Choosing a bank is no small task. Many factors come into play when selecting a bank. Consider fees, accessibility, competitive interest rates, new member benefits, and overdraft protection. Choosing the best bank in Canada can save you time and money. We’ve compiled a list of the best Canadian banks to help you make the decision easier. Read on for some helpful tips! Once you know which banks are the best in Canada, you’ll have no trouble making your decision.
EQ Bank
EQ Bank is a fully digital Canadian bank. You can join EQ Bank only through their website or mobile app. All you need to join the bank is your Social Insurance Number (SIN), Canadian residency, age, and occupation. The bank will perform a soft credit check. It is not available to Quebec residents. You can also apply online. The application process takes a few minutes, but it is important to have all the information you need.
EQ Bank is an online-only bank that offers outstanding interest rates, streamlined banking services, and no daily account fees. However, if you don’t want all of your accounts with one institution, you should probably look elsewhere. Although you can use EQ Bank for your financial needs, there are some cons that you need to be aware of. First of all, it doesn’t offer instant investing and withdrawals, which can be difficult if you need the money fast.
HSBC
HSBC is a multinational bank with branches in eight states and more than a thousand locations around the world. Its basic checking accounts carry low annual percentage rates (APYs) of less than 0.01%. It is the best bank for low-risk deposits, but it’s important to note that basic accounts are difficult to use outside of the bank’s footprint. Some basic accounts also require a visit to the bank’s branches for a cashier’s check or other financial transaction. However, for people who don’t need a lot of money or use checks on a regular basis, this may not be a concern.
HSBC offers special mortgage solutions for expats and new Canadians alike. Its HELOC is a convenient way to fund a home renovation or debt consolidation project. You can apply for a HELOC online or through a cheque. You can apply for up to 80% of the value of your home, with up to 65% available as a revolving line. In addition to these great features, HSBC customers enjoy a preferred HELOC rate based on their HSBC Premier status.
CIBC
CIBC is one of the largest banks in Canada, with over 44,000 employees. The bank services over 10 million customers globally and offers an extensive array of everyday banking products. It also owns Simplii Financial, a popular online bank. Its extensive personal banking offerings include loans and revolving lines of credit. The bank also has a dedicated senior and student banking option. The best way to compare CIBC and other banks in Canada is to compare their online banking services.
CIBC has made great strides in the digital banking industry, and has consistently outperformed its competitors. The bank was named the Best Treasury and Cash Management Bank in Canada by Global Finance Magazine, which recognized the bank’s focus on innovation and client service. CIBC’s eDeposit service allows clients to deposit a cheque without ever leaving their office. CIBC’s eDeposit for Cash feature requires a smart safe and connects to CIBC securely to credit cash before it leaves the bank. The CIBC Mobile Business App lets users conduct cash management transactions on their mobile devices.
Alterna Bank
For those who don’t have the time to visit physical banks, Alterna Bank is a great alternative. This Canadian bank has a full range of banking accounts and investing products available online. Customers will find exceptional interest rates, no monthly fees, and a high level of flexibility. The company is also fully CDIC insured. And as a bonus, it doesn’t pass on any fees or overhead costs to customers.
As a Canadian bank, Alterna Bank provides online banking services that make account management easy and convenient. The company offers a number of financial products and services, including a high-interest savings account, a chequing account, a Registered Retired Savings Plan (RRSP), and Guaranteed Investment Certificates. Online banking features include free access to over 3,300 ATMs across the country, as well as free daily transactions.
