to set savings goals, offering plenty of bang for your buck from a free account.
KOHO Easy Prepaid Mastercard
$0
Monthly Fee
$0
Transaction Cost
1% cash back
Rewards
Easy is KOHO’s entry-level plan with no monthly fee. It lets you earn 3% interest on your balance, but you also get a prepaid reloadable Mastercard for easy access to your money. You can earn 1% cash back on groceries and transportation, plus take advantage of budgeting and saving tools in the app to help you better manage your money.
Earn interest on your balance and cash back on your spending
Easy-to-use app
Money management tools
No monthly fee
You’ll need a paid plan if you want to maximize cash back earnings
No physical branches
Monthly Fee
$0
Transaction Cost
$0
Foreign Transaction Fee
1.5%
Monthly Fee
$0
e-Transfer Fee
$0
NSF Fee
$0
Rewards
1% cash back
4. WiseFounded in 2011, Wise was originally known as TransferWise and specialized in international money transfers. It now offers a host of other products and services to customers who need to send and receive international payments, exchange foreign currency and make purchases while travelling overseas.Its Multi-Currency Account allows you to convert and hold funds in 40 currencies, while you can also receive international payments in 9 currencies. And with a Wise card in your pocket, you can get the mid-market exchange rate when you pay for purchases abroad.Like Chime, Wise also offers a highly-rated mobile app that makes managing your money a piece of cake. With an average user rating of 4.7 out of 5 from thousands of reviews across Google Play and Apple’s App Store, it’s as user-friendly as they come.
Wise Business
$0
Monthly Account Fee
CAD, USD, GBP, EUR, AUD, HUF, NZD, RON, SGD, TRY
Multicurrency Accounts
0.43%
Currency Conversion Fee
The Wise Multi-Currency Account lets you hold and convert funds in 40 currencies. You get the mid-market rate when you exchange currencies, and it’s easy to send payments to recipients all over the world. You also get local bank account details in 9 different currencies so you can receive international payments, while you can use your Wise card to spend in more than 160 countries.
Easy to open and manage your account online and via the app
Get the mid market exchange rate
Convert to 40 currencies
Get local bank account details in up to 9 currencies
No physical branches
Watch out for transfer fees
Monthly Account Fee
$0
Multicurrency Accounts
CAD, USD, GBP, EUR, AUD, HUF, NZD, RON, SGD, TRY
Currency Coversion Fee
0.43%
GIC Available
No
5. motusbankmotusbank is an online-only bank owned by Meridian Credit Union. Launched in 2018, it offers savings and chequing accounts as well as investments, mortgages and HELOCs.The motusbank No Fee Chequing Account supports unlimited free Interac e-Transfers as well as bill payments, debits and withdrawals, there’s no minimum balance requirement either, and it’s easy to manage your account via mobile and online banking.
Motusbank High Interest Savings Account
2.50%
Interest Rate
$0
Account Fee
unlimited
Transaction Fee
When you open a motusbank High Interest Savings Account, you can earn 2.5% interest without having to pay any monthly fees. There’s no minimum balance required to earn interest, it’s easy to access your money when needed, and you also get the peace of mind provided by up to $100,000 of CDIC protection.
Competitive interest rate
No monthly fees
Unlimited debit purchases and withdrawals
Fee-free access to over 43,000 ATMs in North America
No physical bank branches
Higher rates available from other providers
Min. Age
18
Account Fee
$0
Transaction Fee
unlimited
Interac e-Transfer Fee
N/A
6. Neo FinancialNeo Financial is a Canadian fintech that has offered an alternative digital banking solution since 2019. It provides a hybrid chequing/savings account, credit cards, mortgages and actively managed investment portfolios.Neo Money offers access to a high-interest savings account with no monthly fees, and the Neo Money prepaid Mastercard provides easy access to your funds. You can also earn cash back at a wide range of partner retailers, plus track your spending through a mobile app and get personalized insights from Neo AI.The app itself scores an average rating of 4.8 out of 5 from over 25,000 iOS users, so Neo Financial is another solid option if you’re searching for the best alternatives to Chime in Canada.
