20 Best Online Banks In Canada 2024: High Yields, Low Fees

Three in every four Canadians rely upon online banking, and online banking transactions already dwarf paper-based transactions.

Even the most traditional banking consumers had to switch to online banking during the pandemic.

Learn about the best online banks Canada has to offer in this article.

Criteria For Choosing The Best Online Bank For You

When it comes to the best online banks in Canada, the “best” part is subjective. The banking needs of different people will not be the same.

Here are some of the factors you should use in choosing the best online bank:

• Fees: Most online banks offer no-fee banking, but some require you to pay a monthly fee.
• Chequing/Savings Interest Rates: It’s a good idea to consider the interest rate the online bank is offering on that account.
• Banking Service You Need: You need to identify your banking needs, like access to ATMs, paper cheques, Interac e-transfers, foreign currency transfers, etc. If you regularly use an ATM, it’s a good idea to go with an online bank with a sizable network. If you need to move money around, free EFTs and Interac e-transfers are important.
• Range Of Financial Products: You might not need access to the full range of financial products, but a few might be important to you, like a credit card or personal line of credit. Few online banks offer these products, so you should vet your choices accordingly.
• Service Quality And Customer Support: It’s a good idea to go through the reviews of the online bank you are considering. You’ll find out about the common problems, like delayed Interac e-transfers, connectivity limitations, and how responsive the customer service is.

The Best Online-Only Banks

Online banking technology has come a long way, and it’s no longer reserved for the “big five” banks. These banks operate exclusively online and don’t offer any physical brick-and-mortar branches.

While this may be a bit inconvenient for some, the upsides of online-only banks include:

• Lower fees (and sometimes no fees)
• Higher interest rates on savings and chequing
• Easy-to-use online and mobile banking apps
• Easy to sign up for online since you don’t have to visit a branch in person

1. Tangerine – Best All-Around Online Bank In Canada

• Type of Bank: Online Only
• How to Sign Up: Website

Tangerine is the fully-owned subsidiary of Scotia Bank, and it’s often considered one of the largest online banks in Canada, with over two million users.

It’s a pure online bank with no brick-and-mortar overhead costs that result in high banking fees. It offers no-fee accounts and a full spectrum of banking products, including registered accounts, two credit cards, mortgages, and a line of credit.

Tangerine has relatively pure roots as an online bank, even though it didn’t start out as one. Its predecessor, ING bank, was Canada’s first telephone-based direct bank that was created with the aim to reduce overhead costs associated with the brick-and-mortar model and revert part of those savings back to the users.

It started with a savings account, but later more banking products were added to it and later evolved into a full-service online bank.

A few things that make Tangerine one of the best online banks Canada has to offer are:

• No-fee chequing account which earns interest and has unlimited transactions
• Full range of banking products
• Two credit cards with a great reward system
• Competitive rates on savings accounts and products (but not the best)
• A decent range of business and US accounts
• Loan products like mortgage, HELOC, and Line of Credit
• Investment funds that are cheaper than mutual funds but more expensive than robo-advisors

Tangerine’s weaknesses include lower interest rates for chequing accounts (compared to some other online banks) and no personal or vehicle loan.

Read my full review on Tangerine here.

2. EQ Bank – High-Interest Savings & GICs

• Type of Bank: Online Only
• How to Sign Up: Website

EQ Bank is an online-only bank that offers various savings programs, investment products, and insures all of its members’ deposits with CDIC coverage up to $100,000.

EQ Bank’s most notable product is its high-interest Savings Plus account, which offers a high 2.50% interest rate on every dollar you have saved.

Your interest is calculated on a daily basis and is paid directly into your account every month, depending on your final account balance. This makes it easy to keep track of your interest earnings and motivates you to save.

Other savings programs offered by EQ Bank include:

• Joint Savings Plus (Savings Plus made for couples)
• Tax-free TFSA savings account
• US Dollar account (earn interest on US dollars)

Additionally, EQ Bank offers some solid investment products, including:

• Short and long-term GICs, with very high-interest rates.
• Retirement RSP savings account

Lastly, EQ Bank offers international payments through Wise (formerly Transferwise) and has an online mortgage market to help pair customers with good mortgage rates and larger banks.

