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1. What did you learn about your topic that surprised you the most?
What surprised me the most while learning about online banking is that there are banks that do not have physical branches. This struck me as odd as I didn't understand how one could do business with a bank like this, as if there is a problem there would be nobody to work it out with. I then learned that these banks operate through telephone customer service, and some even have locations in which only have ATM''s and people to help answer your questions.

2. Provide a real life example of how this topic is relevant or interesting for you.
This topic is interesting for me as I am now currently looking towards opening a savings account separate from my regular bank, and with the information I have learned I have started to consider opening an account with Tangerine soon. Researching this topic helped me get a much better view on the different banks and what they have to offer, and which one would better suit my needs as a young adult.

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?
The most important thing in my opinion to pass on is to actually take the time to compare the rates of each of these banks, rather than blindly opening an account because the interest rate is expected to be higher for your savings. I would encourage my family to open seperate banking accounts as it is less tempting to spend out of, and would also stress how important it is to compare each of the banks in order to make the most out of your banking experience. This would fall back to things such as how easily accessible the bank is and whether it has physical locations, and the rates and fees associated with the bank.

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This image is an example of the security questions you are required to make an answer for when making an online banking account. This is required incase the bank detects too many log in attempts, suspicious activity or a log in from a new device. It's important to choose a security question in which only you would know the answer to, as this leads to access to your bank information.

Although there are many more to add to the list, these are real security questions in which you would provide an answer upon any of the above terms. This helps the bank recognize that it is truly you who is trying to gain access to your accounts, and acts as another level of security while online banking.

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This website highlights some of the pros and cons associated with online banking. The three pros that stood out and would draw me to open an online bank account include having higher interest savings, low fees and less paperwork. However, there are cons associated with online banking as well, which include not having physical locations, ATM and transfer fees, and some banks requiring you to have a minimum balance in your account.

While online banking is looked at as a fast, efficient and effortless way to manage your accounts, the cons are often overlooked. It's rare for someone to consider the fees associated with transfers or ATM access, and these fees add up with consistent access. I chose this website because it seemed to be one of few Canadian websites which actually highlighted some of the negatives associated with online banking.

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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?

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Website #3 Responsibilities and Security

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Website #3 Responsibilities and Security

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This website belongs to the Government of Canada and offers information on your responsibilities and protection while online banking. While online banking, you're protected against unauthorized transactions, however it's your responsibility not to share your information with others and keep your online banking information to yourself. Along with this, you should not be sharing your PIN, security questions and answers or password with others, and should be aware of the network in which you're connected to while online banking. The website also suggests you keep a strong, unpredictable password, don't allow your computer or device to remember your password, and regularly check your account for unauthorized transactions or suspicious behaviour.

I found this website to be informative on the protection you have while online banking as well as ways to assure you are doing so safely. Since this information is provided by the Government of Canada, it is reliable and provides valid information, making it stand out to me while choosing between others similar to it.

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This guide to online banking provides specific information on many Canadian online banks. It ranks Tangerine as the best overall online bank as they have respectable interest rates sitting at 1.1%, with a 2.75% rate when signing up for a no fee, TFSA or RSP savings account. Tangerine also held a promotion where they held 4% money-back rewards on credit cards, making them unique from many other banks.

I decided to pick this website as it provides a good analysis on the majority of accessible Canadian online banks. However, I touched briefly on Tangerine as throughout this website (and the rest of my research) it has deemed to be one of the best options to choose overall for online banking.

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The world is going digital and banking is no exception. According to the Canadian Bankers Association, in 2019, more than 76% of Canadians were doing their banking online and through mobile - and that number is rapidly rising.

There are many solid reasons to consider any of the online banks in Canada including convenience, features, and pricing.

Read on to learn about this emerging trend in personal finance management, including our top picks for the best banks in Canada.

If you haven't yet tried online banking, you might wonder what the fuss is about. After all, traditional face-to-face branch banking has served Canadians well for decades.

