Yes, we now live in a digital world, and the banking system has caught the drift!
The majority of Canadians now do their banking operations online and through their mobile device.
So if you’ve not stepped into a physical bank branch in ages, you are definitely not alone.
There are many significant reasons to opt for any of the digital banks, including no monthly fee, convenience, no minimum balance requirement, high-interest rates, and more.
Canadian traditional banks also have an online presence. However, they require you to maintain a minimum balance to enjoy no monthly fees.
- Perks of Banking with an Online Bank
- Downsides of Online Banking
- 1. Overall Best Online Bank in Canada → Tangerine Bank ($200 Bonus)
- 2022 Tangerine Orange Key and Promotion: Get up to $200 Bonus Offer
- 2. Simplii Financial ($50 Bonus)
- 2022 Simplii Financial (Bank) Promotion: Get $50 Bonus Offer
- 3. Best Canadian Online Bank for Savers → EQ Bank ($20 Bonus)
- 2022 EQ Bank Promotion: Get $20 Bonus Offer
- Best Online Banks, Canada Credit Unions
- 4. Motive Financial
- 5. Manulife Bank
- 6. Oaken Financial
- 7. Motusbank
- 8. Alterna Bank
- 9. Outlook Financial
- 10. Accelerate Financial
- 11. Achieva Financial
- Best Online Banks: Options from Canada’s Big Five Banks
- 12. RBC Online
- 13. BMO Online
- 14. TD Online
- 15. CIBC Online
- 16. Scotia Online
- How Safe are the Online Banks in Canada?
- FAQs: Best Online Banks in Canada
- Final Thoughts: Best Online Banks, Canada
Read on to see the best online banks Canada has to offer that you can choose from if you are considering moving to an online-only bank.
Perks of Banking with an Online Bank
First, let’s look at the perks that come with banking with digital banks:
Ease of Access:
You can carry out all of your transactions via the bank’s online platform or on the mobile app. You can pay your bills, transfer money, make cheque deposits, etc., without a hassle.
Pricing & Competitive Rates:
Online-only banks come with a no-fee account option, high-interest savings accounts, and competitive rates for Interac e-Transfers. Since they have no physical branches, they save money on the costs that come with running physical locations.
Then they use some of these savings to provide their customers with these enticing pricing and better rates, e.g., a 1.50% savings account rate instead of 0.05%. Some brick-and-mortar banks also offer their customers low-fee accounts; however, it comes with a base monthly fee, unlike digital banks.
Your deposits with online-only banks are secure and either covered by Canada Deposit Insurance Corporation CDIC or the appropriate credit union deposit guarantee corporation. CDIC insures deposits up to $100,000 per category, while provincial deposit guarantee corporations can cover your entire deposits irrespective of the amount.
Another unique perk is you can connect your online banking account to your money management application to track your expenses. Thus, you can control your finances.
You don’t have to spend time waiting on long queues at a bank. You can carry out your banking transactions on the mobile app while doing other things. Even if you encounter a challenge, you can contact customer service by chat or phone.
Online banks offer Interac e- transfers and mobile cheque deposits, essentially sending money with an e-mail or depositing your cheque with a picture. There are several other unique features that online-only banks offer that you can’t get elsewhere. We’ll touch them as we progress.
Downsides of Online Banking
When you choose an online-only bank, you should know these:
No In-Person Service:
If you prefer to conduct banking operations face to face, you won’t get this in an online bank.
Some Banks Lack All-in-One Package:
Banks like Tangerine offer customers an all-in-one package. So, you can conduct all your transactions (chequing, savings, investments, and mortgage accounts) with them. However, some online banks only provide savings accounts so if you need more services, you’ll have to get them from another bank.
Online banks are limited when it comes to complicated banking transactions. If you regularly conduct transactions like bank drafts, wiring money overseas, or you need a safety deposit box; you’ll have to do this at a physical bank in person.
Fewer ATMs or ABMs (Automated Banking Machines):
The online bank you go for might not have sufficient ATMs in your area, and you’ll have to use ATMs linked to other networks and likely pay. This is something you probably won’t experience with traditional banks.
However, this issue might not be a problem since the online banks we are about to review either belong to a bank or credit union. Let’s get on with it.
1. Overall Best Online Bank in Canada → Tangerine Bank ($200 Bonus)
“Hey, I really like banking with Tangerine, and I think you’ll enjoy becoming a Client, too.”
