Best Money Management Apps in Canada for 2021

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by Enoch Omololu

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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 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

Top Money Management Apps

Best Money Management Apps in Canada

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. 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 receive a $75 cash bonus after depositing at least $500.

Read my complete Wealthsimple Invest review.

wealthsimple returns review

2. Moka (formerly Mylo)

Living from paycheque to paycheque and thinking you don’t have money to invest? Think again. The Moka (Mylo) 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, 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.

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

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

Mylo App - How To Automate Your Savings

3. EQ Bank

Our 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 free transactions. High-interest rates. Free mobile cheque deposits.

  • 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 1.25% non-promotional savings interest rate.

eqbank 125x

4. Wealthsimple Trade

Investors who prefer to organize their own 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 needing to pay commissions.

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

Read my complete Wealthsimple Trade review.

Sign up for Wealthsimple Trade here and get a $50 cash bonus.

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

Wealthsimple Trade App

5. 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.

When you open a new account here and fund it with at least $1,000, you receive $50 in free trades.

Read my complete Questwealth review.

questwealth vs mutual fund fees

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. 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

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. Residents of the U.S. can get their free credit score from Credit Karma and Credit Sesame.

Borrowell credit score

7. 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 reasons I use the KOHO app:

  • 0.5% to 2% cash back on all purchases
  • No fees for a regular KOHO account
  • 1.20% high-interest on your entire balance when you set up direct deposit
  • Automatic savings plan including rounding up your spare change
  • Free financial counselling
  • Access to early paycheque
  • 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 a $20 welcome bonus).

Read the complete KOHO review.

KOHO

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 you cash and dividend notifications, 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

9. Mogo

Mogo combines many things:

  • Free credit scores
  • Cryptocurrency trading app
  • Prepaid card
  • Access to personal loans and mortgage loans
  • 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

10. 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

11. 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

Read my complete Credit Karma review.

Credit Karma canada review

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. Tangerine

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

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

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 2% 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.

Related Posts

Bonus: Wealthsimple Crypto

If you are looking to trade cryptocurrency in Canada, the Wealthsimple Crypto app is one of the best in Canada for beginners.

Its interface is easy to understand and you can use it to buy and sell Bitcoin and Ethereum. It is operated by one of Canada’s largest online wealth managers, Wealthsimple.

  • Available on: iOS, Android, and Web
  • Location: Canada
  • Price: Spread
  • Link: Wealthsimple Crypto (review)

Get a $50 cash bonus when you sign up here and purchase $100 or more in Crypto.

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

Best Money Management Apps in Canada for 2021

Best Investment Offers This month

Canada's best online investment management platform.

Low management fee of 0.40% to 0.50% compared to mutual funds (up to 2%).

Enjoy automatic rebalancing, dividend reinvesting, and free financial advice.

Invest on autopilot and grow your net worth.

Offers self-directed and professionally managed portfolios.

No trading commissions on ETF purchases.

Low fees to buy stocks starting at $4.95 per transaction.

Free transfers from other banks and $0 inactivity fees.

1.25% savings interest rates.

Earn tax-free interest on every dollar and up to 125x more interest than other banks.

No monthly account fees.

Free withdrawals and CDIC insurance.

Retirement 101 eBook - 3D

Author

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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. His writing has been featured or quoted in the Toronto Star, The Globe and Mail, MSN Money, Financial Post, Winnipeg Free Press, CPA Canada, Credit Canada, Wealthsimple, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

2 thoughts on “Best Money Management Apps in Canada for 2021”

  1. 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.

    Reply
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