Online Banking in Canada: The 5 Big Banks & Their Perks You Can Take Advantage Of From Home
From mobile deposits to investments. 💰
The TD bank logo on a mobile device.
Prefer to complete all tedious banking tasks from the comfort of your bed? Who could blame you? Luckily, online banking in Canada has been around for quite some time. Not only that, but more and more convenient options are being added all the time.
From the ability to nervously peek at how much money you've got left to making full-on investments, there's a ton you can do banking online.
Curious about what Canada's banks have to offer in the digital space?
Let's dive in and check it out.
TD Bank
TD's online banking has some great features that are definitely worth exploring if you already have an account with them.
For starters, If you've got ties to both Canada and the U.S., TD could be handy. They've made it relatively smooth to handle money between Canadian and U.S. accounts thanks to their significant presence in both countries.
Then there's TD's MySpend app, which gives you real-time notifications about your spending. It's an interesting and intuitive way to keep tabs on where your money goes.
Like most online banking platforms, TD's "EasyWeb" is fairly straightforward, and allows users to tweak a few things to suit their preferences.
And if you've ever needed to send money overseas, TD’s Global Transfer could be up your alley. It offers several options, from bank transfers to sending to mobile numbers.
Another thing that caught our attention is TD's VoicePrint, which allows clients to bypass answering a bunch of annoying security questions when logging in simply by speaking and allowing the system to identify you by your voice.
Last, but not least, if you're into setting savings or investment targets, they have GoalAssist, a system that seamlessly tracks progress for you.
RBC
Amongst RBC's best online banking features are NOMI Insights & NOMI Find & Save. These cool AI features basically give you a heads-up about how you're spending and even spot any extra cash you could safely move over to your savings.
Then, there's RBC Offers. This feature kinda works like a buddy who gives you a nudge about cash-back offers based on where you spend your money. No flashy "exclusive deals" spam, just stuff that might actually interest you.
If you've recently jumped on the digital wallet bandwagon, RBC's got their own take that makes tapping on the go a breeze. It's a great feature for anyone whose morning routine involves making a quick coffee or breakfast run.
And for those of you dabbling in stocks and bonds, they've integrated RBC Direct Investing right into the platform. No need to jump around between tabs – it's all there in one spot.
Lastly, let's talk about safety. RBC's Mobile Security Guarantee promises that if any sneaky unauthorized transactions happen through their apps, they’ve got you.
BMO
Like RBC's NOMI insights, BMO has its own system in place that whispers financial advice gently into your ear through the digital space. Although, we can't guarantee you'll actually like what it's saying about your spending habits.
Constantly travelling? BMO has this nifty feature where you can tell them you're going abroad, straight from the app. So no more panic scrambling when your card gets blocked after trying to buy some souvenirs.
And, like other online banking platforms, BMO's lets you set and track savings goals. So you can see how much progress you haven't made on those pricey Taylor Swift tickets. Fun.
If you're a budgeting nerd or want to become one, BMO's "CashTrack" could be of use to you. It shows where your money's going, by categorizing your spending. And for the security-conscious folks, they've integrated a feature that monitors for sneaky, unauthorized uses of your info in real time.
CIBC
CIBC isn't just any bank when it comes to online services – it actually clinched the top spot in J.D. Power's 2022 Canada Online Banking Satisfaction Study.
Amongst its acclaimed features is the CIBC GoalPlanner, an intuitive digital buddy that helps you set and chase after those savings goals.
Unlike other banks, CIBC lets clients check their credit score without shelling out extra cash, and its eDeposit system is an early pioneer of digital deposits. Just snap a photo of that cheque, and you're golden.
Similar to BMO's Travel Tracker, CIBC's Travel Tools lets you give a heads-up about your globetrotting plans, ensuring smooth card transactions wherever you are.
Its Spend Alerts are also pretty handy. Real-time notifications pop up about your account's happenings, helping you track your spending and, more importantly, spot any fishy stuff.
Scotiabank
When it comes to perks in Scotiabank's digital world, one thing that stands out right away is their Scene Rewards integration. For those who love movies or even just dining out, pay attention: this feature lets you effortlessly earn and redeem Scene points just by going about your everyday banking.
On the more serious side of things, there's the Scotia Digital Banking Guarantee. In a world where online security can be, well, a bit dicey, it's reassuring to know they promise to cover you for any unauthorized transactions. It's like having a digital safety net.
And for folks who want a quick peek at their cash—without the whole logging-in time suck—the Quick Balance feature is a game-changer. A swift swipe on the login screen, and voila, you're instantly in the know about whether it's ramen or steak for dinner.
Of course, Scotiabank also slew of other features that resemble those of other banks, like International Money Transfer for the globe-trotters and Spend Alerts to keep an eye on your money movements.
So, that's how the big five do things. But, what about online banks that are completely virtual? You know, those ones that let you manage everything from the palm of your hand with a smartphone app.
Now, there are quite a few of these out there, but some names you might have already are Koho, Tangerine, and EQ Bank.
According to a recent ranking by Monito, Koho is the best overall, Tangerine is the go-to for folks looking into mortgages and loans, and EQ Bank is a darling for those wanting to maximize their savings.
Of course, there are others with their own perks, but you get the jist. It's always cool to see how these banks are carving out their own niches in the digital space.
This article's cover image was used for illustrative purposes only.