Best Canadian Online Bank Accounts in 2023
Every year, online banking expands its geographical boundaries and increases the number of users. Residents of Canada are no exception; they prefer to use the best online banks Canada to manage their finances effectively. In this article, we will present the top banks in Canada.
Advantages of using online banking
Online banking has several significant user advantages, which we will consider further.
Ease of use
Online banks in Canada operate 24 hours a day. Therefore, there is no need to be physically present at the branch and wait in line to transfer money or pay a bill. All financial transactions can be performed remotely at any time and anywhere. In addition, it is secure, as there is a check at login.
Effective user experience
If a client visits a traditional bank branch, you will have to wait your turn to communicate with the operator, and they will only sometimes be able to give you enough time. Using online banking, the client will be able to immediately resolve their issues with a dedicated banker, who will be able to devote much more time via chat or by phone.
Availability of some technological tools
Digital Banking Canada provides users with financial tools not available in traditional banks. For example, you are depositing a mobile check, free bill payments, making personal payments, etc.
Cost of services
You have to pay a commission for banking services. However, many Internet banking transactions can be carried out without additional costs, including transferring funds. In addition, there is the possibility of enjoying high-interest rates.
Securing Canadian Online Banking
The best banks in Canada are considered relatively safe financial institutions. There is a minimal chance that their rating will drop for any reason. But even if an unforeseen economic catastrophe happens to a Canadian bank, its customers will be paid USD 100,000 under deposit insurance from the Canada Insurance Corporation. The insurance covers deposit money, joint and trust accounts, and more. But it does not apply to investments (stocks, bonds, funds). Also, online banking Canada provides account protection from unauthorised entry. For this purpose, checking account verification is provided. But to increase security, developing a more complex password to log into the system is recommended.
List of the best Canadian banks for online transactions
The development of Internet banking is essential because there are services that are provided exclusively by electronic banks. In addition, Digital Banking Canada can advise a Help Desk that is available 24/7, regardless of location. Reduced tariffs and favourable interest rates allow you to choose online banking. Next, we will look at the best online banks Canada, which have high ratings and are very popular among users.
EQ Bank
Many users believe that this is the best online bank Canada. It is purely an online bank as it has no branches or ATMs. To avoid using a debit card or checks, users can transfer funds between their personal Savings Plus account and other accounts linked to it. In this case, the advantage is the price of service:
- no daily commissions;
- free Interac virtual transfers;
- free daily transfers;
- daily rate of 2.5%.
Additionally, the user can earn approximately 6% on annual GIC. It is worth noting that this bank has agreed with Wise, which allows you to send money to foreign countries quickly and inexpensively. The bank is considered very reliable for ensuring the safety of your investments. Undoubtedly, all these factors place Equalizer Bank in the “Best Banks in Canada” category.
Scotia Online
Bank of Scotland Online is the best online bank Canada, with various bonuses available for premium accounts. The functionality of this online bank is evident and easy to use. Monthly service fees for users range from 4 USD to 31 USD, and students and seniors can receive personalised benefits. Bank of Scotland is highly regarded for its versatility and efficient use of its balance sheet.
The unique factor about this payment institution is that there are various bonuses and privileges available
- Welcome bonus;
- Earning points when making purchases;
- Privileges for premium accounts;
Create an account depending on the client’s category (student, pensioner, etc.), lifestyle, and financial goals.
Thus, an online bank account in Canada allows you to select the most profitable account category based on individual characteristics.
RBC Online
RBC Online is an online banking service in Canada that provides various account options in many categories with a wide range of monthly fees ranging from 4 to 30 US dollars. The banking business of this institution dates back to 1864, so there is no doubt about its reliability – the user’s debit to the account will be completely safe. It is the best online bank Canada and is an excellent option for those who prefer to deal with one of the largest banks.
The institution sets specific rates for servicing balances, but these costs can be reduced by bundling certain services (credit cards, investing, mortgages). RBC Online provides classic options:
- transfer cash;
- withdraw money;
- pay the bills;
- take out a loan;
- put money on deposit.
However, the unique aspect of this institution is that this online banking Canada allows you to order foreign currency and withdraw it at your local branch. In addition, access to credit ratings is provided.
HSBC
Online banks in Canada, such as HSBC, provide a huge selection of services and various consultations. Users from anywhere worldwide who move funds internationally can withdraw money without restrictions. In addition, they are not charged fees for Interac digital transactions and bank transfers up to $10,000. It is worth noting that there may be no monthly commission if one of the following factors is present:
- There are at least 100,000 USD on deposit;
- Mortgage from 500,000 USD;
- Deposit from 6,500 USD, and there are confirmed assets for 100,000 USD.
At this institution, an online bank account in Canada will be a reliable method for regular Interac customers who can take advantage of reduced monthly service fees. Such an account allows unlimited transfers if the deposit is at least USD 5,000 or a mortgage of USD 150,000.
BMO Online
The best banks in Canada, such as BMO Online, provide traditional functionality for conducting financial transactions and allow you to earn increased interest rates through bonuses. Also, this institution may offer a combination of balances for users – “Family Package”, which can reduce service fees.
BMO Online provides individual benefits to older adults, students and military personnel. Therefore, maintenance costs can range from only 5 to 30 USD monthly. Users can choose the appropriate account depending on their situation, performance, and VIP category, with monthly payments from USD 17 to USD 30. This institution allows you to earn about 400 USD when opening an account and 50 USD if you sign up for a family package, into which you can add family members without additional payments. Online banks in Canada think not only about individual customers but also about the family as a whole.
Tangerine
Mandarin Bank has been highly rated among Canadian online banks for over 10 years. According to surveys conducted among the population, this institution knows how to promote its candidacy due to the complete satisfaction of users. Accounts of this bank allow you to spend less time and money, and banking services can be obtained both through the official website and through an application for mobile phones.
Mandarin accounts do not charge commissions for daily services and have a wide range for investing, lending, mortgages and savings. In addition, the institution provides unlimited transfers and free access to 3,500 Canadian ATMs. The bank is also valued for its professional customer service.
CIBC Online
This online banking Canada provides various account options for users of different ages and career levels. The functional range is similar to other banks. But there is a significant difference – several types of accounts are available for older people, including:
- Regular current account.
- With a VIP credit card.
- Account in American dollars.
Two types of premium accounts (Smart and Smart Plus) require a monthly service fee ranging from 17 to 30 US dollars. But paying every month can be avoided if at least 4,000 or 6,000 USD are in the account, respectively. If the user has yet to reach the 25th birthday, they can be serviced for free (Smart Start). New is the everyday current balance with a monthly fee of 4 USD, which includes 12 transfers monthly at a rate of 1.5 USD per transaction.
Conclusion
We reviewed the most popular online banks in Canada, distinguished by a wide range of services and high reliability. Also, each user, based on individual preferences, will be able to choose a bank that will fully satisfy his needs while allowing him to save on services and transfer fees. Canadian online banks also consider their users’ age category and career level at this stage.