The main downside of EQ Bank is that there’s no available chequing account. So, while EQ Bank offers great products for saving money, it’s not a good choice for everyday banking.

3. Simplii Financial

• Type of Bank: Online Only
• How to Sign Up: Website

Another online bank with almost 2 million users is Simplii, a fully-owned subsidiary of the Canadian Imperial Bank of Commerce (CIBC). It’s also considered CIBC’s direct banking front.

It used to be a PC Financial, but in 2017, it became Simplii, with the full weight and power of one of the big five behind it.

Like Tangerine, Simplii has quite a sizable clientele for an online bank, and the CIBC backing might be the reason for that.

The association with one of the Big Five banks lends it more solidity and credibility. The 3,000+ ATM network and the range of banking products Simplii is equipped to offer as an online subsidiary of one of the big five also endorse its position.

Simplii also offers a full range of financial products and banking services.

• A no-fee chequing account with interest rates on all account balances
• High-interest savings accounts
• One credit card (with a cash-back system)
• Three loan products, including personal loan
• It also offers GICs and registered accounts
• It offers even mutual fund portfolios with MERs ranging from 0.95% to 1.12%

There are very few differences between Simplii and Tangerine, and both are very similar online banks. Simplii doesn’t offer great interest rates compared to some more generous alternatives, but it does offer personal loans. It’s not available in Quebec.

4. Neo Money

• Type of Bank: Online Only
• How to Sign Up: Website

Founded by the people who created SkipTheDishes, Neo was created to provide Canadians with a fantastic alternative to big banks.

The Neo Money account is an excellent offering and has one of the highest interest rates in Canada of 2.25%.

Account Features

• An excellent savings rate of 2.25%, which is over 100 times as much as a traditional bank.
• No monthly banking fees
• Make bill payments
• Send and receive Interac e-Transfers
• Make bank-to-bank transfers to and from your account
• No minimum balances
• Unlimited free transactions
• Available Canada-wide (except Quebec, but will be coming soon)
• Eligible for CDIC deposit insurance

Founded by the people who created SkipTheDishes, Neo was created to provide Canadians with a fantastic alternative to big banks.

5. Motusbank

• Type of Bank: Online Only
• How to Sign Up: Website

motusbank isn’t backed by one of the big five, but rather by the second-largest credit union in the country: Meridian Credit Union. Meridian’s motusbank is a fully functional online bank that boasts over 380,000 members.

Like most other online banks, this one offers a no-fee chequing account for your everyday banking needs, and it comes with interest on every single dollar in the account.

It has many commonalities with the other online banks, like you don’t have to maintain a monthly balance to keep the account at no fee, and you can use unlimited debit and Interac e-transfers for free.

While you don’t have access to a single bank’s ATM network, Motus members do get to use the EXCHANGE network of surcharge-free ATMs (over 43,000 units in North America).

Other things you need to know about Motus are:

• It offers three savings accounts, including TFSA and RRSP
• The savings account interest is quite high compared to other online banks.
• No credit cards
• Only one loan product (HELOC)
• Mortgage rates are a little lower compared to Tangerine and Simplii
• It offers multiple investment options, including a direct trading platform and low-cost professional portfolio management

Motusbank clearly trumps several other larger online banks when it comes to the interest rates for a savings account, but it also offers a relatively limited range of financial products. The absence of a credit card also weakens the case for this online bank.

6. Motive Financial

• Type of Bank: Online Only
• How to Sign Up: Website

One online bank that can give EQ a run for its “interest rates” is Motive financials. It offers a high-interest rate on one of its savings accounts (the Motive Savvy Savings Account) for amounts less than $5 million.

But the account has its limitations. While it’s a no-fee account, you only get two free withdrawals a month, and every Interac e-transfer costs $1.

Another area where Motive Financial shines is the interest rates of its no-fee chequing account. There are two:

• Cha-Ching Chequing Account: Unlimited withdrawals, free Interac e-transfer, and interest on the account.
• Motive Chequing Account: Unlimited withdrawals, $1 per Interac e-transfer, and you can earn interest on the account.

