Best online banks in Canada for 2024

1.The Scotiabank $450 Cash Bonus Bundle Offer (the "Offer") is available between November 1, 2024 and March 1, 2025 (the "Offer Period") to individuals who open new eligible accounts. Subject to the conditions below, eligible customers can earn $400 when they open a new Preferred Package or Ultimate Package chequing account and complete certain qualifying transactions and earn an additional $50 boost when they open a new eligible Scotia Registered Account ("Eligible Registered Account") with either The Bank of Nova Scotia or Scotia Securities Inc. and complete certain qualifying transactions.

For the purposes of this Offer, the following Scotia Registered Accounts are eligible for the Offer: Scotia Registered Retirement Savings Plans (RRSPs, excluding locked-in plans such as LIRAs and LRSPs) (each an “RRSP”), Scotia Tax-Free Savings Accounts (each a “TFSA”) and Scotia First Home Savings Accounts (each a “FHSA”). Scotia RRIFs (including locked-in income plans), RESPs, RDSPs, and non-registered Scotia Investment Accounts are not eligible for the Offer.

2. The Scotiabank Registered Account Welcome Offer (the "Offer") is available between November 1, 2024 and March 1, 2025 (the "Offer Period") to individuals who open one or more new Eligible Registered Account(s) (defined below) with either The Bank of Nova Scotia or Scotia Securities Inc. and complete certain qualifying transactions.

For the purposes of this Offer, the following Scotia Registered Accounts are "Eligible Registered Account(s)": Scotia Registered Retirement Savings Plans (RRSPs, excluding locked-in plans such as LIRAs and LRSPs) (each an "Eligible RRSP"), Scotia Tax-Free Savings Accounts (each an "Eligible TFSA") and Scotia First Home Savings Accounts (each an "Eligible FHSA"). Scotia RRIFs (including locked-in income plans), RESPs, RDSPs, and non-registered Scotia Investment Accounts are not eligible for the Offer. In order to qualify for a Cash Bonus (defined below), the individual cannot currently or in the preceding 6 months have held the same Eligible Registered Account type with either The Bank of Nova Scotia or Scotia Securities Inc. (together, "Scotiabank").

