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welcome to my padlet here my padlet provides the information about online banking in canada and it also gives information on advantages and disadvantages of online banking.

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This image shows comparative studies between best online banks and the advantages moving from traditional banking to virtual banking process.
Inter-banks in a country strive for success and better customer service in terms of keeping the customers details safe, rewards, better interest rates.
A few comparison between banks is studied from the image and further details are mentioned in the image link:
- Tangerine provides 5 savings account type , EQ has 1 type and Simply has 1 type.
- Tangerine are known for promotion chasers, EQ as super savers and Simply as smart spenders.

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Best Online Banks In Canada: The Future Of Banking | How To Save Money

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Virtual banking is the future - and with these 3 great banks to choose from, the future is here. These free Canadian bank accounts will hook you up with no monthly fees, huge interest rates, and 24/7 access to everything online. So which will it be, Canada?

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This image represnt the top 10 advantages that encourage online banking:
-Maintenance of good cash flow.
-management of tax files and form filling can be done online with ease and time saving.
-Advantage of discount payment .
-Access to accounts and bank gets easy.
-E-transfer that makes rapid transferring money in B2B and more.
--reduce admin and documentation work, and order foreign cash also.
-Security provided and safe service.

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Any reproduction, in whole or in part, is strictly prohibited without the prior written consent of National Bank of Canada.

The articles and information on this website are protected by the copyright laws in effect in Canada or other countries, as applicable. The copyrights on the articles and information belong to the National Bank of Canada or other persons. Any reproduction, redistribution, electronic communication, including indirectly via a hyperlink, in whole or in part, of these articles and information and any other use thereof that is not explicitly authorized is prohibited without the prior written consent of the copyright owner.

The contents of this website must not be interpreted, considered or used as if it were financial, legal, fiscal, or other advice. National Bank and its partners in contents will not be liable for any damages that you may incur from such use.

This article is provided by National Bank, its subsidiaries and group entities for information purposes only, and creates no legal or contractual obligation for National Bank, its subsidiaries and group entities. The details of this service offering and the conditions herein are subject to change.

The hyperlinks in this article may redirect to external websites not administered by National Bank. The Bank cannot be held liable for the content of external websites or any damages caused by their use.

Views expressed in this article are those of the person being interviewed. They do not necessarily reflect the opinions of National Bank or its subsidiaries. For financial or business advice, please consult your National Bank advisor, financial planner or an industry professional (e.g., accountant, tax specialist or lawyer).

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10 good reasons for using online banking

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Any reproduction, in whole or in part, is strictly prohibited without the prior written consent of National Bank of Canada. The articles and information on this website are protected by the copyright laws in effect in Canada or other countries, as applicable.

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Business Online Banking and Small Business Online Banking have many similarities and differences. Some similarities between BOB and SBOB are, pay bills, tax payments, transactions receipt, transaction history and cheque images.
BOB, give access to one or two signer accounts while SBOB gives access to only one signer account. Payments in bulk, transaction can be done in BOB, while single transaction is done only in SBOB.
Multiple users can access BOB however, two signers can access in SBOB. We can even set control limits for the users in BOB but, in SBOB control setting is not not given.

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Meridian Business Online Banking & Small Business Online Banking Comparison

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Business Banking Mobile BMO has made literally easy transfers for business people. By assessing fingerprint scan, facial recognition, retina scan and voice recognition BMO mobile app can be installed and easily accessible.
Wire payments, account transfer are now easy to do by this app. The inbox section shows the received money history for securing and the history shows our done transaction.

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Business banking on the go I BMO Online Banking for Business

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Online banking has made our life easy, convenient and secure. It showed some ways to secure our bank accounts and details, some are as follows:
1. By installing anti-virus and keeping it updated and active every time and making security check while using public WiFi.
2. Selecting secure password, using upper and lower, special cases we can build a strong passwords which can be more difficult to crack.
3. Never share personal details with anyone. Bank employees never contact us via SMS, e-mail and phone but they will never ask for the personal details if that is not a fraud call then.
4. Go through transaction history most of the time and in doubt, verify that with the banks only.

