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Welcome to "Online Banking - Advantages & Disadvantages " website.

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Welcome to "Online Banking - Advantages & Disadvantages " website.

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In  this website, you'll find interesting information on the web baking, it's aspects, importance and disadvantages.
This website is divided into 3 major sections.
1. Video Section
. Overview of Online Banking
. Assets of the Online banking
.Cons of Online Banking
2. Website section
. How to use Online banking
.E banking according to individual's need
.Pros & Cons of E banking
3. Image Section
.Advantages of web banking
.RBC online banking portal
.Flow diagram of Internet banking

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Video# 1 Overview of Online Banking with pros & cons

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Video# 1 Overview of Online Banking with pros & cons

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This website reveals the basic concept of the web/ internet banking by describing it's advantages and disadvantages. The uploaded video reflects how simple and convenient is to use the web banking just sitting at any place worldwide whereas it also denotes the risks and tendencies of indulging into fraud cases resulting the the loss of money or personal information which can have detrimental effects on us.

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As financial technology progressed, traditional banks began to explore the option of offering online services. There's no doubt that online banking can be convenient - whenever you turn on your computer or smartphone, your bank is there waiting for you - but there are other advantages, and disadvantages, as well.

Here's a look at some things you should consider when choosing between an online or traditional bank.

Advantages of Online Banking

Some advantages of online banking go hand-in-hand with simply being online; others are competitive advantages provided by online banks taking advantage of their cost structure. The most prominent benefits provided by online banking include:

24/7 account and service access

Speed and efficiency

Online bill payment

Low overhead can mean low fees

Low overhead can mean high interest rates on deposit accounts

Here's a look at these advantages one by one.

24/7 Account and Service Access

Online banks are accessible 24/7, as long as you have an internet connection. Some online banks, such as Ally Bank, take this perk one step further, giving you 24/7 phone access to a real-life customer service agent. This can be extremely helpful if you don't have access to the internet, or if you feel you need the assistance of a human brain, rather than a computer algorithm.
Learn More: History of Online Banking - How Internet Banking Went Mainstream
Speed and Efficiency

If you need to transfer money, apply for a new loan, or perform nearly any banking transaction, you'll typically have to wait in line at a bricks-and-mortar banking location. With an online bank, there's never any waiting. As long as you can log in, you can access your accounts, request a new credit card, or perform nearly any banking transaction you desire without driving down to a bank or waiting in line.

Online Bill Payment

One of the great advantages of online banking is online bill pay. Rather than having to write checks or fill out forms to pay bills, once you set up your accounts at your online bank, all it takes is a simple click - or even less, as you can usually automate your bill payments. With online bill pay, it's easy to manage your accounts from one central source and to track payments into and out of your account.

Low Overhead Can Mean Low Fees

Online banks don't have to pay for things like electricity, janitorial services, landscaping, or rent, so they can pass those savings along to customers. Typically, this means that online banks can charge fewer fees than traditional banks. For example, most online banks offer a free online checking account with no deposit, along with other no-fee bank accounts, such as IRAs. There are a number of online banks with free checking and no minimum balance; if you're worried about applying for an account with bad credit, you might be able to open a bank account online for free, no credit check required, although there might be ongoing fees.
Related: 10 Banks That Don't Use Chex Systems
Low Overhead Can Yield High Rates

In addition to offering low fees, online banks often have the best interest rates, whether you are looking for a certificate of deposit, a high yield checking account or deposit accounts with high interest, such as a money market account. Although rates fluctuate, if you look at a current list of best CD rates or best free online checking account rates, you'll usually find that the banks paying the best interest rates are online banks.

See This Online Bank With High-Yield Checking: Aspiration Bank Review

Disadvantages of Online Banking

No one type of bank can be the best at everything. In spite of their many advantages, there are some drawbacks to using online banks as well. Here are some of the downsides of working with an online bank:

Technology issues

Security issues

Inefficient at complex transactions

No relationship with personal banker

Inconvenient to make deposits

Read on to learn more about these disadvantages.

