Compare mobile banking apps

Pay bills, transfer funds or find the closest ATM through your mobile banking app.

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Mobile banking lets you do a range of banking tasks without visiting a branch or logging onto a computer. Most apps allow you to keep track of your finances on the go with a range of features and services. Common banking app features include finding the closest bank locations or ATMs, paying bills and transferring funds to other accounts, as well as online investing tools and calculators.

EQ Bank Savings Plus Account

EQ Bank Savings Plus Account

2.45 % APR

rate

  • No monthly fees
  • Unlimited transactions
  • No minimum account balance

EQ Bank Savings Plus Account

With no monthly fees and unlimited transactions, open an EQ Bank Savings Plus Account and get an interest rate of 2.45%.

  • Account fee: $0
  • Interest rate: 2.45%
  • Min. deposit amount to open account: $0
  • Account type: Savings
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What is mobile banking?

It’s a system that lets the customer of a financial institution process transactions through an app on your smartphone or tablet. This is not to be confused with contactless payments, which use Near Field Communications (NFC) technology to allow you to use your phone to pay for things by tapping it near another device.

Mobile banking apps and features

Most major banks have a mobile app that allows their customers to access their accounts on the go. Here are some highlights from what the “Big Five” have to offer:

Mobile banking appFeatures
TD Canada Trust
  • Deposit checks
  • Pay bills
  • Send and receive money with Interac e-Transfer and Visa Direct
  • Find nearby TD branches and ATMs
  • Check your balance and recent transactions
  • Get information on TD Rewards points
RBC
  • Deposit checks
  • Pay bills
  • Send and receive money with Interac e-Transfer
  • Send money through text and voice command (for iPhone)
  • Check your balance and recent transactions
  • Find nearby RBC branches and ATMs
Scotiabank
  • Deposit checks
  • Schedule and monitor bill payments
  • Send and receive money with Interac e-Transfer
  • View your rewards balances
  • Send a Western Union Money Transfer
  • Check your balance and recent transactions
  • Check your TransUnion Credit Score history
BMO
  • Deposit checks
  • Schedule and monitor bill payments
  • Transfer money
  • Send and receive money with Interac e-Transfer
  • Find nearby BMO branches and ATMs
  • Check your balance and transaction history
CIBC
  • Deposit checks
  • Manage bill payments
  • Send and receive money with Interac e-Transfer
  • Design and monitor savings goals
  • Check credit score
  • Check your balance and recent transactions

All savings account

Name Product Annual Interest Rate Promotional Interest Rate Minimum Balance Account Fee
Tangerine Savings Account
1.05%
2.75%
$0
None
Earn 2.75% interest for 5 months when you open your first Tangerine Savings Account by April 30, 2020. (up to a maximum of $1,000,000).
EQ Bank Savings Plus Account
2.45%
N/A
$0
None
Enjoy free and unlimited daily transactions, no fees and no minimum balance with an EQ Bank Savings Plus Account.
Wealthsimple Cash
2.40%
N/A
$0
None
Earn 2.4% on any money you invest and withdraw your funds at any time.

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*The products compared on this page are chosen from a range of offers available to us and are not representative of all the products available in the market. There is no perfect order or perfect ranking system for the products we list on our Site, so we provide you with the functionality to self-select, re-order and compare products. The initial display order is influenced by a range of factors including conversion rates, product costs and commercial arrangements, so please don't interpret the listing order as an endorsement or recommendation from us. We're happy to provide you with the tools you need to make better decisions, but we'd like you to make your own decisions and compare and assess products based on your own preferences, circumstances and needs.

What are the advantages of mobile banking?

  • Save on time. Instead of going to a bank and waiting in line to talk to someone, you can check account balances, schedule and receive payments, transfer money and organize your accounts from anywhere.
  • Convenient for managing funds on-the-go. Do your banking at a time and place that suits you without having to worry about business hours.
  • Stay on top of your finances while traveling. Banking apps allow you to get help from anywhere in the world with Wi-Fi, regardless of whether or not there’s a branch nearby.
  • Security measures are built into the app. Generally, good mobile banking apps have a security guarantee. Still, some banks offer a conditional 100% reimbursement should an unauthorized mobile transaction occur. If you want to learn more about how you can help keep your account safe, check your bank’s website for any helpful tips.
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What to look out for…

Before you start mobile banking, here’s what you should look out for.

  • Security of financial transactions are paramount to any mobile banking app. Ensure that all your financial details are kept safe with proper authentication by having a user ID and password. Some banks may also incorporate a PIN number or fingerprint and facial recognition to keep you safe.
  • Access to customer service. Banks have a lot of customers, so they need to able to produce a mobile banking infrastructure to handle large volumes of transactions at a time. Services should be available 24/7 and all systems should be working within the app.
  • Is mobile banking available for your bank? It’s possible that some smaller banks don’t have mobile apps available. If you prefer to handle most of your finances from your phone, check to make sure an app is available before signing up for an account with a new bank.

Keep your information secure

Mobile phone apps can only do so much on their own to keep you secure, such as logging you out after a certain amount of inactivity or making you provide a password or biometric access. Banking on a public Wi-Fi connection or leaving your phone unlocked when you’re logged in to a banking app leaves your account at risk. Even if you aren’t logged in, taking screenshots of your balance or keeping your passwords in a note app can let your information leak. To stay safe, keep your phone locked when it’s not in your hand.

Bottom line

Mobile banking is used in many parts of the world and can be a great tool if used properly and securely. You can check your account details from anywhere and get notifications when there’s suspicious activity on your account, helping you get more control of your finances. Before you commit to a new bank account, make sure to compare them to get the best interest rates and features for your needs.

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