# data[].attributes.body
This is the background of how the banking system works. Before going deeper into the Canadian banks, here is a video that explains about interest rates and the history of banking. The economy of one country depends on the financial situation of the main global trade centre that is located in the US. One economic collapse can result in global financial crisis. The banks play a crucial part in business funding. Moreover, there are platforms that allows business owners to get small loans to help their growth.

This video is important to understand before going into the details of banking. I believe this is the foundation one needed to proceed on their banking activities.

# data[].attributes.headline
Website #1 Bank of Canada's Financial System

# data[].attributes.subject
Website #1 Bank of Canada's Financial System

# data[].attributes.body
This article shows the Canadian financial situation during the COVID-19 pandemic. Some of the key points and factors that affect this include housing market imbalance, household debts, and climate-related risks. The housing price has been increasing after some time into the lockdown period. Also, during this pandemic, people are struggling to protect their jobs which resulted in more debts for homeowners. Moreover, extreme weather across Canada left business owners in devastating situation. So far, the system is solid throughout this crisis, but there are still unavoidable threats as mentioned above. The Canadian government has been continuously monitoring and analyzing these situations for possible solutions.

I believe this article contains useful information for those who are looking to buy a house or wanting to invest on stocks. This will certainly affect their decision-making.

# data[].attributes.attachment_link.readable_text
But the main vulnerabilities remain significant

The financial vulnerabilities that existed before the pandemic still exist. That's why we're keeping an eye on the financial health of households, businesses and financial institutions as the recovery progresses.

Housing market imbalances

The price of houses rose sharply throughout the pandemic. After some moderation it has picked up again, but we're closely monitoring the risks that come with this shift. If house prices drop again quickly, this could delay household spending.

High levels of household debt

During the pandemic, some households were able to save more. This is partly because there were:

limited opportunities to spend during lockdowns

unprecedented government supports

At the same time, household debt climbed as more people took out mortgages, and those mortgages were bigger on average. Financially stretched households have little breathing room to manage any disruption to their income or a rise in the cost of servicing their debt.

Climate change

Climate change and its effects have clearly accelerated. The floods in British Columbia are a devastating example of the risks extreme weather events pose to homes, businesses and other assets. Climate-related risks also include those that come from transitioning to a low-carbon economy.

We've been collaborating with partners from all over the world to better analyze and assess the climate-related risks to our financial system.

# data[].attributes.attachment_link.title
Checking up on Canada's financial system

# data[].attributes.attachment_link.description
The financial vulnerabilities that existed before the pandemic still exist. That's why we're keeping an eye on the financial health of households, businesses and financial institutions as the recovery progresses. The price of houses rose sharply throughout the pandemic. After some moderation it has picked up again, but we're closely monitoring the risks that come with this shift.

# data[].attributes.body
The picture above are some of the biggest financial institutions in Canada. I believe RBC and TD Bank are the Top 2 most popular banks, followed by Scotiabank! They operate physically and digitally through online banking.

# data[].attributes.body
Online Banking is very popular among youngsters as it is simple and instant. Some of the companies that made this possible are Tangerine, EQ Bank, and Simplii. I think Online Banking is practical, but at the same time can lead to data leak and identity theft.

# data[].attributes.body
How do I find the best bank account for me?

This video helps you decide which one is the best for you
based on the analysis given. Factors to be considered are whether or not you
have financial cushion, the monthly fee that you are willing to pay, and the
number of transactions you want to have per month. The creator goes over each
big financial institution and explains the plans they have. The pros and cons
are also included.

To me, this video is very informative for newcomers and
immigrants. Comparing the benefits and disadvantages is a great way to
determine the one that fits us best.

# data[].attributes.body
Here, you can find out how to set up a bank account in Canada.
What are some information needed for this?
- Address
- Canadian Phone Number
- Photo ID/ Passport

Type of accounts available:
- Chequing Account
- Savings Account
- Investment Account
- RRSP (Registered Retirement Savings Plan)
- TFSA (Tax-Free Savings Account)

You can have a savings account in your RRSP as well as stocks, bonds, and mutual funds. TFSA is the opposite of RRSP, you don't pay any taxes when you withdraw money from it and it does not count as income.

This video is helpful for us who are interested in opening a bank account in Canada. It explains the benefits of having each account.

