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So many choices, too little time. Which 3 or 4 Online banks would you get?
July 24, 2022
5:26 pm
Lodown
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We would all love one online bank that would give us everything but alas, it will likely never happen. So if you wanted to limit yourself to 3 or maybe 4 online banks, which would they be and what are your top 3 or 4 reasons for each choice?

July 24, 2022
5:39 pm
HermanH
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I like:
1) Hubert for their service, 1-yr quarterly GIC, and 30 e-links allowed without FLinks.
2) Tang for their link system that does not use FLinks
No others stand out, for me.

July 24, 2022
5:48 pm
semi-retired
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Peoples Trust & Bank.Great service,excellent rates & double CDIC coverage.Oaken for decent rates & again double CDIC coverage with Home Trust & Home Bank.

July 24, 2022
5:51 pm
JohnnyCash
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Lodown said
We would all love one online bank that would give us everything but alas, it will likely never happen. So if you wanted to limit yourself to 3 or maybe 4 online banks, which would they be and what are your top 3 or 4 reasons for each choice?  

I like to think of them as keeper accounts:

- Motive Financial: Interest rates, Banking platform - dated but solid, Call centre.
- Tangerine: Lottery promo's, Visa debit, Linking external accounts. Apple Pay.
- Simplii: Interest promo's, e-Transfers, Call centre, Apple Pay.
- EQ Bank: Fallback option when interest promos expire at Tangerine & Simplii.

July 25, 2022
6:56 am
Alexandre
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EQ bank: can link many external accounts, joint account (ease of opening).
Tangerine: 2% cashback no fee Mastercard, cheque book (first is free), Visa Debit (to pay taxes at CRA My Account), promos.

Two other online banks: those currently with best promo or regular interest rate. Open account, enjoy high interest rate, when it is surpassed by different FI: move money to that FI and close account.
For me, currently, these are Motive (3% interest) and Meridian CU (3% promo interest).

---------------------------

For my registered accounts I am currently considering 5-year escalator GICs, cacheable on anniversary date. From FIs I deal with these are offered by Meridian CU and motusbank.

July 25, 2022
7:46 am
Righand
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Motive for their rates.

EQ for service and rates

Simpli for rates.

Any other except Tangerine. Tangerine is not a HISA acct type of bank, their base rate is 0.40 %, a joke. If anyone wants a better rate they must continually phone in every 150 days or so and BEG. For me TING was just a total waste of time.

July 25, 2022
7:47 am
user82yz
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semi-retired said
Peoples Trust & Bank.Great service,excellent rates & double CDIC coverage.Oaken for decent rates & again double CDIC coverage with Home Trust & Home Bank.  

People's Trust had some security issues not too long ago.

https://ca.topclassactions.com/lawsuit-settlements/data-breach/peoples-trust-data-breach-allegedly-impacted-thousands-of-canadians/

July 25, 2022
8:51 am
Bill
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9 years ago, for Peoples.

I don't beg Tangerine, I just tell them what I'm about to do, are they interested in keeping my money there?, making it absolutely clear I'm fine with whatever they decide, and it seems to work. I get the impression on here that begging doesn't really work.

July 25, 2022
9:33 am
Dean
Valhalla Mountains, British Columbia
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.

    What Bill said

When it comes to Financials, don't be a Beggar ... it rarely works, anywayz.

    Dean

sf-cool " Live Long And Prosper " sf-cool

July 25, 2022
10:16 am
FastJonny
Ontario
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Lodown said
We would all love one online bank that would give us everything but alas, it will likely never happen. So if you wanted to limit yourself to 3 or maybe 4 online banks, which would they be and what are your top 3 or 4 reasons for each choice?  

Currently...
Motive: GIC (and currently HISA regular rate as BU to promos) rates, ease of use.
Meridian: Been member for over 35 years, goes in cycles. right now HISA rate. BU for 1 yr breakable. Excellent customer service
Hubert: New to Hubert but liking the 1 year GIC a lot. GIC rates worth keeping an eye on for now. Customer service.
EQ: GIC rates

July 25, 2022
1:15 pm
Canuck
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FastJonny said

Currently...
Motive: GIC (and currently HISA regular rate as BU to promos) rates, ease of use.
Meridian: Been member for over 35 years, goes in cycles. right now HISA rate. BU for 1 yr breakable. Excellent customer service
Hubert: New to Hubert but liking the 1 year GIC a lot. GIC rates worth keeping an eye on for now. Customer service.
EQ: GIC rates  

What does "BU" stand for?