2022 Tangerine Orange Key and Promotion: Get up to $200 Bonus Offer
Sign-up for a new Tangerine Bank account and enter a valid Orange Key Code, to get up to $200 in free cash bonus; deposited directly into your Tangerine account.
The valid Orange Key Code to use is -> 52169202S1
You must provide the above Orange Key during your account opening process and complete all necessary requirements for opening an Account with Tangerine in order for you to get the Bonus Payment.
Tangerine Bank is a subsidiary of Scotiabank that entered the banking scene in 2014 and has since stood out from the crowd. Tangerine offers a no-fee chequing and savings account, high-interest rates, mortgages, low-fee investment opportunities, credit cards, and more.
Although they have no brick-and-mortar branches, they have Tangerine cafes. Customers in Vancouver, Calgary, Montreat, and Toronto can get financial advice or learn more about Tangerine services from their staff over a cup of coffee at these cafes.
Moreover, Tangerine describes its lack of a physical branch as an opportunity to redirect more savings to its customers. How? They save money they’d have spent on maintaining physical locations and pass on these savings to their customers in form of unique and competitive rates.
Tangerine’s no-fee chequing account has all the perks you can want in a chequing account. No monthly account fees, free Interac e- transfers, free access to 3,500 ATMs across Canada and 44,000 worldwide, unlimited daily transactions, and more. Tangerine follows a tiered approach to provide interest on your chequing account depending on your account balance:
- $0.00 to $49,999.99: 0.15% interest rate.
- $50,000 to $99,999.99: 0.55% interest rate.
- $100,000 or more: 0.65% interest rate.
Tangerine offers 5 different savings accounts, and you can always choose the one advice as much that changed entirely. These are the five accounts and their interest rates:
- High-Interest Savings Account (HISA): The interest rate is 0.1%
- Retirement Savings Plan (RSP): The interest rate is 0.1%
- US$ Savings Account: The interest rate is 0.1%
- Tax-Free Savings Account (TFSA): The interest rate is 0.1%
- Retirement Income Fund (RIF) Savings Account: The interest rate is 0.15%
Now let’s discuss Tangerine’s credit cards:
With the Tangerine World Mastercard, you can change your purchase category and control your rewards at any time. It also offers insurance on your mobile devices and other benefits.
- Welcome bonus: Earn an extra 15% cashback for a limited time with the Tangerine World Mastercard.
- Annual fee: $0
- Balance transfer: 1.95% for six months
- Interest: 19.95% on cash and purchases
- Rewards rate: 1.14%
- Credit estimate: Good (660-725)
Promo: Earn an extra 15% cashback for a limited time with the Tangerine World Mastercard.
This is one of Canada’s best no-fee cash-back cards. There are no annual fees, and you can get up to 2% cashback on three spending categories. The categories can include gas, restaurant, groceries, drug purchase, entertainment, and more. Then, on everything else, you can get 0.50% cashback.
- Welcome bonus: Earn an extra 15% cashback for a limited time with the Tangerine Money-Back Credit Card.
- Annual fee: $0
- Balance transfer: 1.95% for six months
- Interest: 19.95% on cash and purchases
- Rewards rate: 1.14%
- Credit estimate: Good (660-725)
- No monthly fees.
- They offer special high-interest rates.
- They have award-winning 24/7 customer service.
- You’ll get full banking services (including lines of credit, mortgages, TFSAs, and more)
- They offer free, unlimited daily transactions, email money transfers, and Interac e-Transfers.
- You are entitled to a free chequebook with 50 cheques when you open an account.
- They have a versatile mobile app that allows instant mobile cheque deposits.
- You can earn up to 0.15%-0.65% interest depending on your account balance on the chequing account and up to 0.10% on every dollar for the savings account.
- The tangerine cafes are only located in the big cities. This can make some customers people left out.
Promo: Earn an extra 15% cashback for a limited time with the Tangerine Money-Back Credit Card.
2. Simplii Financial ($50 Bonus)
2022 Simplii Financial (Bank) Promotion: Get $50 Bonus Offer
Join Simplii Financial (Bank) by using this unique link to open and use an eligible account; and Get $50 deposited directly into your account.
To ensure you get the Bonus payment, follow all the instructions to set up your new Simplii account and complete the eligible activities by the specified time period. Have questions about getting your $50 Bonus? Check out Simplii’s FAQ.
Simplii Financial is a subsidiary of CIBC, previously operated as PC Financial.
