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The Government of Canada website contains general information for Canadians regarding managing personal finances. Included in this information are outlines on how to access and use online banking. The website also talks about protecting yourself from unauthorized or fraudulent transactions, how to protect your personal information, and highlights your responsibilities when using online banking.

This website is useful because it provides good general information about online banking services and apps, and sets out good practices for Canadians who want to use the service provided by their bank. It outlines all the basic information you need to get started with online banking. What I like about this site is that it very simply explains online banking and how the services should be used.

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How to use online banking

Online banking allows you to access your accounts and make various financial transactions on the Internet. For example, you can use online banking to pay bills or transfer money to other accounts. You can bank online using either a computer or a mobile device such as a cell phone or tablet.

Generally, online banking transactions cost less than using in-branch teller services or ATM s.

Online banking lets you check your transactions online as they are processed. You don't have to wait for a monthly statement.

In most cases, you'll need to do the following before you can use online banking services:

register for online banking with your financial institution

enter your debit card number

create a username and password

read and accept the terms and conditions

Online banking with your computer

To access your accounts using an online banking from your computer you must:

1. go to your financial institution's website

2. enter the following information:

username

password

answers to security questions

Online banking from a computer allows you to:

access you accounts

make future-dated bill payments

transfer funds between accounts

open a new account

schedule regular payments or transfer

apply for loans

Mobile banking

You can use mobile banking anywhere you take your mobile device, such as a smartphone or tablet. You can use a mobile banking application (app) or an online banking site from your mobile device.

Mobile banking application (app)

To access your accounts using a mobile banking application you must:

1. download your financial institutions mobile banking app to your mobile device

2. open the app on your device

3. sign in using your username and password

Only download apps and updates from a trusted source, such as:

directly from your institution's website

from your mobile device's app store

Banking apps on your mobile device may only allow certain types of transactions, such as:

If there are services you're unable to access from your banking app, you may be able to access them by logging in to your financial institution's mobile site through an Internet browser on your mobile device.

Mobile banking sites

Mobile banking sites let you access your accounts from your mobile device without downloading a mobile banking app.

Banking through an Internet browser on your mobile device is similar to online banking with your computer. Mobile banking sites may give you a more detailed view of your accounts and allow you to access more services than using a mobile banking app.

Protection from unauthorized transactions when online banking

Most financial institutions have policies that protect you from transactions that you didn't make or approve using your institution's online banking service. These are called unauthorized transactions.

It's your responsibility to always keep your banking and online banking details to yourself.

If you give your online banking information to anyone, including your spouse, partner, family member or friend, you may:

risk losing the protection against unauthorized transactions offered by your financial institution

be responsible for any unauthorized transactions on your account

Ask your financial institution about its online banking service commitments and policy on unauthorized transactions.

Your responsibilities when banking online

To ensure that you're protected from financial loss from an authorized transaction:

don't share your PIN, password or personal security questions and answers with anyone, not even family members

manage your banking information, including log-on IDs and passwords, according to the terms of your financial institution's user agreement

check your accounts regularly for transactions you didn't make or approve

contact your financial institution or service provider as soon as you find an error

You may need to take additional steps to protect yourself when banking online. Read your account agreement and your financial institution's online banking or electronic access agreement to learn more.

Choosing a password and PIN

Pick a strong password that isn't easy to guess for your online banking accounts. You may be responsible for transactions you didn't make or approve if you use a password that's easy to guess. Combine upper and lower case letters, numbers and keyboard symbols such as # or @ when creating your password.

Financial malware, or malicious software, can damage your devices and put your financial information at risk. You must take steps to protect your passwords and PINs from such software or you may be responsible for transactions you didn't make or approve.

Protect your personal financial information online

Protect yourself when banking online to help prevent criminals from capturing or copying your financial information.

Criminals may see what you send over public networks, such as those that you access from coffee shops, bookstores and public libraries. This information includes things such as your passwords, bank account numbers and credit card numbers.

To protect your financial information make sure you do the following:

don't use public Wi-Fi or public computers for online banking

don't share your user IDs, passwords and PINs with anyone

use a strong password that can't be easily guessed for your online banking accounts

use different passwords for each of your financial accounts

don't allow your computer or mobile device to remember your password or banking information, such as your account number

don't give your personal information to your financial institution by email

don't respond to suspicious messages or click on links within them

log into your account regularly to make sure there are no unauthorized transactions

Learn more about how to protect your money online.
Related link

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banking; consumer protection; personal finance; financial institutions; fees; banks; savings; internet

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Online banking allows you to access your accounts and make various financial transactions on the Internet. For example, you can use online banking to pay bills or transfer money to other accounts. You can bank online using either a computer or a mobile device such as a cell phone or tablet.