July 25, 2022
1:18 pm
FastJonny
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Canuck said
What does "BU" stand for?  

Back Up

July 25, 2022
3:41 pm
RetirEd
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Most of you are used to me saying this, but I will never use and financial institution that requires me to do business on-line. PT, Oaken, VanCity (for no-fee accounts (bill payments, drafts etc.) are my current "keepers." Others come and go. Tangerine had 24/7 phone service, but that's near-useless now, and nobody else that attracts me offers it.
RetieEd

[I advise everyone to never reveal where you keep all your holdings. The banks try too hard to get this info, which makes me suspicious... Many of their supposed "customer surveys" have only vague questions about satisfaction but salt in hard questions about total income, total assets and where we keep them!]

July 26, 2022
3:11 am
Nirvana7734
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For reference, I have tried TD, BMO, Meridian, Motive, Accelerate, Hubert, Wealth One, LBC Digital, Wyth, EQ, and Canadian Tire. Also, I will not speak to these banks in terms of their rates, as you can see that for yourself on the HISA chart; instead, I will describe them in terms of my experience with other aspects of them. My preferences:

#3: Wyth. I was briefly with these folks from January to May, at which time I switched to Meridian. I enjoyed their interface and ease of account-linking, and their required form-filling was minimal. I hear that there are some strange new developments regarding the amount of money that you can transfer in, however.

#2: Meridian. I joined these folks in May of this year based on their 2.7% HISA promotion, and they've since moved me up to 3.15%, and today up to 3.65%. Their service has been great, and their requirement for form filling is minimal (I submitted a statement for my TFSA and RRSP accounts, and they filled out the "Direct Transfer Appliaction for Registered Accounts" form for me!).

#1: EQ. These guys are, by far, the most hassle-free online bank that I've dealt with in terms of signing up (maybe it's changed since 2019, but I can't recall filling out ANY forms) and connecting accounts. Even when they're not a rate leader, I use EQ as my hub to move money. When they are a rate leader, I'm back to them immediately.

I initially had four, but honestly, all of the others that I've tried have frustrated me in some way in my experience with them: I dislike and had poor experiences with big banks (TD & BMO); I found Canadian Tire, Accelerate, and especially Motive to be old-school with their excessive form-filling; LBC Digital's interface was cumbersome; Hubert has seemed friendly, but they're taking forever and I'm having loads of difficulty connecting accounts; Wealth One was SLOW and ripped me off when I transferred my TFSA away from them (it was only $40, but I was not at all impressed).

I hope that this helps!

July 26, 2022
4:39 am
savemoresaveoften
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My vote goes to:

Motive ( their offers very aggressive recently)
Meridian (not the best rate, but one of the bigger CU with good retail presence if needed)
Duca (they don’t mess around when it comes to promo rate)
Hubert (their 1y cashable is best deal in town, also ability to fund GIC direct from outside transfer)

Second tier:
EQ: their rates are great but 5 biz days hold regardless of source of fund is unacceptable to me

Only for the name:
Simplii and Tang. Only cuz when I do win their lucky draw, I feel comfortable parking good size there

July 26, 2022
7:29 am
gicjunkie
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Frankly, I would have a few online savings accounts with companies that are fairly well established and are not just offering limited time teaser rates. You can tell from the charts herein who these FIs are. I don't have the need or desire to open new accounts and move my money around every 3 months when an FI wants to temporarily raise interest in their company.

FYI : I use Motive, Hubert (For HISA and 1 year cashable GICs) and to a lesser degree, Wyth, Achieva and Oaken for HISAs. Service has been, for the most part, pretty good with all of them. They all have different degrees of difficulty wrt opening new accounts, but, once established, service has been fine. I also found Wealth One to be very slow in many respects and I don't use them for HISAs any more.

Happy hunting.

July 26, 2022
7:41 am
AltaRed
BC Interior
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It would be nice if Open Banking was already here, making opening accounts a breeze, i.e. once identity credentials (such as a digital ID) have been established at one Canadian domiciled banking institution, the mere presence of an account at that institution would be enough to open an account with any other Canadian domiciled banking institution. Unfortunately, it seems at least a few years away yet.

July 26, 2022
11:18 am
smayer97
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Ah... digital ID... just keep in mind that this cuts both ways... It will certainly improve convenience to some degree BUT it can also more easily affect ALL your banking at one time should something (or someone) go wrong.

July 26, 2022
2:29 pm
phrank
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Maybe they'll add this functionality to the arrivecan app.

July 26, 2022
8:45 pm
smayer97
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That is the eventual plan... and much more.

Please write your comments in the forum.