Technology Issues

In many ways, an online bank is only as good as your - or their - internet connection. If there's a power outage, or if servers go down, you might not have any access to your account whatsoever. While some banks offer a phone number for customer service, it might be overwhelmed if online access is down. With a real bank, you can always find someone to talk to in the branch.

Security Issues

While many online banks are reputable and well-established, sometimes it can be hard to feel comfortable with a bank that doesn't have a physical presence, particularly when large sums of money are involved. If a website suddenly folds up, what will happen to your money? There's also the risk of identity theft - or actual theft - if someone gains unauthorized access to your account via a hacked or stolen password or log-in credentials.

Inefficient at Complex Transactions

Online banks might be able to transfer money between accounts or pay bills, but you might be more comfortable with an international, bricks-and-mortar bank if you have complex transactions. Worldwide, business-oriented banks like Chase have global transaction capabilities, such as the ability to send payments to more than 35 different currencies worldwide, that online banks might not be able to muster. Without a real-world presence, most online banks can't even offer the services of a notary public, which require an in-person visit and necessary for most important financial transactions like buying a home.

No Relationship With Personal Banker

Over time, you can develop a relationship with a personal banker if you visit a traditional bricks-and-mortar location. If you're dealing with an online bank, on the other hand, you're typically handed off to an anonymous customer service agent who is unlikely to know you from the next customer. If you're really in a bind, financially speaking, having a relationship with someone who can help and who knows you well can be a major advantage over a strictly online banking relationship.

Inconvenient to Make Deposits

It might seem counterintuitive that a bank, whose purpose is to attract assets, makes it hard for customers to make deposits, but that can be true in the case of some online banks. With an online bank, you can't simply drop off cash or a check at a local branch. In fact, some online banks, like Ally Bank, won't accept cash deposits at all. Using Ally Bank as an example, to make a deposit you'll have to mail a check, transfer money from another bank or another account, or use the bank's e-check deposit service.
Next Up: Online Banks vs. Traditional Banks - Where to Get the Best Interest Rates

Editorial Note: This content is not provided or commissioned by the bank advertiser. Opinions expressed here are author's alone, not those of the bank advertiser, and have not been reviewed, approved or otherwise endorsed by the bank advertiser. This site may be compensated through the bank advertiser Affiliate Program.

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Advantages and Disadvantages of Online Banking

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As financial technology progressed, traditional banks began to explore the option of offering online services. There's no doubt that online banking can be convenient - whenever you turn on your computer or smartphone, your bank is there waiting for you - but there are other advantages, and disadvantages, as well.

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Video#2 Denoting the assets of the online banking using the TD bank online web portal.

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Video#2 Denoting the assets of the online banking using the TD bank online web portal.

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This website and video describes the pros of using the mobile banking app on the mobile sitting at any corner of the world. Mobile banking is an integral component of the web banking and provides us an opportunity to deposit our cheques instant, easily and efficiently and renders the banking services 24 hours a day & 7 days a week. It also provides the facility to transfer the funds quickly without wasting time, paper and gas to go the the bank branch personally.

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Safe and secure Online Banking from TD Bank | TD Bank

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Bank safely and securely online with TD Bank's many online banking benefits like online statements, alerts, fraud protection, bill pay, mobile app and more.

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Video#3 Cons of using the online banking especially using free WiFi locations causes loosing of personal banking security/ information.

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Video#3 Cons of using the online banking especially using free WiFi locations causes loosing of personal banking security/ information.

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This video by CNN news, illustrates the disadvantages of internet banking . It provides a warning and cautious news for all of them who renders the services of e banking that not to use the e banking service using the public free WiFi's at any public area whether it is restaurant, hospitals,railway stations etc. because hackers may be there who can steal the personal/ private banking information and may results in transaction of money from an individuals account.

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Website #1 Official Website of Government of Canada on Money and Finances  for Online banking Startup

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Website #1 Official Website of Government of Canada on Money and Finances  for Online banking Startup

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I found this website very profitable and full of resources to describe what is online banking and how it can be fruitful for a upcoming e banking customer. It provides a full package of who to access internet banking and mobile banking along with keeping in mind of private and security of passwords and all.
At last i would like to mention here that it is official website of Govt. of Canada and everyone can trust and rely on this portal.

