13 Best Money Management Apps in Canada for 2023

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:

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

The Best Money Management Apps of 2023

• Best Investment App: Wealthsimple Invest
• Best Trading App: Questrade
• Best Saving App: EQ Bank
• Best App for Investing Spare Change: Moka
• Best Free Trading App: Wealthsimple Trade
• Best Cash back App: KOHO
• Best Credit Score App: Borrowell
• Best Portfolio Rebalancing Tool: Passiv
• Best Net Worth Tracker App: Wealthica
• Best Expense Tracker: Mint
• Best Cryptocurrency App: CoinSmart
• Best App for Free Chequing Account: Simplii Financial

1. Wealthsimple Invest

The Wealthsimple app is one of 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.

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.

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.

4. 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 $3 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.

5. 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.

Free Money Management and Personal Finance Apps

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

6. KOHO

KOHO is a free reloadable prepaid Visa card 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 for a regular KOHO account
• 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 Visa’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.

7. 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.

8. 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.

9. 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

10. Mint

If you need a personal expense tracker app to stay on top of your bills/budget and to improve your finances, try Mint.

This free app makes the budgeting process easier to accomplish and will send you alerts so you don’t miss a bill payment.

Easily connect your bank accounts to the app and see all your transactions and net worth in one place.

• Available on: iOS and Android
• Location: Canada and the U.S.
• Price: Free
• Link: Mint.com

Here is a list of other free budgeting apps.

11. CoinSmart

If you want to trade cryptocurrency in Canada, the CoinSmart Crypto app is one of the best in Canada.

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
• Price: Spread
• Link: CoinSmart

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

12. 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.

13. 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.

Bonus: Mogo

Mogo combines many things:

• Free credit scores
• Prepaid card
• Access to personal loans and mortgage loans
• Available on: iOS and Android
• Location: Canada
• Price: Free

The Mogo app is well-rated in the App Store and Googe Play. It offers free monthly Equifax credit scores when you sign up for its free prepaid card, and those interested in Bitcoin will find its platform easy to use.

Read my detailed Mogo review.

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