This Alberta-based bank is a division of Canadian Western Bank; however, this association doesn’t reflect in Motive’s product line-up.

For investments, it offers registered accounts and GICs, but that’s where its banking prowess ends.

You don’t get any credit cards or loan products. The bank doesn’t offer services in French, so it can’t officially operate in Quebec.

7. Oaken Financial

• Type of Bank: Online Only
• How to Sign Up: Website

If your primary focus is a savings account and GICs, Oaken financial might be the online bank for you because these are the only two things this online “bank” offers. The bank is a trademark of Home Bank, which is a wholly-owned subsidiary of Home Trust Company. The two financial products Oaken offers are:

• Oaken Savings Account: It’s a no-fee account without any minimum balance requirements. It’s covered under CDIC and offers a powerful interest rate of 1.15%. It also offers unlimited free transactions.
• GICs: The GIC rates range from 1.4% for a one-year GIC to 2.2% for a five-year GIC, and they require a minimum investment of $1,000.

Saving is basically all this online bank is good for.

8. Manulife Bank

• Type of Bank: Online Only
• How to Sign Up: Website

Manulife, the largest insurance company in the country, also has a digital bank subsidiary called Manulife bank.

Thanks to the backing of a major financial entity, Manulife offers a broad array of financial products and services that few other online banks do. But there is a catch and the reason why Manulife Bank is all the way down here. It doesn’t offer “true” no-fee banking.

It offers four different accounts: an All-in-one banking package, combined high-interest savings and chequing, TFSA, and USD High-Interest Savings Account.

• The all-in-one banking package comes with a $10-a-month fee, which is very uncharacteristic for an “online” bank. You can get a rebate on this fee if your funds in the account are $100 more than the preceding month. It offers a 0.15% interest rate and additional perks like $10,000 travel insurance, virtual financial assistance, unlimited debits, Interac e-transfers, and a secured overdraft.
• The combined high-interest savings and chequing account (or Advantage account) is no-fee if you maintain a balance of $1,000 or more, and the Interac e-transfers cost $1 each.

Other important banking features of Manulife Bank include:

• Two credit cards
• Several mortgage products and services
• Three loan products (RRSP Loan, investment loan, line of credit)
• Five different investment accounts (including RRSP and TFSA)

It’s important to note that there is a difference between online banks and conventional banks that offer online services. If you only stick with one subset, i.e., online/digital banks with almost no physical branches (and consequently better interest rates and lower fees), your choices would be limited.

But if your primary concern is online banking, then you can broaden the pool to include online banking services of the big five.

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The “Big 5” Online Banks

When it comes to simple, low-cost banking, it’s hard to beat online-only banks. However, banking with one of the “big five” banks has a few perks, such as:

• In-person customer service at the bank’s branches
• Greater number of financial products
• More ABMs make it easier to withdraw and deposit cash

Today, all of Canada’s major “big five” banks offer online banking platforms and apps, which are comparable to those offered by online-only banks. In this way, you’ll get the best of both worlds: online banking with plenty of ABMs and in-person customer service.

However, banking with these larger financial institutions has one major drawback: there are more fees and account restrictions than online-only banks. If you’re a student or senior, you may qualify for a special account without fees, though.

9. The Royal Bank Of Canada (RBC)

• Type of Bank: Major Bank Offering Online Banking
• How to Sign Up: Website

As the largest bank in the country and a major financial institution in North America, the Royal Bank of Canada offers a very comprehensive range of financial products, including six chequing and four savings accounts.

You can access all your accounts online. Chequing accounts’ monthly costs vary between $4 and $30, and there are rebate options available.

The cheapest chequing account ($4/month) comes with only 12 free debit transactions but 999 Interac e-transfers. And even the best savings accounts don’t go beyond the 0.5% interest rate.

But you get a lot of variety in other banking products: 20+ credit cards, multiple personal and vehicle loans, several different ways to invest, etc.