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Canadian Banks prefer the technological change and to keep the trust forever. According to the banking research, 90% of the population said that this technology has made their life much more easier than before and 88% trusted the services.
For decades, Canadian banks has maintained the trust and now 3/4 of the population feels confident about this way and feel secured for their future savings. Moreover, it is expected that the trust and online banking method to rise in five years with 41%.

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Daimsis says there's such a "huge imbalance of power" that Ottawa should create better protections to give customers a fighting chance when something goes wrong with their online banking.

Daimsis — who has studied hundreds of contracts — spent hours analyzing the agreements from the big five banks.

Five analysis factors were:

Language clarity, Liability acceptance criteria, Customers responsibilities, amendment notification process. Bank said that agreements can be entitled at any time. This includes the stolen, lost cards or anything that is confidential.

Go Public also questioned the big five banks whether they would work with a third party on a code of conduct.

·        The analysis of five big banks such as Scotia, TD, CIBC, BMO and more were done and questioned about the liabilities, customers responsibilities such as banking should not be done in public Wi-Fi. It may lead to hacking and the bank may not be responsible for this.

·        For RBC, before starting online banking, the customer has to accept the agreement that bank is not be responsible for stolen or lost thing , even if they are negligent

·        BMO has simple and clear language. They can change term at any time (agreement).

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Jeff Harney is one of hundreds of people who recently contacted Go Public after losing a fight with their bank - many saying they felt powerless against new electronic banking agreements they didn't understand, couldn't navigate and which they felt protected their bank from any liability.

"They've made this clause, which clears themselves of all responsibility," said the North Vancouver contractor, pointing to a section in his agreement that RBC used to refuse to pay him after losing $1,500 in a case of e-transfer fraud last May.

Most of Canada's five big banks - BMO, CIBC, RBC, Scotiabank and TD - recently updated their electronic banking agreements, so Go Public asked an expert to assess how well they balance the banks' liabilities against customer protections.

The news is not good for millions of customers.

"They are so one-sided and benefit the banks to such a degree that there is no way that I would call these bargained agreements," said Anthony Daimsis, a professor of contract law at the University of Ottawa.

"These are take it or leave it - where the taker [customer] really has no option."

Daimsis says there's such a "huge imbalance of power" that Ottawa should create better protections to give customers a fighting chance when something goes wrong with their online banking.

Daimsis - who has studied hundreds of contracts - spent hours analyzing the agreements from the big five banks.

He critiqued all five banking agreements on four things:

Clarity of language.

What kind of liability the banks accepted.

The responsibilities of customers.

How people were notified about amendments.

All say the banks are entitled to change the agreements at any time, and most say they will determine how customers are notified.

"I'll give you an absurd example," said Daimsis. "If the head of the bank, on the last Thursday of the month, says, 'This is how I'll notify of changes - I'm going to lift my window and yell it out of my office' is that really notification?"

"The purpose of notifying is not merely to send the information out. It's to ensure that the information is received properly and consistently with what that agreement is."

'The changes benefit TD'

TD's new agreement takes effect March 2. Daimsis says it gets points for clearly identifying how the terms have changed - but loses points because customers get a raw deal.

"The changes benefit TD," said Daimsis.

For instance, the old agreement said customers were liable for losses as soon as they "become aware" a banking card or device has been lost, stolen or misused. The new one says they are liable as soon as they "suspect" it.

"My concern is, what is that standard of suspicion? Because TD doesn't tell us," said Daimsis.

"And what makes this especially difficult is that the banks internally investigate. These are not transparent investigations."

I don't know if I'm really agreeing to something if I have no choice. - Prof. Anthony Daimsis, University of Ottawa

Longtime TD customer Debora Bloom of Collingwood, Ont., says the new terms "felt a bit smelly" when she read them.