They prioritize simplicity by offering customers a no-fee chequing and savings account. Apart from a no-fee account, Simplii customers can also access a credit card, investments, mortgages, and more. They also have free access to over 3,400 CIBC ATMs across Canada.
Simplii Chequing Account
Just like tangerine’s no-fee chequing account, Simplii Financial’s chequing account offers zero monthly fees, unlimited transactions, no minimum balance requirement, unlimited free Interac e- transfers, and interest rates up to 0.15%.
They charge you a $45 NSF (Non-Sufficient Funds) fee, $1.50 if you use a non-CIBC ATM in Canada, or $3 if you use one outside Canada and $7.50 for bank drafts.
Simplii High-Interest Savings Account
Simplii’s savings account offers no monthly fees and a standard 0.15% interest rate. You also have the option of keeping your money in a TFSA or RRSP savings account at the same rate.
Simplii Financial also offers a credit card known as the Simplii Financial Cash Back Visa Card.
Simplii Financial Cash Back Visa Card
The Simplii Financial Cash Back Visa card offers clients incredible cashback earn rates. If you are interested in their chequing or savings accounts, you can get their no-fee card. With this card, you’ll enjoy a 4% return on restaurant purchases and save up to $5,000 yearly, a 1.5% return on groceries, gas, and pre-authorized payments and then save up to $15,000 every year, then 0.5% on every other thing.
- Zero monthly account fees. You won’t have to spend a dime out of your savings on account management fees each month.
- Easy access. You can easily open an account with Simplii financial in under 10 minutes using the online application. You can also access your account and conduct transactions easily with the mobile app.
- Simplii Financial does not require you to maintain a minimum account balance in any of their accounts.
- Your deposits are protected for up to $100,000 by the CDIC – Canada Deposit Insurance Corporation.
- You’ll be able to transfer money abroad easily using your Simplii chequing account at a significantly lower fee than you’d normally pay for a wire transfer.
- Several account types. You can sign up for several accounts with options for cash and registered accounts.
- Lower interest rates. Compared to other digital banks, Simplii Financial offers lower interest rates on GICs and savings accounts.
- No physical service. As an online-only bank, there are no brick-and-mortar branches you can walk into to do your banking. You can’t go through CIBC for your Simplii banking, either.
- Simplii Financial is not available in Quebec, so Quebec residents can not open an account with them.
3. Best Canadian Online Bank for Savers → EQ Bank ($20 Bonus)
2022 EQ Bank Promotion: Get $20 Bonus Offer
Join EQ Bank by using this unique link to open an eligible account and Get a $20 bonus paid directly into your account.
To ensure you get the Bonus Payment, just make a $100 deposit or more into your new EQ Bank account within the first 30 days of signing up, and you’ll get a $20 bonus paid directly into your account by the next day.
If you are a super saver or a money-savvy Canadian, then Equitable (EQ) Bank is the best choice for you. Equitable Bank (EQ Bank) has been in operation for nearly 45 years.
Just like other online-only banks, they currently do not have any physical branch. Rather, they offer customers round-the-clock online banking and customer service starting from 8 a.m to midnight (EST).
Equitable Bank (EQ Bank) takes a different approach to digital banking. Instead of using a debit card, personal cheque, or an ATM, clients can move their funds between their connected accounts and Savings Plus Account accounts.
Money-savvy Canadians can also take advantage of their high-interest rates by stashing money in a savings account. However, one thing that stands out about EQ Bank is they allow you to use your savings account as if it were a chequing account.
You can send money at no cost, pay your bills, and earn interest on your money. Amazing right? If what you are looking for is the best non-promotional savings rate, EQ bank tops that chart.
Equitable Bank (EQ Bank) offers these two main accounts:
EQ Bank Savings Plus
This high-interest savings account comes with zero monthly fees, no minimum balance, and free unlimited transactions. EQ Bank Savings Plus acts as a hybrid between savings and a chequing account. So although it is primarily a savings account, you can send unlimited free Interac e-transfers, make mobile cheque deposits, transfer funds electronically, and earn a 1.50% standard interest rate.
They calculate this interest daily and payout monthly.
EQ Bank GICs (Guaranteed Investment Certificate)
This account offers high-interest guaranteed investment certificates within a one to five-year term. You need at least a $100 deposit to open a GIC account.
- You can link your account to another “Big Five” bank account.