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There are many advantages to online banking. The National Bank of Canada website lists six key advantages of using their online banking services and apps. Most of the points listed on this site promote the added convenience of using online banking services and tools.  Customers can access their accounts with the financial institution at any time and on any day of the week removing the need to visit a branch for most transactions.

I like this website because it has very good points as to why online banking is good to use. Dual authentication is available which makes using the bank’s online banking service more secure.  The site also provides access to a virtual assistant to help people who are new to using online banking, learn how to use the service.

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Before June 16, 2019

After June 16, 2019

Our online services are those available on our transactional website or through our mobile application. If you use them, you are deemed to have read and accepted this contract
A. Access to our online services 1. Use a device compatible with our services
Your device must be able to:

receive wireless text messaging services and

access the Internet.

The device may, for example, be:

1. Our online banking services

Our online banking services are those available on our transactional website or through our mobile application. If you use them, you are deemed to have read and accepted this contract
A. Access to our online banking services 1. Use a device compatible with our services
By device, we imply any device you use to access our online banking services.

Your device must be able to:

receive wireless text messaging services and

access the Internet.

The device may, for example, be:

1 B) 7. 7. Receiving remote assistance to use the online services

To assist you in using the online services, our call center staff may offer to access your customer portal on our online services remotely. If you agree, they will then have access to your profile and your information.

7. Receiving remote assistance to use the online services

To assist you in using the online banking services, or if you are experiencing an issue with the online services, our call center staff may offer to remotely access your customer portal on our online services. They may also allow our computer experts to remotely access your customer portal on our online services, if necessary, so that they can find a resolution to your problem. If you consent to it, our call center staff or our computer experts will then have access to your profile and your information.

2 A) A. Comply with all contracts that apply to you

This online banking services contract, including the schedule.

If you have a deposit or investment account, the contract governing personal deposit and investment accounts.

Any other contract that might apply to our online services depending on your device.

Licences to use the bank's or other providers' applications (for example, an application downloaded from Google Inc. or Apple Inc). These licences authorize you to use the applications solely in connection with our online services. The licence is non-transferrable and non-exclusive.

A. Comply with all contracts that apply to you

This online banking services contract, including the schedule;

If you have a deposit or investment account, the contract governing personal deposit and investment accounts;

Any other contract that might apply to our online services depending on your device.

Licences to use the bank's or other providers' apps (for example, an application downloaded from Google Inc. or Apple Inc). These licences authorize you to use the apps solely in connection with our online services. The licence is non-transferrable and non-exclusive.

The statement on cookies available on the homepage of our website at: www.nbc.ca

6 C) C. We may analyze your personal information to adapt our services and promotional communications to your needs

We may use your personal information to better understand your financial needs, provide you with tailored services and, subject to your choices, provide you with offers and other promotional communications. The personal information we use includes information from your external accounts retrieved through our account aggregation service.

To learn more about our personal information practices, including how to opt-out from receiving offers and other promotional communications from us and our affiliates, please consult our privacy policy and our online services statement (cookies).

C. We may analyze your personal information to adapt our services and promotional communications to your needs

We may use your personal information to better understand your financial needs, provide you with tailored services and, subject to your choices, provide you with offers and other promotional communications. The personal information we use includes information from your external accounts retrieved through our account aggregation service or any other functionality available on our online services.

To learn more about our personal information practices, including how to opt-out from receiving offers and other promotional communications from us and our affiliates, please consult our privacy policy and our online services statement (cookies).

Annex A- 2
2. Our receipt management service
The receipt management service allows you to scan and archive your receipts using an application on your mobile device.
A. Sensitive data
If you use our receipt management service, you agree not to use the service to store sensitive data such as health data.

Annex A - 2.
2. Our receipt filing service
Organizing Receipts is a feature included in our app. It allows you to scan and archive receipts from your mobile device or from a personalized email address (myaddress@myreceipts.nbc.ca), which you create during your first use of the functionality.
A. Sensitive data
If you use our receipt management service, you agree not to use the service to store sensitive data such as health data.
B. Confidentiality of your personal information
Some cash register receipts may contain and display sensitive information (bank details, credit card numbers, personal address, etc.). The information contained in the digital representation of your receipts may also include this sensitive information.

