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1. This topic was interesting as I learned the importance of online banking as well as the risks.

2. This topic is relevant to me because I have been using online banking for a while now, and it has been very beneficial for me. It is quick, easy and efficient when it comes to paying bills.

3. The most important thing I would pass on to my family/friends is by constantly changing passwords, regularly checking your accounts for unauthorized transactions, having strong passwords and do not share them with anyone.

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This image represents how mobile banking in Canada and the cashless future. 2.5 million Canadians downloaded a mobile banking app, as stated in the image. Additionally, many individuals do not carry cash and would rather pay through mobile devices. Another aspect to note is that because of covid, many individuals are banking online.

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This video shows how to download the RBC mobile app for online banking. First, an individual will need their credit card and online banking number. Then message to 722722, and in the message field, type in RBC. Once sent, it will reply will the link for an individual to install the app. Open the app and sign in using your client card number and password. When you first sign in, it may ask security questions for security reasons. When signed in, it will give you a quick introduction to the app, which can be beneficial for beginners starting to use online banking.

I chose this video as an example because this can be helpful for individuals that are with RBC, especially for beginners.

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This video is about Hoover, that got over $1,700 stolen from her bank account after e-transferring a friend. RBC had stated that her friend's account had gotten hacked. Also, Hoover had a weak security question which may have led to this situation. Additionally, a cyber security expert states that financial institutions should make stronger protections for e-transfers like two-factor authentication. Overall, this video also says how to protect yourself to avoid this situation by never sharing your password, changing your passwords often, and using software to protect your mobile phone computer from viruses and spyware.

I chose this video because it is something everyone should be aware of, as a hacker can be a danger to online banking. However, financial institutions have many protections and protocols against fraud, but there can still be a risk.

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What you need to know if you e-transfer money | CBC Go Public

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This video is about hackers revealing how they steal bank information. Hackers say that they use an algorithm to get account numbers and pose as a customer who had forgotten their passwords. This allowed the hacker to reset the security questions and answers. As a result, it gave them access to the customers' accounts. Once a hacker has individuals' information, it can result in the hacker buying goods that are then resold and identity fraud.

I chose this video because one thing that stood out to me is how frightening it can be when hackers can easily get our account number and pose as the customer. An individual needs to change passwords regularly and constantly check one's banking account so that these types of situations can be avoided.

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Hackers reveal how they got bank information

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Video #4 Online Banking vs Traditional Banking.

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Video #4 Online Banking vs Traditional Banking.

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This video is about online banking vs traditional banking. Online banks offer lower fees and higher interest rates, service, and technology interruptions; contacting online bank customer service can be difficult, whereas customer service is much easier to access in traditional banking. Additionally, traditional banking has safety deposit boxes so that an individual can keep their personal belongings safe such as jewellery and confidential documents. Online banking can be more secure than traditional banking because when paying a bill and sending a cheque through the mail, it can get lost, so paying a bill online can be more secure and easy.

I chose this video because it discussed great points. It is beneficial for an individual who wants to select either banking. When it comes to choosing either online banking or traditional banking, it would depend on an individual's financial goals and needs.

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Online Banking vs Traditional Banking: Pros and Cons

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This website mainly discusses what online banking is, online banking with your mobile phone and computer and individuals' responsibilities and safety. Many individuals use online banking; it is a great way to pay bills online or transfer money between accounts. In other words, to do banking on a computer, log in to your financial institution's website, or you can download the app on your mobile phone. Safety regarding online banking does not share personal information such as passwords and security questions.

I chose this website because it discusses a great introduction to online banking. In addition, it has excellent tips about setting up a strong password and how important it is to protect your passwords.

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Website #2 Advantages and Disadvantages of Online Banking

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Website #2 Advantages and Disadvantages of Online Banking

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This website discusses the advantages and disadvantages of online banking. The advantages listed are the availability as you can check your bank account at any time. Easy to operate, simple and easy to use, and quite convenient as you don't have to go to the bank by banking wherever you are. The disadvantages listed are internet requirements; there are great precautions for online banking; however, it can be susceptible to hackers. Lastly, It can be difficult for beginners.

I chose this website because it discusses excellent points on the pros and cons of online banking. Looking at a list of pros and cons can help individuals make decisions regarding their situation.