# data[].attributes.body
Here, I will guide you through the financial institutions available in Canada, how to create an account with them, and how does the Canadian financial system look like as of right now!

# data[].attributes.headline
1. What did you learn about the topic that most surprised you?

# data[].attributes.subject
1. What did you learn about the topic that most surprised you?

# data[].attributes.body
I think one of the surprising thing that I found is that Tangerine is owned by Scotiabank. This is new information for me. Another thing that I would like to point out is the very expensive monthly fee for some banks' plans.

# data[].attributes.headline
2. Provide a real-life example of how this topic is relevant or interesting for you?

# data[].attributes.subject
2. Provide a real-life example of how this topic is relevant or interesting for you?

# data[].attributes.body
This topic is relevant to me as I have been through the process of finding a bank that fits my need at that time. I have compared the financial institutions and asked around to see which one they usually bank with. For example, when I came here in 2017, I opened a bank account as an international student knowing that this bank has the best option for students.

# data[].attributes.headline
3. If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on?

# data[].attributes.subject
3. If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on?

# data[].attributes.body
I would say the basics of banking and the products and services that each bank offers. I believe it is beneficial to know these information before doing banking with one.

# data[].attributes.headline
Video #4 What to Avoid When Doing Banking

# data[].attributes.subject
Video #4 What to Avoid When Doing Banking

# data[].attributes.body
Before you choose to bank with any institutions, here are some common mistakes that people make when it comes to banking. Questions that you would want to ask yourself before proceeding:
1. Are you looking for a simple chequing and savings account?
2. Do you need car loan?
3. Do you need mortgage?
4. Is having an easy access to ATM a priority?
5. Are you planning to have an investment account?

As a student, I find this very useful as it explains some of the factors that might occur in the future that you might want to take into consideration when choosing an institution.

# data[].attributes.attachment_link.title
The One Banking Mistake Most People Make | How To Choose A Bank For The First Time

# data[].attributes.body
What are some popular online banks nowadays?

You can find some of the top online banks in Canada here! There is also a comparison table given to guide you through the pros and cons of each bank. You can find the features and services they offer and re-rank them based on your needs. This web page is created in 2020, so please be aware of new updates on the banks listed.

This website is packed with information that I was unaware of. It can help people who want to open an online banking account in considering which one that suits best for them.

# data[].attributes.attachment_link.readable_text
At this point, a vast majority of our daily lives is carried out online: We find dates online, we order food online, we shop for vintage handbags and leather jackets online-and more of us are choosing to bank online. In Canada, online-only banks have proliferated, and many established banks-including the "Big 5"-have begun offering most of their services online in order to keep up with a society that increasingly conducts its daily business through its smartphone. Below, we've rounded up a list of 2020's top online banks in Canada.
Wealthsimple Invest is an automated way to grow your money like the world's most sophisticated investors. Get started and we'll build you a personalized investment portfolio in a matter of minutes.
Best online banks in Canada

Tangerine

Tangerinehas over 2 million users and close to $40 billion in total assets. Tangerine doesn't charge any fees for daily banking activities, and also offers credit cards, mortgages, investment options, and five different savings accounts in addition to chequing accounts, including retirement-friendly products like RRSPs and TFSAs.

Its chequing account has no monthly fees, unlimited free daily transactions, free cheques (first book), and free access to 3,500 ATMs in Canada and 44,000 worldwide.

EQ Bank

EQ Bank is the online banking branch of Equitable Bank. EQ Bank focuses specifically on offering high-interesting savings with no monthly fees, unlimited free transactions, and no minimum balance. Their account functions like a hybrid savings-chequing account, where users benefit from a 1.50% interest rate while also being able to use everyday banking features.

EQ Bank also offers high-interest guaranteed investment certificates with terms from 1-5 years.

Simplii

Like the name suggests, this online-only bank keeps things simple with no-fee chequing accounts, high interest savings accounts, and all the usual financial products you know from traditional banks, including credit cards, mortgages, loans, and investment options. Simplii Financial is the direct banking arm of CIBC and formerly operated as PC Financial.

Its no-fee chequing account offers unlimited debit purchases, bill payments and withdrawals, free access to over 3,400 CIBC ATMs across Canada, and free Interac e-Transfers®.

