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The Best Money Management Apps in Canada for 2024

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Financial technology companies are making financial planning, investing, and budgeting easier than ever.

It’s a sign of the times, and millennials and Gen Z’ers appear to be eager adopters of the new trend where almost all of your money management can be done using your iPhone or Android device.

The best money management apps and investment apps on this list can help you:

  • Earn cash back easily and budget
  • Track your net worth
  • Invest automatically at low fees
  • Maximize your savings account returns
  • Check your free credit scores
  • Rebalance your investment portfolio

The Best Money Management Apps of 2024

Best Money Management Apps in Canada

1. KOHO

KOHO is a free reloadable prepaid Mastercard and app that offers a high cash back rate on purchases and budgeting capabilities.

Here are some reasons I use the KOHO app:

  • Up to 5% cash back on purchases
  • No fees*
  • Earn high interest rates on your entire balance when you set up a direct deposit
  • Automatic savings plan, including rounding up your spare change
  • Funds are CDIC-insured for up to $100,000 (via Peoples Trust Company)
  • Covered under Mastercard’s Zero Liability policy
  • Price match, Apple Pay, and KOHO insights which categorize spending in real-time
  • Available on: iOS and Android
  • Location: Canada
  • Price: Free

Read the complete KOHO review.

KOHO Prepaid Mastercard

Rewards: Earn 1% cash back on groceries and transportation, up to 5% unlimited cash back at partner stores in Canada. Get 5% interest on your entire balance. Users also get access to a free budgeting app, 0% APR cash advances and free credit score checks.

Welcome offer: $20 sign up bonus after first purchase (use CASHBACK promo code during sign-up)

Interest rate fee: N/A

Annual fee: $0*

2. Questrade

If you are looking for the best trading app for Canadians to buy and sell stocks, ETFs, bonds, mutual funds, options, and other investment securities, the Questrade mobile app is the way to go.

Questrade offers some of the lowest trading commissions in Canada and commission-free ETFs. The app also has market data, watch lists, and charting capabilities for the savvy self-directed investor.

  • Available on: iOS, Android, and Web
  • Location: Canada and the U.S.
  • Link: Questrade

Other features: Questrade has a robo-advisor service, Questwealth Portfolios, which offers automated investing and customized portfolios at a low fee.

Questrade

questrade logo

Trade stocks, ETFs, options, FX, bonds, CFDs, mutual funds, etc.

Get $50 trade credit with $1,000 funding

Low and competitive trading fees

No quarterly inactivity fees

Access to advanced tools and trading data

Top platform for advanced traders

Transfer fees waived

3. EQ Bank

Our favourite savings app is from EQ Bank.

Canadians looking for high-interest savings rates that stay “high” consistently and are non-promotional will find the EQ Bank app to their taste.

This is a free money management app. No minimum balance. Unlimited free transactions. High-interest rates. Free mobile cheque deposits.

  • Available on: iOS and Android.
  • Location: Canada
  • Price: Free
  • Link: EQ Bank

Additional features: Free and unlimited Interac e-Transfers. Access to a prepaid card that pays 0.50% cash back. EQ Bank is a subsidiary of Equitable Bank which means your deposits are insured up to $100,000 per category.

EQ Bank Personal Account

eqbanklogotransparent

Earn up to 4.00% interest

No monthly account fees or minimum balance

Unlimited debit transactions and e-Transfers

Free cashback card & no ATM fees

Supports mobile cheque deposits

4. Bitbuy

If you want to trade cryptocurrency in Canada, the Bitbuy Crypto app is among the best.

Its interface is easy to understand, and you can use it to buy and sell Bitcoin, Ethereum, and many other crypto coins.

  • Available on: iOS, Android, and Web
  • Location: Canada
  • Trading fees: Varies

You can also learn about other cryptocurrency apps in Canada and Bitcoin.

Bitbuy Crypto Exchange

bitbuylogo

Get a $50 bonus if your initial deposit exceeds $250

Trade approx. 40 coins

Great for new & advanced traders

0% to 2% trading fee

5. Wealthsimple Invest

The Wealthsimple app is among the highest-rated investment apps on the App Store and Google Play Store.

Wealthsimple is Canada’s most popular robo-advisor. It offers everyday investors a platform to invest their funds in customized portfolios consisting of low-fee ETFs.

  • Available on: Web, iOS, and Android.
  • Location: Canada, the U.S., and the U.K.
  • Link: Wealthsimple.com

Additional features: Wealthsimple Invest users get free financial advice, low-cost management fees, spare-change investing functionality, automatic portfolio rebalancing, automatic dividend re-investing, access to high-interest savings, investment asset protection up to $1 million, and more.

Wealthsimple Invest

WS logo

Professionally managed ETF portfolios

Multiple account types

Auto rebalancing and div reinvesting

Get a $25 bonus with a $500 deposit

6. Moka (formerly Mylo)

Living from paycheque to paycheque and thinking you don’t have money to invest? Think again. The Moka app rounds up your purchases and saves or invests your spare change.

This is how it works:

  • Sign up for Moka.
  • Connect your bank accounts and credit and debit cards, and make your purchases as usual.
  • Moka rounds up your spending to the nearest $1, $5, or $10 based on your preferences.
  • It invests the difference using low-cost ETFs in a non-registered investment account, TFSA or RRSP.
  • Fee: Moka costs $7 per month
  • Available on: iOS and Android
  • Location: Canada

Additional features: Moka offers cash back, socially responsible investing, and easy withdrawals. Learn more in this Moka explainer. U.S. residents can use spare-change investing apps like Acorns and Digit.