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According to my research, i came to a decision that greetyrates.ca is a best portal where a person can found his/ her banking online options according to his/her needs because this renders all the Canadian banks plans and their interest rates for distinct banking accounts. Moreover, this website also mentions the advantages of online banking along with the number of online banks present in the Canadian market with their schemes and policies and benefits they provide to their customers.

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Best online banks in Canada: Quick look

For our best online banking guide, we researched the best online banks in Canada based on their unique strengths so you can choose the online bank that best suits your lifestyle and financial needs.

Why online banking?

According to the Canadian Bankers Association ¹, 78% of Canadians do their banking through digital channels (online and mobile apps). It also reported that 65% of Canadians used a mobile app for their banking in 2021, up from 56% in the previous year. This means Canadians seek online banks for their daily banking needs.

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. Noted in 2017, 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.

Best online bank in Canada overall
* Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.*Interest is calculated daily on the total closing balance and paid monthly. For the EQ Bank Card, interest is paid into the linked Personal Account. Rates are per annum and subject to change without notice. For the Personal Account, Joint Account and EQ Bank Card, the current base interest rate is 1.00% (the "Base Rate"). Customers who add and maintain qualifying recurring direct deposits of at least $2000/month to a Personal Account or Joint Account are eligible to earn a bonus interest rate of 3.00% (the Base Rate plus an additional 2.00%) for the eligible accounts (the Personal Account, Joint Account, and the EQ Bank Card balance). Conditions apply. Please review the EQ Bank Bonus Interest Offer Terms and Conditions for details. EQ Bank GICs: Rates are calculated on a per annum basis and are subject to change at any time.
Best online bank with no fees

Best online bank for rewards

Legal Reference & Disclaimer - $700 offer for Preferred or Ultimate Package

*The Scotiabank Cash Bonus Bundle Offer (the "Offer") is available between August 1, 2025 and October 30, 2025 (the "Offer Period") to individuals who open new eligible accounts. Subject to the Offer conditions, eligible clients can earn $500 when they open a new Preferred Package or Ultimate Package chequing account and complete certain qualifying transactions. Plus, clients who meet the conditions for the $500 bonus are also eligible to earn up to $200 in additional cash bonuses when they bundle their new Preferred or Ultimate Package chequing account with a new Money Master Savings Account and/or a new eligible Registered Account and complete certain qualifying transactions. $500 Cash Bonus for Preferred or Ultimate Package Conditions: To qualify for the $500 cash bonus (the "$500 Package Bonus"), you must 1. Open a new Ultimate Package or new Preferred Package chequing account (the "Eligible Chequing Account") during the Offer Period; and 2. Complete any two (2) of the following activities in your Eligible Chequing Account within 60 days of Eligible Chequing Account opening: * Set up and receive at least one eligible automated and recurring direct deposit, such as payroll or pension, which will recur monthly for a minimum of six (6) consecutive months in total, or * Set up and make a minimum of two (2) separate eligible recurring pre-authorized transactions with a minimum value of at least $50 per transaction which will each recur monthly for a minimum of six (6) consecutive months in total, or * Make at least one (1) eligible online bill payment of at least $50 through the Scotiabank Mobile App or through Scotia OnLine. † Click here for a list of eligible direct deposits, pre-authorized transactions and online bill payments. Notwithstanding a transaction may be included in these lists, certain exclusions may still apply and Scotiabank reserves the right to modify these lists and to determine whether a specific direct deposit, pre-authorized transaction or bill payment is eligible for the $500 Package Bonus. Fund transfers initiated to other Scotiabank accounts (one time or recurring, e.g. credit card or savings account), to chequing or savings accounts held at other financial institutions, or to payment processing firms, are not eligible for the $500 Package Bonus. $100 Money Master Savings Account Bundle Conditions: To qualify for the $100 cash bonus (the "$100 Savings Bundle Bonus"), you must meet all of the conditions for the $500 Package Bonus, and: 1. During the Offer Period and within 60 days of opening your Eligible Chequing Account: i. Open a new Money Master Savings Account (the "Eligible Savings Account"). ii. Enroll your new Eligible Savings Account in either the Pay Yourself First or the Savings Finder tool (each a "Smart Savings Tool"). 2. Remain enrolled in your selected Smart Savings Tool for 90 consecutive days. Note: Enrolment in a Smart Savings Tool is subject to certain eligibility requirements and can only be done through the Scotiabank mobile banking app. For example, enrollment in the Pay Yourself First tool will not be available if you have not had at least 4 recurring deposits to your Scotia Chequing Account at the time you attempt to enroll. Also, both the Eligible Chequing and Savings Accounts must be "Any to Sign" to be eligible for the Smart Savings tools. Only one Smart Savings Tool can be enrolled in at a time but you can switch tools at any time, however, you must remain enrolled in a Smart Savings Tool for 90 consecutive days from the date of first enrolment in Section 4.a.ii. above. See the Smart Savings Tool Agreement for full terms and conditions. $100 Registered Account Bundle Conditions: To qualify for the $100 cash bonus (the "$100 Registered Bundle Bonus"), you must meet all of the conditions for the $500 Package Bonus, and: a. During the Offer Period and within 60 days of opening your Eligible Chequing Account, open a new Eligible Registered Account (as defined below); and; b. Within 60 days of the Eligible Registered Account opening, contribute or transfer in a minimum of CAD $5,000 into your new Eligible Registered Account and maintain that minimum amount each day for at least three (3) consecutive months. For the purposes of this Offer, the following Scotia Registered Accounts opened with either The Bank of Nova Scotia ("Scotiabank") or Scotia Securities Inc. are defined as "Eligible Registered Accounts": Scotia Registered Retirement Savings Plans (excluding Spousal RRSPs and locked-in plans such as LIRAs and LRSPs) (each an "RRSP"), Scotia Tax-Free Savings Accounts (each a "TFSA") and Scotia First Home Savings Accounts (each a "FHSA"). Scotia RRIFs (including locked-in income plans), RESPs, RDSPs, and non-registered Scotia Investment Accounts are not included in the definition and are not eligible for the Offer.

