Digital Marketing

4 Features of the Best Online Banks in Canada

In today’s digital world, many aspects of our lives have moved online. Our financial lives have been no exception to this online migration. As a result, more banks have taken their business online. With many Canadians moving towards virtual banking, there is a growing chorus of online banking options vying for your business. From chequing accounts and savings accounts to credit card services, online banks can provide many of the same services as brick-and-mortar financial institutions.

Since there are so many options for online banking in Canada, you must select the right one for your financial needs. You will want to check out the offerings for things like checking accounts, savings accounts, and interest rates. The best online banks Canada has to offer will strive for the best customer service experience. Doing a little research will help you uncover the top options for online banking. Let’s take a look at some of the features of the best online banks in Canada.

1. Convenience

According to recent surveys, convenience is the biggest factor that is driving customers to online banking. While bank branches have daily business hours, they are not always open when you need to conduct transactions. The best online banks in Canada allow consumers to access services at any time and any place. When looking for a virtual banking option, look for financial institutions that offer 24 hours access beyond basic transactions such as checking balances, paying bills, and transferring money. The top-notch online Canadian banks allow customers to open new accounts and even apply for loans beyond regular banking hours. Convenience is one of the most important features of the best online banks in Canada.

2. Customer Service

According to the 2020 World Banking Report, global online banking use has increased by 23%, and mobile banking use is up by 30% in the last year. What this means is that fewer customers are seeking support and guidance from traditional banks. As a result, online banks must offer strong support to help customers with financial products and banking needs. The basic customer service option for any reputable online bank is 24/7 customer support. The best online banks in Canada offer support online and on the phone. The cornerstone for many virtual banks is that customers can speak to a representative online or on the phone during non-traditional business hours. When choosing an online bank, make sure that you are selecting an institution with quality customer support.

3. Security

If you are taking the leap and entrusting your finances to a completely online institution, you will want to make sure that it is secure. While there haven’t been any major breaches of online banks as of yet, there has been infiltration of other major online institutions. Bitcoin websites, eBay, and credit agencies have all been the victim of data compromises. With that in mind, you should make sure that your virtual bank employs the highest security protocols. The best online banks in Canada will offer stringent security safeguards. While your money will be safe as the CDIC insures it, you will want to ensure that your data is secure too.

4. Low Fees

Aside from the features already mentioned, little or no bank fees offer the best online banks. Simultaneously, traditional banks have significant overhead and branch maintenance to consider; most virtual banks don’t. This means that online banks can pass these savings on to customers in the form of little or no monthly fees and high-interest savings accounts. Using a virtual bank means that you get to keep more of your money. Be sure to seek out an online bank that doesn’t require monthly maintenance fees or other charges.

While there are still many major traditional banks in Canada, virtual banking solutions are on the rise. Online banking can offer similar services at a lower cost to customers. The features of these online institutions include convenience, support, security, and low fees. With the increasing number of options for online banking, it is best to do your research to ensure that you are getting the right products for your banking needs.

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