It if your responsibility to verify that the credit and debit card information on your receipts are hidden before uploading them to Organizing Receipts.

By using Organizing Receipts, you acknowledge that the service only registers personal information already on your original paper receipt while being scanned.
C. Limited use of Organizing Receipts' personalized email address
You understand that the personalized email address (myaddress@myreceipts.nbc.ca) is not an email accessible via an inbox and that you will not be able to use this address as an email other than for sending receipts, or to allow merchants to send electronic receipts.

Some emails sent to your personalized email address (myaddress@myreceipts.nbc.ca) may not be recognized as e-receipts and may be permanently deleted unless you take the necessary action within the time period specified by Organizing Receipts.
D. Limitation of responsibilities
The digital version of the receipt may not be complete or entirely representative of the original version.

Although Organizing Receipts is a digital receipt manager and effort is made to ensure the accuracy of the information extracted from the original hard copy, some errors may occur, and some information may be missing.

Ensure that you verify and, if necessary, update the missing information on your digital receipt.

By using Organizing Receipts, you acknowledge that you fully assume the risks of missing information or errors in your digital receipt.
E. Returns with a digital receipt
It is at the merchant's discretion to honor a receipt in Organizing Receipts for proof of purchase, return, or refund. We assume no responsibility in this regard.
F. Tax Authorities
You acknowledge that, for documentary proof purposes, it is your responsibility to verify the validity of digital receipts exported from Organizing Receipts with the relevant tax authorities.

These tax authorities may ask you for the originals receipts. We therefore recommend that you keep the original hard copies.
G. Termination of service
If you no longer agree with Organizing Receipts' requirements, you must stop using the service and delete previously uploaded receipts.

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Before June 16, 2019 After June 16, 2019 Our online services are those available on our transactional website or through our mobile application. If you use them, you are deemed to have read and accepted this contract A. Access to our online services 1.

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This website shares many tips that consumers can use to protect their personal and financial information when using online banking services and apps. It provides information on how to create strong passwords, how to keep your online banking information secure, how to avoid using public Wi-Fi, how to protect yourself while online shopping, and much more.

I chose this website because it is important for people to know how to protect their personal and financial information when banking online.  This site provides specific tips on how to avoid being a victim to a scam as well as how and when
a bank will ask customers for their personal information.

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Become Your Best Defence Against Cyber Criminals

Being vigilant about your online security is essential to guarding against cyber criminals. And, while RBC is committed to keeping your financial information safe and secure, there are simple steps you can take to proactively protect yourself.

All Tips

Create Strong Passwords

Keep Your Online Banking Information Secure

Steer Clear of Public Wi-Fi

Be Vigilant When You Shop Online

Keep Your Email Safe

Protect Yourself on Social Media

Stay Safe on Dating Website and Apps

Stay Safe This Tax Season

Create Strong Passwords

A strong password is critical to protecting your online accounts. And, while we may find it tiresome to create and remember them, it is important to keep in mind that passwords are often the first defence against cyber criminals. They protect personal information, like bank accounts, health data, or private documents from falling into the wrong hands. But what makes a password strong?

Here are some simple steps you can take to strengthen your passwords:

Use one password/passphrase per account, especially those dealing with sensitive or financial information.

Complexity is nice, but length is key. Always use the maximum password length allowed by the application. Aim for at least 16 characters, if possible.

Avoid common words like "password" or "user", or anything that can be easily guessed like your birthday, or obvious sequences of letters or numbers like "1234" or "ABCD."

Be creative. Some of the strongest passwords aren't words, but a collection of words or "passphrases". Passphrases, made of randomly-chosen words, can be both easy to remember and hard for someone else to guess, which is what we want out of a passphrase. Here are some examples: "Delay Elephant Buy" or "Europe Profit Now"

Replacing some letters with spaces, numbers or special characters - for example, @ replaces an "A" or $ replaces an "S" - can help increase the strength of your password. But don't rely on obvious substitutions, liking substituting an "o" with a "0" - for example, "H0use" instead of "House".

Consider a password manager. Password managers generate strong, random passwords and remember them so you don't have to. And, it stores your login information for the all websites you use in your own personal, encrypted password database that can be accessed with one master password/passphrase. It's the only one you'll need to remember.

Several password managers are available. Some of the more popular ones include: Dashlane, LastPass, KeePass.

