15 Best Personal Finance Apps in Canada in 2021

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by Enoch Omololu

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Personal finances have become easier to manage with the technological advances now available at our fingertips.

With all the budgeting apps and investment apps accessible using our iPhone and Android smartphones, one can say that personal finances are now even more “personal” than ever before.

In this post, I highlight some of the best personal finance apps and tools in Canada and a few paid ones that come highly recommended.

Best Personal Finance Apps and Tools

Here’s a quick summary of the financial apps you should have on your smartphone:

Best Personal Finance Apps, Tools and Websites To Save Money in Canada

Best Free Budget App for iPhone and Android

This budget app has a totally free version that you can access using the web or download from the Apple Store and Google Play.

1. Mint

  • Available in multiple countries including Canada. 

Mint aggregates all your financial accounts in one place and simplifies the budgeting process. I used the site for a few years and liked that it:

  • Gives you an overview of all your bank and investment accounts on one dashboard
  • Categorizes and tracks bills and transactions
  • Helps you set a budget
  • Sends email alerts for upcoming bills so you never miss a payment
  • Suggest ways to save money
  • Uses 128-bit SSL encryption to protect your account similar to what the banks use
  • Provides users in the U.S. with a free credit score

Join Mint.

For a more comprehensive paid budget app, check out the You Need A Budget App (YNAB).

Best Money Management Apps in Canada

The best money management apps make it easy to take control of how your money is invested.

You also save a tonne of money in fees with zero commission trades and low-cost ETF portfolios.

2. Wealthsimple

  • Available in Canada.

Wealthsimple is a top-notch online investment services firm aka robo-advisor. It offers everyday investors access to globally diversified and customized investment portfolios at a lower cost compared to traditional mutual funds.

It is highly rated on the Apple Store and Google Play Store and offers additional benefits including:

  • Automatic deposits
  • High-interest savings account
  • Automatic portfolio rebalancing
  • Dividend re-investing
  • State-of-the-art security
  • Spare-change investing capability (Roundup)

Want to trade individual stocks and ETFs? Wealthsimple has got you covered with its commission-free Wealthsimple Trade App.

Read my Wealthsimple review.

Join Wealthsimple ($75 cash bonus)

3. Questrade

  • Available in Canada.

Questrade is the discount broker of choice for self-directed investors in Canada. Its mobile app is highly intuitive and some of the benefits of investing with Questrade are:

  • No annual fees in RRSP and TFSA accounts
  • Free ETF purchases
  • 1 cent per share when you purchase stocks (a minimum of $4.95 to a maximum of $9.95 applies per transaction)
  • Easily buy mutual funds, bonds, GICs, stocks, options, and alternative assets

If you prefer to go the automated investing route, Questrade also offers a robo-advisor platform, Questwealth.

Join Questrade.

Best Money Saving Apps in Canada

These grocery and shopping apps give you cash back when you make everyday purchases in-store or online.

Even better, they are all free and available on iOS and Android.

4. Drop

  • Available in Canada and the United States.

I love “automatic” and that’s one area where the Drop app shines. Drop gives you points when you shop using the credit or debit card linked to your account.

There’s no need to update your purchase receipts and the points earned can be redeemed for hundreds of popular gift cards like Amazon, Starbucks, Lululemon, Uber, and several others.

As of this writing, Drop has paid out over $20 million in rewards. Check out my Drop review for more details.

Join Drop.

5. Rakuten

Formerly known as Ebates, Rakuten is the most popular cash back app/website in Canada and the United States. 

With over 2,500 brands and retailers on the platform, earning cash back with Rakuten is very easy.

To ensure I remember to activate available offers when I shop online, I have installed their Chrome Brower Extension so it pops up when I’m about to make a purchase. I also use their mobile app.

You can choose to cash out your earnings using PayPal or a cheque in the mail.

New Rakuten users get up to a $30 bonus after completing their first purchase via the Rakuten website or app.

Join Rakuten.

When you sign up using the links above, you receive a $5 to $10 bonus after completing your first online purchase of $25 or more. Read my full Rakuten review.

6. Caddle

Caddle is another Canadian grocery cash back app.

In addition to cash back offers, Caddle also pays you to take short surveys and watch video ads.

Similar to Checkout 51, they send out new offers every week. 

Get Caddle.

Spare change apps

Best Spare Change Investing App

Small sums of money contributed on a regular basis and invested over time can significantly impact your retirement savings in a good way.

7. Moka (formerly Mylo)

  • Available in Canada.

If you find it challenging to set aside a specific sum of money every month for investing, Mylo has got you covered.

The Moka app automatically rounds up your purchases and invests the difference. You choose how much to invest (i.e. whether to roundup to the nearest $1, $5, or $10) and the app takes care of the rest.

To use Moka, simply sign up and download the app ($5 bonus), link your bank account, and watch your investments grow.

Moka costs $3 per month and you can invest in a non-registered or registered account (i.e. TFSA or RRSP), earn cash back, and enjoy other perks.

Join Moka.