Manulife Bank

Manulife Bank is a wholly-owned subsidiary of The Manufacturers Life Insurance Company. It was established in 1993 and offers chequing, savings, mortgages, loans, and investment accounts. While Manulife's chequing accounts don't have monthly fees, you do need to keep a minimum account balance of $1,000 in order to enjoy free banking service. Manulife also offers a 0.15% interest rate on their Advantage Account, which is basically a hybrid savings/chequing model.

Account holders also have access to over 3,500 surcharge-free ATMs across Canada through The Exchange Network.

Motusbank

Motusbank offers the full spectrum of banking products, including zero-fee chequing and savings accounts and personal loans and mortgages, as well as investment options. Its customers also have access to over 3,700 free ATMs across Canada through The Exchange Network.

Online banks in Canada: Comparison

Want a quick overlook of how each online bank stacks up to each other? We got you:

Other online financial institutions in Canada

As online banks have proliferated, so have alternative financial institutions that offer a variety of savings and investment accounts without actually being a bank. One of the reasons why people might choose alternative financial institutions is because they are able to focus their efforts on a very specific financial field, such as investing, and offer more bespoke service at significantly lower fees. Another reason is that alternative financial institutions often are able to offer more innovative products like hybrid chequing/savings accounts that give you all the convenience of a chequing account with the high growth potential of a high-interest savings account.

Alternative financial institutions often also offer lower barriers of entry for those looking to try out new financial products, and can help newbies build up savings or dip their toes into investing. With that in mind, here are some of Canada's top alternative financial institutions:

Wealthsimple

You didn't think we'd forget to include ourselves, did you? While Wealthsimple isn't a bank, we still offer a host of no-to-low-fee financial products, including our hybrid savings/chequing account Wealthsimple Cash, as well as business accounts, joint and individual personal investing accounts, and retirement products like RRSPs, TFSAs, RESPs, and RRIFs. We also have a platform for self-directed trading, as well as the option to trade in cryptocurrencies.

With no account minimums, no trading commissions, human support from financial experts, and low management fees on investment accounts, Wealthsimple provides a wide variety of smart and savvy financial products.

Nest Wealth

Nest Wealth is a wealth management company that provides investors with a variety of simple-to-use investment accounts and portfolio options. It makes investing easy for clients by using smarter technology and proven investment principles. It was founded in 2014. Nest Weah requires no account minimum, and offers TFSAs, RRSPs, and RRIFs as well as customer support and access to financial advisors. However, it does charge fees: Nest Wealth charges $20 per month for investments under $75,000, $40 per month for $75k-$150k, and $80 each month if you invest more than $150k.

Koho

Koho is a Canadian financial institution that provides fee-free chequing accounts with the perks of a credit card and a savings account, including 0.5% cashback on all purchases and a roundup feature, which rounds up your purchases to the nearest buck or two (or five or ten) and then stashes that amount away. You can set saving goals that are linked to your Koho card (which is a reloadable prepaid Visa). While Koho doesn't replace all banking necessities, its account works as a convenient chequing account with added perks and greater spending/saving oversight thanks to their app.

CI Direct Investing (formerly Wealthbar)

CI Direct Investing (formerly Wealthbar) is a registered portfolio manager and full Life Insurance Agent in British Columbia and Ontario. They describe themselves as offering premium online investing without the premium price. They have over $275 million in assets under management, and are a robo-advisor, just like Wealthsimple and Nest Wealth.

CI offers investment products like personal investment accounts as well as RRSPs, TFSAs, RRIFs, and corporate accounts that are professionally managed. However, CI Direct Investing does have an account minimum of $1,000.

Moka (formerly Mylo)

Moka (which used to be called Mylo) is a savings app that allows Canadians to round up purchases from a linked debit or credit card and then puts the spare change into an investment account. In addition to the round-up feature, users can set automatic recurring investments so that their savings can grow even further. Moka's portfolio manager invests your money using a diversified portfolio of low-cost ETFs.

Moka charges a flat fee of $3 a month to use its services, as well as charging management fees that range from 0.06% to 0.38% for your portfolio.

