Confused whether to open a bank account online or offline in Canada? All thanks to technology, you can get your bank accounts opened online within a few minutes. So, why stand in queues and fill out offline forms?
More than 81% of Canadians prefer using online banking, mobile banking apps, and digital banking. It doesn’t matter if you have a mobile, tablet, or laptop. You can do online banking with a few simple clicks. So, let’s get started with the easiest bank account options in Canada.
10 Easiest Bank Accounts to Open Online
Given below is a list of 10 banks in Canada that have the easiest online bank account opening process.
1. EQ Bank Savings Plus Bank Accounts
This bank is known for its high interest, no minimum balance, and zero monthly fee policy. EQ Bank is an online division of Canada’s Challenger Bank.
The benefits of using the EQ Bank card are that you will be given free withdrawals from any ATM along with cashback for every purchase. Other perks include unlimited interac-e transactions, bill payments, and e-fund transfers.
The only drawback is that the bank is 100% online. You will not receive any offline customer service facility.
2. Simplii Financial Account
Simplii Financial’s No Chequing Account gives a welcome bonus of up to $400 to all its new joiners. You also get the benefit of zero monthly fees and access to over 3,500 CIBC ATMs all over Canada.
Other benefits of this account include an overdraft facility, scheduled bill payment as well as CIDC insurance covers.
The downside of this account is that as a chequing account, the interest rates are not quite high.
3. KOHO Spending & Savings Account
KOHO is a Canadian fintech company that is popular for its spending and savings account options. These accounts provide high interest, purchase cashback, and much more.
Each account has three tiers. With each tier, the monthly fee will increase but the number of services also increases. These tiers are Easy, Essential, Extra & Everything. In no tier, you will be asked to maintain a minimum balance.
The only negative of KOHO is that cashbacks are just limited to groceries and transport.
4. Neo Money Account
It is difficult to believe but this Calgary-based fintech company thought Canadians have financially struggled for very long. So, they came up with the Neo Money Account that offers 5% average cashback from approx. 1100 retailers.
Its benefits include no monthly fee, zero minimum balance, and lots of free transactions. You can use their integrated savings and bill payment options. There is also a budget tracking tool that you can try to track your expenses.
The only drawback is that it isn’t available for Quebec people, and not much support for the US dollar.
5. Scotiabank Preferred Package
Scotiabank Preferred Package is the first package that any Big Five bank introduced. There are some flaws in this online account. The minimum account balance criteria are very high i.e. $4,000. The interest rate is also 0.
Despite all the flaws, you will be provided unlimited interac-e transfers and only $1.99 for every international transfer. Other than that, you will receive Scene+ points.
6. BMO Performance Chequing Account
Another popular online bank account is the BMO Performance Chequing Account. It provides no limit on the number of transfers. But just like ScotiaBank, it also gives no interest and the monthly fee is also very high, around $16.95.
If you want to waive the monthly fee, then you have to maintain a minimum balance of $4,000. This account comes with many additional privileges like Savings Amplifier Account, Theft Protection Schemes, and credit cards.
7. HSBC Advance Chequing Bank Accounts
Like the big five banks, HSBC is no different when it comes to monthly fees, minimum balances, and interest rates. Its monthly fee tops other banks.
But you get benefits like unlimited interac-e transfers. You also get the option to withdraw from 5 non-HSBC accounts every month. You get promotional cashback of up to $400 and 24*7 custom support in multiple languages.
8. RBC Signature No Limit Banking Account
Another account that offers zero interest is the RBC Signature No Limit Banking Account. To compensate they provide unlimited interac-e transfers and Avion reward points. You also cashback on Petro Canada stations for fuel.
On the international front, 5 debit transactions are free, and 3 non-RBC ATM withdrawals. The monthly fee is $5 i.e. not very high. Obviously, much more than banks with 0 fees. But there is an option to reduce this fee.
It is not maintaining a monthly balance as that requirement is zero. So, you need to use more RBC products and services to waive the fee.
9. Tangerine No-Fee Daily Chequing
Tangerine is owned by Scotiabank. The monthly fee of this account is zero, and the monthly requirement is also nil. Once you open an account with them, you get free access to all their ABMs in Canada and around the world.
If you can gather a $100,000 balance in your account, then you can think of getting higher interest than 0.10%. The Tangerine debit card can also be integrated with payment apps to increase the scope.
10. TD Unlimited Chequing Account
The last one on the list is the TD Unlimited Chequing Account. Being a Big Five, you can expect zero interest on your money and a high monthly fee if you are unable to maintain the notified minimum limit.
The prescribed limit is $4,000 but it is less for senior citizens. If you engage in any kind of cross-border transaction then a high fee will be charged. Luckily, there is no fee for transactions with non-TD ATMs.
Opening Online Bank Accounts in Canada- Simple or Not?
Opening online bank accounts in Canada requires some decision-making. The first and foremost is choosing a bank. You can choose any fintech-based financial institution or any legacy bank (i.e. the big 5).
One of the major perks of using online mode is that interest rates are higher and annual fees (if any) are lower. Virtually you cannot earn much returns but you can get other benefits like unlimited transactions, welcome bonus, etc.
Always go for the bank you find simple yet safe. If you don’t have prior online experience then KOHO, Tangerine, and Simplii will offer great learning options as well. But if you want long-term stability try for the big five.
Which bank according to you is most suitable for opening an online account? Comment down its name.