The “Big Five” Canadian banks include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Are there other viable options?
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The Best Online Banks in Canada for 2022
– canadianfinanceblog.com
According to the Canadian Bankers Association, 90% of Canadians reported using online banking in the past year, and almost 50% say that digital is their preferred banking channel. The trend towards online banking isn’t a new one, but it certainly was hastened by the isolation and mandatory quarantines caused by the COVID-19 pandemic. With the move to digital banking, Canadians have more online banking options than ever.
To help you sort through all the options, I’ve created a list of what I believe are the best online banks in Canada. My primary focus is on the online-only banks and the fintech companies, but I’ve included the Big Five banks and leading credit unions from several provinces.
I’ve divided the list by institution type. I started with the online-only banks, then lumped the credit unions into their own group and the big banks into another.
Note: The interest rates and welcome offers posted throughout the article were accurate when writing and are subject to change at any time…
To help you sort through all the options, I’ve created a list of what I believe are the best online banks in Canada. My primary focus is on the online-only banks and the fintech companies, but I’ve included the Big Five banks and leading credit unions from several provinces.
I’ve divided the list by institution type. I started with the online-only banks, then lumped the credit unions into their own group and the big banks into another.
Note: The interest rates and welcome offers posted throughout the article were accurate when writing and are subject to change at any time…