Protect Your Passwords

There is never a reason for someone to ask you for your password. RBC will never ask you to confirm your password over email, text message, or on the phone. If someone claiming to represent RBC asks for your password, contact us right away.

Storing passwords in your Internet browser or using the autofill option can leave you susceptible to hackers. It is surprisingly easy for criminals to gain access to information stored in your browser, so disable the autofill feature and do not store passwords in your browser.

Enable two-factor authentication when possible. This means you prove your identity in two ways: a password plus some sort of biometric authentication like a fingerprint, adding an extra layer of security.

Keep Your Online Banking Information Secure

As technology continues to improve, so do potential threats. Here are some tips to help ensure a safe and secure online banking experience:

If a website doesn't look valid, play it safe. Do not sign in or enter any personal information. Instead, contact us.

Never login to online banking using a link sent through email, text message, or social media. Instead, type the address into your browser.

Always log off and close your browser when you finish your session. It's also good practice to clear your browser's memory cache regularly to improve security.

Don't reveal your login information to anyone, even if they claim to be a representative of RBC. We will never ask you for that information by email, text or phone.

ALWAYS use a trusted computer. Never use public Wi-Fi for banking activities.

Keep your software up to date. Software companies routinely improve the security of their programs, so be sure you are using the latest version.

Sign up for RBC alerts to stay up to date on important details of your financial life. Get notified when your account shows a large withdrawal or a balance below your set limit. Visit RBC Online Banking to learn more. If you've downloaded the RBC Mobile banking app and enabled push notifications, you'll also get alerts on your mobile device.

Protect Your Credit and Debit Cards

Call us immediately if your card has been lost or stolen, or if you suspect fraud. Here's how you can contact us.

Check your bank and credit card statements regularly. Review your transactions frequently to see if there are any unauthorized charges. If there are, let us know.

Don't make online credit card purchases from public places. Public computers and networks are less secure, meaning there's a much greater chance that your credit card information can be stolen when you use it to make purchases.

Review the RBC Online Banking Security Guarantee to make sure that you're protected when you bank online.

Think your card's been lost or stolen? First lock your card through the RBC Mobile app, then give us a call as soon as possible to cancel it and we will send you a new card.

Steer Clear of Public Wi-Fi

Public Wi-Fi is convenient, but that convenience comes with security risks. Criminals can intercept any information that you send while using public Wi-Fi, such as passwords or online banking information. Don't assume that anything you send over free Wi-Fi networks is private or secure, even if using your own device.

Here are some things to consider to keep your mobile devices and private information safe on public Wi-Fi:

Avoid logging into any accounts with private or sensitive information while on a public Wi-Fi network.

Consider using a secure and encrypted Virtual Private Network (VPN).

Be aware of who is around you and who may be looking over your shoulder to see what you're doing.

Remember that using a secure Wi-Fi connection doesn't mean you shouldn't take other online security precautions.

Protect Your Mobile Devices

Lock your phone. Ensure that your phone can be unlocked only by a unique and complex passcode or by a fingerprint ID.

Only download applications from official app stores. Download your apps from Google Play or Apple App stores and avoid using third party platforms that could carry apps that automatically install malware on your phone.

Keep your software updated. Software companies routinely improve the security of their software, so always be sure you are using the latest software.

Be Vigilant When You Shop Online

Online shopping is convenient, but it shouldn't come at the expense of safety. Here are some tips to help you shop safely online:

Check the Security of the Website You're Visiting
Look for the little padlock icon on the left hand side of the URL bar and ensure the website you're visiting has an address that begins with "https." This is not a guarantee that the site is secure, but if those indicators are not there, use caution.

Read Reviews Online Before Buying
Read reviews of retailers you are thinking of buying from and ensure they're legitimate and trustworthy businesses.

Keep Your Email Safe

Email is one of the easiest ways criminals can target you, but there are ways to reduce the risk. Here are some tips:

Sharing personal or financial information over email is not recommended. Do not post your email address on public forums or give your email address to sites you don't trust.

Any email that is not encrypted is not secure. You should assume anything sent on unencrypted email is public.

Never click on an unknown link or open an attachment you weren't expecting, especially if it's from someone you don't know. Here's more on how to spot phishing scams.

Do not reply to spam emails or click on the unsubscribe buttons in such emails. This notifies criminals that your email address is active.