$500 Package Bonus: Individuals who are currently holders of, or who were previously holders within the last two (2) years, of a Scotiabank Chequing Account are not eligible for this Bonus. "Scotiabank Chequing Account" means any of the following accounts: Ultimate Package, Preferred Package, Scotia One Account, Basic Plus Bank Account, Basic Banking Plan, Basic Bank Account, Momentum Chequing, Power Chequing, Scotia One Service, Scotia Value, Student Banking Advantage Plan. $100 Savings Bundle Bonus: Individuals who currently hold or have held a Money Master Account with Scotiabank in the six (6) months preceding the Offer Period are not eligible for this Bonus. $100 Registered Bundle Bonus: In order to qualify for the $100 Registered Bundle Bonus, Individuals who have held the same type of Eligible Registered Account (as that opened during the Offer Period) with Scotiabank in the six (6) months preceding the Offer Period are not eligible for this Bonus. Employees of Scotiabank are also not eligible for the Offer.

General Offer Terms: Provided all of the applicable Offer conditions have been met: a. the $500 Package Bonus will be deposited to the Eligible Chequing Account within approximately nine (9) months from account open date. b. the $100 Savings Bundle Bonus will be deposited to your Eligible Savings Account within approximately thirteen (13) months from the account open date. c. the $100 Registered Bundle Bonus will be deposited to your Eligible Registered Account within approximately ten (10) months from the account open date. You have 24 months from the date you believe you have fulfilled the applicable Offer conditions to notify us if you have not received the applicable cash bonus so that we may confirm your eligibility. For clients investing in non-Canadian dollar currencies, the investment will be calculated based on Canadian dollar equivalent at the Scotiabank rate on the transaction date to determine eligibility for the offer. All bonuses will be paid in Canadian dollars.

