What to Look for in Online Banks in Canada

Digital or online banking refers to online financial transactions and processes. You can do this by emphasizing online services within a brick-and-mortar building or with a completely online bank without any physical branches. Online banking has become popular around the world as a convenient way to bank from anywhere. Due to unprecedented convenience, 24-hour access, and practicality, there are several reasons why online banking is on the rise. As our lives are increasingly moved online, it’s not surprising that about 68% of Canadians now use online banking every week. This is compared to the roughly 16% that still prefer to do business at a branch.

From managing a checking account and paying a mortgage to set up a savings account, online banking in Canada has become a popular trend with consumers of all ages. Online banks in Canada are enabling people to access personal accounts and conduct mobile banking from anywhere. Canadians can now navigate the vast world of finance from the convenience of their personal computers or cell phones. Let’s examine some of the things that you should look for in online banks in Canada.



As discussed, one of the biggest draws of online banking is the unprecedented convenience offered. When looking to establish a bank account online, you should make sure that it offers the same convenience. By its nature, online accounts should be open all the time with no restrictions on access times or opportunities. The purpose of banking this way is that there is no need to wait in line or rush to get there before closing time. You will want to make sure that your online bank offers access to all of your personal accounts and allows you to make loan payments, receive direct deposits and conduct all of your other business. Your online account should allow you to do most of the same things you can do in person at a branch.

Customer Service


When visiting a physical bank, you will have the ability to speak with a personal banker to help you with your account and transactions. When considering online banks, you will want to make sure that it offers personal bankers who are available. You should reach out for customer support through several avenues such as live chat, email, or telephone.

Also, you will want to have access to non-personalized banking support for general questions and assistance. Since your account is accessible 24 hours a day, you will want your online account to offer customer service support outside of the traditional business hours.



Since With online operations comes the opportunity to offer advanced features. Since online banks rely solely on connected technologies and innovation, they often support new finance tech tools that physical branches do not. When considering an online account, you will want to ensure that you are getting access to cutting-edge features and technologies. Features like advanced security policies, mobile cheque deposits, online bill pay, and transfer processes are important for online banking. Make sure that you are getting the best of the online financial world.


As with most bank accounts offered from physical, financial institutions, most online accounts will also come with fees attached. While it is possible to find no-fee cheque accounts, many consumers find that online accounts are cheaper than accounts with physical banks. This is because you aren’t paying for the cost of conducting banking transactions in a branch. For online accounts, the associated monthly fees are usually less because there is less to pay for. On average, Canadians pay $200 a year in banking fees from brick-and-mortar institutions. When looking at online banking, make sure that you compare fees to ensure that you are getting the best deal.

To help you decide which online financial institution will work best for you, you need to consider all of your options. With an overwhelming amount of online banking options in Canada, you want to look at all of the features and offerings that are worth your business. Take your time and do some research to find the best fit for you.

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