$400 Cash Bonus for Preferred or Ultimate Package Conditions: To qualify for the $400 cash bonus (the "Package Bonus"), you must: 1. Open a new Ultimate Package or new Preferred Package chequing account (the "Eligible Chequing Account") during the Offer Period; and 2. Complete any two (2) of the following activities in your Eligible Chequing Account within 60 days of Eligible Chequing Account opening: set up and clear at least one eligible automated and recurring direct depositÜ, such as payroll or pension, which will recur monthly for a minimum of six (6) consecutive months, or set up and clear a minimum of two (2) separate eligible recurring pre-authorized transactionsÜ with a minimum value of at least $50 per transaction which will each recur monthly for a minimum of six (6) consecutive months, or make at least one (1) eligible online bill paymentÜ of at least $50 through the Scotiabank Mobile App or through Scotia OnLine. Click here for a list of eligible direct deposits, pre-authorized transactions and online bill payments. Notwithstanding a transaction may be included in these lists, certain exclusions may still apply and Scotiabank reserves the right to modify these lists and to determine whether a specific direct deposit, pre-authorized transaction or bill payment is eligible for the Package Bonus. Fund transfers initiated to other Scotiabank accounts (one time or recurring, e.g. credit card or savings account), to chequing or savings accounts held at other financial institutions, or to payment processing firms, are not eligible for the Package Bonus. $50 Registered Account Bundle Conditions: To qualify for the $50 cash bonus (the "Bundle Bonus"), you must meet the conditions for the $400 Package Bonus, and during the Offer Period: 1. Open a new Eligible Registered Account; and 2. By March 1, 2025, set up and clear one recurring pre-authorized contribution (PAC) from any Scotiabank personal bank account with a minimum value of at least $100 per month in your new Eligible Registered Account, which must have recurred for a minimum of three (3) consecutive months by May 31, 2025. Eligibility and Exclusions: Individuals who are currently holders of, or who were previously holders within the last two (2) years of, a Scotiabank Chequing Account are not eligible for the Package Bonus. "Scotiabank Chequing Account" means any of the following accounts: Ultimate Package, Preferred Package, Scotia One Account, Basic Plus Bank Account, Basic Banking Plan, Basic Bank Account, Momentum Chequing, Power Chequing, Scotia One Service, Scotia Value, Student Banking Advantage Plan. In order to qualify for the Bundle Bonus the individual cannot currently or in the preceding 6 months have held the same type of Eligible Registered Account (as that opened during the Offer Period) with either The Bank of Nova Scotia or Scotia Securities Inc. Employees of Scotiabank are also not eligible for the Package Bonus or Bundle Bonus. General Terms: Provided all Package Bonus conditions outlined above have been met, the $400 Package Bonus will be deposited to the Eligible Chequing Account within approximately nine (9) months from Account open date. Provided all the Bundle Bonus conditions outlined above have been met, the additional $50 Bundle Bonus will be deposited to your Eligible Registered Account between June 2, 2025, and January 31, 2026, depending on when you have satisfied all Bundle Bonus conditions. You have 24 months from the date you believe you have fulfilled the applicable Offer conditions to notify us if you have not received the applicable cash bonus so that we may confirm your eligibility. For clients investing in non-Canadian dollar currencies, the investment will be calculated based on Canadian dollar equivalent at the Scotiabank rate on the transaction date to determine eligibility for the offer. The Package Bonus and Bundle Bonus will be paid in Canadian dollars. For either cash bonus to be fulfilled, the Eligible Chequing Account and the Eligible Registered Account, as applicable, must be open and in good standing until the time of payout of the cash bonus. The Eligible Chequing Account is not in "good standing" if any of the following conditions are not met: (i) it has a negative balance exceeding the authorized overdraft limit, (ii) it has been in continuous overdraft for a period of three consecutive months, or (iii) the Account holder is in breach of the Account agreement with Scotiabank. For purposes of this Offer, an Eligible Registered Account is not in 'good standing' if the account holder is in breach of the Eligible Registered Accountís client account agreement. This Offer is non-transferable and may not be duplicated. Limit of one (1) Package Bonus and one (1) Bundle Bonus per customer, regardless of the number of Eligible Chequing Accounts or Eligible Registered Accounts opened. If more than one (1) Eligible Chequing Account is opened, only the first Eligible Chequing Account opened will be eligible for the Package Bonus. If more than one (1) Eligible Registered Account is opened, only the first Eligible Registered Account that fulfilled the Bundle Bonus Offer conditions will be eligible for the Bundle Bonus. If two eligible accounts fulfill on the same day, the Bundle Bonus will be paid into only one of the Eligible Registered Account(s) in the following order: (1) Eligible TFSA, then (2) Eligible FHSA, then (3) Eligible RRSP. For joint accounts, only one (1) $400 Package Bonus will be applied to the primary account holderís Eligible Chequing Account and only one (1) $50 Bundle Bonus will be applied to the primary account holderís Eligible Registered Account. All rates, fees, features and benefits are subject to change. This Offer may be changed, cancelled or extended at any time without notice and cannot be combined with any other offers, except the Scotiabank Registered Account Welcome Offer.

Every bank on our list is well-established in Canada and a credible financial institution. Like traditional banks, the odds of online banks failing are very slim. In any case, you can rest easy: the Canada Deposit Insurance Corporation (CDIC) covers eligible deposits in your own name, joint accounts, trust accounts, TFSAs, RRSPs, and more up to $100,000.

It does not apply to investment products such as stocks, bonds, or mutual funds.

Security breaches of online accounts are rare, but it's always wise to choose a unique and complex password and PIN.

If you haven’t yet tried online banking, you might wonder what the fuss is about. After all, traditional face-to-face branch banking has served Canadians well for decades. Before you make up your mind, consider these three areas in which online banking in Canada exceeds in-person branch banking:

Convenience

With online banking, your account is accessible from your computer, tablet, mobile app, or telephone. This means an end to searching for a brick-and-mortar branch or an ATM, and renders the concept of “banker’s hours” obsolete. If you want access to your money 24/7, online banking is the way to go.

Pricing

Some brick-and-mortar banks offer customers “low-fee” accounts, but even these command a base monthly fee which can add up fast. In fact, Canadians are still paying an average of $200 per year in banking fees. With online banking, customers have the option of a no-fee account — usually coupled with extremely competitive rates for common services like Interac e-Transfers® and a high-interest rate on savings accounts. If you don’t want to pay for the privilege of accessing your own money, an online account might be just the solution.

Special features

Imagine asking a teller to deposit a cheque using a smartphone photo or to send money by email? They’d probably look at you like you have two heads – but Mobile Deposit and Interac e-Transfers® are services that many online banks offer. In addition to all the traditional features to which customers have become accustomed, online banks offer special features that are simply unavailable elsewhere.

1. Canadian Bankers Association, statistics