neobankdb.com

CA · CAD

Canada digital banks

Canada’s digital banks sit in the shadow of the Big Five. Neo Financial is the consumer brand people mean when they say “Canadian neobank.” Tangerine is Scotiabank’s digital bank — real CDIC member, not a startup. EQ Bank is another. Motus Bank closed in 2025 and was folded back into Meridian Credit Union, which is why it lives in the graveyard, not this list. Wise and Wealthsimple sit adjacent. Always check CDIC membership; a prepaid card is not a deposit.

9Live on the desk

Regulator

OSFI, FCAC, provincial regulators, CDIC

Deposit scheme

CDIC covers eligible deposits up to $100,000 per category at member institutions

In this market

Licence still sits on the product
ProductScoreHQMonthlyFXUsersLicence
Interactive Brokers8.6Greenwich, United StatesNo inactivity on many accountsInstitutional-grade FX; a reason people open it3.3M accountsBroker-dealer / FCM
Wise8.6London, United KingdomFree personalMid-market plus a transparent conversion fee — the category benchmark16M+EMI (personal)
Kraken7.9San Francisco, United StatesMaker-takerTight on majors vs retail Coinbase13M+US MSB + exchange
Ramp7.8New York, United StatesSoftware + card; pricing by planFX on overseas card spend40k businessesCommercial card programme
Exodus7.6Omaha, United StatesFree walletSwap partner spread4M+See review
Coinbase7.5San Francisco, United StatesFree to holdSpread on the retail app; Advanced is tighter100M+MSB + state money transmitter / trust
Relay7.4Toronto / US ops, CanadaFree coreUSD opsTens of thousands of firmsFintech with partner banks
Crypto.com7.2Singapore, SingaporeCard tiers gated by CRO stake (terms change — verify)FX on card + spread on crypto sell80M+Exchange + card programme by market
Tangerine7.1Toronto, CanadaNo monthly on core chequing (conditions apply)Retail FX — not Wise2M+Schedule I bank

Closed in this market

Graveyard
ProductScoreHQMonthlyFXUsersLicence
Motus Bank6.4Toronto, CanadaWas no-fee chequing—ClosedSchedule I bank (wound up)

Do not open. Full file sits in the graveyard.

Questions

Is Tangerine a neobank?+

It is a digital bank owned by Scotiabank and a CDIC member. We list it because Canadians searching “online bank” land here, and the product behaves like a neobank even if the parent is a Big Five bank.

Other desks

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Cross-check the scoring weights and the graveyard before you treat a leftover landing page as live.