"It felt to me like the banks were starting to tilt the balance in favour of themselves."

She worries the onus is on customers to prove they didn't share bank cards or PINs, for example.

"It's a 'he said/she said' at the end of the day," said Bloom. "They've got a team of expensive lawyers against Joe and Josephine Consumer. You're going to empty your bank account just to position your point of view."

Bloom says she complained last October to the Financial Consumer Agency of Canada (FCAC), asking the regulator to make financial institutions more accountable.

"They need to do a better job," she said of FCAC.

The FCAC would not confirm whether it had received Bloom's complaint or whether it was investigating.

A spokesperson for TD Bank said in a written statement that customers have a key role in protecting against fraud.

"Customers have obligations that are outlined in our agreements, including taking reasonable steps to safeguard their debit and credit cards, and keeping personal identification numbers and passwords confidential, among other requirements."

The statement says that most customers who experience fraud "end up being reimbursed."

Scotia's agreement 'so bad it's shocking'

Daimsis says it took him the longest to go through Scotiabank's online agreement, which was updated last May.

Most of the terms in Scotia's agreement aren't numbered, and one part refers to consumer protections being "subject to Section 13" - but Daimsis couldn't find Section 13 anywhere.

"Scotia's agreement is so bad, it's shocking," he said.

Daimsis was also concerned that important information outlining a customer's responsibilities - such as never to do online banking using public Wi-Fi - is in smaller font than the rest of the agreement.

"It shouldn't require me to read something closely and maybe just catch that in a small font," said Daimsis. "I would want that front and centre, because not everyone knows the security concerns dealing with Wi-Fi."

Scotiabank did not address any of the criticism about its online agreement to Go Public, but in a statement said: "We regularly review our policies and procedures to ensure they align with best practices."

RBC not responsible 'even if we are negligent'

When RBC introduced its new terms last May, it required customers to accept the agreement before they could continue accessing their online banking.

One clause says the bank can't be held responsible for loss of data or damages "even if we are negligent."

"They call them agreements," said Daimsis. "I don't know if I'm really agreeing to something if I have no choice."

Harney says he certainly didn't feel he could argue with RBC after his email was hacked and fraudsters made off with the $1,500 e-transferred to him. He hadn't read a clause that limits his bank's liability.

"The bank was saying that [according to its agreement] they are allowed to pay an e-transfer to whoever accepts it - as long as they answer the security question," said Harney.

"The only reason I would've ever come across this part of the contract is after I've experienced a problem," he said.

In a statement, RBC said it "takes seriously its responsibility to protect clients from fraud" and provides information about protecting against e-transfer fraud.

Daimsis says much of the important information in RBC's agreement will likely never be read - the contract is 35 pages long.

"It's too much," said Daimsis. "You get lost very quickly and you just put it down. At that point you're just assuming, 'Well if my online banking works, I guess everything's OK.'"

RBC said its agreement is long because it "covers multiple topics" but is organized so clients can find relevant information.

BMO can change terms at any time

BMO was ranked best by Daimsis for using clear and simple language. He said the bank's agreement - updated in December - also says customers will not be responsible for "circumstances beyond your control" and appears to take responsibility for "any errors we made, technical problems or system malfunctions".

But like all the agreements, BMO's terms are weighted in favour of the bank, said Daimsis.

Most concerning was a clause that says BMO can change the terms at any time and that customers "agree to any changes made when notice is given in our Canadian branches or in any other manner, which we may determine from time to time."

"No person who has the ability to disagree would agree to such a term," said Daimsis. "I would not agree to somebody who says, 'Here's my agreement with you. I get to change it and I'll notify you the way I want to notify you.'"

BMO's statement to Go Public did not address the criticisms.

