Money makes the world go around. This is especially true in today’s tough economic landscape. With the continued rising cost of living, increasing interest rates, and stagnant wages, it's more important than ever for Canadians to stay on top of their finances.
Luckily, financial technology (FinTech) has come to the rescue. With a range of innovative and user-friendly financial apps available in Canada, money management has never been easier. Whether you're a beginner or more experienced with personal finance, you'll find an app that fits your needs.
From budgeting to investing, the following apps offer several features tailored to serve your needs. They seamlessly combine convenience, security and easy-to-use interfaces to help you take control of your financial future.
Mint: a comprehensive management tool offering real-time tracking of spending, budgeting, and bill payment alerts.
Wealthsimple: helps beginner investors grow their wealth by providing automated, low-cost and diversified portfolios.
Paymi: get cashback when you shop at your favourite Canadian retailers.
Weatlhica: provides a free and effortless way for Canadians to track their investments.
Questrade: allows Canadians to manage their own investment portfolios with lower associated fees.
Hardbacon: make more informed financial decisions by comparing credit cards, mortgages, car insurance and more.
Pocketguard: an all-in-one budgeting app that helps track expenses while offering money-saving suggestions.
Let's explore these apps in further detail, including key features and benefits, user ratings, and how to choose the best one for you.
Top Canadian Financial Apps for Money Management
There's no one-size-fits-all solution when it comes to money management. Whether you earn a six-figure income or are searching for a side hustle to supplement your earnings, you’ll want to choose the right financial app for your needs.
Here are some of the top financial apps available to Canadians today:
Mint
Mint is a popular budgeting tool for Canadians looking for an all-in-one solution for tracking their finances. The app provides an up-to-date snapshot of your financial life, with features such as real-time spending tracking, budgeting and bill payment alerts. Mint's intuitive interface makes it easy to visualize where your money is going and provides detailed insights into your finances.
Key feature: Mint is easy to set up and lets you link all your financial accounts – from bank accounts to credit cards – together. This is a beneficial feature for novice money managers who may not know where to begin when it comes to tracking their finances.
Wealthsimple
For those looking to join the complex world of investing without the hassle of extensive research or hefty fees, Wealthsimple is an excellent choice. This app provides a free and effortless way for Canadians to track their investments, offering up-to-date market insights. With automated portfolio rebalancing and low fees, Wealthsimple can help anyone stay on top of investments without breaking the bank.
Key feature:
It’s a simple, low-cost solution! Wealthsimple's no-fee portfolio rebalancing tool is a great way to stay in control of your investments, without paying hefty fees.
Paymi
Cashback is never a bad thing! Paymi makes it easy to get more for your hard-earned money. Known as Canada's cashback, the app rewards users with cashback on select purchases from a wide range of retailers in Canada. With Paymi's tiered membership system, you can easily build up points to redeem even bigger discounts and offers.
You can also link your debit or credit card to Paymi, and you’ll receive real-time notifications of cashback offers for eligible purchases. Plus, with its sleek design and user-friendly interface, you can easily track and maximize your savings.
Key feature:
Paymi's tiered membership system makes it easy to rack up rewards and get the most bang for your buck.
Weatlhica
For Canadians looking for a comprehensive financial tracker and portfolio manager, Weatlhica is a great option. This app provides an all-in-one platform to monitor everything from investments to income and spending.
The app also offers up-to-date market insights and detailed breakdowns of your portfolio's performance. With its user-friendly design and intuitive tools, Wealthica gives you a comprehensive overview of your financial situation. No hassle, just insightful data.
Key feature:
Weathlica is a very easy-to-use and understand app – making it perfect for anyone looking for a straightforward way to manage their finances.
Questrade
Questrade is an online platform geared towards more experienced investors. It offers a wide range of trading options, from low-cost ETFs to stocks and options. With real-time research tools and advanced charting features, the app gives users the power to fine-tune their portfolios based on market trends.
Key feature:
Questrade also provides competitive commissions compared to other brokers, making it an attractive option for investors seeking a reliable platform with low fees.
Hardbacon
With its powerful algorithms and market-leading insights, Hardbacon helps users make smart decisions about their finances. The app works by connecting to your bank, credit, and investment accounts, putting all of your information in one place.
