All-Digital Banking in Canada: 10 Tips for Banking Online

Did you know that over 75% of Canadians use online and mobile banking for everyday transactions? Yet, it’s probably been forever since you’ve visited a brick-and-mortar bank – because (let’s be honest) who has the time for that? A digital bank in Canada is the only way to go.

An online or digital bank allows customers easy access to transactions, fund security, low fees, and high savings rates. This web-based approach has transformed the role of traditional banks in Canada.

But to take full advantage of the fantastic work of digital banks in Canada, you’ll need to educate yourself on the benefits. This article walks you through our top 10 tips for making online banking a breeze. So, let’s get into it.

Utilize the Various Types of Online Bank Accounts

Many users don’t realize the wide range of account options available! But online banks offer the same accounts as in-person banks, and sometimes even more. Check out the following bank account options available:

  • Savings: Most banks offer a savings account that you can access online and use for transactions.

  • High-interest Savings: Here, you’ll get an interest rate anywhere from 0.5% to 2.5%.

  • Chequing: You’ll get all the elements of a chequing account like debit card, paper cheque, bill payment options, and more.

  • TFSA: This account allows you to make approved investments that go tax-free for a certain number of years.

  • RRSP: Perfect if you’re trying to save up for retirement or other significant savings goals!

  • Senior, youth, and student accounts: These accounts are tailored to their users’ specific needs and requests.

There’s an account for every kind of user! So look around for the option that best suits your banking requirements.

You Can Still Use Automated Banking Machines (ABMs)

You can continue to use ABMs with the best digital banks in Canada! Many Canadians continue using ABMs to withdraw cash, make deposits, and complete payments.

This capability allows for a hybrid banking model that helps you get the best of both worlds. It is convenient when you’re in a pinch and need cash in your hands while still benefiting from the convenience of online banking at the same time.

The Benefits of Digital Banking in Canada

You may be wondering – what is digital banking, exactly? Well, digital or virtual banks offer a full range of banking services all in the online space. One of our biggest tips for making the most out of your online banking experience is remembering its benefits.

The following are why so many people are opting for online banking today.


Easy access and convenience is the number one reason people choose digital banking. You’ll be able to deposit cheques, cash cheques, pay bills, transfer money, check your transaction history, and monitor your credit score – all in one convenient place.

Better Rates

You’ll also find better rates online than you would in person. The reason for this? Well, digital banks in Canada are saving significant dollars in overhead costs such as rent, operations, and staffing.

These online banks spend these savings on better rates for their customers. So, you may find yourself with higher interest rates or term deposits when you go digital.


You’re saving so much time with online banking, and no more waiting forever in line at the bank! Instead, you’ll get all the assistance but at the touch of a button. You can also choose to speak to a customer service representative or on a services chat.

You’ll Likely Have a Transaction Limit

Many new users get stumped when their transactions get declined. However, if you have sufficient funds in your account, there is likely one straightforward reason why your bank denies your transaction. It’s because your account had a maximum transaction limit! Luckily, this is easily fixable.

Your bank has a limit placed for your safety – to ensure that your money doesn’t fall prey to fraud or excessive mistakes. If your transaction has failed, call your bank, and ask them to increase your account limit.

They will likely increase it for 24-48 hours, after which it will return to its standard limit. This waiting period will keep your account safe for future use and prevent any negative occurrence.

There Are Lots of Banks Out There

What is the best digital bank in Canada? Well, there is no shortage of online banking options. Look at factors like monthly fees, account types, interest rates, and minimum account balances to help you decide on a bank. Some of the central banks with online services in Canada include:

All these banks offer a similar range of services. Thus, pick the option with the most exciting features for you, and go from there.

Trust in Security

Many individuals are wary of trusting the safety of their data. Although there have been financial information leakages and privacy breaches, the banking industry is mainly iron-clad.

Digital banks in Canada, mainly, are stable and reliable. In addition, the innovations in digital banking have allowed for convenient offerings. But this doesn’t compromise on privacy and security.

You can thus rest assured that your money (and information is in good hands).

Remember to Protect Yourself

Despite the high-security level of online banking, you also need to be taking your safety measures. This security foresight will ensure your identity remains safe and complete protection against any fraudulent attempts.

The following are some accessible security practices to incorporate into your banking habits:

  • Change your password frequently, and ensure it uses a combination of different cases, numbers, and characters.

  • Try not to use public access computers when logging into your banking account.

  • Be sure to check your bank statement regularly to ensure no discrepancies or mistakes.

  • Anti-virus software can help prevent any issues (just remember to update it regularly).

With these simple efforts, you’re safe and secure. In our opinion, these are essential practices every individual who uses digital services should be practicing!

You’re Getting Good Value

Some online banking institutions will charge a small fee to cover the cost of the operations. Some banks do this without a price, too!

But the main reason they charge this minimal fee is that they’re providing a range of valuable services. So, think about how much you’re getting with your online banking provider.

If you bank with any Canadian bank, chances are you’re getting access to:

  • E-transfer capabilities

  • Bank website and mobile app

  • Tap and pay features

  • Buy now, pay later feature

  • ABMs

  • Debit cards

  • Credit lines

And more. Thus, if you’ve been reconsidering your online banking practices – don’t. You get a more extraordinary bank for your buck in an increasingly digital world. And you get to do it at your convenience! That’s a win-win in our books.

You May Miss the Personalization

Another tip we have for you is not to expect complete, customizable, and personalized elements in your banking services. For example, if you prefer face-to-face interactions, online banking cannot provide it. This digital banking arrangement can mean you won’t get in-person advice, not super personalized information.

This situation can be unsettling when trying to resolve an issue or learn more specific information.

Fortunately, there’s an easy remedy for this. First, call your customer service phone line to speak to a representative. Be sure to explain your case in detail, and they will be sure to provide you with detailed, personalized information.

Banks employ a range of financial experts to man their phone lines. You’ll then have access to the same information as in a physical bank – but without effort.

Utilize Learning Resources

Still not sure how to use your banking institution’s online offerings? Most banks offer courses and other content to make learning easy for you! From informational videos to online banking tutorials, modern banks provide tours of their services to help make your transition smoother.

So, if you’re ever struggling – log onto your bank’s website and find the information with ease!

Only 16% of Canadians prefer shopping in a physical bank today. And it’s easy to see why. Digital banking in Canada is the most convenient way to enjoy your banking tasks with ease – 24×7.

With the advancement of fintech to this scale, individuals can pay bills, transfer funds, make deposits, and more. Moreover, these transactions are typically instantaneous and can be done anytime, anywhere!

Now that’s what we call proper convenience!

Looking to make your financing fun and easy? Creditpicks is your one-stop shop for tailored financial education and access to the best Canadian credit products around! We also cover all digital banking trends in Canada. Be sure to check out our full range of services, including unsecured loans.

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