Instead, a spokesperson wrote that the bank's focus "is on delivering a great customer experience around our banking services" and that BMO has "an electronic banking guarantee and reimburses customers for any losses resulting from unauthorized transactions."

CIBC's broad terms limit liability

CIBC's agreement, which was last updated in 2016, raised concerns for clarity of language.

Daimsis cites a clause he says uses very broad terms that are open to interpretation.

It states CIBC will only be liable in cases of its "gross negligence, fraud or willful misconduct."

"Not just negligence but so grossly negligent - whatever that means - that's the only time they'll take on some responsibility," said Daimsis.

The agreement also restricts anyreimbursements to direct damages.

"Which means they're not going to address the consequence of their error on your financial well-being," said Daimsis.

If your account is emptied and you are evicted, for example, the bank won't pay for costs stemming from the eviction.

"Very often the direct damages are not as large as what the consequences of ... what the bank security issue has led to," said Daimsis.

In a statement, a CIBC spokesperson said the agreement "reflects industry best practices and regulatory requirements that protect our clients each and every day. It is regularly reviewed to ensure that protections and guarantees for clients keep pace with the evolving banking landscape."

When are the banks liable?

All the banks say they'll take responsibility for financial losses in certain situations - ranging from employee fraud to transactions on credit cards that are forged or expired.

They also say they invest significant resources in protecting customer accounts from fraud, but they also emphasize that protections are a shared responsibility; that customers must carefully read their agreements and follow requirements to keep their transactions safe from cybercrime and other losses.

Canada's banks get away with limiting customer protections because they're in the driver's seat, says Daimsis.

"These banks know that they're the only real game in town. So, then, why would they ever lower their standards?" he said.

"And what's especially disturbing ... in the banking industry, we're dealing with really sensitive subjects. People's credit-worthiness; their ability to buy a home, their ability to pay for the right to just operate in our society. So they're really at a disadvantage when the bank says these are the terms and that's it."

He says the federal government should step in.

"It's critical to have that oversight body - a third party - that would balance it in a way that reflects the reality and the sensitive relationship between a bank and a consumer."

Go Public asked the Ministry of Finance whether Ottawa would consider requiring language that would ensure consumers have guarantees that the bank will protect their life savings, and reimburse them when their online banking systems fail.

A ministry spokesperson emailed a response, steering us to a voluntary code of conduct for debit cards created in 1992 and last updated in 2004, that a number of financial institutions have agreed to apply to online transactions.

Go Public also asked each of the big five banks whether they would work with a third party on a code of conduct.

None of the banks answered that question.

Their umbrella organization, the Canadian Bankers Association, said in a statement that banks "already comply with multiple codes of conduct" and are also "subject to strong oversight by the federal government, regulators and related agencies, and work closely with them on consumer protection and education."

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Think your new online banking agreement sucks? So does a contract law expert | CBC News

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Jeff Harney is one of hundreds of people who recently contacted Go Public after losing a fight with their bank - many saying they felt powerless against new electronic banking agreements they didn't understand, couldn't navigate and which they felt protected their bank from any liability.

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RBC banking features:

1)      Look into account balance

2)      Transfer money between accounts

3)      Send money

4)      Pay your bills

·         It shows transaction history, check in your account, and send money between RBC accounts. It allows us to pay one or more than one bills at once and record the transaction as transaction history.

·         It manages the credit payments and account and remind of paying credit bills on due time. It keeps track of mortgage or loans.

·         It helps in order foreign cash and manages investments and funds.

·         It evens manage security messages and keep it official and confidential. It guarantees  security for 24/7.

·         They provide RBC rewards and gift cards also.

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With RBC Online Banking you'll have access to the tools and services that give you more control over your money and save time. Sign in or enrol today.

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It is known that 68% of totally Canadians use online banking .It is beneficial for all ages.

Well the benefits of using virtual banking are:

1)      Convenience and good customer service: All time open accounts on virtual banking and timely service to the customer are main advantages over traditional banking. Customers don’t need to wait in line.