Before you make up your mind, consider these three areas in which online banking in Canada exceeds in-person branch banking:

Convenience
With online banking, your account is accessible from your computer, tablet, mobile app, or telephone.

This means an end to searching for a brick-and-mortar branch or an ATM, and renders the concept of "banker's hours" obsolete. If you want access to your money 24/7, online banking is the way to go.

Some brick-and-mortar banks offer customers "low-fee" accounts, but even these command a base monthly fee which can add up fast. In fact, Canadians are still paying an average of $200 per year in banking fees.

With online banking, customers have the option of a no-fee account - usually coupled with extremely competitive rates for common services like Interac e-Transfers® and a high-interest rate on savings accounts. If you don't want to pay for the privilege of accessing your own money, an online account might be just the solution.

Special Features
Imagine asking a teller to deposit a cheque using a smartphone photo or to send money by email?

They'd probably look at you like you have two heads - but Mobile Deposit and Interac e-Transfers® are services that many online banks offer.

In addition to all the traditional features to which customers have become accustomed, online banks offer special features that are simply unavailable elsewhere.

Finding the Best Bank in Canada

Traditional banks are being left behind by online banking in Canada. The only services online banks can't offer that traditional banks can are safety deposit boxes, counter service, and in-person advice.

That said, online banking does offer advice over the telephone or email and has the distinct advantage of being available 24/7 from wherever you are.

Decreasing service fees, increasing interest rates, and a wider selection of convenient services make online banking an attractive choice.

Tangerine: Best Overall

One of the best fully "branchless" online banks in Canada, Tangerine pairs some of the best online banking services with zero fees on all daily banking like debit purchases, withdrawals, transfers, bill payments, and Interac e-Transfers.

Their 0.15% interest rate for savings accounts is respectable, but the 2.15%* promotional rate when you sign up for a no-fee Tangerine Savings Account, TFSA, RSP, RIF, or US$ Savings Account for the first 5 months is outstanding.

For savvy savers, it's a great way to maximize your savings, and you can also earn up to $200 in cash bonuses simply by switching to a Tangerine Chequing account.

Tangerine also has two cash back credit cards: the Tangerine Money-Back Credit Card and the Tangerine World Mastercard®. There are no annual fees for either of these cards, and you can earn up to 2% unlimited Money-Back Rewards on everyday purchases.

Tangerine has also been ahead of the game in using technology to enhance their services, and they've earned a reputation for excellent customer service, winning awards year after year.

Should you need help, you can get in touch with a Tangerine Associate through an online chat session, a Twitter DM, or the 24/7 customer service line. Read our full Tangerine review to find out why it's our top pick for an online bank in Canada.

EQ Bank: Best For Super Savers

EQ Bank takes an entirely different approach to online banking than the others on this list.

With no branches and no ATMs, EQ Bank is accessed entirely through the web and mobile app only - a totally unique model. Instead of using personal cheques, a debit card, or an ATM, clients can move money between their Savings Plus Account and linked accounts.

For those willing to try a new way of banking, the benefit is clear: the Savings Plus Account offers no everyday banking fees, unlimited Interac e-Transfers®, free day-to-day transactions, and a 1.50%* everyday interest rate on their no-fee Savings Plus Account.

While EQ Bank may not be as well known in Canada, it's certainly a trustworthy bank to stash your cash - EQ Bank is brought to you by Equitable Bank, which has been around since 1970. One thing to note: the Savings Plus Account functions like a chequing account and can be used to pay bills and also transfer money instantly with no transaction or account fees.
*Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice
Learn more about EQ Bank

Scotia OnLine: Best For Digital Interface

As one of Canada's "Big 5" banks, it's not surprising that Scotiabank's online (web and mobile app) banking options are feature-rich and intuitive to use.

Although most customers pay a monthly service fee of between $3.95 and $30.95 (accounts with a minimum balance and students accounts are free, and seniors get a discount), the interface and offerings were enough for Forrester to name Scotia OnLine as "The Best Consumer Digital Bank in Canada."