- They have a high-interest rate savings account
- You can transfer money overseas at a very reasonable charge.
- They offer you get all the perks of a chequing account on your savings account.
EQ Bank offers no physical debit card, chequing account, or ATM access.
Best Online Banks, Canada Credit Unions
4. Motive Financial
Motive Financial is an online-only Canadian bank and a subsidiary of the Canadian Western Bank. Motive Financial currently offers one of Canada’s highest interest savings accounts together with some of the best RRSP, GIC, and TFSA rates.
This is the more popular savings account with an enticing 1.55% interest rate. The account has zero monthly fees and no minimum balance requirement. You can withdraw for free twice every month, after which you’ll have to pay $5 for each additional transaction. You’ll also be charged $1 for Interac e-transfers.
Motive Savings Account
The Motive savings account offers a tiered interest rate of 1.25% on your first $5 million, then 0.5% subsequently. Although they have slightly lower rates than the savvy savings account, the account offers unlimited free withdrawals.
Motive Chequing Account
The Motive chequing account charges zero monthly fees and offers unlimited free transactions. Your first chequebook when you open an account is free, and it comes with 50 cheques. You’ll earn a 0.60% interest rate, and you can withdraw without limits from The EXCHANGE Network ATM at no charge.
However, you have to pay a $1 fee for each Interac e-Transfer you make and a $20 inactive account charge if you don’t complete any transaction for two years.
Motive Cha-Ching Chequing Account
The Cha-Ching Chequing account offers no monthly fee, unlimited free transactions, and free Interac e-Transfers. They offer no EXCHANGE Network ATM withdrawal fees and two free non-Exchange Network ATM withdrawals. The interest rate is 0.25%.
The account doesn’t offer mobile cheque deposits, so depositing money through cheques might be strenuous.
Pros and cons of Motive Financial
- Zero monthly fees on all accounts.
- You can apply for all of Motive financial’s four accounts using the easy online application.
- The CDIC will protect your deposits up to $100,000.
- Motive Financial has a mobile app so you can check your account balance and make transfers on your mobile phone.
- They offer one of the highest interest rates in Canada.
- You need to make a minimum deposit of $1,000 if you want to put money into a GIC.
- Some accounts require you to pay a high fee on withdrawals.
5. Manulife Bank
Manulife Bank offers customers several perks and services. From bank accounts to credit cards, loans, investments, and mortgages. To top these, they also have a collection of offers for small businesses in Canada to benefit from.
They have two unique accounts:
This account is a hybrid between a savings account and a chequing account.
It offers a 0.15% interest rate, no monthly fee, and debit card access to over 3,500 ATMs in Canada. However, if you have less than $1,000 in your account, you’ll be charged transaction fees (Interac e- transfers and debit card purchases at $1 each; ATM withdrawals in Canada at $1.50). But as long as you exceed this limit, these fees will be waived.
For this account, you’ll get unlimited e-Transfers, bill payments, withdrawals, debit purchases, high-interest savings accounts and more. However, there is a $10 monthly fee, but they can waive it as long as you save $100 every month.
Let’s have a look at their two credit cards:
This credit card comes with no annual fees. This card will get you 5% cash back on the first $2,000 you spend in grocery purchases for the first 3 months as a welcome bonus. This alone is worth up to $100.
Subsequently, you’ll earn 2% cash back on the first $15,000 you spend on groceries yearly, and then it’ll later drop to 1%. Other items you buy will earn you a standard 1% cashback.
However, if you want more benefits, you can go for the ManulifeMONEY+ Visa Infinite.
This credit card will cost you $99 per year. The welcome bonus is raised to 10% cash back on the first $2,500 you spend in grocery purchases for the first three months. This can save you up to $250. Subsequently, you’ll earn:
3% cash back on groceries ($25,000 limit), then
2% cash back on travel ($25,000 limit), and
1% cash back on every other purchase.
More perks: An exclusive Visa Infinite benefit and comprehensive insurance package. However, you should know that this credit card requires a $60,000 personal or $100,000 household income.
6. Oaken Financial
Oaken Financial has two accounts:
The Oaken Financial Savings Account offers a 1.25% high-interest rate, which is very good, although it is not the best. Apart from the high-interest rate, you’ll also be free from monthly fees or a minimum balance requirement. You can also make free transactions without any limit, so you have no course to keep track of your transactions around the month.
Oaken also allows you to quickly move your money from your savings account to a GIC.
