Online Banks vs Traditional Banks
Tangerine Bank, formerly known as ING Direct, is a Canadian direct bank and a subsidiary of Scotiabank. It offers no-fee chequing and savings accounts, Guaranteed Investment Certificates (GIC), mortgages, and mutual funds (through a subsidiary). Many savings and investment products are eligible for registration under a Tax-Free Savings Account (TFSA), Registered Retirement Savings Plan (RRSP), or Registered Retirement Income Fund (RRIF). You enjoy a decent introductory rate of 2.15% for 5 months. For these Accounts, the rate will be apply for 5 months from the day you opened your first Savings Account.
You can also make $200 extra cash by
becoming a new Client using the Orange Key “55129059S1” and open your first no-fee daily Chequing Account by December 31, 2020 with a minimum initial deposit of $250 and you can earn $200* when you set up either of the following recurring transactions in your new Account:
You can sign up here
Tangerine Bank, formerly known as ING Direct, is a Canadian direct bank and a subsidiary of Scotiabank. It offers no-fee chequing and savings accounts, Guaranteed Investment Certificates (GIC), mortgages, and mutual funds (through a subsidiary). Many savings and investment products are eligible for registration under a Tax-Free Savings Account (TFSA), Registered Retirement Savings Plan (RRSP), or Registered Retirement Income Fund (RRIF). You enjoy a decent introductory rate of 2.15% for 5 months. For these Accounts, the rate will be apply for 5 months from the day you opened your first Savings Account.
You can also make $200 extra cash by
becoming a new Client using the Orange Key “55129059S1” and open your first no-fee daily Chequing Account by December 31, 2020 with a minimum initial deposit of $250 and you can earn $200* when you set up either of the following recurring transactions in your new Account:
- Have your eligible payroll direct deposits deposited into your Tangerine Chequing Account within 60 days of successfully opening your Account. Your $200 will be paid after the first 3 consecutive months of payroll direct deposits. OR
- Set up 2 eligible recurring pre-authorized payments of at least $50 each with the first withdrawal for each occurring within 60 days of successfully opening your Account. Your $200 will be paid after the first 3 consecutive months of both recurring pre-authorized payment withdrawals.
You can sign up here
Simplii Financial is the direct banking brand of the Canadian Imperial Bank of Commerce. It was founded in 2017 following CIBC and the supermarket chain Loblaw Companies mutually deciding to end their 20-year joint venture of providing consumer banking services under the President's Choice Financial brand. Like Tangerine, you can enjoy a decent introductory rate of 2.00%.
Similar to Tangerine, Simplii is an online bank that offers similar services.
Products that they offer are:
Like Tangerine you can earn extra cash by joining Simplii.
Get $200 When you open a No Fee Chequing Account.
Advantages of using Online Banks include
Disadvantages of using Online Banks include
Sign up here using this link
Similar to Tangerine, Simplii is an online bank that offers similar services.
Products that they offer are:
- Banking accounts – No fee chequing and high interest savings accounts along with e-Transfers, mobile and online banking options
- Mortgages – variable and fixed residential
- Line of credit, personal loans, creditor insurance
- Credit card - Simplii Financial Cash Back Visa Card
- Investment products like GICs, RRSPs, TFSAs & mutual funds
Like Tangerine you can earn extra cash by joining Simplii.
Get $200 When you open a No Fee Chequing Account.
- Set up a payroll or pension direct deposit and receive at least $100 a month for 3 straight months
Advantages of using Online Banks include
- Higher Interest rate in saving
- Less mail sent to your house
- No fees on your Chequing Account
- No minimum balance fee
Disadvantages of using Online Banks include
- No physical location
- Fewer customer support to aid you
Sign up here using this link
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Traditional Banks
Traditional Bank services are typically offered by regulated financial institution, such as banks and credit unions, and include chequing and savings accounts.
The Big Five Banks that are in Canada include
Disadvantages of a Traditional Bank
Learning more about --> Tax-Free Saving Accounts & Registered Retirement Saving Plans !
The Big Five Banks that are in Canada include
- ScotiaBank
- TD
- RBC
- BMO
- CIBC
Disadvantages of a Traditional Bank
- Delay in support
- Fee for Chequing Accounts
- Irregular of Internet Banking
- Little stimulus to Save
- The Obligation to go to the branch
- More Customer Service to aid you
- Physical Branch
Learning more about --> Tax-Free Saving Accounts & Registered Retirement Saving Plans !