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Most Canadians have at least 1 bank account which they use to save money or to achieve other purposes. You don’t find so many people holding cash anymore. Huge transactions are made via a debit or credit card. Although banking is essential, many Canadians don’t enjoy keeping their money in traditional banks because of the fees involved. So, to help you make better choices with banking and increase your returns, we’ll be looking at Canada’s most popular digital bank accounts for keeping your money safe and increasing your earnings. Click on any of the banks to explore their full profile and start banking.
| COMPANY | PRODUCT TYPE | KEY FEATURES | REVIEWS | AVAILABILITY | |
|---|---|---|---|---|---|
| HSBC Bank | Chequing Accounts | Get everyday banking, borrowing, investing & business solutions |
5-stars | Canada | Start Banking |
| Tangerine | High-Interest Savings Accounts, TFSAs, RRSPs. | Earn 2.50% interest for 5 months in your first Tangerine Savings Account |
5-stars | Canada | Open Account |
| EQ Bank | Savings & Chequing Account | 1.70% everyday interest, no everyday banking fees, cheap international money transfers, unlimited transactions, no minimum balance |
5-stars | Canada | Open Account |
| Bank of Montreal | Savings & Chequing Accounts, Insurance Services, Loans & Credit Cards, Tax & Estate Planning, and Capital Market Investing among others |
Pricing varies based on the product. | 5-stars | Canada | See Credit Cards |
| Scotiabank | Personal and Commercial Banking, Credit Cards, Loans and Lines of Credit, Investing, Wealth Management, and More |
All products are priced separately | 5-stars | Canada | See Credit Cards |
| Simplii Financial | Savings & Chequing Accounts, Credit Cards, Borrowing, Mortgages, Investments |
No-fee Chequing Account, High-Interest Savings Account |
5-stars | Canada | Start Banking |
| Motusbank | Chequing, Savings, Investing, GICs, and Mortgages | Earn 1.40% on a 1-year GTC | 5-stars | Canada | Open an Account |
| Alterna Bank | Savings & Chequing Accounts, Credit Cards, Mortgages, Investments |
Tax Free eSavings Account, High-interest (1.20%) eSavings. | 5-stars | Canada | Open an Account |
| Outlook Financial | Savings Account, Investment | Arm of the Assiniboine Credit Union .1.75% 5-year fixed GIC | 5-stars | Canada | Get Started |
HSBC Bank provides you with a complete banking experience, as you can manage your finances however you want. You can either open a chequing or savings account, each with different plans based on your lifestyle/preference. For instance, students can get a student chequing account. If you’re going for a savings account, you could choose between the high-rate savings account, tax-free savings account, youth savings account, and the foreign currency interest rates among others.
Also, HSBC bank allows customers to borrow/take loans for various tasks such as buying their first home. It’s easy to bank with HSBC bank. The online and mobile banking platforms can be accessed wherever you are in the country.
Tangerine is another personal banking platform offering a 2.10% savings rate when you open your first chequing or savings accounts. With this bank, you can improve your finances by saving towards your goals, spend without any daily fee, get a money-back credit card, borrow some money to finance your activities, and even invest to increase your money in the future. Your money is safe, as they use standard-encryption and monitor your transactions in real-time.
EQ Bank also provides you with personal banking features such as savings plus accounts, joint accounts, retirement savings plans (RSPs), and tax-free savings accounts (TFSAs). On your Savings Plus account, you get up to 30 times more interest than the traditional banks (1.50% interest). You also enjoy free transactions with no monthly fees. Both the RSP and TFSA savings accounts have a 2.30% interest, no minimum balance, and no fees. Signing up for any of these accounts is very easy. You’ll complete the process in a few minutes.
Want to make international transfers too? EQ Bank partnered with TransferWise to make international transactions easier with no hidden fees, and at the real exchange rate.
EQ Bank assures convenient banking. The customer service agents are available whenever you need them all days of the week.
Whether you’re moving to Canada or you’re already in Canada, the Bank of Montreal provides excellent features that make migration from your previous bank worth it.
The bank offers a chequing account that pays you $300 upon opening. You also get an extra $50 when you get a family bundle (open for family members). There’s no monthly fee attached to this savings account. You can also choose to open a savings account to build your savings every month. With this account, your savings don’t stay dormant. You get rewards (a bonus interest rate) for putting some money in.
Apart from personal bank accounts, the Bank of Montreal also offers mortgages, credit cards, ways to invest your money and get %interest, and also financial advice to ensure you handle your finances properly.
Scotiabank is an all-in-one banking package that allows you to handle your finances all in one place. When you open an account, you can earn a $300 welcome bonus. They offer a Savings Accelerator Account that provides you with 1.50% interest on your TFSA or RRSP savings.
There are also various rewards programs for students in the Student Banking Advantage Plan. Scotiabank offers you a Visa debit card you can use to shop wherever you are in the world and a Scotiabank Passport Debit Card you can use to earn travel rewards.
You can get loans, invest your money based on your goals, and also get insurance to secure your property.
As the name depicts, Simplii Financial aims to make banking much simpler, affordable, and profitable to customers. When you open a chequing account, you can earn $200. No monthly fees will be deducted from your account. They also offer a high-interest savings account where you can earn up to 2% interest on deposits. To save even more money, Simplii Financial allows you to send money internationally without worrying about transfer fees. The bank offers credit cards, allows you to invest in an RRSP Savings Account with good interest rates, and borrow money with any of their plans.
Motusbank is a great option for investing your money. The bank offers 1.40% interest on a 1-year GIC. You could also opt for the TFSA savings account where you earn tax-free interest on your money (up to 1.10%), a 5-year fixed mortgage with a 1.74% interest rate, or a secured line of credit for bigger purchases at an interest rate of 2.75%. The mobile app is easy to use for depositing cheques, paying bills, sending money to other accounts, and checking your account balance among others.
Alterna is another competitive Canadian digital bank. They offer simple banking solutions for small businesses and interest rates on money saved in the bank. Alterna bank High-Interest eSavings account has a 1.20% interest rate. They also offer a 2-Year eTerm Deposit with a 1.15% interest rate, a TFSA eSavings Account with a 1.20% interest, and a 5-year fixed closed mortgage with 1.89% interest. Alterna bank provides a safe banking experience as you manage your money either online or through your mobile app.
Outlook Financial is a branch of the Assiniboine Credit Union Limited that offers digital banking services. Investing with Outlook Financial prevents you from worrying over market risks (as you will do with other investment methods). The returns on your investment with Outlook Financial is predictable and profitable. They offer a high-interest savings account, TFSA, RRSP, and RRIF (registered retirement income fund). So, you can choose any plan you want based on your investment goals.
