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    • 10 Easiest Bank Accounts To Open Online in Canada

    In today’s digital age, opening a bank account online in Canada has become incredibly convenient. Whether you reside in a bustling city or a remote village, you can swiftly sign up for a new bank account with some of Canada’s largest financial institutions, often accompanied by attractive welcome bonuses. As of 2023, more than 81% of Canadians have embraced digital banking tools for their everyday financial needs, accessible through computers, tablets, or smartphones. In this article, we’ll explore the top 10 bank accounts that offer the easiest online account-opening process in Canada this year.

    Key Takeaways:

    • Canadians are increasingly turning to online banking, offering ease and convenience.
    • Online banks typically provide higher interest rates and lower fees but may have fewer services.
    • Online banks typically provide higher interest rates and lower fees but may have fewer services.
    • Traditional big banks offer a range of services and often provide cash incentives for new account holders, albeit with lower interest rates.

    Here's a rundown of the ten easiest bank accounts to open online in Canada

    1. EQ Bank Savings Plus Account

    • Monthly Fees: None
    • Interest Rate 2.50%
    • Minimum Balance: None
    • Transactions: Unlimited
    • Current Promotions: None
    • EQ Bank, the digital arm of Equitable Bank, has gained attention with its EQ Bank Savings Plus Account. This account offers a competitive interest rate, requires no minimum balance, and has no monthly fees. It also includes free unlimited Interac eTransfers, bill payments, and electronic fund transfers. Additionally, using the EQ Bank Card grants you free ATM withdrawals across Canada and cashback on your purchases.
    While EQ Bank lacks physical branches, they offer support through chat and phone.

    2. Simplii Financial No-Fee Chequing Account

    • Monthly Fees: None
    • Interest Rate 0.01% to 0.10%
    • Minimum Balance: None
    • Transactions: Unlimited
    • Current Promotions: Earn up to $400 when opening a new account
    • The Simplii Financial No-Fee Chequing Account offers a straightforward account with no monthly fees and access to thousands of CIBC ATMs across Canada. This account provides overdraft protection, scheduled bill payments, money transfers, and CDIC insurance. The interest rate on this chequing account is modest, but the account’s benefits outweigh this drawback.

    3. KOHO Spending and Savings Account

    • Monthly Fees: $0.00 to $19.00
    • Interest Rate 0.5% to 4.00%
    • Minimum Balance: None
    • Transactions: Varies by plan
    • Current Promotions: Get a $20 bonus
    • KOHO, a Toronto-based fintech company, offers the KOHO Spending and Savings Account, which provides high-interest rates and cashback on purchases made with the KOHO prepaid card. The account offers four tiers with varying services, from free to premium, depending on the monthly fee. While the Easy tier has limited cashback options, all KOHO cards earn up to 5% cashback at KOHO partners.

    4. Neo Money Account

    • Monthly Fees: None
    • Interest Rate 2.25%
    • Minimum Balance: None
    • Transactions: Unlimited
    • Current Promotions: $20 bonus
    • Neo Financial, a Calgary-based fintech, combines a competitive interest rate with substantial cashback at over 10,000 retail partners. The Neo Money Account features no monthly fees, no minimum balance, and unlimited free transactions. It also offers automatic savings plans, bill payments, and a budgeting tool. However, it does not support US dollars and is unavailable to Quebec residents.

    5. Scotiabank Preferred Package

    • Monthly Fees: $0.00 to $16.95
    • Interest Rate 0.00%
    • Minimum Balance: $4,000 to waive monthly fee
    • Transactions: Unlimited
    • Current Promotions: Earn up to $350 cash for opening a new account
    • Scotiabank’s Preferred Package, a traditional bank offering, lacks interest on your funds and demands a substantial minimum balance to waive the monthly fee. Nevertheless, it provides unlimited free Interac eTransfers, affordable international money transfers, and Scene+ Rewards points on every purchase.

    6. BMO Performance Chequing Account

    • Monthly Fees: $0.00 to $16.95
    • Interest Rate 0.00%
    • Minimum Balance: $4,000 to waive monthly fee
    • Transactions: Unlimited
    • Current Promotions: Earn up to $400 cash for opening a new account
    • BMO’s Performance Chequing account offers unlimited transactions and transfers at no cost, but it does not yield any interest. The high monthly fee can be waived by maintaining a $4,000 balance. BMO also provides a Savings Amplifier account for an interest rate boost and offers rebates on select BMO credit card fees.

