EQ Bank Savings Plus Account
Interest rate of 1.5%
- Zero everyday banking fees
- Free transactions
- No minimum account balance
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Online banking has become a staple in many Canadian lives. There are a number of new online banks in Canada, including challenger banks, promising to revolutionize the financial industry through the use of world-class technology and digital services. But are they worth the hype? Learn about some of these virtual banks and what makes them different.
Like the name suggests, online banking is the activity of dealing with your finances through the internet using virtual accounts. An online or digital banking provider operates digitally, usually from an app or website, rather than from a physical branch or office. Digital banking is a fairly loose, umbrella term that includes online banking, mobile banking, budgeting apps, and challenger banks (which we’ll explain below).
Interested in opening your first online bank account? Compare the products below from some of the best online banks in Canada.
There are a number of digital and online banking providers already operating in Canada or about to launch. Many are not actual banks – instead, they are private financial companies partnered with banks, credit unions and other financial institutions to bring similar products and services.
Online banks, like Tangerine or EQ Bank, are digital banks that usually don’t have physical branches (or they rely on the branches of other physical banks) and customers use mobile banking apps to control their money. These online-only banks are built on existing infrastructure and closely mimic traditional banks.
A challenger bank, like Revolut or N26, is a completely digital bank that doesn’t use any existing legacy systems to operate. Unlike regular online banks, challenger banks don’t use any physical infrastructure or digital operating systems that are already being used by existing financial institutions. The technology used by these fully digital banking providers is developed from scratch. They get their name from their roles as challengers to traditional banks, like the big 5 Canadian banks.
App-based banking is any sort of financial institution or tool that you control primarily through an app. There are several advantages to app-based banking:
Using your phone as your main point of contact with your bank can save you time and give you more control over your finances, but there are a few things to be aware of.
App-based banking encompasses a lot of different financial products, including:
Digital banking providers need to have the same banking licenses and approvals as existing Canadian banks before they’re able to offer products and services to consumers. These new banks will be regulated by the Office of the Superintendent of Financial Institutions (OSFI) and the Financial Consumer Agency of Canada (FCAC) in the same way that existing banks are regulated.
Your deposit of up to $100,000 with an Canadian Deposit Insurance Corporation (CDIC)-insured bank is protected by the Canadian government. This means if something were to happen to the bank, your money (up to this amount) would be safe. Note that some of the digital banks mentioned in this guide are not yet considered banks and haven’t yet been licensed or CDIC-insured.
If you’re interested in digital banking, simply visit their website and sign up. If you want to join one of the new digital bank providers that have yet to open in Canada, you can join their waitlist by visiting their website. When they launch products, those on the waitlist will be the first to know and the first to receive access to these new products. rate With no everyday banking fees and free transactions, open an EQ Bank Savings Plus Account and get an interest rate of 1.50%.
EQ Bank Savings Plus Account
With no everyday banking fees and free transactions, open an EQ Bank Savings Plus Account and get an interest rate of 1.50%.
Online banking is becoming more and more popular – and for good reason. Besides the convenience they provide, digital banks often cater to specific niches and groups and they’re known for offering innovative apps. But before you ditch your current traditionally bank, take the time to read through all of the fine print to make sure the bank you’re interested in is as good as it sounds then compare digital banking providers to find the right one for you.
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Open Banking can pave the way to new products and services for Canadians. Find out all you need to know from APIs to regulations with our guide.Read more…
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Earn cash back when you link your bank account and make eligible purchases with this innovative mobile app.
Sign up for a bank account or GIC with this online bank to earn high interest rates and pay no monthly fees.
Saving for a holiday? A house? Retirement? Budgeting apps could help you get a hold of your finances.
Planning a trip abroad? Make sure you have a banking app set up and ready to use abroad. Check out our guide to find the best one for you!
Open Banking can pave the way to new products and services for Canadians. Find out all you need to know from APIs to regulations with our guide.
Wallet helps you organize your money and personalize budgets and goals. We take a look at its features, pros, cons and premium options.
Our in-depth review of the Revolut Metal card – the benefits, the cost and everything you need to know.
We take a closer look at two leading challenger banks. While lumped together, Revolut and Monzo offer distinct features. Take a closer look here.
Is this app-only challenger bank available to Canadians? Read our review to get the low down on all of Starling’s features and benefits.
Revolut, Monzo, N26… their names have been around for a while and loads of young people are opening accounts with them. Should you do the same?
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