Moka

mokalogo-img.

Professionally managed ETF portfolios

Multiple account types

$7 monthly fee

Link bank accounts for $5 bonus

7. Wealthsimple Trade

Investors who prefer to organize their investment portfolios from scratch would enjoy the no-fee stock trading portfolio potentials that the Wealthsimple Trade app offers.

You can buy and sell thousands of U.S. and Canadian stocks and ETFs without paying commissions.

If you already have a Wealthsimple Invest account, you can use your existing credentials to sign into Wealthsimple Trade.

  • Available on: iOS and Android devices
  • Location: Canada
  • Price: Free
  • Link: Wealthsimple Trade

Other features of the app: Easily invest in TFSA and non-registered accounts; CIPF protection up to $1 million; stock-tracking capabilities; fractional shares trading, and stock trading with as little as $1.

U.S. residents can check out one of the best trading apps ever – Robinhood.

Wealthsimple Trade

wealthsimple logo

Trade stocks, ETFs, and options

Excellent trading platform for beginners

Deposit $150+ to get a $25 cash bonus

Transfer fees waived up to $150

Free Money Management and Personal Finance Apps

Here are some other free smartphone money management apps you should consider installing to improve your finances.

8. Simplii Financial

Simplii Financial offers one of the best no-fee chequing accounts in Canada.

The Simplii app is user-friendly, and you can use it for all your basic banking needs – no-fee chequing, savings, investments, credit cards, mortgages, and more.

  • Available on: iOS and Android
  • Location: Canada
  • Price: Free

Other features: Simplii offers free access to thousands of CIBC ATMs in Canada and pays interest on your chequing account balance. Your funds are protected via Canada Deposit Insurance Corporation (CDIC) by up to $100,000.

Simplii No-Fee Chequing Account

simpliifinancialnewlogo3-img

$400 cash bonus offer

No monthly account fees

Unlimited transactions & Interac e-Transfers

Free personalized cheques

9. Borrowell

Borrowell is a free credit score app for Canadians. Gone are when you had to pay $20 a pop to access your credit scores.

The Borrowell app provides over 2 million Canadians with access to your free Equifax credit score, and it is updated every month. In addition, you also get your free credit report.

I use the app to monitor my credit file for errors or fraudulent activity.

  • Available on: IOS, Android, and Web
  • Location: Canada
  • Price: Free

Additional features: The money management app also sends tailored recommendations for credit cards, investing, mortgage rates, insurance, etc.

Check your free credit score for free.

Read my Borrowell comparison for more details. Residents of the U.S. can get their free credit score from Credit Karma and Credit Sesame.

10. Passiv

Passiv is a free (or paid) portfolio rebalancing tool. It eliminates the hassle of manually rebalancing your investment portfolio by automating the process.

Passiv maintains your target allocation, sends notifications for cash and dividend deposits, and enables one-click trades.

A basic Passiv account is free, while the Elite version has a $99 fee. If you are a Questrade client, you get Elite membership for free!

  • Available as: Web app
  • Price: Elite membership free for Questrade clients
  • Link: Passiv

Other features: You can use Passiv to seamlessly connect multiple brokerage accounts.

Read my detailed Passiv review.

Passiv Investing

11. Wealthica

Wealthica is the Canadian version of Personal Capital, the popular wealth management app in the United States.

The app syncs with more than 140 Canadian financial institutions, so you can track all your investments, bank accounts, and other financial assets in one place.

If you find it challenging to stay on top of your investment accounts, Wealthica will make your life easier.

  • Available on: iOS and Android
  • Location: Canada
  • Price: Free (premium version available)
  • Link: Sign up for Wealthica
Wealthica review

12. Credit Karma

Credit Karma is another app for free credit scores. It’s available in Canada and the United States.

They provide you with a TransUnion credit score and report that is updated weekly.

  • Available on: iOS, Android, and Web
  • Location: Canada and the U.S.
  • Price: Free

Read my complete Credit Karma review.

Credit Karma canada review

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Editorial Disclaimer: The investing information provided here is for informational purposes only and is not intended as individual investment advice or recommendation to invest in any specific security or investment product. Investors should always conduct their own independent research before making investment decisions or executing investment strategies. Savvy New Canadians does not offer advisory or brokerage services. Note that past investment performance does not guarantee future returns.

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Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

About Savvy New Canadians

Savvy New Canadians is one of Canada's top personal finance platforms. Millions of Canadians use our site each year to learn how to save for retirement, invest smartly, maximize rewards, and earn extra cash. We have been featured in prominent finance media, including Forbes, Globe and Mail, Business Insider, CBC, MSN, Wealthsimple, and TD Direct Investing. Learn more about Savvy New Canadians.

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2 thoughts on “The Best Money Management Apps in Canada for 2024”

  1. Gravatar for margaret

    Hi, I like your articles regarding retirement and savings, but I don’t see information that would be helpful to most like me who don’t have high incomes or a million in savings. I would like your opinion on retirement income strategy if you have RRSP/LIRA, RPP/LIF, TFSA, non-regd funds, CPP and OAS. My main query is how to manage my income flow to minimize tax and to ensure there is sufficient funds till death. I plan to start drawing income in a few months, and to defer my CPP maybe 2 to 3 years. The bulk of my regd funds are in RRSP/LIRA. Thanks very much.

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