10. TD Bank

• Type of Bank: Major Bank Offering Online Banking
• How to Sign Up: Website

Toronto-Dominion is just as expensive and restrictive (if not more) than RY. It offers five different chequing accounts, the cheapest one is $3.95 a month, and the most expensive one is $29.95 a month.

There are three savings accounts, and even the best interest rates don’t exceed 0.1%. It offers a broad range of credit cards, mortgages, and loan products. The bank also offers multiple investment options.

11. CIBC

• Type of Bank: Major Bank Offering Online Banking
• How to Sign Up: Website

As one of the big five, CIBC offers a modest range of financial products. It only offers two chequing accounts. If one of the accounts, you can enjoy no-fee banking if you can maintain a minimum balance of $4,000, otherwise you would pay $16.95 a month. The second one costs $29.95 a month.

There are four savings accounts, but they have their own problems. They usually charge you per transaction. But the interest rates are 0.05% at max, which is hardly worth the cost. It offers a range of credit cards as well as several loan products.

12. Bank Of Montreal (BMO)

• Type of Bank: Major Bank Offering Online Banking
• How to Sign Up: Website

BMO follows nearly the same pattern as TD and RY when it comes to banking fees. The cheapest chequing account costs $4 a month. The interest rates are typically 0.05% at best.

BMO does have some good offers for bank accounts for students and newcomers to Canada, though.

It also offers several different credit cards, mortgages, and multiple loan products.

One area where BMO shines is its range of investment products. It has mutual funds, ETFs, mutual funds made up of ETFs, etc. But from an online banking perspective, it’s just as expensive as the other conventional banks.

13. Scotiabank

• Type of Bank: Major Bank Offering Online Banking
• How to Sign Up: Website

Scotiabank offers a similar price range for its six chequing accounts. Youth and student accounts are free of cost, and others cost between $3.95 and $30.95 a month.

The regular interest rates for savings accounts hover around 0.05%. Scotiabank also offers multiple credit cards, loan products, and investment options.

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The Best Credit Union Online Banks

Credit unions are similar to banks, but have a few distinct benefits, including:

• Credit unions are nonprofit organizations owned by members
• Credit unions offer more personalized financial products and services to members
• Credit unions typically offer lower rates and fees than major banks
• Customers must apply and qualify for membership, unlike banks, which accept almost anybody

Applying for a credit union may require a few additional steps, compared to applying for a major bank. When it comes to loans, mortgages, and low-fee financial services, though, credit unions really shine. Plus, many of them offer easy online banking!

Here are the best credit union online banks in Canada.

14. Meridian Credit Union – Best Online Credit Union In Canada

• Type of Bank: Credit Union With Online Banking
• How to Sign Up: Website

Meridian Credit Union is based out of Ontario and has over 90 branches throughout the country. If you’re enrolled in a chequing account with Meridian, you’ll also be able to access over 3,500 ABMs through the Exchange Network.

Although Meridian has plenty of physical branches where you can bank in person, the credit union also offers an impressive online banking platform, making it easy to manage your chequing, savings, and loans.

Meridian Credit Union offers a wide range of financial products, including:

• Chequing accounts
• Saving accounts
• Credit cards
• Personal and small business loans
• Mortgages
• Insurance
• GICs
• RRSP retirement savings plans

Due to the wide range of personal financial products offered by Meridian, it’s my top-rated credit union. Meridian is also a great choice for aspiring entrepreneurs, as it offers small business loans and business credit cards.

You can read my complete review of Meridian Credit Union here.

15. Vancity Credit Union

• Type of Bank: Credit Union With Online Banking
• How to Sign Up: Website

As the name implies, Vancity Credit Union is located in the heart of Vancouver. Vancity Credit Union is one of the largest credit unions in British Columbia and offers a wide range of personal and business products.

Some of the main personal banking products the credit union offers are:

• Chequing accounts
• Saving accounts
• High-interest savings
• Credit cards
• Fixed-term and open mortgages
• Personal loans
• TFSA and RRSP savings accounts
• Insurance

Vancity also offers financial planning and advice, which is a good service to take advantage of as a young person planning for the future.