Stay Safe on Dating Website and Apps

While plenty of successful relationships begin online, not everyone using online dating is looking for love. Cyber criminals also use online dating sites, apps, and chat rooms to gain your trust and trick you into sending them money. Here are some tips to help you keep your heart and your money safe:

Be wary of requests for money. Don't send money or give your financial information to anyone - especially someone you haven't met in person

Be cautious when sharing personal information or pictures with prospective admirers, especially if you have never met them before. Criminals are known to blackmail their victims using compromising material

Beware if the prospective partner seems 'too perfect', if they express strong emotions within a short period of time or if they ask you to leave the dating site to go "offline" too quickly. If it seems too good to be true, it usually is.

Do an image search of your admirer to find out if they really are who they say they are. Does their name match their picture when you do the search? If not, that could be a sign of deception.

Protect Your Heart and Your Wallet

Ask a lot of questions to get to know the person

Never agree to transfer money on someone else's behalf. It could be a money laundering scam.

Think before you post - be especially careful about the amount and type of information you reveal about yourself to someone online.

If you suspect an online relationship is a scam, stop all contact immediately.

Call us right away, if you sent money or shared your financial information with the criminal.

Stay Safe This Tax Season

Tax scammers leverage every means at their disposal to separate you from your cash - notices and offers in your inbox, on websites, over the phone or in a text message. They may offer "tax services" that will steal your identity and your tax refund, lure you with offers of bigger write-offs, mock up websites and tax forms that look like the site or forms to fool you into giving criminals your personal or financial information.

There is more at risk than your money and identity. Here are some helpful tips on how to stay safe this tax season:

Don't open files, click links, or call numbers in unsolicited emails, text messages, IMs, Facebook postings, tweets, etc. especially if you weren't expecting them.

Beware of impersonators. Many Canadian Revenue Agency (CRA) or Internal Revenue Service (IRS) impersonators use scare tactics to intimidate people into complying with their requests, like threatening to arrest or deport the potential victim.

Before sharing any information, take the time to verify the identity of the person asking you for information, money, or access to your accounts, to ensure they are who they claim to be.

If you can't verify something is legitimate, ignore, delete it, or contact the person/organization who supposedly sent it to validate that the message really is from them.

Never - ever - ever - reveal your password, PINs or any personal or financial information to ANYONE!!

Protect Your Identity and Your Refund

Don't respond to scare tactics. Contact the revenue agency - Canada Revenue Agency (CRA) or Internal Revenue Agency (IRS) - directly to verify phone calls, electronic or paper messages.

Be suspicious if the "agent" demands immediate payment by Interac e-transfer, Western Union, bitcoin, prepaid credit cards or gift cards from retailers such as iTunes or Amazon.

If you suspect you may be the victim of a tax scam or have been tricked into giving personal or financial information, contact us right away.

Contact the Canadian Anti-Fraud Centre toll free at or visit their website, if you believe your personal information has been stolen and used for tax purposes.

Need to Report Online Fraud?

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Being vigilant about your online security is essential to guarding against cyber criminals. And, while RBC is committed to keeping your financial information safe and secure, there are simple steps you can take to proactively protect yourself.

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This website lists the top 10 best online banks in Canada. It includes only banks that operate fully online and do not have branches.  it gives a quick summary of many of the features and services that each online only bank offers. It also lists a few advantages and disadvantages to banking with institutions that are only available online to customers.

What I like about this website, is that is provides a table that makes it easy to compare what each of these banks offer compared
to their direct competitors. I find it is very convenient to be able to see a comparison of all the online only banks in one place.

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If it has been a while since you last made your way into a brick-and-mortar bank branch, you are not alone.

Current data from the Canadian Bankers Association shows that more than 75% of Canadians now use online and mobile banking to conduct most of their day-to-day banking transactions.

Online banks aka digital banks or virtual banks offer their customers access to low-fee (or no-fee) banking and easy access, higher interest savings rates, no-minimum balance banking and security of funds.

Traditional banks in Canada also have an online presence to provide their services, however, this write-up focuses on those branchless direct banks whose main service delivery model is via the internet i.e. they have zero or very limited physical locations you can walk into.

Read on to see the options available to you if you are considering an online-only bank for your banking needs.

Advantages of Online Banking

Here are some of the benefits you can expect from online banking:

1. Convenience: These days you can conduct most of your transactions using your bank's mobile app or by visiting their online platform. Easily pay bills, deposit cheques, transfer money between accounts and more.

2. Better Rates: Online-only banks save on the overhead costs that come with managing physical locations. They redirect some of these savings to their customers by offering high-interest rates on savings and term deposits. For example, a 2.45% savings account rate as opposed to 0.65%.