    7. HSBC Advance Chequing Account

    • Monthly Fees: $0.00 to $25.00
    • Interest Rate 0.01%
    • Minimum Balance:$5,000 to waive the monthly fee or an HSBC mortgage of $150,000 or more
    • Transactions: Unlimited
    • Current Promotions: Earn up to $400 cash for opening a new account
    • HSBC’s Advance Chequing Account, like other major bank accounts, offers a modest interest rate and requires a relatively high balance to waive the monthly fee. On the bright side, it includes unlimited Interac eTransfers, reimbursements for non-HSBC ATM fees, Apple Pay integration, and 24/7 multilingual customer support.

    8. RBC Signature No Limit Banking Account

    • Monthly Fees: $5.00 to $16.95
    • Interest Rate 0.00%
    • Minimum Balance:Use other RBC products to lower monthly fee
    • Transactions: Unlimited
    • Current Promotions: Get a free iPad when opening a new account
    • The RBC Signature No Limit Banking Account, another offering from a traditional bank, does not provide interest on your deposits. However, it offers unlimited Interac eTransfers, Avion Rewards points, gas discounts at Petro Canada, non-RBC ATM transactions, and cross-border debits. The account has a minimum monthly fee, which cannot be entirely waived, but it allows reductions through the use of other RBC products.

    9. Tangerine No-Fee Daily Chequing Account

    • Monthly Fees: $0.00
    • Interest Rate Up to 0.10%
    • Minimum Balance:None
    • Transactions: Unlimited
    • Tangerine, owned by Scotiabank, offers the No-Fee Daily Chequing Account with no monthly fees or minimum balance requirements. It includes free Interac eTransfers and ABM access to a vast network of Scotiabank ATMs. However, the highest interest rate applies only to balances exceeding $100,000, and non-Scotiabank ABM usage incurs fees. Tangerine Debit Card integrates with mobile payment platforms.

    10. TD Unlimited Chequing Account

    • Monthly Fees: $0.00 to $16.95
    • Interest Rate Up to 0.00%
    • Minimum Balance: $4,000 to waive monthly fee
    • Transactions: Unlimited
    • The TD Unlimited Chequing Account, another major bank offering, does not yield interest and necessitates a $4,000 minimum balance to avoid the monthly fee. While it charges substantial fees for cross-border ATM transactions outside Canada, it offers free usage of non-TD ATMs within the country. The account includes unlimited Interac eTransfers, up to $139 in rebates for TD credit card annual fees, and access through the TD mobile app, featuring the TD MySpend budget tracker tool.

    How to Open a Canadian Bank Account Online:

    1. Compare Bank Accounts: Begin by comparing different bank accounts to find the one that best suits your needs.
    2. Fill Out an Application: Complete the application process, which may involve providing identification, employment details, and household income information.
    3. Verify Your Identity: Verify your identity by submitting required government-issued identification.
    4. Receive Your Debit Card and Start Using Your Account: Once your identity is confirmed, await the arrival of your debit card, and start using your account.

    Requirements to Open a Chequing Account Online Instantly in Canada:

    To open a chequing account online in Canada, you’ll typically need to provide personal information and undergo identity verification. This includes details about your employment, annual household income, and asset values. Essential identity documents often include a valid piece of identification, your Social Insurance Number (SIN), and proof of residence.

    Online Banks vs. Traditional Bank Accounts:

    Online banks stand out for their higher interest rates and lower fees compared to traditional banks. While major banks may offer cash bonuses for new account holders, they usually provide lower interest rates. It’s important to note that all neobanks are CDIC-insured, protecting deposits up to $100,000, ensuring the safety of your money.

    Pros and Cons of Opening a Bank Account Online:

    The primary advantage of opening a bank account online is the speed and convenience it offers. You can start banking within minutes of selecting the right account. Moreover, mobile banking apps allow you to manage your finances from anywhere, aligning with our mobile-centric lifestyles. The potential downside is the limited access to customer support for addressing questions or concerns.

    How to Choose the Best Canadian Bank Account:

    When choosing the best Canadian bank account, you have two main options: online-based fintech companies or established traditional banks. Online banks tend to offer higher interest rates and lower fees, making them a great choice for those looking to grow their money. In contrast, traditional banks, despite offering little to no interest, provide more comprehensive services and integration with existing products. Your choice should depend on your specific financial needs and preferences.

    Frequently Asked Questions

    Yes, individuals planning to reside in Canada can open a Canadian bank account online. Proper identification is required, and the process can be initiated from anywhere.
    The National Bank of Canada is often considered one of the easiest banks to secure a loan with. However, the lending criteria are relatively similar across most Canadian financial institutions.
    Yes, as soon as your account is approved and opened, you can begin using it. You’ll need to deposit or transfer funds to start utilizing the account.
    None. In Canada, you are required to provide identification when opening a bank account online. If you don’t have a photo ID, alternative documents like your Social Insurance Number or birth certificate may be accepted.
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