Benefits and drawbacks of online banking

While many users value the history and human service of brick-and-mortar banks, online-only banks have become increasingly popular because of the convenience they offer. All your banking can be done from your laptop or even from an app on your smartphone, without ever having to get up from the sofa. Online banking generally comes with lower-to-nonexistent fees. But there are drawbacks to choosing to do your banking purely online. Here's the lowdown:

Benefits of online banking

24/7 access. As long as you have a WiFi connection, you can check your account, transfer funds, set recurring deposits, open and close accounts, and much more. Many online banks now even allow you to apply for a loan or a mortgage, buy insurance, and set up retirement accounts with the click of a few buttons. Some allow for free withdrawals from a wide network of participating ATMs.

And while online banks primarily rely on you conducting your business through an app or website, many also offer hotlines you can call to talk to a real-life customer service agent.

Low-to-no fees. While most accounts at brick-and-mortar banks will charge you an "account maintenance" fee and often require you to maintain a minimum balance lest you get charged a fine, online banks usually don't charge anything for their accounts. They also tend to have lower or even no minimum account balances. That's because online-only banks have way less overhead costs: They don't have to rent space for physical branches, and they don't have to pay tellers, security guards, and other staff. Those savings translate directly to the consumer.

Higher interest rates. Another perk of lower overhead costs: Because online banks have fewer costs, they can offer higher interest rates when holding your money-particularly in high-interest savings accounts. While traditional savings accounts usually offer rates that hover around 0.02% to 0.05%, online banks are able to offer above-average rates of 1% to even 2% (keep in mind that in some cases, these are perks for new account holders and expire after a while, so it's always important to read the fine print).

Drawbacks of online banking

Lack of personal relationships. Having a purely online bank means that you won't have a teller who knows your name. For some people, having a personal relationship with the staff at a bank is really important, and can be particularly advantageous when applying for loans or letting things like the occasional overdraft fee slide.

Some transactions are less flexible. While online banks offer a variety of transactions, they're less flexible when it comes to special circumstances and unusual requests. That's when being able to talk to someone in-person might be useful.

More limited service. The majority of brick-and-mortar banks are a one-stop shop for a wide variety of financial services, including comprehensive retirement planning, advice for first-time homebuyers, mortgage services, and investment options. Only very few online banks offer such a wide range of services, and some online banks stick to offering only chequing and savings accounts.

Accounts offered by banks in Canada

While chequing and savings accounts are the obvious contenders when it comes to accounts offered by Canadian banks, the options go far beyond that. Here's a list of the most common accounts you can find at Canadian banks:

Chequing account: The good old chequing account is the financial workhorse of everyday banking: It holds the money you use for daily spending, is usually where money gets deposited, and is easily accessible. While many brick-and-mortar banks charge maintenance fees for their chequing accounts, most online banks don't.

Savings accounts: This is where you keep money you're saving up for a short-term goal-perhaps a vacation, an engagement ring, or a special treat for yourself. It's also a great place to store an emergency fund. While all savings accounts offer some sort of interest, online-only banks tend to have higher interest rates you can take advantage of.

Student accounts: These accounts are usually the first type of bank account a young person will have in their name. Student accounts offer a significant number of perks for young people in higher-learning institutions, including no-fee accounts and sign-up bonuses.

Non-registered accounts: Since many banks, including online banks, have started offering investment options, the personal non-registered account has really taken off. For those looking for investment options beyond government-regulated accounts, a personal investment account allows you to grow your wealth through personalized portfolios, often containing low-cost ETFs and mutual funds. Keep in mind that all growth from these accounts is taxable.

Registered accounts: Here is where your government-regulated retirement accounts come in: The trusty TFSA, RRSP, RRIF, and LIRA are tax-advantaged accounts set up by the Canadian government in order to help you save for retirement. Keep an eye out for account minimums and fees when choosing these accounts.

Last Updated October 10, 2018

# data[].attributes.attachment_link.description
At this point, a vast majority of our daily lives is carried out online: We find dates online, we order food online, we shop for vintage handbags and leather jackets online-and more of us are choosing to bank online.

# data[].attributes.body
I have found the online bank I want! Now what? Well, you have done the first step, but there are more to do.

Here are some steps to follow to create an account with them:
Step 1. Apply to your account online.
Step 2. Verify your identity.
You will need a government-issued ID to be approved.
Step 3. Set up your debit card.
Step 4. Set up the internet banking.
Step 5. Set up automatic payments to your liking.
Step 6. It is ready to use!