As a special promotion, earn $300 cash ¹ when you open a new Scotiabank Preferred Package account. Rewards chequing accounts are a rarity in the banking world, so this is a big perk.

Learn more about Scotiabank
¹To qualify, certain conditions must be met. Offer ends December 16, 2020. Visit www.scotiabank.com for full terms.
HSBC: Best For Global Banking

As one of the largest banks in the world, you can expect to receive a full range of services and expert advice at HSBC. For global citizens who have frequent international transactions, the HSBC Premier Chequing Account offers unlimited withdrawals and deposits in both Canadian and U.S. funds, as well as waived ¹ Interac e-transfers ® and $0 global wire transfer fees ² for transactions under $10,000 - a bonus if you send or receive money abroad on the regular. Plus, you'll pay $0 in monthly banking fees* for the first six months.

Learn more about HSBC Premier Chequing Account

The HSBC Advance Chequing Account is another solid option for frequent Interac e-Transfer ® users who also want a lower monthly fee. With this account, you get unlimited transactions, waived ¹ Interac e-Transfer ® transactions, and no-fee mobile cheque deposits. You pay $0 monthly banking fees* for the first 6 months, and the $25 monthly fee is waived beyond that if you maintain personal deposits and investments of $5,000 or more with HSBC Bank Canada or if you hold a personal HSBC Bank Canada mortgage with an original amount of $150,000 or more.

Bonus: Get up to $1,000* in cashback and rewards when you switch over to HSBC by November 30, 2020

Learn more about the HSBC Advance Chequing Account

Issued by HSBC Bank Canada and HSBC Investment Funds (Canada) Inc. *Terms and Conditions apply.

¹Other regular transaction fees may apply.

²Agency/beneficiary bank fees may apply. Additional conditions apply.

®Trade-mark of Interac Inc. Used under license.

RBC Online: Best For Bundles

Another "Big 5" bank, RBC Online offers numerous account options at different levels with a wide range in monthly fees (from $4.00 to $30.00).

Though they don't waive fees for maintaining certain balances, customers can cut down their service charges by bundling RBC products (such as credit cards, investments, and/or mortgage).

The RBC online banking option includes all the typical features, like transfer and bill payments, but there's not much outstanding in their portfolio.

Learn more about RBC Online

BMO Online: Best For Senior, Student, & Military Discounts

In line with the other "Big 5" banks on this list, BMO offers a standard set of features with standard rates, though customers with the Savings Builder Account can earn up to 1.6% interest.

Although they offer discounts to seniors, students, and armed forces, the monthly fees range from $4.00 to $30.00 month. Their online banking interface is intuitive and has all the typical features.

Learn more about BMO Online

TD Online: Best For Mobile App

Neither the account options nor the interest rates tempt with TD Canada Trust, but this bank does offer several decent no-fee savings accounts.

They have a mobile app for online banking along with handy add-on features like TD MySpend that helps customers track and improve spending habits.

Learn more about TD Online

CIBC Online: Best Overall For Seniors

CIBC offers a full portfolio of account options designed for people at different stages of their lives and careers. In terms of fees and interest rates, CIBC is in line with the other Big 5 banks.

One notable difference here is that unlike the other institutions on our list, CIBC offers five account types for seniors - everything from a simple chequing account to a bundle that includes a premium credit card to US dollar account for seniors.

Learn more about CIBC Online

FirstOntario: Best For Ontarians Seeking a Credit Union

The only credit union on our list, FirstOntario offers chequing and savings accounts, as well as free and paid options. Some of their features include online bill payments, debits, bank transfers, Interac e-Transfers®, and personal cheques, along with a slew of nifty online tools.

There's even a feature that lets you round up on purchases and save the balance.

Learn more about FirstOntario

Simplii Financial: Best For Free Internet e-Transfers

Formerly PC Financial and affiliated with CIBC, Simplii is one of the branchless options for online banking in Canada. Like the name says, Simplii trades in simplicity, offering one chequing and one savings account, each without monthly fees.