For any cash bonus to be fulfilled, the Eligible Chequing Account, the Eligible Savings Account and the Eligible Registered Account, as applicable, must be open and in good standing until the time of payout of the cash bonus. The Eligible Chequing Account is not in "good standing" if: (i) it has a negative balance exceeding the authorized overdraft limit, (ii) it has been in continuous overdraft for a period of three consecutive months, or (iii) the Account holder is in breach of the Account agreement with Scotiabank. The Eligible Savings Account is not in 'good standing' if it has a negative balance. An Eligible Registered Account is not in 'good standing' if the account holder is in breach of the Eligible Registered Account's client account agreement. Clients are responsible to confirm their applicable registered plan contribution limits prior to making any contribution to their Eligible Registered Account(s). If more than one (1) Eligible Chequing Account is opened, only the first Eligible Chequing Account opened will be eligible for the $500 Package Bonus. If more than one (1) Eligible Savings Account is opened, only one Eligible Savings Account that fulfilled the $100 Savings Bundle Bonus conditions will be eligible for the $100 Savings Bundle Bonus. If more than one (1) Eligible Registered Account is opened, only the first Eligible Registered Account that fulfilled the $100 Registered Bundle Bonus conditions will be eligible for the $100 Registered Bundle Bonus. If two Eligible Registered Accounts fulfill on the same day, the $100 Registered Bundle Bonus will be paid into only one of the Eligible Registered Account(s) in the following order: (1) Eligible TFSA, then (2) Eligible FHSA, then (3) Eligible RRSP. For joint accounts, only the primary Eligible Chequing Account holder is eligible to receive the $100 Savings Bundle Bonus and $100 Registered Bundle Bonus into their Eligible Savings Account and Eligible Registered Account, as applicable. The primary account holder must be the same client on both the Eligible Chequing Account and Eligible Savings Account.

This Offer is non-transferable and may not be duplicated. Limit of one (1) $500 Package Bonus, (1) $100 Savings Bundle Bonus, and one (1) $100 Registered Bundle Bonus per client (for a total bonus of up to $700), regardless of the number of Eligible Chequing Accounts, Eligible Savings Accounts or Eligible Registered Accounts opened.

The $100 Registered Bundle Bonus is not considered a contribution. Scotiabank and Scotia Securities Inc. are not responsible for any contribution over a client's applicable registered plan limit in connection with this Offer. Clients should consult with a tax advisor to discuss any tax implications in connection with this Offer and clients are responsible for any required tax reporting.

All rates, fees, features and benefits are subject to change. All other terms and conditions of the Account and Smart Savings Tools Agreement continue to apply. The Offer is non-transferable and may not be duplicated. Offer may be changed, cancelled or extended at any time without notice and cannot be combined with any other offers on the Account, unless otherwise permitted by Scotiabank.

* To qualify, certain conditions must be met. Visit *See Account Provider's website for complete account details, terms and current offers. Reasonable efforts are made to maintain accuracy of information. ¹ For Scotiabank Ultimate Package: Conditions apply. Visit ² For Scotiabank Basic Plus Bank Account: Conditions apply. Visit here TM Trademark of Scene IP LP.®Registered trademarks of The Bank of Nova Scotia to learn more. here* Terms and conditions apply. ³ Conditions apply. Visit here for full offer details. to learn more. here for full terms.
†Interac e-Transfer is a registered trade-mark of Interac Corp. Used under license.

Best online bank for bundles

Best online bank for family bundles and newcomers

Best online bank for mobile app

Best online bank for seniors

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.

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.

Online savings accounts

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.

Online high-interest savings accounts (HISAs)

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 0.50%, all the way up to 2.50%. 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.

Online chequing accounts

You can get all of the same basic features when you open a 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. If you're looking to open a new chequing account, consider one of the most recommended chequing accounts in Canada.

Online TFSA accounts

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.

Online Hybrid accounts

Hybrid accounts combine features that traditional banks would typically separate into different products. Examples include EQ Bank's Savings Plus Account-which combines a high 3.00%* savings interest rate with some chequing account-like functionality, including bill pay and electronic funds transfers-or KOHO and Stack, which offer prepaid cards that earn cash back or rewards like credit cards.

Though hybrid accounts are appealing because they generally have low fees and limit the number of accounts you need, they typically do not offer the full functionality of the traditional bank accounts they hybridize: For instance, payments with KOHO cannot improve a cardholder's credit score on its own (but it does offer an optional paid Credit Building by KOHO add-on).