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Net Banking - What is Online Banking?, Features & Advantages of Internet Banking

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Net Banking - Internet/Online banking, also known as online banking or e-banking, is a facility offered by banks and financial institutions that allows customers to use banking services over the internet.

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Website #3 Benefits of Online Banking for a Business 

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Website #3 Benefits of Online Banking for a Business 

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This website communicates the benefits of online banking for a business. Many individuals have a big or small business, and using online banking can make an individual's banking experience much more efficient and easy. Additionally, an individual will have an easier time transferring money, fewer trips to the bank, and pay bills online.

I chose to represent this website because it is important for individuals to understand how it can impact an individual's business in a significant way. As stated on the website, individuals prefer traditional banking; however, many individuals are starting to realize how online banking can be very beneficial.

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Anything that proposes to make life easier for a small business owner in a difficult economy is certainly worth consideration. Online banking has exploded in the past decade, and more and more businesses are recognizing its advantages over traditional banking.

Of course, if you've been managing your business and personal finances a certain way for most of your life, you might be hesitant to make the leap -- especially with something as important as the way you deal with your bank. And many people are concerned about security. Web scamming, viruses and the safety of sensitive information across networks are all legitimate concerns.

However, if you use trusted sites and are diligent about securing your Internet network (keeping your passwords secret, updating security and anti-virus software, and so on), you'll minimize threats [source: FDIC]. In fact, some argue that online banking can be safer than traditional banking, because your personal information is encrypted rather than on paper [source: ConsumerReports]. Online banking also allows you to monitor your account frequently so you can spot unusual activity quickly.

While online banking is most popular with younger generations, even older ones are starting to prefer it. According to the American Bankers Association, in 2011, 57 percent of Americans age 55 and older prefer to do their banking online, as opposed to only 20 percent who preferred it in 2010 [source: ABA]. If you've yet to make the leap, consider some of the following advantages over the next five pages.

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5 Ways Businesses Benefit from Online Banking

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Anything that proposes to make life easier for a small business owner in a difficult economy is certainly worth consideration. Online banking has exploded in the past decade, and more and more businesses are recognizing its advantages over traditional banking.

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This website communicates with the best online banks in Canada. First, the best bank is Tangerine because they provide many services, offer a chequing account, five types of saving accounts, and special interest rates for new customers. Secondly, the best bank for retirement savings is EQ bank. They offer tax-free savings accounts, which allow individuals to reach their goals more quickly. Additionally, they have no monthly fee, automated account choices and free unlimited Interac e-Transfers. They do not have a chequing account, so this is best for individuals focused on saving. Thirdly, the best bank for high-interest rates is Neo Financial. They have no annual fees, and Neo Mastercard offers cash-back rewards.
Furthermore, the best bank for product selection is Simplii financial. They provide Simplii Financial Cash Back Visa, no monthly fees, a chequing account with free unlimited transactions, and access to cash withdrawal services. Another best bank is Manulife for small businesses as it has a business advantage account that provides individuals with the flexibility of easy access to funds without fees. Finally, the best bank for GIC savings is Achieva Financial. It mainly focuses on savings as it offers a daily savings account, TFSA, RRIF and RRSP Savings Accounts.

I chose this website because it listed many great options of the best banks. This can be very useful when an individual needs to select an online bank for their financial needs and goals in the future.

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We have compiled a list of the best online banks in Canada of 2021 to help you explore the landscape and learn more about what they have to offer
Reviews and recommendations are unbiased and products are independently selected. Postmedia may earn an affiliate commission from purchases made through links on this page.
This article was created by StackCommerce. Postmedia and StackCommerce may earn an affiliate commission through links on this page.

Over the past year and a half, we have seen just how little we rely on in-person services from brick-and-mortar banks, with most avoiding their local branch and opting to use online products offered by their traditional banks instead. This calls into question why we wouldn't choose an alternative that offers the same services but with little to no fees, such as in the case of an online bank.

The online banking industry in Canada got its start around 1996 and although people were somewhat skeptical at first, the industry has grown to proportions today that rival the traditional banking industry.

Online banks have significant advantages over their traditional counterparts. They have developed a business model that provides you with the best of both worlds: low - and even no - monthly fees along with accessible customer service, albeit administered remotely. However, not all online banks are created equally, so we have compiled a list of the best online banks in Canada of 2021 to help you explore the landscape and learn more about what they have to offer.