Using web or mobile, customers can do everything from pay bills to transfer funds to paperless cheque deposits. The 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®.

Learn more about Simplii Financial

Comparison of the Best Banks Canada 2020

When you're ready to consider opening an online bank account in Canada, use this chart to compare the best online banks in Canada with the best online banking services.

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

Comparing Tangerine and Simplii

When it comes to naming the best online banking services in Canada, the field narrows to the top branchless online banks: Tangerine and Simplii.

Unlike traditional banks, these two carry no monthly fees, have robust feature sets, and are made for online or mobile use. With the exception of EQ Bank (which missed the top spot overall because of a lack of features such as ATM withdrawals), branchless banks offer similar interest rates to traditional banks but without the fees.

While either option is a great choice for the average Canadian, there are some slight differences. Let's take a closer look.

For chequing accounts, both Tangerine and Simplii offer:

No fees for daily transactions including withdrawals, transfers between accounts, and Interac purchases

Unlimited bill payments (one-time or automated)

Free Interac e-Transfers

Unlimited ATM withdrawals within parent's networks of machines (Scotiabank for Tangerine and CIBC for Simplii)

Mobile cheque deposit (where you can use the camera on your phone to deposit a cheque)

Overdraft protection (with application)

24/7 customer support

Tangerine vs Simplii Chequing Account

As you can see, the difference between these two online banking options is really minor. The choice may just come down to whether you prefer the CIBC or Scotiabank ATM network.

How Safe Are Online Banks in Canada?

Every bank on our list is well-established in Canada and a credible financial institution.

Like traditional banks, the odds of online banks failing are very slim. In any case, you can rest easy: the Canada Deposit Insurance Corporation (CDIC) covers eligible deposits in your own name, joint accounts, trust accounts, TFSAs, RRSPs, and more up to $100,000.

It does not apply to investment products such as stocks, bonds, or mutual funds.

Security breaches of online accounts are rare, but it's always wise to choose a unique and complex password and PIN.

Why Go with Online Banking: Benefits of Banks with No Fees?

The best bank account in Canada for you is the one that helps you save money - not the one that costs you money to use.

Based on that criterion alone, look for a trustworthy online bank without fees, like Tangerine or Simplii. Although neither bank has brick-and-mortar branches (so you'll have to store your family jewels elsewhere), both offer the benefit of 24/7 online or mobile access, superior pricing (can't beat no-fee!), and a full feature set including unlimited transactions, paperless cheque deposits, and Interac e-Transfers®.

Ultimately, Tangerine stands out as the best online bank in Canada. Offering no-fee chequing and savings accounts, outstanding customer service, innovative banking technology, and respectable interest rates, Tangerine snags our top spot as the best online bank in Canada.

You'll enjoy a full range of banking services while keeping more money in your wallet where it belongs.
If you liked this article, you might also enjoy The Best Robo Advisors in Canada: A Complete Guide

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The Complete Guide to Best Banks in Canada 2020 - Young and Thrifty

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The world is going digital and banking is no exception. According to the Canadian Bankers Association, in 2019, more than 76% of Canadians were doing their banking online and through mobile - and that number is rapidly rising. There are many solid reasons to consider any of the online banks in Canada including convenience, features, and pricing.

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This is a picture of an actual walk-in location of an online-only bank, located in Toronto. While Tangerine provides chequings/savings accounts, they are not an actual physical bank like TD or BMO, but provide a location in which you can withdraw or deposit money as well as ask further questions on their services.

This picture is off of Google Maps, and is a real life photo of the inside of one of these online-only service providing banks. I found this interesting to see as I had not known that there are walk-in locations available for online-only banks.

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Many banks provide valuable information on how to access as well as the benefits of online banking throughout their own websites. CIBC has provided a step-by-step registration process on how to sign up directly through their website. Firstly, you will need a debit or credit card, then you can either access their online banking app through your mobile device or visit their website on your computer. You then will sign up and receive a verification code to make sure that no fraud is being committed, and will continue on to choose and password and review the terms and conditions of their services.