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

Online 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.

Comparison of the best online banks in Canada

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.

The bottom line on online banking in Canada

The best online bank account in Canada for you is the one that helps you save money by not charging you to access your own money while offering convenience and other features.

If you're looking for a trustworthy online bank without fees and an easy-to-use mobile app, you can't go wrong with EQ Bank or Tangerine. Although the banks don't have brick-and-mortar branches), they offer the benefit of 24/7 online or mobile access, superior pricing (can't beat no-fee!), and a complete feature set including unlimited transactions, paperless cheque deposits, and Interac e-Transfers®.

Ultimately, EQ Bank stands out as the best online bank in Canada. It's offering no-fee savings and joint savings accounts, TFSA and RRSP savings accounts, outstanding customer service, and innovative banking technology. With the best interest rates available, EQ 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.

Still can't decide? Take a look at best banks in Canada, the best chequing accounts and the best high-interest savings accounts.

Frequently asked questions about the best online banks in Canada

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.

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.
Pricing
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.

Keph Senett is a Canadian freelance writer whose areas of expertise include personal finance, travel and sports. When not writing, she spends her free time trying to figure out how to qualify for a soccer squad in Asia, Australia, or Antarctica.

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Best Online Banks in Canada | Who Needs Brick & Mortar?

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A comprehensive guide to the best online banks in Canada and how to find the best online bank account for your financial needs.

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bankrate.ca website denotes the pros and cons of using the online banking. Advantages of e banking includes time saving, easily accessible, convenient, instant. Disadvantages includes that lack of in- person interaction between the customer and bank employee to get rid of any kind of problem, moreover online banking may also leads to the fraud cases if password and personal information can be hacked by the hackers while using free WiFi's .

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Online banking allows you to manage your money without having to step foot in a bank branch.

As long as you can connect to the internet, you'll be able to review your bank statements, pay bills and transfer funds on your own time.

Online banking includes banking at an online-only institution that doesn't have any physical presence, as well as using the website or mobile app of a brick-and-mortar bank.

Is online banking safe?

Bob Neuhaus, senior director of financial services at J.D. Power, says the banking industry has a very good safety record. But even still, there is always a risk.

"When we talk about adoption, that's the primary thing that is holding people back from moving to mobile faster is the feeling of, 'Is my information secure? Or are my accounts fully secure?' And that trust level is growing as adoption has increased - it's increasing rapidly," Neuhaus says.

Online banking takes certain precautions to make sure that your experience is as safe as possible. Some methods used to protect you are:

Encryption: Banks tend to use 128-bit encryption or higher to protect your information. Encryption scrambles the data, making it more secure. When you're online, look for https:// before the web address before typing in your username and password.

Fraud monitoring: Your bank may reach out to you via text, email or telephone if it notices a purchase that it deems suspicious.

Two-step authentication: This is where you receive a text message with a code to log in. This method ensures that it's actually you conducting transactions or logging in to your account.

Security questions: While two-step authentication is the latest trend, some banks may use security questions. Make sure the answers to these are not commonly known or easy for others to guess.

Login alerts: Your bank may alert you whenever someone logs in to your account, in case it wasn't you.

Be sure to use these important safety tips to protect your account online.

Differences between web-based banking and online-only banking

Web-based banking can be done at either a traditional bank that has branches or at an online-only bank, also referred to as a direct bank or virtual bank, that doesn't have a physical presence.

The difference is that online-only banks don't have brick-and-mortar locations, so they can be accessed only via the internet, a mobile app or the telephone. Online banking at a brick-and-mortar bank means using the website or the bank's app to view your account and conduct banking transactions. You also have the option to visit this bank's physical location or call them.

"When we look at direct banks, which are branch-less banks, we see that the satisfaction for that group of banks is higher than traditional banks overall,"Neuhaus says.

While the line between online banks and their brick-and-mortar competitors is beginning to blur, online-only institutions still offer some unique advantages - particularly on their yields.

Direct banks typically offer much higher yields on their deposit products than banks with physical locations. That's because online banks don't carry the same overhead costs compared with physical branches, and as a result can pass on those savings to customers.