Best Bank Overall: Best Bank for Retirement Savings: Best Bank for High-Interest Rates: Neo Financial Best Bank for Product Selection: Simplii Financial Best Bank for Small Businesses: Manulife Bank Best Bank for GIC Savings: Achieva Financial

Best bank overall: Tangerine

Tangerine is the only direct bank that does offer in-person services. Their "cafés," located in a select few major Canadian cities, provide in-person account openings as well as day-to-day financial transactions - along with which you can enjoy a free cup of coffee.

They offer the most ATMs of any online bank, as the Scotiabank network is available to their clients free of charge. They also offer a chequing account, five types of savings accounts, special interest rates for new customers, as well as Mastercard credit products.

Best bank for retirement savings: EQ Bank

Their RSP Savings Account's interest rate as of writing is listed as 1.25 per cent and has consistently been head and shoulders above the industry average. They also offer a tax-free savings account that allows customers to reach long-term goals more easily. They offer similar benefits we can find with most direct banks: no monthly fee, automated account options and free unlimited Interac e-Transfers.

The drawback to EQ is that they do not offer a chequing account like most online banks. They also do not offer any credit card products and have only one type of savings account. If your focus is earning interest on your savings, however, EQ Bank is the best option.

Best bank for high-interest rates: Neo Financial

As a new financial institution, they are still developing their offerings, however, the 1.30 per cent interest rate they offer for their savings account puts all other banks on our list to shame. The Neo Mastercard is their flagship credit product, offering cash-back rewards for everyday shopping.

Not only does Neo Bank have no annual fees, but they also offer no over-limit fees - a rarity among both traditional and direct banking institutions. As a technology company, both Apple and Google Pay are available with their financial products, along with real-time notifications on their app. For this, our vote is for Neo Bank as one of the best online banks in the New Banks category.

Best bank for product selection: Simplii Financial

Their nearest competitor in this category is Tangerine and, like them, they offer the Simplii Financial Cash Back Visa. Products that aren't often seen in the direct banking industry are lines of credit, personal loans, as well as mortgages - all of which Simplii Financial has on offer.

Along with the standard fare of no monthly fees, Simplii also offers a chequing account with free unlimited transactions. Additionally, the CIBC network of ATMs ensures that customers have convenient access to cash withdrawal services.

Best bank for small businesses: Manulife Bank

The Business Advantage Account is a high-interest savings account that caters to small and medium-sized businesses but also provides the flexibility of easy access to funds without fees. Manulife Bank also provides personal banking services with the standard benefits we expect from an online bank and the added benefit of credit products, including a Visa Platinum Card with no annual fee.

The downside to Manulife Bank is the monthly fee for their All-In Banking package - although it can be waived provided you adhere to the eligibility requirements. Their High-Interest Savings Account also has a monthly fee, but it too can be waived with their minimum balance requirements.

Best bank for GIC savings: Achieva Financial

Primarily focusing on savings, Achieva offers a wealth of options including a daily savings account, as well as TFSA, RRIF and RRSP Savings Accounts. They also have a full host of GIC savings options including their GIC Ladder Strategy, which allows investors to "continuously invest [their] savings at the highest interest rate available." This strategy allows investors to always maintain access to one-fifth of their funds, giving them flexibility for emergencies.

This product is unique in the industry, and while they don't offer a chequing account or credit card, it positions Achieva Financial as our choice for the best GIC savings platform.

The online bank industry in Canada is robust, offering plenty of options for whatever your financial goals may be. The best online banks for your purposes will be determined by the particular type of financial solutions you are looking for. The options presented here provide an overview of some of the industry's leading institutions, allowing you to make the wisest decision when choosing an online bank.

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We have compiled a list of the best online banks in Canada of 2021 to help you explore the landscape and learn more about what they have to offer Reviews and recommendations are unbiased and products are independently selected. Postmedia may earn an affiliate commission from purchases made through links on this page.

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Welcome to my wall! I will be discussing important aspects to online banking through many different platforms. You will learn about the pros and cons. As well as the significance of online banking and the risks.

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This image shows that it can be very easy for you to do your banking online. All your information is online for you to access anytime and anywhere. As well as when paying a bill, you can easily pay it online whenever it is convenient and for you.