Canadian High Interest Savings Bank Accounts

It's not the first Canadian financial institution that is not a "Big Five" chartered bank to offer Interac Email Money Transfers. Quite a few Canadian credit unions offer Interac Email Money Transfers (http://www.interac.ca/consumer…..t_list.php) but interestingly they are signing up as individual members instead of through their provincial centrals. In fact, Abbotsford, BC-based Prospera Credit Union, which has branches in the Okanagan Valley, was the first institution not a "Big Five" chartered bank to offer the service a couple years ago. Last year and continuing into this year, numerous others were added. I would say Interac Association members obviously decided on opening up the service several years ago.

I like Peter's comment, though, considering PC Financial's day-to-day banking operations operate as a branch (or transit number) of CIBC, which is a "Big Five" chartered bank and a founding member to offer Interac Email Money Transfers.

We'll only see more expansion, with the looming competition from Visa and MasterCard payment networks being able to partner with financial institutions to offer branded debit cards in direct competition to Interac, Acculink and The Exchange. Plus, with credit unions being able to incorporate nationally, it is only a matter of time.

Cheers,
Doug