I believe it is quite simple to set up an online banking account, but we have to be very careful with our information to avoid any data leak or theft.

# data[].attributes.attachment_link.readable_text
Opening a bank account online usually takes about 5 minutes - much faster than visiting your bank branch. In today's fast-paced world, this type of convenience is priceless. Here's a rundown of what to expect when you open a bank account online in Canada.

5 steps to open a bank account online

Can you open a bank account online in Canada? Absolutely. Follow these steps to learn how to open an account online.

Step 1: Compare accounts to find the right one

Shop around to find the right bank account for you. Factor in the card type, minimum balance requirements for savings accounts, whether you can bank online or via an app, and any fees, including ATM withdrawal fees, monthly fees and whether the account waives fees if you maintain a minimum balance.

Step 2: Apply for your account online

Click Go to site and a new window will open, sending you to the account provider's website and a secure online application. You'll need to provide basic information about yourself such as your name, date of birth, address and Social Insurance Number ( SIN). Make sure you have this information on hand before you start the application as the webpage can time out and close if you leave your computer unattended for too long.

After you complete an online bank account application, you'll get an email from the account provider with information about what happens next. This email should come within a minute or two after you submit the application to the bank. It may come with instructions on verifying your identity, or you may need to do that first.

Step 3: Verify your identity

You'll need to provide a government-issued ID before you're approved for an account. Most banks will let you take a picture of your ID with your phone, though some banks require that you verify your identity in person. If you're already a customer of the bank, you may be able to skip this step.

Step 4: Your debit card arrives

If the account you signed up for includes a debit card, it'll arrive in the mail after you've been approved - you'll find out how long it takes to ship in the confirmation email. The debit card and PIN are sent to you separately for security reasons. When you get your card, you need to sign the back and activate it so you can make withdrawals. This is a simple process that can be completed over the phone or online.

Step 5: Start using it!

Your account is ready to go. You'll be able to make deposits and withdrawals, as well as use any other features associated with your account. To finish setting everything up:

Set up Internet banking. This lets you manage your money and make payments to other accounts from your phone, computer or tablet. Download the account provider's app and follow the on-screen instructions to set up your online banking.

Switch your direct debits and automatic payments. If you signed up for a chequing account, decide if you want to transfer all of your automatic payments to your new account. If so, you'll need to sign into your existing accounts with your creditors and change the bank account information they have on file for you.

Which banks allow you to open an account online?

You can basically count on all major banks to offer online bank account applications. Whether you're looking to open a savings or chequing account online, browse through the Canadian banks in the table below to see what they offer and some of their most popular account options.

How does online banking work?

Online banking lets you perform all your banking transactions over the internet. Instead of visiting your nearest branch to make a deposit, transfer money, pay off your credit card or check your savings balance, you can access your finances through any internet-enabled device.

This includes desktop computers, laptops, tablets and smartphones. Once you have an account with a bank or credit union, it's usually free to sign up for an online banking account and often takes less than 10 minutes to apply. After creating a password to ensure secure login to your account, you can begin managing your finances online. Note that your credentials to log into online banking usually won't be the same as your bank details for security purposes.

The right online banking platform allows you to:

Pay bills online

Transfer money by email

Check your account balances and access your transaction history

Find the nearest ATM in your bank's network

Research products and services to buy or upgrade

Use currency converters, repayment calculators, stock trading calculators and other tools

Manage investments and trade stocks

Pay for goods and services with a mobile wallet

Deposit cheques

What do I need to open a bank account online?

The whole process shouldn't take more than 5 minutes. If you're at least 18 years old, you can apply for most bank accounts online. You'll be provided with a checklist of things you should have with you before you apply. If you're an existing customer of the bank, make sure you have your relevant customer ID or account number.

Identification

ID is required to help banks protect you from fraud. If someone gets your Social Insurance Number (SIN), they could try to open a line of credit or apply for an account in your name to hide illegally obtained money. Banks verify your ID to make sure it's really you opening the account and not someone trying to steal your identity.

Personal information

Most accounts allow you to apply for a joint account with 1 or more people. If you're applying for a joint account, all account holders will need to provide their personal information, including Social Insurance Number (SIN) and ID, address and contact information.