2)      Features and pricing: There are interesting and helpful features such as depositing a cheque, rapid money transfer and more. People who are done with paying for banking transactions monthly fees have switched to the digital banking that helps them a lot.

3)      Online banks don’t need monthly fee and provide minimum transaction fees.

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As we increasingly live our lives online, it's not too surprising that fully 68% of Canadians use online banking each week, compared to only 16% that step into a branch. Online banking in Canada is for consumers of all ages who enjoy the convenience of being able to carry out banking tasks whenever they'd like, 24/7.

1. Convenience: Online accounts are open all the time. There's no need to wait in line or hurry to get there before the branch closes, and you can carry out most banking transactions in your pyjamas.

2. Customer Service: When visiting a traditional bank, you might have to wait in line for a long time before you're able to talk with a personal banker. Online banks frequently offer a dedicated personal banker who is available for much longer hours through live chat, email, or telephone support. On top of this, you can access non-personalized banking support around the clock for general questions and assistance.

3. Features: Online banks support new finance tech tools that brick and mortar banks do not. Features like mobile cheque deposit, free online bill payments, and person-to-person payments are made possible via online banking.

4. Pricing: As always, the bottom line is a major incentive. Although it is possible to find a no-fee chequing account with a credit union, many consumers who are fed up with paying for banking transactions on top of monthly fees are switching to online banks. Most everyday banking customers can get all of the same services they need from an online bank, but without the fees, and enjoy higher interest rates as well. The average Canadian pays $200 a year in banking fees, a large portion of which can be saved by choosing the right online bank account, or by moving to an online-only bank.

Online-Only Banks vs. Brick and Mortar Banks with Online Banking

Online banking can be divided into two categories:

1. Traditional brick-and-mortar banks that support online banking

2. Online-only banks without brick-and-mortar branches

Virtually all traditional brick-and-mortar banks offer some form of online banking today, though the scope of online banking capabilities varies from one bank to the next. Traditional banks like Scotia do offer low-fee chequing accounts, which enable you to make transfers, check your account balance, and pay bills online, just like with online-only banks.

The biggest difference between online-only and traditional banks is that online-only banks frequently charge no monthly fee at all and have minimal transaction fees for their chequing accounts, while offering high interest rates for savings accounts. This is because online-only banks save on the overhead of running physical branches and can pass those savings on to the customer.

On the flip side, you can't chat face to face with a personal banker through an online-only bank. This lack of personalized interaction may be off-putting to some Canadians, and if you feel that you might fall into this category we advise you to explore the online banking platform of a traditional brick-and-mortar bank.

Types of Online Bank Accounts

You can access as many types of bank accounts online as you can in a traditional brick-and-mortar bank, from savings to daily chequing accounts.

Savings

Basic savings accounts are widespread - you'll just need to link your online savings account with either an online or brick-and-mortar deposit account so as to manage deposits and withdrawals. Many online savings accounts offer mobile cheque deposit to make deposits faster and easier. Some online banks also offer kids' and youth savings accounts, money market accounts, CDs and high-interest savings accounts.

High-Interest Savings

As the name suggests, high-interest savings accounts are accounts that pay a higher rate of interest than regular savings accounts. Interest rates for high-interest savings accounts vary widely, from little better than regular savings accounts at 0.5%, all the way up to 2.5%. Again, you'll often find higher interest rates from online-only banks than those offered by brick and mortar banks.

Most online high-interest savings accounts don't have any monthly fees, although you'll find that some have minimum balance requirements. The cost for transfers differs between banks, as well. Generally, you'll get free transfers to other accounts that you have within the same bank.

Chequing

You can get all of the same basic features when you open an online chequing account including a debit card, use of ATMs, and paper cheques as well as extended options for making transfers and paying bills online, mobile cheque deposit, and better rates for international transactions. Online-only chequing accounts don't usually charge any monthly fees and charge only minimal or zero transaction fees.