From there, Hardbacon can help you determine how to best optimize your finances and investments. It offers a variety of interactive visualizations and risk-assessment tools to give you more confidence in your money management.
With Hardbacon, you can compare financial products and services, including:
Credit cards
Cryptocurrencies
Loan products and credit score requirements for borrowing money
Travel insurance offers, hotels, flights, etc.
Key feature:
Hardbacon provides a very comprehensive free plan that allows users to get a detailed breakdown of their financial affairs without having to upgrade to the premium plan. This can be very beneficial for those with tight budgets.
Pocketguard
Pocketguard is a great app for budgeting and tracking your spending. It’s designed to be as simple and intuitive as possible, giving you an easy way to track where your money is going. The app will automatically categorize transactions into categories, helping you pinpoint areas of potential savings.
Pocketguard also offers insights into how much you are projected to spend and can alert you when you are close to exceeding your budget. This makes it an ideal tool for users looking to get a better handle on their finances without having to dedicate too much time or energy into the process.
Key feature:
Pocketguard’s "Savings Goals" allows users to easily track their savings progress. The app will break down your goal into smaller, more manageable steps which you can then work on over time. This makes it easy to stay motivated and focused on reaching your financial target.
Choosing the Right App for You
No matter what financial goal you are working towards, there's an app that can help streamline your money management. Do your research and find one that best suits your needs and budgetary constraints.
While some apps offer free accounts, for more advanced features you may need to upgrade to a paid subscription. Take time to look into all the features provided by each of the apps mentioned above to ensure that they offer the best benefits for your financial needs.
Other things to look at when it comes to choosing the right financial app for you include:
A proven track record of positive client reviews and testimonials to ensure the app is reliable and trustworthy.
The level of customer support available for users. Does the app have a help centre or live chat to assist when you need it?
Security should be a major consideration when choosing any financial app. Look for encryption technology, two-factor authentication, and other measures to protect your information.
Easy-to-navigate user interface, with clear and concise instructions.
Taking these factors into account can help you decide which financial app is best for you. Choosing one that's secure, reliable, and user-friendly will ensure that you can manage your money without hesitation.
Getting Started with Financial Apps
Once you have found the right app for your needs, it's time to set up an account. Usually, this means inputting your financial information like bank accounts, credit cards, investments, and more.
This can be an intimidating task, so take the time to ensure everything is entered correctly. Once that’s done, you can start making use of all the app's features and benefits.
Budgeting Apps
The best budgeting apps on the market today will provide tools to help you set up a budget and track your spending.
Look for these key features:
Automated tracking of expenses based on categories like food, entertainment, and transportation.
Custom budgets for specific goals such as saving for a vacation or paying off debt.
Reminders so you never miss a payment or deadline.
Predictive analytics to let you know how much you can spend in certain categories.
Visual indicators such as graphs and charts so you can easily track your progress over time.
Investment Apps
If you're just starting with investing, investment apps can make it easier for you to manage your portfolio without complicated software.
You'll want the following features to be available:
How-to resources to help you learn the basics of investing.
Automated tracking of investments and market news.
Customizable portfolios that let you choose the specific stocks, bonds, ETFs or mutual funds you want to invest in.
Risk tolerance quizzes to help you match your risk profile with the right investments.
Cashback Apps
Cashback apps are a great way to put money back in your pocket while you shop.
Look for these features when choosing a cashback app:
A wide selection of merchants and products that offer cashback rewards.
Multiple payment options, including PayPal, direct deposit or gift cards.
Automated tracking of rewards and cashback earned.
Easy signup with no minimum amount of purchases to qualify for cashback rewards.
Automated reminders when your rewards are about to expire.
There's Also an App for Borrowing Money
There's no denying that financial apps can help with money management, from automating your investments to helping you save more money. But, not everyone has available funds to save or grow on their own. If you need access to short-term funding, there’s also an app for that.
Various mobile loan apps, like iCash, provide instant loans of up to $1,500 for customers with all credit types. No more waiting in line to get approved. With the iCash app, you can apply in minutes and get funded via e-Transfer the same day.