This website allows the reader to dictate just how easy the registration process of online banking is and provides them with the step-by-step process, making it a great informative source on the how-to's of registering. They also mention the many features they have to offer such as fingerprint mobile sign-in, and apple watch accessibility.

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Register for Mobile and Online Banking | How-to | CIBC

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Learn how to register your CIBC debit or credit card, to start banking on your desktop, tablet, phone and even your Apple Watch.

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Glenn LaCoste constructed a study which revealed how Canadian online banking platforms are valued among customer's experiences. He says that his stats show that those who bank online are mainly accessing these platforms through their desktops and mobile devices, making it evident how convenient this method of banking is. He mentions that RBC is well ahead of other banks in terms of their online banking platforms as they consistently enhance their usability. Through their online banking platform you are not only able to manage accounts, but learn how to create and save for an RESP. For the people who are still uncomfortable with these online systems, Glenn mentions that these concerns were also raised when ATM machines were developed, and that with the security measures taken through online banking, one shouldn't have to worry.

Glenn Lacoste briefly explains why online banking is a great way to manage accounts and briefly touches on how convenient and safe these banks have made it, as well as briefly touching on which banks are ahead of others throughout these platforms. This made for a great video as it touched on many topics, and I decided to include it as Glenn provides valuable information to the viewer, whether they have been a long-time online banker or on the fence about starting up.

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The New York-based private equity firm has been preparing a proposal to potentially buy out shareholders of Walgreens Boots, said the people, who asked not to be identified because discussions are private.

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How Canada's online banking platforms rank on customer experience

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Glenn LaCoste, president and CEO at Surviscor, explains his latest study that shows how each Canadian banking platform ranks for customer experience. He discusses the trends emerging in the online banking space and what users are wanting to see from their brokerages.

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Although this video is quiet short, BMO makes a great visually informative explanation of the security you have while banking online. This Canadian bank, along with every other that I can think of, offer a 100% Electronic Banking Guarantee, and will reimburse you against any fraud committed online. Along with this, they have strong encryption and many layers of protection to keep your accounts safe, and do not store any data on your mobile device. BMO also provides alerts, and verifies websites before you try to log in using them.

BMO created a great, fast video listing the levels of protection you have while banking online. They compare banking online with online shopping, online booking and online dating which gives you a different viewpoint on online banking. I chose this video as it lists the security measures BMO as well as other banks take while banking online.

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Is Online Banking Safe | BMO Bank of Montreal

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While online banking is a service provided by many regular banks, there are existing banks that are online only. Motusbank is a Canadian bank which is a good example of this, and in this video Charlee Wayne provides details on the different types of accounts offered, as well as E-Transfer, mortgage, and interest rates while briefly comparing them to other online-only banks such as Tangerine and Simplii. He states that Motusbank offers 0.5% interest on every dollar with unlimited E-Transfers as well as offering a 2.5% rate on TFSA's, 2.25% on high interest savings accounts, and 2.25% on RRSP savings accounts, competing with EQ Bank and Alterna Bank.

This video was chosen because Charlee Wayne gives a great and humorous explanation on the fees, rates and services provided by a Canadian online-only bank which does not actually physically exist, making it much different from a regular bank.

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Motusbank Review - Pros & Cons of Canada's Newest DIgital Bank

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This video thoroughly and visually explains the process of registering for online banking with CIBC, a popular Canadian bank. It continues to show how easy it is to access as well as make payments, transfers and manage your accounts all without physically having to go to a bank.

I chose this video because it was based on a popular Canadian bank, and is very informative on the steps of how to access the different functions of online banking. Although I chose CIBC for the video, the information provided applies to the majority of Canadian banks as their online banking formats aren't very different from one another.

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Introduction to CIBC Online Banking and Mobile Banking

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Online banking is becoming increasingly popular as technology develops, and is currently the fastest way to manage your bank accounts. I'll be explaining some of the pros and cons of banking online, as well as how easy it is to get started and the security measures taken while online banking.