Online-only banks also offer high-yield chequing accounts with higher interest rates than equivalent accounts with a traditional bank. Like at traditional banks, you'll be restricted about how often you write a cheque or use a debit card if you take out a high-yield chequing account.

TFSA

Tax-Free Savings Accounts (TFSAs) can be managed online as easily as in a brick and mortar bank, as long as you use your TFSA for approved investments. Online TFSAs can be used to invest in the same range of investments like those in a traditional bank, and deposits can be made through Interac e-transfer, mobile cheque deposit, or transfer from a linked bank account.

Hybrid

Hybrid accounts, like EQ Bank's Savings Plus Account, combine the features of a high-interest savings account and chequing account so that customers don't need to have multiple accounts. The only downside is that they currently do not offer a debit card.

Youth Accounts

Online youth accounts include both savings and chequing accounts, and are designated for Canadians up to the age of 19. Many youth chequing accounts come with unlimited free transactions and no monthly fee. Free Interac e-transfers are usually included too, and many online youth chequing accounts pay interest on the balance in the account.

Online student accounts tend to have some restrictions on the number of free transactions, but far fewer than for adult chequing accounts and without any minimum balance requirements. You'll usually find valuable rewards for online student accounts such as earning points for movie tickets. Youth online accounts generally offer contactless payments through Apple Pay or proprietary digital wallets.

Senior Accounts

Online banking can be a great solution for seniors, especially those who are mobility-challenged. Online senior accounts cover all of the chequing and savings needs of older customers. Seniors can access low or no-fee chequing accounts that provide a debit card and chequebook, online transfers, online statements, online bill payments, and more.

Like senior accounts in brick-and-mortar banks, most online senior chequing accounts offer unlimited transactions and discounted fees on actions that are charged, such as Interac e-transfers. Senior savings accounts usually don't charge any monthly fees and offer higher interest rates than the equivalent accounts in brick and mortar banks.

The only downside to taking out a senior chequing or savings account online is that there is no one to speak with face to face about your options and you need to be reasonably technologically savvy to set up a senior account online. Some older customers might prefer to stick to a traditional senior account in exchange for the familiarity of dealing with a known banking system, or they might opt to go for the online-only senior account if they enjoy technology or have a close friend, family member or caretaker that can assist them in their use of the online-only account.

What You Don't Get from Online Banks

No counter service - Since online banks don't have any physical branches, you won't be able to walk in to get assistance from a person face to face. If you have a customer service issue, quite often dealing with someone in person helps resolve your issue quicker.

Safety deposit boxes - Again, due to a lack of physical branches, you won't be able to get a safety deposit box.

No access to in-person advice - Banks employ various financial experts with different areas of expertise including mortgage brokers and investment advisors. Although some online banks offer mortgages and investments, you won't be able to speak to someone in person about those products, which can be oddly unsettling when you're making major decisions about your money.

The Safety of Online Banks in Canada

All of the banks listed are credible financial institutions and are well established in Canada. The odds of them failing are extremely unlikely, but in the event that they do, you're covered up to $100,000 thanks to the Canada Deposit Insurance Corporation (CDIC).

This insurance applies to eligible deposits in your own name, joint accounts, trust accounts, TFSAs, RRSPs, and more. However, it does not cover your investment products such as stocks, bonds and mutual funds.

As for the safety of your online account, security breaches are rare. Nonetheless you should take steps to protect your information, which includes ensuring your password and PIN are not easy to guess.

Best Online Banks in Canada

To get a sense of how the online banking options in Canada stack up against each other, we looked at the platforms of some of the Big Five banks, plus some branchless banks and credit unions. We compared the account types each bank offers; their interest rates for savings accounts; monthly fees; minimum account balances required to negate those fees; and other important features.

You can find more details about each bank beneath this table.