Like Meridian Credit Union, Vancity also offers a range of small business products, such as small business loans and a $0 annual fee credit card.

One of the things I really appreciate about Vancity is that the credit union invests heavily in the local community. 30% of Vancity’s profits go directly back into Vancouver community projects.

Vancity has also donated over $50,000 to help Ukrainian relief efforts, loaned $2 million to female entrepreneurs, and has invested heavily into renewable energy.

16. First West Credit Union

• Type of Bank: Credit Union With Online Banking
• How to Sign Up: Website

First West Credit Union is based in British Columbia and has a member-centric banking model, with excellent customer service ratings.

While First West doesn’t offer an online desktop banking platform, the credit union does have a newly redesigned mobile banking app that makes it easy to keep track of your finances.

Some of the top products offered by First West Credit Union include:

• High-interest savings
• Simply Free everyday banking account
• Low-fee business chequing account
• Loyalty credit cards
• Personal and business loans
• Insurance
• Investment advice from licensed MFDA or IIROC advisors

17. Prospera Credit Union

• Type of Bank: Credit Union With Online Banking
• How to Sign Up: Website

Prospera Credit Union offers a range of personal and small business financial products, including everyday chequing, high-interest savings, mortgages, loans, and investment options.

Prospera offers 29 branch locations in the Vancouver area. Members are also able to access over 4,000 ABMs throughout Canada, which makes it easy to access your funds.

Prospera Credit Unions most popular account is the Personal Unlimited chequing account. For just $10 per month, you’ll be able to take advantage of:

• Unlimited transactions
• Easy bill payment
• Direct deposit
• Electronic transfers

If you don’t need unlimited transactions, Prospera also offers a Personal Essential chequing account for $3.50 per month which allows you to make up to 10 transactions per month.

18. BlueShore Financial Credit Union

• Type of Bank: Credit Union With Online Banking
• How to Sign Up: Website

From personal chequing to youth chequing and business chequing, BlueShore Financial offers a variety of financial products to meet its customers’ needs.

Some of the top products offered by BlueShore Financial are:

• High-interest savings
• RRSP, RESP, and RRIF accounts
• Credit cards
• Mortgages
• Personal loans
• Business chequing

BlueShore Financial also offers available safety deposit boxes to all members. This is a great way to keep your most important valuables safe and secure, even if you’re travelling away from home.

19. Alterna Bank

• Type of Bank: Credit Union With Online Banking
• How to Sign Up: Website

Alterna is another online bank/direct bank worth considering. It’s a wholly-owned subsidiary of Alterna Savings, an Ontario-based credit union that caters to about 186,000 members and has about $10 billion in assets under management.

As an online bank, Alterna isn’t bound by its parent credit union’s geographic reach. However, you may have access to physical locations in Ontario and Quebec, thanks to Alterna Savings’ branches.

It offers a no-fee chequing account with unlimited transactions and Interac e-transfers.

The interest rate it offers, however, is quite low. The savings account comes with unlimited free Interac e-transfers, debits, and bill payments.

One major difference between Alterna and other online banks (except Tangerine) is the presence of a business bank account. A few more things about Alterna are:

• The chequing account comes with a debit card, but there is no credit card
• It offers mortgage loans at competitive interest rates
• The online bank offers multiple investment methods, including direct investing via QTrade, but the fixed stock/ETF trading fee is quite high

20. Servus Credit Union

• Type of Bank: Credit Union With Online Banking
• How to Sign Up: Website

Servus Credit Union is based out of Alberta. It offers a seamless online banking experience for business and personal accounts, which makes it a very convenient option.

The credit union offers the Servus Mastercard, which rewards users with non-expiring points that can be redeemed for investment options or travel expenses.

Servus offers several chequing accounts that range from $1.99/month for a Basic Plan that allows up to 12 transactions per month to a $15.95/month Personal Essential Plan that offers unlimited monthly transactions.

Seniors and students between ages 17 and 25 can take advantage of free chequing as well.

