Comparing Canada’s Top Online Banking Solutions

When it comes to enjoying a better banking experience, online banking has it all. With online banking, you can manage your accounts 24/7 using a mobile device or computer. You can get through all of your banking tasks when it’s convenient for you and there’s no need to visit a physical branch. Most traditional banks and credit unions offer clients online banking. Being an online client gives you the ability to pay bills, transfer funds, apply for financing, deposit checks, and monitor transactions and account balances.

Accounts Available in Canada

Every Canadian bank has a chequing account for deposits and daily spending. Most online banks don’t charge monthly maintenance fees. Online banks feature higher interest rates on savings accounts compared to traditional financial institutions. Young Canadians often open a fee-free student account in their name and enjoy sign-up bonuses. Online banks also feature non-registered accounts or personal investment accounts for those Canadians seeking investment options. There are also registered account options such as the TFSA, RRSP, RRIF, and LIRA tax-advantaged accounts.

The best way to discover the best online bank in Canada is to use a trusted personal finance site such as Wealth Rocket. The finance site provides a comprehensive review of the top Canadian bank, EQbank. The financial institution was started in 2016 and is a digital bank operating exclusively online. Canadian citizens with a social insurance number can become EQ Bank customers provided they’re the age of majority.

The digital banking platform offers customers six financial products: the EQ Bank Savings Plus Account, the EQ Bank Tax-Free Savings Account (TFSA), the EQ Bank Retirement Savings Plan (RSP), Guaranteed Investment Certificates (GICs), international money transfers powered by Transferwise, and mortgage options. EQ Bank customers can open accounts easily online and enjoy competitive rates, an everyday high interest rate, and free transactions. When it comes to a better banking experience, making the switch to digital banking services provides flexibility and unlimited banking features.

The Pros of Online Banking

You can check account balances, transfer funds, manage bill payments, open accounts, and more so long as you have an internet connection. Some online banks allow you to apply for a loan, a mortgage, buy insurance, and open retirement accounts. Many come with free withdrawals or give reimbursement for ATM usage. Traditional financial institutions charge an account maintenance fee, require a minimum balance, or have transaction fees. Online banks feature fee-free accounts, free transactions, and have either low or no minimum account balances. Online banks also provide customers with high-interest savings accounts.

Automation of financial tasks saves you a lot of time, and in the case of businesses, money. Businesses face many challenges such as tracking cash flow, financial forecasting, financial reporting, reconciliations, and more. The best way to streamline these complex tasks and reduce the risk of error in the accounting process is to utilize close management software.

ReconArt’s cloud-based financial close management software automates and speeds up your period-end close workflow. The software solution acts as a central dashboard for the month-end close activities. It incorporates all the essential components to ensure regulatory compliance, streamlined close process, improved visibility, and audit readiness.

The close management solution helps make the complex tasks of the financial close easier. It provides a central dashboard for balance sheets, account reconciliations, and supporting documents. It features a checklist for month-end close and other period-end activities. Automation of the period-end certification process is the best way to save time and streamline workflow.

The Cons of Online Banking

Customers experience a lack of personal relationships with bank tellers because there’s no need to enter a physical branch. Though online banks offer a variety of financial products and transactions, they aren’t always flexible. Traditional financial institutions do have more variety of financial services, and not all online banks offer customers a wide variety of services.

Online banking provides busy Canadians better solutions with flexibility than traditional financial institutions.

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