Scotiabank Online

Scotia chequing and savings accounts offer competitive monthly fees compared to its Big 5 brethren, and a wide variety of transaction types, including online bill pay, Interac e-transfers, Western Union international transfers, pre-authorized payments, debit transactions, and cheques.

Tangerine Bank

Tangerine offers a single chequing account and multiple savings accounts to its members, all of which bring excellent value. The Tangerine chequing account generates interest of:

0.15% for balances between $0-49,999.99

0.55% for balances between $50,000-$99,999.99

0.65% for balances of $100,000+

The account also provides unlimited online and offline debits without any fees. With 24/7 phone support, access via smartphones and tablets, and Apple Pay, it's one of the most convenient ways to access your money.

Tangerine's savings accounts fit multiple consumer profiles, including accountholders who are saving for retirement, frequently in the US, or want to defray their taxes. The standard Tangerine Savings account provides members with 0.40% interest ( Special Offer: Become a new Client and earn 2.50%* interest on your first Tangerine Savings Account, TFSA or RSP Savings Account for 5 months**.), no fees or minimum balance, and the ability to link a Tangerine credit card and accelerate savings further. There are also tax-free savings accounts, retirement savings plans, US dollar accounts, and more available.

EQ Bank

EQ Bank was launched in 2016 as Equitable Bank's branchless banking division. It currently offers only two types of banking products, but both stand out for having some of the highest interest rates in their respective fields. The EQ Bank Savings Plus Account rewards accountholders with a 2.45%* interest rate as well as some features of a traditional chequing account, like bill payments, electronic funds transfers, Interac e-Transfers®, and international money transfers via a partnership with TransferWise. EQ Bank also has non-registered GICs, with rates currently ranging from 2.30% to 2.5% for terms from 3 months to 5 years respectively. Those interested in an EQ Bank GIC must first open an EQ Bank Savings Plus Account, from which they can then transfer money into the GIC.

2.45%* interest with the EQ Bank Savings Plus Account

2.30% to 2.5% current interest range for GICs

Direct banking with no brick-and-mortar branches

*Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.

motusbank

*Please note this product is currently not available for residents of Quebec.

motusbank is a part of Meridian Credit Union, making this online-only bank a CDIC member that insures member deposits, but also offers easy connectivity to other institutions and a high-rate, low-fee model. motusbank customers with the popular High-Interest Savings account will earn 2.1% on their deposits without any monthly fees, transaction fees, or minimum balances. The motusbank TFSA offers 2.35% interest, and the digital bank also has GIC accounts, RRSPs and one chequing account with similarly appealing rates and features.

BMO Online

Transaction types permitted by BMO's accounts include online bill pay, Interac e-transfers, debits, cheques, contactless payments, mobile cheque deposit and online direct deposit. You can earn bonus interest with their Savings Builder Account with a competitive 1.6% rate.

TD Online

Like BMO, TD's savings account interest rates are relatively unimpressive, but its account balance thresholds for waiving monthly fees are relatively low. TD supports online bill pay, bank transfers, debits, cheques and mobile cheque deposit.

CIBC Online

CIBC offers a wide variety of account types, high interest rates for savings accounts, and low monthly fees. They support online bill pay, Interac e-transfers, mobile cheque deposits, debits, contactless payments, money orders and cheques.

First Ontario Online

First Ontario is a credit union, and its accountholders pay no monthly fees while enjoying relatively high interest rates on savings. First Ontario supports online bill pay, debits, bank transfers, Interac e-transfer, and personal cheques. It permits unlimited transactions each month, and up to 5 free Interac transactions.

Simplii Financial Online

Simplii may appear new, but they're actually the rebranded name from when PC Financial customers were transferred over to CIBC. Simplii offers a no-fee daily banking account which includes unlimited free Interac e-Transfers and a high interest savings account. Since Simplii is owned by CIBC, account holders can use their provided debit card to withdraw money for free from their network of 4,000 automated banking machines across Canada. You can access other ABMs, but one-time fees would apply.