2. Oaken Financial Chequing Account
Oaken does not offer a chequing account currently.
At the moment, Oaken Financial does not have a credit card either.
- Zero monthly fees.
- High-interest rates.
- No minimum balance requirement. You don’t need to have a minimum balance in your account to stay active
- Easy access. With Oaken Financial’s online application, you can open an account in just minutes.
- Your deposits will be covered up to $100,000 by CDIC insurance on both the GIC and savings accounts.
- You can easily manage your account online.
- No debit card.
- You have to wait several business days to get your money when you transfer from your Oaken Financial account into your regular bank account.
Apart from digital banks owned by Canadian banks, credit unions also provide online banks to increase their customer reach. Many of these banks also have equally amazing perks that qualify them to be part of Canada’s best online banks.
Motusbank is a subsidiary of the Meridian Credit Union, so they are a CDIC member, which means they insure customers’ deposits. Apart from this, they also offer a high-interest rate and easy connectivity to other banking institutions.
Motusbank’s High-Interest Savings account offers customers 2.1% interest on their deposits. To top this, you don’t have to pay any monthly fee, or transaction fee, or maintain a minimum balance to access it.
Another account is the Motusbank TFSA which offers customers a 2.35% interest rate. They also have GIC accounts, one chequing account, and RRSPs, and they all have similarly enticing rates and features.
- They offer high-interest rates.
- They have different investment options. (GICs, RRSPs, and TFSAs).
- Motusbank offers an efficient mobile app for Android and iPhone devices to deposit cheques, make mobile cheque deposits, and easily pay your bills.
- They give you a debit card that allows you to get easy access to ATMs for everyday transactions.
- Although Motusbank offers more features than the usual online-only savings account, they don’t meet up with the major banks’ services.
- Not available for Quebec residents.
8. Alterna Bank
Alterna Bank is the online division of Ontario’s Alterna Savings Credit Union. They offer a no-fee chequing account, unlimited transactions, term deposits for both registered and non-registered accounts, online investment, and mortgage loans. Alterna bank is also known for its high-interest savings account and effortless inter-bank transfers.
- Alterna Bank accommodates Quebec residents, which is an excellent perk as they are sometimes left out of other special bank offers due to provincial regulations.
- They offer unlimited free e-transfers monthly and unlimited transactions.
- AlternaBank clients can also access thousands of free ATMs through The EXCHANGE Network.
- They also provide RRSPs, TFSAs, and GICs.
- Alterna Bank is a member of CDIC, so clients’ deposits are protected.
- According to some users, Alterna bank’s customer service can sometimes be inadequate.
9. Outlook Financial
Outlook Financial is a subsidiary of Manitoba’s Assiniboine Credit Union. It is a great choice for young Canadians looking to invest some cash for a while at a high-interest rate.
They offer both GICs (Guaranteed Investment Certificates) and competitive high-interest savings accounts. Clients’ deposits are protected by the DGCM- Deposit Guarantee Corporation of Manitoba.
Outlook Financial operates similarly to the previously mentioned Tangerine bank however, while their GICs offer no monthly account fee, it requires a minimum deposit of $1,000. The savings account, on the other hand, requires no monthly fee or minimum deposit.
- Outlook Financial offers great savings opportunities without all stress associated with the big banks.
- Their GICs offer no monthly account fee.
- They offer some of the highest interest rates present on deposits. (2% for the savings account).
- Their services are limited when compared to a fully functional bank.
10. Accelerate Financial
Accelerate Financial is the online arm of Manitoba’s Crosstown Civic Credit Union, and it was launched in 2010.
Just like other credit union-owned online banks, they offer a high-interest savings account, GICs, and the option to invest these products in an RRIF, RRSP, or TFSA account. Since the main company is in Manitoba, deposits made with Accelerate Financial are 100% guaranteed by DGCM.
- They offer decent interest rates on all their accounts, although GIC rates are a little lower than the ones other digital banks offer.
- Unlike the big banks, you won’t have to pay monthly fees.
- No minimum balance is required. You won’t have to keep a certain balance or “float” in your account to take advantage of member benefits.
- You can open an account in a few minutes with their online application.
- Any deposits you make will be insured without limit by the DGCM (Deposit Guarantee Corporation of Manitoba).
- They’ll give you a debit card which you can use to withdraw cash from your account quickly.
- You’ll have to pay a $1 debit fee each time you make an Interac transfer, pay bills, or withdraw money from an ATM.
