Here is the list of the top Best Online Banking In Canada and their reviews.
It is very necessary for every Canadian who is doing online banking to go through a series of concerning online banking in the country.
It is true that Canada is one of the best countries in the world in terms of economy, security, and government, but online banking at times can be a very risky venture.
So if countries that claim to be fraud-free can still witness online banking problems, which includes:
- Technology and Service Interruptions,
- Security and Identity Theft,
- Lack of Fastness,
- Limitations on Deposits,
- Lack of Personal Banker Relationship, etc.
Be that as it may, we are our that no banking method is trouble-free, however, the online banking system can be risky than the traditional system of banking.
Therefore, the reduce the high level of risk that is associated with online banking, especially in CANADA, we have thereby made a critical survey concerning the best online banking system in the countries.
Our rating of these online banks is based on the way they handle the above-listed troubles that are associated with online banking.
Thus, we are confident that this brief review is going to aid you in making the best choice, with regard to the best online banking to go for in Canada.
Top 10 Best Online Banking In Canada
For the purpose of convenience and productivity, the top 3 online-only banks in Canada issue:
- Free online chequing accounts,
- Savings accounts, or
- Even the combination of the above.
Thus, below are the top ten online banks in Canada that you may like to go for.
1. Tangerine Bank Ranks The Best Online Banking System In Canada
The first in our list is Tangerine Bank.
This bank is a subsidiary of Scotiabank.
Meanwhile, Tangerine Bank is very famous for offering her customers the following advantages:
- Savings account,
- No-fee Chequing,
- Credit card,
- Investments in registered and non-registered accounts,
- HELOC, and
- Business Accounts.
Similarly, the bank also offers the following five types of savings accounts, namely:
- US$ Savings Account
- RRIF Savings Account
- High-interest Savings Account
Another good reason while this bank is placed on the top is that the bank clients can earn more with their higher interest savings rates. Currently 1.05%. Isn’t that amazing?
The bank also encourages her new customers to open a new bank account and qualify for a 2.75% rate for 5 months on all their savings accounts.
In fact, for now, there are no monthly account or service fees and no minimum balance requirement. So the choice is yours.
Meanwhile, as for Chequing Account, customers can earn interest on their chequing account balance as follows:
- $50,000 or less: 0.15%
- $50,000 to $99,999.99: 0.55%
- $100,000 or more: 0.65%
Again for Tangerine Money-Back Credit Card, it is one of the best no-fee cash back cards in Canada.
In fact, It has no annual fees and offers a 2% cash-back on up to 3 categories of spending including groceries, entertainment, restaurants, gas, drugstore purchases, and more plus 0.50% cash-back on everything else.
So with no limits on how much cash-back a customer can earn, the Tangerine Money-Back Card is one of the best in its category.
Meanwhile, for a limited time, customers can earn a $250 cash bonus when they spend up to $5,000 combined in their first three months. So this is a very big opportunity for all customers in this category.
The bank also newly introduced the Tangerine World Mastercard.
With this online transaction are easier than ever.
2. EQ Bank Ranks the Second Best Online Banking In Canada
The second on our list is EQ Bank.
In fact, if you are looking for the best non-promotional savings rates, we should recommend this bank for you.
EQ Bank is a subsidiary of Equitable Bank. Although the bank has no physical location, that is not a problem. The bank has launched an app, with this app, customers have access and explore all the important advantages of the online banking system.
As at present, the EQ Bank only offers two main accounts, namely:
- EQ Bank Savings Plus
- EQ Bank GICs
Let’s examine the features of the above account in detail.
EQ Bank Savings Plus
As for this account, their high-interest account comes with no monthly fees, unlimited free transactions, and no minimum balance.
The EQ Bank Savings Plus is notable for allowing customers to send:
- Send unlimited free Interac e-Transfers,
- Electronic fund transfers,
- Deposit mobile cheques and
- Even earn a standard 2.45% interest rate.
Note, this interest is usually calculated daily and paid out monthly.
So it can be inferred that EQ Bank Savings Plus is a hybrid between savings and chequing. Very convenient for customers to explore. The choice is yours…
EQ Bank GICs
As for EQ Bank GICs, they offer high-interest guaranteed investment certificates with terms from 1-5 years.
Meanwhile, the minimum deposit to open a GIC account is $100 only. So customers can easily create this special type of account.