Who Should Use an Online-Only Bank?

Since there are no fees to have an account with online-only banks in Canada, all Canadians comfortable with computers should try them out, at least in combination with a traditional bank.

The higher interest rate offered from an online bank account makes it the perfect place to park your money for the short term. Another byproduct of having low overhead costs is that online banks invest a lot of money in regularly developing new products for their customers.

Despite the fact that online banks seem to be disrupting traditional banks, you won't see brick-and-mortar locations disappearing anytime soon. Competition from online banks has actually forced the big traditional banks to adapt to customer needs and offer better services. Their branches now serve as showrooms of the products that they offer.

There have never been more banking options available in Canada. So instead of just settling for a banking brand that you're familiar with, give it some thought/research and figure out if an alternative account type might help you save more money.

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Online Banking in Canada Guide 2020 | Greedyrates.ca

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Online banking in Canada is so widespread that we now spend more time on our bank's online portal than in our neighborhood branches. Canadians of all ages are moving to online chequing and savings accounts, enticed by the ease of access, lower fees, and higher interest rates on offer.

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There are always two schools of thoughts: Pros and Cons of online banking:

Firstly it depends on person to person.

·         The advantages of online banking are lower fees and fewer loads of mails. Less mail means no paper documentation. Whereas the disadvantage is there is no physical location of bank.

·         Higher savings of interest, it is basically easy to run a digital banking.

·         Minimum balance is an advantage and a disadvantage also.

·         Sometimes it’s nice to have a face to face conversation to a human being. In online banking, we just get to contact a person on the phone . Some of us likes to deal with banking in person .

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You've probably seen ads for banks like Tangerine and PC Financial. They boast about their low-fee or no-fee chequing accounts and entice with higher interest rates on savings accounts, but are they all that they're cracked up to be? Are there any downsides to banking with these virtual banks? When it comes to digital vs. traditional banks, which is best? The answer depends on the sort of person you are, but here are some of the pros and cons of virtual banking to consider:
Advantages

1. Low Fees

- It costs far more to run physical brick and mortar stores than it does to run a virtual business. Thankfully, these savings get passed down to the customers.

2. Higher Interest Savings

- Because it's cheaper to run a digital bank, the savings you receive often come in the form of higher interest on your savings. This means that with a digital bank, your money can work harder for you.

3. Less Mail

- Although you can have this option with traditional banks as well, a virtual bank is set up to get everything done with no paper.

4. Fewer Fees

- Brick and mortar banks have fees for just about everything, unlike the digital options that are available.

5. Minimum Balance Options

- Sticking to minimum balances can be a great habit to get into for your financial security and these requirements are not exclusive to virtual banks. You'll find them at most brick and mortar banks, too.

Disadvantages

1. No Physical Locations

- Sometimes it's nice to have a face-to-face conversation with a human being. While nearly every banking task can be accomplished with a device in the palm of your hands, some of us feel more secure dealing with another person. With a virtual bank, you'll only get people over the phone.

2. ATM Fees

- Virtual banks don't have as many of their own ATMs, so you'll be forking over extra cash when you have to use another bank's ATM.

3. Minimum Balances

- Some virtual banks require a minimum balance in your chequing account in order to unlock low or no-fee accounts.

4. Transfer Fees

- Some virtual banks charge fees for moving money around.

As you can see, there are plenty of upsides to virtual banking. We've tried to include the main differences between digital vs. traditional banks, but the decision is yours to make.

Have you tried an online-exclusive bank? Was your experience good or bad? Let us know in the comments!

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The pros and cons of digital vs. traditional banks | Refresh Financial

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You've probably seen ads for banks like Tangerine and PC Financial. They boast about their low-fee or no-fee chequing accounts and entice you with higher interest rates on savings accounts, but are they all that they're cracked up to be? Are there any downsides to banking with these virtual banks?