Some direct banks currently offer yields above 2 percent on savings accounts and money market accounts. Meanwhile, a recent Bankrate survey found that only 6 percent of Americans are earning more than 2 percent on their short-term savings.

The pros of online banking

With online banking, stopping by a branch to make a deposit or complete an application is something you can permanently remove from your to-do list. Here are four benefits of online banking.

1. On-demand access to your account

Online banking is always available - it doesn't have business hours. This means you're not going to ever have to rush to get to the bank after work or on a weekend.

2. No need to switch banks when you move

If you have an online bank, no matter where you move your bank moves with you. This can provide flexibility to those who move often. It can also help those who travel often to areas where their bank might not have a presence. If the direct bank, or any bank, waives ATM fees, location may no longer be a factor.

3. You may earn a higher yield

Some online banks are offering yields that are nearly keeping up with inflation. Earning more interest on your savings is definitely a reason to consider the switch.

4. A secure way to communicate with your bank

Sending a secure message through online banking should be more secure than sending a standard email to your bank. This is especially the case if these messages are encrypted. Secure messages are sent from within the bank's website or potentially from the bank's app.

"And there is sensitivity around anything that is personal information going through email today," Neuhaus says. "And while consumers like to get emails that are personalized to them, there's a real concern on the bank's part about using that communication channel with any kind of sensitive information."

The cons of online banking

Online banking - particularly online-only banking - may not be for everyone. Here are some downsides to consider.

1. You prefer face-to-face interaction

Banking products and terminology can be complex. This is why some still value the in-branch experience.

"Literacy around banking terms ... is not a given," Neuhaus says. "And that's where the personal connection to explain things to people or to kind of read the body language in a conversation, you can't do that effectively - at this point - through digital means."

2. An outage can leave you in the dark

If the online banking service is not working, you might not be able to view your accounts and pay bills. Therefore, it might be a good idea to print out a statement, if you think you might need it, just in case of an outage or upgrade.

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What Is Online Banking? Know The Pros And Cons | Bankrate.com

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Online banking allows you to manage your money without having to step foot in a bank branch. As long as you can connect to the internet, you'll be able to review your bank statements, pay bills and transfer funds on your own time.

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What did you learn about the topic that most surprised you?
The one astonishing thing which surprised me during my research is that “it is not safe to use public/free WI-Fi at restaurants,  airports and at other public places for online banking because hackers may hack the privacy/ passwords as it is easy for them and can results in the transaction of money from the account results as a theft case. Each and every research while working on this assignment is of utmost important for me whether researching on the workflow procedure  of the web banking, pros and cons of the web banking or efficiently and  smartly using the internet banking plays a consequential role in propounding my knowledge.
2.Provide a real-life example of how this topic is relevant or interesting for you.
According to me, this topic is relevant to everyone because in the modern techno era , we all are using the e banking services and it is utmost important for everyone to gain more knowledge regarding web banking so as to get rid of any kind of thefts and frauds.
3.Which research did you find most interesting? Why?
Choosing a “Online banking and its advantages and disadvantages provides me an opportunity to research on this innovative and interesting  topic. As we all these days living in the technology dominated world, and everyone is using online banking for our personal banking usage, but very few of them knows about how the whole process of web banking works and its importance in our life. This research assignment helps me a lot to gain more valuable information regarding the various schemes and services provided by the distinct banks in Canada along with interest rates.

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This image is extracted from a pdf file named as Advantages of Online banking. This picture clearly denotes the pros of adopting e banking as compared to the brink- mortar banking system.

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This picture is taken from the Royal Bank of Canada (RBC) web portal denoting the slots for the usage of e banking on the computer or mobile whenever and wherever we want. The website link is

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Image#3 Working structure/ diagram of internet banking.

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Image#3 Working structure/ diagram of internet banking.

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This picture illustrates the working mode of internet banking which initiates from the customer and ends at bank's internal network . It reflects the whole step by step procedure of the working mode of the web banking. This picture is taken from the research paper.https://www.researchgate.net/figure/The-Internet-banking-architecture_fig5_289334661