Online banks are becoming increasingly popular in Canada as they offer a convenient and cost-effective alternative to traditional brick-and-mortar banks. Here are some of the best online banks in Canada.
Tangerine
Tangerine is one of the largest online-only banks in Canada and offers a range of products including chequing and savings accounts, mortgages, and investments. It also offers competitive interest rates and fee-free banking options.
EQ Bank
EQ Bank is a subsidiary of Equitable Bank and offers high-interest savings accounts, GICs, and chequing accounts. It also has no monthly fees and no minimum balance requirements.
Simplii Financial
Simplii Financial is a subsidiary of CIBC and offers chequing and savings accounts, mortgages, and credit cards. It has no monthly fees, no minimum balance requirements, and offers competitive interest rates.
Wealthsimple
Wealthsimple is a robo-advisor platform that offers investment portfolios and high-interest savings accounts. It also has a range of tools and resources to help investors grow their wealth.
Motusbank
Motusbank is a digital bank that offers chequing and savings accounts, mortgages, and credit cards. It has no monthly fees, no minimum balance requirements, and offers competitive interest rates.
Final Verdicts
These online banks offer convenient, fee-free, and cost-effective banking options for Canadians. Consider these options if you’re looking for an alternative to traditional brick-and-mortar banks. However, it’s important to compare features and interest rates before making a decision, to ensure you’re getting the best deal for your specific needs.