Neo High Interest Savings Account
4.00%
Interest Rate
$0
Account Fee
$0
Transaction Fee
Neo Money offers a high-interest savings account that pays 4% interest on your balance. But you can also withdraw your money at any time, and use your prepaid Neo Money Mastercard to make free everyday transactions. Even better, you earn cash back when you shop at thousands of Neo partners, with up to 5% cash back available at some partners..
Competitive savings interest rate
Earn cash back across multiple spending categories
Easy to track your spending and cash back through the app
No monthly fee
You’ll need to upgrade to a paid plan to earn more cash back and access all features
No Physical branches
Min. Age
N/A
Account Fee
$0
Transaction Fee
$0
Interac e-Transfer Fee
$0
7. Tangerine BankTangerine Bank is a wholly-owned subsidiary of The Bank of Nova Scotia and first started life in Canada as ING Direct. This online bank offers a wide range of personal and business banking products across Canada, including savings accounts, TFSAs, RRSPs, credit cards and more.Its No-Fee Daily Chequing Account offers fee-free everyday banking and access to over 3,500 Scotiabank ABMs across Canada. Meanwhile, Tangerine’s World Mastercard lets you earn up to 2% cash back in selected spending categories and provides access to Mastercard Travel Rewards.
Tangerine Savings Account
5.75%
Interest Rate
$0
Account Fee
$0
Transaction Fee
The Tangerine Savings Account pays 0.7% interest on every dollar you deposit in your account. There’s no monthly fee and no minimum balance requirement, while it’s easy to manage your account online or via the Tangerine mobile app. You can also automate your savings by setting up a regular deposit to your savings account.
Easy to open and manage your account
No fees
No minimum balance requirement
CDIC coverage
Other accounts have higher interest rates
No physical branches
Min. Age
16
Account Fee
$0
Transaction Fee
$0
Interac e-Transfer Fee
N/A
What is Chime?Chime is a fintech company that offers a range of no-fee banking services to its customers. Its products include a chequing account with no monthly fees, a high-interest savings account and a secured credit card. Chime also offers a fee-free overdraft facility known as SpotMe, which provides up to $200 of overdraft protection for debit card purchases and cash withdrawals, and offers early access to your paycheque when you get it direct deposited into your account.You can manage your account through the Chime mobile banking app. Available for iOS and Android devices, the intuitive app has been downloaded millions of times.Chime was launched in 2014 and is headquartered in San Francisco.What countries have Chime?Chime is only available in the United States.Is Chime a real bank?Chime is not a bank but a financial technology company. Its banking services are provided by The Bancorp Bank or Stride Bank, both of which are Federal Deposit Insurance Corporation insured.But while it’s not a bank, Chime does provide access to the sort of products and services you’d expect from a traditional bank, including chequing and savings accounts.Chime FAQ
What is the Canada Deposit Insurance Corporation (CDIC)?
The CDIC is a federal Crown corporation that provides insurance for deposits at eligible banks and financial institutions. If you open an account with a CDIC member, up to $100,000 you deposit will be covered if your financial institution fails.
Are there any downsides of digital banks?
The key factor you need to be aware of with an online-only bank is that you’ll need to access customer support online or over the phone. If you prefer face-to-face transactions, you may want to consider a bank with a large branch network. A digital bank may also not be able to provide fee-free access to as large an ATM network as a traditional bank, and they tend not to offer the same extensive range of banking products and services as traditional banks. Find out more in our guide to digital banking in Canada.
Can Chime help me build my credit?
Yes. Chime offers a secured visa credit card for US customers. You won’t need to undergo a credit check to apply and there are no annual fees or interest to worry about. Chime also reports your payments to TransUnion, Equifax and Experian to help you improve your credit score.
Who can use Chime?
To sign up for Chime you will need to be a citizen or resident of the USA. You’ll also need to be 18 years of age or older and have a valid Social Security Number.
Does Chime charge ATM withdrawal fees?
Chime offers fee-free withdrawals from a network of over 60,000 ATMs across the USA — use the Chime app to locate your nearest ATM. But if you withdraw money from a non-network ATM, a $2.50 fee applies.