Many internet banks even pay you interest on your chequing account balance which is something you won't find with traditional banks.

3. Lower or No Fees: Canadians pay an average of $200 per year in banking fees. Many online banks do not levy a monthly account maintenance fee for chequing and their service fees are often cheaper. Online-only banks also offer no-minimum balance banking.

4. Save Time: Hate waiting on the line for services at a bank? Conduct your banking using your mobile app while you are on the go. If you need assistance, you can reach customer service by phone or chat.

5. Versatility: If you are using a budgeting or money management application, you can easily connect your online banking account in order to track your spending and stay on top of your finances.

6. Security: The funds you deposit in online-only banks are protected by Canada Deposit Insurance Corporation (CDIC - similar to traditional banks) or the relevant credit union deposit guarantee corporation (similar to credit unions).

CDIC guarantees deposits up to $100,000 per category, while provincial deposit guarantee corporations may guarantee up to 100% of your deposits regardless of the amount.

Disadvantages of Online Banking

When you choose a digital bank, here are some of what you may miss:

1. Less Personalized Service: If you prefer to interact with a person face-to-face every time you make a deposit or withdrawal, a virtual bank does not provide this perk.

2. Fewer ATMs or Automated Banking Machines (ABMs) as they are now referred to. Depending on your choice of an online bank, they may not have as many ATMs available in your area like the resident traditional banks.

When you use ATMs tied to other networks, you may have to pay. That being said, the online banks in this post are either owned by a bank or are related to an established credit union which makes this issue less of a problem.

3. Transaction Limitations: If you routinely conduct "complicated" banking transactions e.g. bank drafts and wiring money abroad, or need a safety deposit box, an online bank is not for you.

4. Lack of an All-in-One Package: Online banks like Tangerine provide an all-in-one solution so that you can easily hold your investments, chequing, savings and mortgage accounts with them. Some online banks only offer a savings account which means you will need to source additional services from another bank if required.

Best Online Banks in Canada

The top 3 online-only banks in Canada offer free online chequing accounts, savings accounts, or a combination thereof.

1. Tangerine Bank

Tangerine is my top pick among digital banks in Canada. A subsidiary of Scotiabank, Tangerine offers a savings account, no-fee chequing, credit card, investments in registered and non-registered accounts, mortgage, HELOC and business accounts.

While they do not have branches, Tangerine clients have access to cafes where they can chat with Tangerine staff in Toronto, Vancouver, Montreal, and Calgary. You can also use over 3,500 ATMs for free across Canada.

They offer 5 different savings accounts:

High-interest Savings Account

TFSA

RRSP

US$ Savings Account

RRIF Savings Account

Given the poor rates offered by the big banks, Tangerine clients can earn more with their higher interest savings rates...currently 0.70%.

When you open an account here, you qualify for a 2.75% rate for 5 months on all their savings accounts. There are no monthly account or service fees and no minimum balance requirement.

Their no-fee chequing has all the bells and whistles you can look for in a chequing account, including no monthly fees, unlimited free daily transactions, free cheques (first book), free access to 3,500 ATMs in Canada and 44,000 worldwide.

Additionally, you earn interest on your chequing account balance as follows:

$50,000 or less: 0.15%

$50,000 to $99,999.99: 0.55%

$100,000 or more: 0.65%

Watch out for the $40 NSF fee, Interac e-Transfers ($1 each now FREE!), Canadian drafts ($10) and $1 per ATM transaction outside the Tangerine or Scotiabank networks.

This Tangerine credit card is one of the best no-fee cash back cards in Canada. It has no annual fees and offers a 2% cash back on up to 3 categories of spending including groceries, restaurants, gas, entertainment, drugstore purchases and more plus 0.50% cash back on everything else.

With no limits on how much cash back you can earn, the Tangerine Money-Back Card is one of the best in its category.

For a limited time, you can earn a $250 cash bonus when you spend up to $5,000 combined in your first three months.

Read more about the Tangerine Money-Back Credit Card here.

Tangerine also recently introduced the Tangerine World Mastercard. Similar to the Money-Back card, it offers up to 2% cash back ($250 cash bonus) and no annual fees. In addition, it also offers free mobile device insurance and several other perks.

Read my Tangerine World Mastercard review here.

For more details about the investment options at Tangerine, check out my review of Tangerine Investment Funds.

2. EQ Bank

If you are looking for the best non-promotional savings rates, EQ Bank is in the lead.