Best Cash Back App for Cash Spending

It’s one thing to earn cash back when you make your purchase with a credit card, but if you are spending cash, it’s another thing altogether.

8. KOHO Prepaid Visa

  • Available in Canada.

KOHO is a free reloadable prepaid Visa Card and app that rewards you for spending cash.

Earn 0.50% cash back on all your purchases with the basic KOHO package or 2% or more cash back with KOHO Premium. In addition to cash back, the KOHO app offers free budgeting capabilities.

New KOHO users get a $20 bonus when they sign up using the link below.

Join KOHO.

Best Personal Finance Apps and Tools

From free credit scores and credit monitoring apps to an app that rewards you for paying your bills, these apps are a must-have!

9. Borrowell

  • Available in Canada and has over 1 million users.

Borrowell offers free monthly credit score updates and credit reports to its users. The credit score they provide is the Equifax score.

I use the monthly updates to monitor my credit file for identity theft or fraud. Read my Borrowell review.

Get Your Free Credit Score.

10. Willful (Create a Legal Will Online)

Willful is Canada’s premier provider of legal online wills. The process takes about 20 minutes and saves you up to $850 compared to visiting a lawyer.

Willful is available in 7 provinces including Ontario, Alberta, Manitoba, Saskatchewan, Nova Scotia, New Brunswick, and British Columbia.

Get your will online today and save an extra $20 when you enter the promo code SAVVY20!

Read my detailed Willful review.

11. EQ Bank

EQ Bank offers one of the best high-interest savings accounts in Canada and its app is also highly rated.

Given the super-low rates that the big banks are paying (as low as 0.01%) when you save, EQ Bank’s non-promotional 1.25% savings rate is a breath of fresh air.

Get Started with a Great Savings Rate.

Read this EQ Bank Savings Plus review for more details about its service offerings.

12. PolicyMe

  • Available in Canada.

Life insurance can be expensive and this is why some people don’t consider buying it. That being said, life insurance is very important, particularly when you have family members who are dependent on you.

Use PolicyMe to easily compare the lowest life insurance premiums available in Canada and based on your specific needs. The online process takes only a few minutes.

Visit PolicyMe.

Another online platform that makes checking life insurance quotes very easy is PolicyAdvisor. Read my PolicyAdvisor review for details.

13. Credit Karma

  • Available in Canada and the United States.

Credit Karma is another free online resource for monthly credit scores and reports. The credit score is from TransUnion and may be slightly different from your Equifax score which is why I use both Borrowell and Credit Karma so I can compare.

Credit Karma is available on iOS.

Read my Credit Karma review.

personal finance apps canadians

Best Mortgage Rates Site

A competitive mortgage rate can save you thousands of dollars over the life of your mortgage loan. 

Mortgage comparison sites show you several available rates including those that beat what’s being offered by your bank.

14. Intellimortgage

Intellimortgage is an online mortgage broker that allows you to compare rates across multiple lenders.

I like their rate guarantee which states that if you find a lower rate elsewhere, they will beat it or pay you $500 in cash after your mortgage is finalized.

Check out Intellimortgage.

Read my Intellimortgage review.

Best Tools for Tracking Your Net Worth

These financial resources show all your money in one place and make it easy to see your updated net worth on your smartphone.

15. Wealthica

Wealthica is Canada’s answer to Personal Capital in the United States.

It is a net worth tracking tool that connects to more than 60 Canadian financial institutions and investment platforms. Data from your account is synced daily and signing up is free.

Wealthica currently tracks over $14 billion in assets.

Sign up for a free Wealthica account.

Bonus – Personal Capital

Available in the United States. If you are a Canadian living in the U.S., this tool is one of the best for tracking your finances.

Personal Capital is the ultimate net worth tracking tool and is available on iOS and Android.

The app offers the following:

  • Link all your accounts for free – IRA’s, 401k’s, mortgages, loans, checking and savings
  • Analyze your investments and find avoidable hidden fees
  • Set saving goals
  • Net worth calculator
  • Retirement planning

Personal Capital has over 2 million users.

Are there any other personal finance apps and tools you have found to be useful? Leave them in the comments.

Check out this collection of the best personal finance apps and tools to improve your finances, save money, budget, pay off debt and make money this year. #personalfinance #savemoney #budget #finances #money
15 Best Personal Finance Apps in Canada in 2021
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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 Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, Credit Canada, MSN Money, National Post, CIBC, 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 “15 Best Personal Finance Apps in Canada in 2021”

  1. Great list. The only one I’d completely disagree with is Ratehub. Compared to better mortgage comparison sites like Ratespy, Ratehub almost never has the lowest rates. I hear that they won’t allow more competitive brokers to advertise on their site and undercut their in-house broker, Canwise. For that reason, and because Ratehub shows far fewer rates than other sites, I believe it is mainly a front to advertise Canwise.

  2. Great recommendations, I can certainly vouch for Mint which has been good at tracking my budget. Keep up the good work. Another I would have added in was a website called Referral Codes as I feel It has been the most convenient in sending my coupons and referral schemes to friends and family. Have you heard of it?

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