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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 basically all of your money management can be done using your iPhone or Android device.

The best money management 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
  • Pay your bills while earning rewards
  • Budget, and 
  • Earn cash back easily

Top Money Management Apps

Best Money Management Apps in Canada

1. Wealthsimple Invest

The Wealthsimple app is one of the highest-rated apps for investing in the App Store and Google Play Store.

Wealthsimple is Canada’s most popular robo-advisor. They offer everyday investors a platform where you can invest your funds in customized portfolios made up 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.

When you sign up for an account here, you get to invest up to $10,000 FREE for 1 year.

U.S. residents can also use Wealthsimple for their investing and get a $50 sign-up bonus. Other popular robo-advisors in the U.S. are betterment and Wealthfront.

Read my complete Wealthsimple Invest review.

wealthsimple returns review

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, watchlists 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.

When you open a new account here and fund it, you receive $50 in free trades.

Read my complete Questwealth review.

questwealth vs mutual fund fees

3. Mylo

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

This is how it works:

  • Sign up for Mylo here.
  • Connect your bank accounts, credit and debit cards and make your purchases as usual.
  • Mylo rounds up your spending to the nearest $1, $5 or $10 based on your preferences.
  • The difference is invested using low-cost ETFs in a non-registered investment account, TFSA or RRSP.
  • Available on: iOS and Android
  • Location: Canada
  • Link: Mylo.ai

Additional features: Mylo Advantage offers cash back, socially responsible investing and easy withdrawals.

When you sign up for Mylo here, you receive a $5 welcome bonus.

U.S. residents can utilize spare-change investing apps like Acorns and Digit.

Mylo App - How To Automate Your Savings

4. Wealthsimple Trade

Investors who prefer to organize their own investment portfolios from scratch would enjoy the fee-free 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 needing to pay 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
  • 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 and stock trading with as little as $1.

Read my complete Wealthsimple Trade review.

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

Wealthsimple Trade App

5. Tangerine

Tangerine Bank offers one of the best savings rates and no-fee chequing accounts in Canada.

Let’s face it. Putting your money in a savings account with one of the Big Banks is rarely a savvy move these days.

With their savings rates not far removed from zero percent, you are better off moving your funds to a high-interest savings account with an online bank.

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

  • Available on: iOS and Android
  • Location: Canada
  • Price: Free
  • Link: Tangerine.ca

Other features: Tangerine offers free access to over 3,500 ATMs in Canada and several thousand globally, pays interest on your chequing account balance, earns up to 4% cash back on the free Tangerine Money-Back Credit Card and automatic savings plans.

Your funds are protected via Canada Deposit Insurance Corporation (CDIC) by up to $100,000.

Get a Tangerine Savings Account and earn 2.75% here.

Read my complete Tangerine Bank review.

tangerine

6. EQ Bank

Our other favourite savings app is from EQ Bank. Yup, their app’s interface is a beauty, but we love their savings rate even more.

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

No monthly fees. No minimum balance. Unlimited transactions. High-interest rates.

  • Available on: iOS and Android.
  • Location: Canada
  • Price: Free
  • Link: EQ Bank (review link)

Additional features: Free and unlimited Interac e-Transfers. EQ Bank is a subsidiary of Equitable Bank which means your deposits are insured up to $100,000 per category.

Join EQ Bank and get a 2.30% non-promotional savings interest rate.

eq bank

Free Money Management and Personal Finance Apps

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

7. Borrowell

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

The Borrowell app provides over 1 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 any errors or fraudulent activity.

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

Additional features: The app also sends tailored recommendations for credit cards, investing, mortgage rates, insurance and more.

Get your free credit score here.

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

Borrowell credit score

8. 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 every week.

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

Read my complete Credit Karma review.

Credit Karma canada review

9. KOHO

KOHO is a free reloadable prepaid Visa card and app that offers a high cash back rate (up to 2%) and budgeting capabilities.

Here are some of the reasons why I use the KOHO app:

  • 0.5% to 2% cash back on all purchases
  • No fees
  • Automatic savings plan including rounding up your spare change
  • Earn up to 12.5% cash back when you refer friends and family
  • Free financial counselling
  • Funds are CDIC-insured up to $100,000
  • 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

Link: KOHO (Use promo code CASHBACK to get an extra 1% cash back bonus for 90 days.

Read the complete KOHO review.

KOHO

10. Paytm

The Paytm app is Canada’s only bill payment rewards app

What does this even mean?

When you pay your utility bills, rent, credit card balance, home and car insurance, internet, cable, phone, property taxes and other bills through the app, you earn rewards points.

You can redeem these points for hundreds of popular gift cards such as Amazon, Tim Hortons, Starbucks, Sport Chek, etc.

Getting rewarded for paying your bills just became a reality.

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

Link: Paytm Canada

Sign up for Paytm and enter the promo code PTM2477287 to get a $5 welcome bonus after you pay your first bill of $50 or more.

Read my full Paytm review. Residents of the U.S. can use the Trim app to save on bill payments.

Paytm Canada promo code

11. Mogo

Mogo combines many things:

  • Free credit scores
  • Cryptocurrency trading app
  • Identity fraud protection
  • Personal loans and mortgages
  • Free prepaid card
  • Available on: iOS and Android
  • Location: Canada
  • Price: Free
  • Link: Mogo

The Mogo app is well-rated in the App Store and Googe Play. It offers free monthly Equifax credit scores and those interested in Bitcoin will find their platform easy to use.

Read my complete Mogo review.

Get Mogo and your free credit score.

Mogo free credit score

12. 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.

Mint budgeting app

13. Wealthica

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

The app syncs with more than 60 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: Wealthica

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Want to make extra money, improve your finances and reach financial independence? These 13 best money management apps will help you track your net worth, invest automatically even as a beginner, maximize your savings account returns, check your free credit scores, budget, earn cash back and more. Find out to be in control of your money and finances! #money #finance #financialindependence #getrich #investmentapps #cashbackapps #investing101 #budgeting