EQ Bank is the direct online banking arm of Equitable Bank. It has no physical locations, however, customers have access to a well-rated mobile app for online banking access.

They offer two main accounts:

Their high-interest account comes with no monthly fees, unlimited free transactions and no minimum balance.

Although it is a savings account, the EQ Bank Savings Plus functions as a hybrid between savings and chequing, allowing you to send unlimited free Interac e-Transfers, electronic fund transfers, deposit mobile cheques and earn a standard 2.00% interest rate.

The interest is calculated daily and paid out monthly.

They offer high-interest guaranteed investment certificates with terms from 1-5 years. The minimum deposit to open a GIC account is $100.

EQ Bank does not currently offer a chequing account or credit card.

Read my complete EQ Bank review for more details about their offerings.

3. Simplii Financial

Simplii Financial is the direct banking arm of CIBC and formerly operated as PC Financial.

Simplii clients have access to a no-fee chequing account, savings, credit card, mortgages, investments and more. Additionally, customers can use over 3,400 CIBC ATMs across Canada for free.

Simplii High-Interest Savings

This account offers a standard rate of 0.70% and has no monthly account fees.

You also can choose to keep your funds in an RRSP or TFSA savings account at the same rate of 0.70%.

Their no-fee chequing account is similar to Tangerine's and offers no monthly fees, no minimum balance, unlimited transactions and interest up to 0.50%.

In addition, you can send unlimited free Interac e-Transfers.

Check out for their $45 NSF fee, bank drafts ($7.50), and $1.50 (Canada) or $3 (outside Canada) when you use a non-CIBC ATM.

Simplii also offers a credit card. You can read my review of the Simplii Financial Cash Back Visa Card.

Best Online Banks Owned by Credit Unions

The provision of free online bank accounts is not limited to digital banks owned by Canadian banks. Credit unions have also launched several of these virtual banks as a way to increase their customer base beyond their province of residence.

4. Motusbank

motusbank is the latest kid on the block in the online banking world. It is owned by Meridian Credit Union, an Ontario credit union.

motusbank offers a variety of accounts including high-interest savings, chequing, investments, mortgages and personal loans. Their customers have access to over 3,700 free ATMs across Canada through The EXCHANGE Network.

motusbank is federally incorporated and is a member of CDIC.

Read my complete motusbank review.

5. Alterna Bank

Alterna Bank is the direct banking arm of Alterna Savings Credit Union (based in Ontario). It has no branches and is a member of CDIC.

They offer a no-fee e-chequing and high-interest savings accounts, as well as term deposits for registered and non-registered accounts, mortgage loans and online investing through a robo-advisor.

Clients of AlternaBank can access thousands of surcharge-free ATMs via The EXCHANGE Network.

Read my complete Alterna Bank review.

6. Outlook Financial

Outlook Financial is a division of the Assiniboine Credit Union, a Manitoba credit union. Members of Outlook Financial also become members of Assiniboine Credit Union with voting rights.

They offer a high-interest savings account and GIC products that can also be utilized using registered accounts like the RRSP, TFSA or RRIF.

Deposits are protected by the Deposit Guarantee Corporation of Manitoba (DGCM).

Read my full Outlook Financial review.

7. AcceleRate Financial

Accelerate Financial is the online division of Crosstown Civic Credit Union, a Manitoba financial institution. It was launched in 2010.

They offer a high-interest savings account, GICs, and options to invest using RRSP, TFSA and RRIF accounts. Deposits with the bank are 100% guaranteed by DGCM.

Read more about Accelerate Financial here.

8. Achieva Financial

This online bank is owned by Cambrian Credit Union.

Similar to the other online banks owned by credit unions, Achieva Financial only offers a high-interest savings account and GICs with options to have these deposits products inside a TFSA, RRSP or RRIF account if needed.

Given that their parent company is located in Manitoba, deposits in Achieva are 100% guaranteed by DGCM. This coverage protects your funds even if you are not a resident of Manitoba.

Read my Achieva Financial review.

9. Hubert Financial

Hubert Financial is a division of Sunova Credit Union. They offer a high-interest savings account (happy savings), TFSA, RRSP, US Savings, mortgage loans and a credit card.

Customer deposits are fully guaranteed without limits by DGCM.

Read my Hubert Happy Savings review.

10. Implicitly Financial

Implicitly Financial is the online banking arm of Entegra Credit Union.

