How to Find the Best Online Banking in Canada

Both traditional banks and online banks offer you easy access to online banking features, giving you the power to transfer money, deposit cheques, or view transactions from your phone. Both types of banks are subject to the same laws and regulations and employ strict security measures to protect your funds and identity. Most traditional Canadian banks have an online presence and provide a range of digital services. The best online banks in Canada combine all the same services and features as traditional banks with the convenience of online banking.

What are the advantages of online banking?

Online banking makes it easy to monitor and manage your personal accounts anytime, anywhere. You can pay your bills online through your bank’s website or mobile app rather than send a physical cheque in the mail. Most bill pay features let you set up recurring automatic payments so you don’t have to worry about missing payments.

You can access your account history and transactions on-demand with online banking. You can quickly and conveniently transfer money between accounts without the help of a bank teller or automated phone service.

The best way to take advantage of online banking is to use your bank’s mobile app. Many Canadians use budgeting apps to help with their personal finances, and with online banking, you can easily sync your account with budget applications. Here are some tips to consider when you’re searching for a great online bank.

Bank Fees and Rates

The biggest difference between traditional banks and online banks is the bank fees and interest rates. Online banks don’t have the overhead costs of traditional Canadian banks, which means customers enjoy savings in the form of personal accounts with little or no monthly fees. Online banking customers enjoy minimal transaction fees on chequing accounts and high interest rates on savings accounts. The best online banks pay a higher interest rate or annual percentage yield (APY) on savings accounts. Canadian customers can earn as much as one to two percent more on accounts with online banks than traditional big banks.

Trying to decide on the best online banking in Canada for your needs is challenging. Wealth Rocket offers a comparative overview of the best online banks in Canada. The comparison looks at the pros and cons of each bank, such as minimum balance, high-interest savings account, unlimited transactions on chequing accounts, and banking services such as mortgages, lines of credit, credit cards, and wire transfers. EQ Bank, Scotiabank, Tangerine, Alterna Bank, and RBC Royal Bank are all great options for Canadians in need of bank accounts that better serve their banking needs.


Online banks have similar safety features as traditional banks or credit unions to ensure your finances are safe. All funds deposited into online-only banks are safeguarded by the Canada Deposit Insurance Corporation (CDIC). While banks do have safety features to secure your finances, it’s your responsibility to keep your personal information safe. A virtual branch is held to the same information safety and security standards as a physical bank branch. The best online banks feature high-security standards and are forthcoming about any recent data breaches.

Customer Service

There’s no need to sacrifice the customer service standards of a physical bank branch when opting for an online bank. Canadians should expect the same standard of customer support and solutions for their banking needs. The best online banks offer strong customer support both over the phone and online.

Being able to offer customers cold water while waiting is a simple gesture that makes a good impression. The best way to ensure your office water dispenser is always stocked is to take advantage of water supply delivery to your office space. Labrador Source has a wide selection of bottled water, coffee products, breakroom supplies, and beverage equipment. From water dispensers with varying temperature settings and recyclable multi-gallon water bottles to environmentally-friendly individual plastic water bottles, the Canadian water supply company can meet your beverage needs.

The best online banks in Canada feature minimal or no bank fees and high-interest rates, security and safety features to protect your funds, and accessible and reliable customer service.

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