Unfortunately, the bank does not currently offer a chequing account or credit card.
But we are optimistic that the bank would further convenient their very numerous customers who are willing to bank with them.
3. Simplii Financial Ranks The Third Best Online Banking In Canada
The third in our list is the famous Simplii Financial.
This bank is the direct banking arm of CIBC but has formerly operated as PC Financial.
It is very important for you to note that Simplii clients are by right opportune to have access to:
- A no-fee chequing account,
- Credit card,
- Investments and even more.
Similarly, customers are can also use over 3,400 CIBC ATMs across Canada for free. Isn’t that interesting?
Customers of Simplii Financial can have access to any of the following type of account:
- Simplii High-Interest Savings
- Simplii Chequing
Let’s now consider the features of the above account in detail.
Simplii High-Interest Savings
As for this account, it offers a standard rate of 1.05%. It has no monthly account fees.
So customers of the bank can decide whether to save their funds in an RRSP or TFSA savings account at the same rate of 1.10%.
The choice is yours.
As for this account, their no-fee chequing account is similar to that of Tangerine bank.
The Simplii Chequing offers:
- No monthly fees,
- No minimum balance,
- Unlimited transactions and
- Even interest up to 0.50%.
Similarly, customers can:
- Send unlimited free Interac e-Transfers.
- Check out for their $45 NSF fee,
- Bank drafts ($7.50), and $1.50 (Canada) or
- $3 (outside Canada) when they use a no-CIBC ATM.
Simplii is very famous for offering credit cards to her numerous customers.
The fourth in our list is Motusbank.
The Motusbank offers a variety of accounts including the following below:
- High-interest savings,
- Mortgages and
- Personal loans.
In fact, the customers of the bank have access to over 3,700 free ATMs across Canada through The EXCHANGE Network.
This bank ”Motusbank” is is a member of CDIC and also incorporated.
So the choice is yours…
5. Alterna Bank
The next in our list is Alterna Bank.
This bank is the direct banking arm of Alterna Savings Credit Union (based in Ontario).
Currently, this bank has no branch, but it is a full member of CDIC.
Meanwhile, Alterna Bank offers the following to her numerous customers across Canada.
- A no-fee e-chequing
- High-interest savings accounts,
- Term deposits for registered and non-registered accounts,
- Mortgage loans
- Online investing through a Robo-advisor, etc.
In addition customers of the bank can access thousands of surcharge-free ATMs through The EXCHANGE Network.
The choice is yours…
6. Outlook Financial
The sixth best online banking in Canada is Outlook Financial Bank.
This bank is a division of the Assiniboine Credit Union, a Manitoba credit union. By implication, Members of Outlook Financial also become members of the Assiniboine Credit Union with voting rights.
This bank offers a high-interest savings account and GIC products that can also be utilized using registered accounts like the RRSP, TFSA or RRIF.
Meanwhile, deposits are protected by the Deposit Guarantee Corporation of Manitoba (DGCM).
The choice is yours…
7. AcceleRate Financial
The seventh-best online bank in Canada is the AcceleRate Financial.
This bank is the online division of Crosstown Civic Credit Union, a Manitoba financial institution.
As a new bank, it was officially launched in 2010.
Meanwhile, this bank just like every other good online banking system in Canada, offer to her customers:
- A high-interest savings account,
- GICs, and
- Options to invest using RRSP, TFSA and RRIF accounts.
8. Achieva Financial
The next in our list is the Achieva Financial.
Meanwhile, Cambrian Credit Union is the owner of Achieva Financial
Similarly, like other online banks owned by the Credit Unions, the only offers a high-interest savings account and GICs with options to have these deposits products inside a TFSA, RRSP or RRIF account if needed.
9. Hubert Financial
The next in the list is Hubert Financial
This bank is a division of the Sunova Credit Union.
They offer a high-interest savings account (happy savings), TFSA, RRSP, US Savings, mortgage loans, and a credit card.
10. Implicitly Financial
Finally, the last but not the list is Implicitly Financial.
Implicitly Financial is the online banking arm of Entegra Credit Union.
Implicitly Financial offers a high-interest savings account and GICs which are also available in RRSP, TFSA and RRIF accounts.
In addition, the customers of the bank has access to debit cards, they can use surcharge-free at any “ding-free” ATM (over 1,800 ATMs across Canada).
See Also How To Use Wetranfer
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