Their product offerings include a high-interest savings account and GICs which are also available in RRSP, TFSA and RRIF accounts.

Implicitly Financial customers have access to a debit card they can use surcharge-free at any "ding-free" ATM (over 1,800 ATMs across Canada).

Deposits in Implicitly Financial are guaranteed 100% by DGCM.

Worthy Mentions

A few other virtual banks in Canada that offer high-interest savings and low fees (but not credit union affiliated) include:

Are Online Banks in Canada Safe?

Digital banks in Canada offer a deposit guarantee similar to traditional banks.

The online-only banks that are federally-incorporated (e.g. EQ Bank, Tangerine and Simplii) are associated with the Canada Deposit Insurance Corporation. This means your deposits with these banks are protected up to $100,000.

For the virtual banks that are owned by credit unions, your deposits are either covered by CDIC (e.g. Alterna and motusbank) or they are 100% guaranteed by the Deposit Guarantee Corporation of Manitoba (Implicitly, Achieva, Hubert, Accelerate and Outlook).

Choosing an Online-Only Bank

Your choice of an online bank will depend on your banking needs. If you are looking to replace your traditional bank entirely i.e. move your savings, chequing, mortgage, investments and more, Tangerine Bank stands out as the overall best. Simplii Financial also works well.

If you prefer to keep your current bank but want to take advantage of the superiorly better savings rates available out there, EQ Bank offers a great option with their high-interest Savings Plus account and unlimited free Interac e-Transfers.

Generally, all the online banks on this list can help you save on fees and their savings rates far exceed what is available at all the big banks as of this writing.

Online Banks in Canada Summary

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If it has been a while since you last made your way into a brick-and-mortar bank branch, you are not alone. Current data from the Canadian Bankers Association shows that more than 75% of Canadians now use online and mobile banking to conduct most of their day-to-day banking transactions.

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Online banking is a great service that adds convenience to our lives, but can also impose some risks. It is very important to protect your personal and financial information when using online banking services and apps. It is important to protect your passwords and avoid using public WI-FI networks when accessing your financial information online.

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Online banking now is a very common practice among most people. Many people today do their banking online because of how easy and convenient it is. You can access your financial information at the click of a button, whenever you want and wherever you are.

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This video explains and shows how hackers can gain access to your electronic devices and steal your personal and financial information. It sets out what type of information they are able to gain access from your online banking activity and what they can do with that information, such as using your information to apply for credit in your name without your knowledge.

I like this video because it educates you on exactly how your personal data can be breached and it gives you information on how you could tell if your financial information has been compromised.

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Hackers reveal how they got bank information

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In this video they talk about the difference between the online only banks versus the traditional banks that still operate a branch network. There are many advantages to using online only banks compared to the traditional bank with branches such as higher rates for investments, lower borrowing rates, and much lower, or even zero, service fees on chequing and savings accounts.

This video is helpful because the presenters have researched
and gathered all the information that you need know if you are considering switching to an online only bank or adding an online only bank and its products to your
financial portfolio.

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In this video they compare the big 5 Canadian banks when it comes to using their online systems for trading. The video talks about all of the basic fees and commission fees that are charged by each bank. They also compare each bank's trading platforms and mobile applications. Lastly, the video covers special programs offered by each bank and the performance of each bank's customer service.

Overall, the video is very well made with all of the information broken down into sections. I like that they covered all the fees included with each bank and what they mean as well as how they can be waived.

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Online Broker Comparison of the "BIG 5" Banks In Canada

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This video tutorial by Royal Bank of Canada demonstrates for its customers what is needed to get started together with all of the steps required to setup an online banking account with them. It gives very detailed instructions on how to complete each step in the process.

This video tutorial is very useful. I like how all the instructions are very clearly illustrated with screen shots and it is easy to follow. It’s good that it shows how to navigate through each step by showing
the user exactly where to click and by showing the user where certain
information must be entered.

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Learn how to enrol in RBC Online Banking

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What surprised me the most about this topic is that there are no statistics available on how many people’s personal data is hacked each year and how many companies are having trouble with data protection breaches.

This topic is relevant to me because I use online banking everyday. I use it to check my account history and investment balances. It also find it very convenient to be able to send money to people or to pay for things using e-transfer.

The one thing that I would pass on to a family member or friend are the ways that you can protect your personal and financial information when using online banking. It is possible for hackers to steal your information, but as long as you are careful and you keep your information secure using the tips and tools that I have learned about, people can feel very safe using online banking services and apps.