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Simplii, Tangerine, Motusbank – Who Are These “New” Players?
– ratesupermarket.ca
You’ve seen those ads show up more and more the past few years: financial institutions who offer a new way of banking. But do those flashy logos hide something you already know? Many of these businesses are owned by traditional Canadian banks. The industry is tightly regulated, but you still have the opportunity to research before you open an account — so you understand just where your money is going.
Can Just Anyone Start a Bank?
In a word, no. All banks in Canada are regulated under the Bank Act. They fall under one of three categories:
Schedule 1: domestic banks authorized to take deposits;
Schedule 2: foreign bank subsidiaries authorized to take deposits;
Schedule 3: foreign bank branches operating in Canada under restrictions.
Usually, when you are searching for a new deposit account, you’ll land upon a Schedule 1 bank. These and Schedule 2 banks are typically members of the Canadian Deposit Insurance Corporation.
That means the money you put in a deposit account is insured if the bank were to fail…
Simplii, Tangerine, Motusbank – Who Are These “New” Players?
– ratesupermarket.ca
You’ve seen those ads show up more and more the past few years: financial institutions who offer a new way of banking. But do those flashy logos hide something you already know? Many of these businesses are owned by traditional Canadian banks. The industry is tightly regulated, but you still have the opportunity to research before you open an account — so you understand just where your money is going.
Can Just Anyone Start a Bank?
In a word, no. All banks in Canada are regulated under the Bank Act. They fall under one of three categories:
Schedule 1: domestic banks authorized to take deposits;
Schedule 2: foreign bank subsidiaries authorized to take deposits;
Schedule 3: foreign bank branches operating in Canada under restrictions.
Usually, when you are searching for a new deposit account, you’ll land upon a Schedule 1 bank. These and Schedule 2 banks are typically members of the Canadian Deposit Insurance Corporation.
That means the money you put in a deposit account is insured if the bank were to fail…