- You need a minimum deposit of $1,000 to put money into a GIC (Guaranteed Investment Certificate).
11. Achieva Financial
Achieva Financial is an online bank owned by Cambrian Credit Union. They only offer a high-interest savings account and GICs with the option to deposit inside an RRSP, TFSA, or RRIF account if necessary.
DGCM protects customers’ deposits, whether they are Manitoba residents or not.
- Neither the savings account nor the GICs has monthly fees attached.
- With Achieva Financial’s easy online application, you can open your accounts in just minutes.
- Your deposits will be insured without limit by the Deposit Guarantee Corporation of Manitoba (DGCM).
- You can earn up to $100 a year on friend referrals.
- A versatile mobile app. You can make transfers or check your balance right from your phone.
- Achieva Financial offers one of the highest interest rates.
- No minimum balance is required. You can qualify for benefits irrespective of the amount in your account.
- They require a minimum deposit requirement of $1,000 to put your money inside a GIC.
- You have to pay $1 as a debit fee every time you pay bills, make Interac transfers, or perform ATM withdrawals on your account.
Best Online Banks: Options from Canada’s Big Five Banks
We can’t have a detailed list of the best online banks Canada has without analyzing the Big Five banks.
As stated at the beginning of this article, big banks have an online presence. However, unlike online-only banks, they have specific requirements you have to meet before you can enjoy the perks.
Here goes our review of the big five banks’ online banking options:
12. RBC Online
The Royal Bank of Canada (RBC) has an online banking option known as RBC Online. Their monthly fees range from $4 to $30. RBC Online does not cancel its account fees for a minimum balance, but you can bundle two or more services together, like lines of credit or credit cards, and cut down service charges.
RBC online offers customers all the usual features, such as bill payment and transfer, but they don’t really have outstanding offers. For Canadians who are most comfortable banking with the big banks and want to combine different services in one place, RBC Online is the go-to.
- RBC Online is suitable for customers who feel more comfortable banking with a big name.
- RBC’s industry experience and vast employee base can make you confident that your funds are safe.
- According to some users, their customer service can use some improvement.
13. BMO Online
BMO Online is the Bank of Montreal (BMO’s) online platform. They offer online bill payments, Interac e-transfers, direct online deposits, cheques, debits, contactless payments, and mobile cheque deposits. Some of the features have a standard set rate, but you can earn additional interest up to a 1.6% interest rate with their Savings Builder Account.
Their monthly fees range from $4.00 to $30.00 per month, although they offer students, seniors, and armed forces discounts.
- The BMO mobile app is efficient and has really high reviews. More than 13,000 users gave it an average of 4.5 stars.
- You can sign in on the app with Touch ID or Face ID.
- You can earn up to 1.60% interest
- The monthly account fees go as high as $30 per month, which can be too high for some customers.
14. TD Online
TD Online is the general name for TD Canada Trust’s (TD) online services. TD Online offers free online e-transfers and round-the-clock mobile cheque deposits.
Although the interest rates are not all that tempting, they offer some decent no-fee savings accounts. They also have a mobile app that has features for tracking and improving spending habits (TD MySpend).
- You can keep track of your transactions and spending patterns with the TD MySpend app feature,
- They have efficient and polite customer service.
- They don’t have enticing interest rates.
15. CIBC Online
One thing that distinguishes CIBC is they have five different account types tailored to seniors’ needs. From a simple chequing account to a US dollar account, down to a bundle with a premium credit card, all designed for seniors.
Their online banking platform (CIBC Online) offers mobile cheque deposits, the chance to order foreign cash and have it delivered to you at home, and alerts on fraudulent activities.
- Mobile cheque deposits are available.
- You can order foreign cash online and have it brought to your home. This is a feature many travellers would appreciate.
- They have different accounts tailed to seniors’ needs.
- Independent advisory firm Forrest Research named CIBC’s banking app as the first in Canada in 2019.
- They have relatively fewer credit card options.
16. Scotia Online
To end our overview of the big banks’ digital platforms, let’s look at Scotiabank’s Scotia Online.
Scotiabank offers both savings and chequing accounts. The chequing accounts come with unlimited transactions, while the savings account offers competitive interest rates.
They charge a monthly account fee, but the fee can be removed if you exceed the monthly required minimum balance (around $3,000 for most chequing accounts).
- Unlimited transactions.
- Competitive interest rates on the chequing account.