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Overview: The Best Online Banks In Canada

Now that we’ve gone through the complete list of the best online banks in Canada, here’s a complete chart so you can compare them all side-to-side:

Online Bank Name	Type of Bank	Best For	Learn More
Tangerine	Online-Only Bank	Everyday online banking	Sign up
Neo Money	Online-Only Bank	High-interest savings (2.25%)	Sign up
Simplii Financial	Online-Only Bank	Everyday online banking	Sign up
Motusbank	Online-Only Bank	Everyday online banking	Sign up
Motive Financial	Online-Only Bank	Everyday online banking	Sign up
EQ Bank	Online-Only Bank	High-interest savings (2.50%)	Sign up
Oaken Financial	Online-Only Bank	GICs and high-interest savings	Sign up
Manulife Bank	Online-Only Bank	Everyday online banking, with in-person service	Sign up
RBC	Major Bank With Online Banking	Everyday online banking, with in-person service	Sign up
TD Bank	Major Bank With Online Banking	Everyday online banking, with in-person service	Sign up
CIBC	Major Bank With Online Banking	Everyday online banking, with in-person service	Sign up
BMO	Major Bank With Online Banking	Everyday online banking, with in-person service	Sign up
Scotiabank	Major Bank With Online Banking	Everyday online banking, with in-person service	Sign up
Meridian Credit Union	Credit Union With Online Banking	Finding good mortgage rates	Sign up
Vancity	Credit Union With Online Banking	Small business loans	Sign up
First West Credit Union	Credit Union With Online Banking	Long-term financial planning and investments	Sign up
Prospera Credit Union	Credit Union With Online Banking	Low-fee chequing through a credit union	Sign up
BlueShore Financial	Credit Union With Online Banking	Business chequing	Sign up
Alterna	Credit Union With Online Banking	No-fee chequing	Sign up
Servus Credit Union	Credit Union With Online Banking	Free chequing for students and seniors	Sign up

Strengths And Weaknesses Of Online Banks

Online banks are not automatically better than conventional banks (though, in most cases, they are), and they have their limitations.

Understanding the strengths and weaknesses of online banks compared to conventional banks can help you make a more informed choice.

Strengths Of Online Banks

• More accessibility: If you rely on online banks for most of your banking needs, you can take care of most of your banking tasks easily with your cell phone, and they are available to you 24/7. But you can only visit a conventional bank during working hours, which also takes time and energy.
• Low-to-no-fee banking: Since they have very limited overhead costs, online banks usually don’t charge their customers a fee for basic banking services, which means you can save anywhere from $48 to $360 a year in banking fees (based on the typical fee spread of $4 a month to $30 a month of the big fee).
• Far better interest rates: This is another by-product of minimal overhead costs, and they can share the profits with the consumer.
• Online banks can be more secure: You don’t have to move money around in cash (when you are withdrawing or making a deposit), and almost all deposits are insured, usually by CDIC. You can make your online banking even more secure by adopting certain cybersecurity habits.

Online Bank Weaknesses

• Limited range of financial products: Few online banks offer decent loan products and mortgages, and even fewer issue credit cards to their users.
• No human touch: Can seem impersonal to individuals who like to speak to someone in person.
• Limited chequing accounts: Many online banks are geared more towards savings.

Specific User Groups

When it comes to banking, different user groups have different needs. Here are some of the best online banks in Canada for specific user groups:

Students

As a student, you may be looking for a bank that offers low-fee or no-fee accounts, as well as easy access to your money. Some of the best online banks for students in Canada include:

• Tangerine: Tangerine offers a no-fee chequing account, as well as a savings account with a competitive interest rate. They also offer a student credit card with no annual fee.
• Simplii Financial: Simplii Financial offers a no-fee chequing account, as well as a savings account with a competitive interest rate. They also offer a student credit card with no annual fee.
• BMO: BMO offers a student chequing account with no monthly fee, as well as a student credit card with no annual fee.