Eligibility requirements

To open a bank account online, you'll generally need to:

Be a Canadian resident with a Canadian residential address

Be at least 18 years of age, or the age of majority in your province or territory (note that some banks will let minors open an account with a guardian)

Provide a copy of your government-issued ID such as a passport or driver's license (you may be required to upload a scanned copy of your ID for verification purposes)

Read up on the requirements to open a bank account
Benefits of opening a bank account online

You can skip the hassle of going into a branch

You aren't confined to the branch's hours of operation to do your banking

The application forms are easy to use

It usually takes about 5 minutes to get started

What to watch out for when opening a bank account online

You may have to visit a local branch to open a bank account if you run into any of these challenges.

No or bad credit. Most banks verify your identity by doing a soft pull on your credit. If you haven't built any credit yet, you may need to visit a local branch to verify your identity and complete your application process. If you have a negative banking history because you've previously bounced cheques or had insufficient funds, your application may be denied when you open an account online. But visiting a local branch could increase your chances of getting an approval.

A minor. Anyone under age 18 or the age of majority in your province can't open a bank account without a parent or legal guardian co-signing on the account. Some banks allow minors that 16 years old to apply but could require you to visit a local branch to set up this type of account.

Non-Canadian citizen or resident. Nonresidents can still open accounts at some banks in Canada, but there are extra hurdles to jump through. You may be required to bring your passport as well as your work visa or student ID to a local branch to verify your identity and complete the application process.

Business accounts. While opening a bank account for yourself online is simple, it's more difficult to open an account for your business online. Some institutions may support this, while others may require you to do it in person.

There are some online-only banks that don't have physical branches. If you are running into trouble with any of the above, digital banks may still be able to help you get set up online since there is no option to go into a branch.

Compare online banking accounts

Bottom line

The days of spending an hour at the bank to open an account are gone, and you can open a new chequing or savings account online from your computer or phone in minutes. But don't let the speed and convenience rush you into making a decision. Compare savings accounts or chequing accounts before getting started to find the one that's right for you.

Frequently asked questions

No, you don't need to make a deposit when you open a bank account in Canada. According to federal regulations, you have the right to open a bank account even if you don't have a job, are unable to make a deposit, or have been bankrupt in the past.

In some cases, yes. However, it will mostly depend on the bank you're interested in. Most banks require the following information to open an account:

Valid ID, like a passport or driver's license

Social Insurance Number (SIN)

Proof of address

If you're a Canadian citizen, the process to open a bank account should be relatively straight forward because you should have access to the right documents. However, if you're not a citizen you may be required to provide other documents in place of those that are normally required. These can include:

Permanent residence card

Temporary residence card

Work permit, and proof of employment

Study permit

Call the bank you're interested in for more information and to see exactly what documents are required for your specific situation.

# data[].attributes.attachment_link.title
How to Open a Bank Account Online in Minutes | Finder Canada

# data[].attributes.attachment_link.description
Opening a bank account online usually takes about 5 minutes - much faster than visiting your bank branch. In today's fast-paced world, this type of convenience is priceless. Here's a rundown of what to expect when you open a bank account online in Canada. Can you open a bank account online in Canada?

# data[].attributes.headline
Website #4 Online Banks VS Traditional Banks

# data[].attributes.subject
Website #4 Online Banks VS Traditional Banks

# data[].attributes.body
The big online banks in Canada link Tangerine, which is owned by Scotiabank, and EQ Bank are protected under CDIC just like regular ones. Some of the pros of doing online banking are the high savings account interest rate that they usually have and the low available mortgage rates; however, they usually do not have a lot of options for their products and services and they do not possess any physical branch.

It is very relative as to how people decide whether to bank with a regular/physical bank or an online bank. There is no best answer in this case as they have to take their own situation into consideration.

# data[].attributes.attachment_link.title
Online Banking In Canada: Online-only Banks Vs. Traditional Banks | creditcardGenius

# data[].attributes.attachment_link.description
Canada has a growing number of online-only banks, including Tangerine, EQ Bank, Simplii, Oaken, and others. Of course, the Big Five banks - BMO, CIBC, Scotiabank, RBC, and TD - offer online banking as well. So what's the difference? We take a look.