- You have the opportunity to win a cash incentive or an exciting interest rate during one of Scotiabank’s promos.
Your monthly fees can start to accumulate if you are unable to maintain the monthly minimum account balance.
How Safe are the Online Banks in Canada?
Just like traditional banks, there are very slim chances of online banks failing.
Federally incorporated banks like Tangerine, EQ Bank, and Simplii are associated with the CDIC- Canada Deposit Insurance Corporation. So, your deposits would be insured up to a $100,000 limit. So, you can be sure that your funds are protected.
The digital banks owned by credit unions are either associated with CDIC or DGCM-Deposit Guarantee Corporation of Manitoba. Either way, you are assured that your deposits are protected.
FAQs: Best Online Banks in Canada
Final Thoughts: Best Online Banks, Canada
Choosing an Online-Only Bank
While deciding on which online bank to choose, you should start by considering your banking needs. For example, if you want to completely replace your traditional bank and move your entire banking operations (chequing, savings, investments, etc.) online, Tangerine Bank and Simplii Financial would be fitting.
What if you wish to keep your present bank, but at the same time, you want to take advantage of the better savings rates that come with an online bank? EQ Bank offers a suitable option with their high-interest Savings Plus account and unlimited free Interac e-Transfers.
Generally, all the online banks on this list can help you save money on fees, and their savings rates are far above what the big banks offer.
Read Also >> The Best No-Fee Bank Account in Canada
More on Banking in Canada:
- Simplii vs Tangerine
- EQ Bank vs Tangerine
- Best Business Bank Account
- Best Online Banks, Canada
- Best US Bank Account for Canadian Residents
- Best No-Fee Bank Account, Canada (Free Chequing Accounts)
Charity's professional competencies and expertise make her qualified to write about this topic. She is an expert at collecting details, verifying facts, and making complex subjects easy to understand. Backed by solid credentials: MBA in Finance Canadian Investment Funds (IFIC) Graduate Masters Degree in International Business Chartered Professional Accountant (CPA) Candidate ✔️Chartered Insurance Professional (CIP)
Learn More >> About Page
🏆 Best Banking Offers This Month
✔️ Get up to $3,000 CAD* Fee-Free transfer (or the equivalent of £2,000 in other currencies).
✔️ Earn $75 CAD** for every 3 friends you refer; they'll get a fee-free transfer of up to $800 CAD.
✔️ Multi-Currency Debit Card: Spend abroad without hidden fees.
✔️ Best and real exchange rates and lower fees than old-school banks and other money transfer services.
*Your secret code will be automatically applied.
**USD accounts earn $115 USD for every 3 friends you refer; they'll get a fee-free transfer of up to $600 USD).
✔️ Get 2% unlimited cash back on all your purchases in three spending categories.
✔️ Receive a $150 welcome bonus for spending $1,000 in the first 2 months.
✔️ 0.5% unlimited cash back on all other purchases.
✔️ 1.95% low-interest rate on balance transfers.
✔️ Upgrade to the World Mastercard and receive mobile device insurance and travel benefits.
✔️ Get $50 when you open a free chequing account and deposit $100 within 6 months from account opening.
✔️ Plus, get $350 when you deposit $100 a month for 3 straight months.
✔️ No monthly account or transaction fees, with no monthly or minimum balance requirement.
✔️ Get unlimited free transactions and free Interac e-Transfer.
✔️ Buying a new home or refinancing? Earn up to $5,000 cash bonus.
✔️ Great low-interest rate: 5 Year Variable Rate of 4.40% and 2 Year Fixed Rate of 5.09%.
✔️ Get a great rate upfront guaranteed for 120 days.
✔️ Flexible prepayment options and a dedicated account manager to guide you through once you've applied.
✔️ High-interest savings account with 225x more interest than other banks.
✔️ Combine the best savings and chequing account features.
✔️ Unlimited free transactions, Interac e-Transfers, and bill payments.
✔️ no monthly or annual fees.
✔️ No minimum deposit and no minimum account balance requirement.
✔️ Get access to a no-fee credit card with up to 5% cashback.
✔️ Get 20,000 rewards points bonus (a value of $167) for spending $3,000 in the first 3 months.
✔️ Get a Platinum Mastercard with no annual fees for the first year.
✔️ No minimum income is required.
✔️ Upgrade to the World Elite Mastercard and receive benefits and rewards over the first year valued at $1,117.