Seniors

As a senior, you may be looking for a bank that offers easy-to-use online banking, as well as low-fee or no-fee accounts. Some of the best online banks for seniors in Canada include:

• Simplii Financial: Simplii Financial offers a no-fee chequing account, as well as a savings account with a competitive interest rate. They also offer easy-to-use online banking, as well as a mobile app.
• TD Canada Trust: TD Canada Trust offers a senior chequing account with no monthly fee, as well as a savings account with a competitive interest rate. They also offer easy-to-use online banking, as well as a mobile app.
• RBC: RBC offers a senior chequing account with no monthly fee, as well as a savings account with a competitive interest rate. They also offer easy-to-use online banking, as well as a mobile app.

Newcomers

As a newcomer to Canada, you may be looking for a bank that can help you get started with your finances in Canada. Some of the best online banks for newcomers in Canada include:

• Scotiabank: Scotiabank offers a StartRight Program for newcomers to Canada, which includes a no-fee chequing account for one year, as well as a credit card with no credit history required.
• BMO: BMO offers a NewStart Program for newcomers to Canada, which includes a no-fee chequing account for one year, as well as a credit card with no credit history required.
• CIBC: CIBC offers a Welcome to Canada Banking Package for newcomers to Canada, which includes a no-fee chequing account for one year, as well as a credit card with no credit history required.

Overall, there are many great online banks in Canada that cater to specific user groups. Whether you’re a student, senior, or newcomer to Canada, there’s a bank out there that can meet your needs.

Banking Security and Insurance

Most online Canadian banks are covered by the same institutions as traditional banks. The Canada Deposit Insurance Corporation (CDIC) and Credit Union Deposit Guarantee Corporation protect online Canadian banking.

The CDIC guarantees coverage of up to $100,000 per account. This means that your money is just as safe with an online bank as it is with a brick-and-mortar bank.

If you are worried about security, you can take steps to protect yourself. For example, you can use strong passwords and change them regularly. You can also enable two-factor authentication, which adds an extra layer of security to your account.

FAQs

Which Canadian Bank Has The Best Online Banking?

For conventional banks, Scotiabank and TD probably have the best online banking. Among online banks, Tangerine and Simplii probably offer the best online banking experience.

Is Online Banking Safe In Canada?

Yes. Online banking is quite safe, and most of the problems, i.e., password leaks and hacks, usually stem from users’ own bad cybersecurity habits. By adopting good practices like using strong passwords and opting for 2FA, you can make online banking even safer in Canada.

Are Online Banks Worth It?

Yes, if they have all the financial and banking products you need. They usually offer no-fee banking, which can save you a significant sum every year, making online banks a smart financial decision. But if no online bank in Canada offers the services or products you need (which is unlikely), they might not be worth it for you.

Can I Open A Bank Account in Canada Online Without Going To The Bank?

Yes. If you have the right identification and you are eligible to open an account with an online bank in Canada, you can do so from the comfort of your home. Most online banks don’t have any physical branches or head offices, and the process of opening a bank account is completely online.

What Is The Best Savings Account In Canada?

Savings accounts offered by EQ bank and Neo are two of the top savings accounts in Canada. See our updated best high-interest savings account in Canada list here.

What are the top virtual banks in Canada?

There are several virtual banks in Canada that offer online banking services. Some of the top virtual banks include EQ Bank, Tangerine, Simplii Financial, Motusbank, and Manulife Bank. These banks offer competitive interest rates, low fees, and convenient online banking features.

What is the process for opening an online bank account in Canada?

First, you need to choose a virtual bank that meets your needs. You can visit the bank’s website and fill out an online application form. You will need to provide personal information such as your name, address, and social insurance number.

Once you submit the application form, the bank will review your information and may ask for additional documentation. If your application is approved, you will receive an email with instructions on how to activate your account.

Are there any fees associated with online banking in Canada?

Virtual banks in Canada typically offer low or no fees for their online banking services. However, some banks may charge fees for certain transactions or services.

For example, some banks may charge a fee for ATM withdrawals or for using a non-network ATM. It is important to review the bank’s fee schedule before opening an account to understand what fees may apply.

Conclusion

Choosing the best online bank in Canada can be a bit overwhelming. But if you identify your banking needs and choose the one that matches it the best, you’ll do alright.

Learn more about no-fee banking options, and chequing accounts in Canada.