Personal Finance

Which banks allow opening bank accounts online?

  • Last Updated:
  • Feb 14th, 2021 12:03 am
[OP]
Sr. Member
May 22, 2012
924 posts
80 upvotes
MONTR

Which banks allow opening bank accounts online?

Hi,

I am looking to open some new basic bank accounts to be able to work around interac send limits. I only have tangerine and RBC. Which other banks I can open basic accounts online so I can deposit some money there and then initiate interac transfers?


Thanks in advance.
Thread Summary
Alterna Bank
Coast Capital Savings Credit Union (charges for e-transfers)
EQ Bank
Innovation Credit Union
LBC Digital / B2B Bank
Manulife Bank (requires minimum balance to waive most fees)
Motive Financial
Motusbank
PC Money (arguable whether it's a bank)
Simplii Financial
Tangerine
27 replies
Newbie
Aug 26, 2013
74 posts
35 upvotes
Oakville
Alterna - EQ - People's - Oaken (x2) - LBC - Motive... I have 1 @ each... BIG SMILES... /G
[OP]
Sr. Member
May 22, 2012
924 posts
80 upvotes
MONTR
Thanks a lot, I tried Simplii but it's not available for QC it seems.
Sr. Member
Mar 14, 2014
741 posts
875 upvotes
lachdanan wrote: Thanks a lot, I tried Simplii but it's not available for QC it seems.
LBC should meet you requirements. It can be tricky getting through the Equifax questions when signing up online.

https://www.lbcdigital.ca/
Sr. Member
User avatar
Jul 16, 2019
952 posts
965 upvotes
I created a thread summary with some more options that haven't been mentioned yet. I'm not sure which ones are available in Quebec, though.

How quickly do you need this account opened? If you need to open it quickly, that will cut down your options. Try EQ, Tangerine, Motusbank, or PC Financial.

Peoples Bank and Oaken Financial were mentioned, but I don't believe they offer chequing accounts.
Deal Addict
Sep 14, 2012
1266 posts
864 upvotes
Montreal, QC
lachdanan wrote: Thanks a lot, I tried Simplii but it's not available for QC it seems.
I'm from Quebec and besides Tangerine, I also use Alterna Bank of Canada and LBC Bank and both institutions allowed me to open accounts online with them.

For me, I don't use my Alterna Bank that often and will probably close it as some point. I'm using LBC more often as the interest rate is higher with them than Alterna Bank.
Deal Addict
Sep 14, 2012
1266 posts
864 upvotes
Montreal, QC
someweirdo wrote: I created a thread summary with some more options that haven't been mentioned yet. I'm not sure which ones are available in Quebec, though.

How quickly do you need this account opened? If you need to open it quickly, that will cut down your options. Try EQ, Tangerine, Motusbank, or PC Financial.

Peoples Bank and Oaken Financial were mentioned, but I don't believe they offer chequing accounts.
PC Financial doesn't offer bank accounts to Quebec residents. They only offer credit card accounts. I know because I wanted a bank account with them to hold money waiting for Tangerine promotional interest rate increases and they were one of the online financial institutions that I considered. Canadian Tire Financial Services was another online institution that I wanted but they also don't offer bank accounts to Quebec residents (they only offer credit card accounts to Quebec residents)
Deal Addict
Sep 14, 2012
1266 posts
864 upvotes
Montreal, QC
flyjazz wrote: LBC should meet you requirements. It can be tricky getting through the Equifax questions when signing up online.

https://www.lbcdigital.ca/
I have an account with LBC and the positive thing I can say about them is that their interest rates are on the higher side of what is available to Quebec residents. However, I find their online website to be somewhat flakey and prone to errors/timeouts when I compare it with the other financial institutions that I normally deal with (Tangerine, TD Canada Trust, CIBC, RBC, and Alterna Bank)
Member
User avatar
Jun 4, 2018
391 posts
276 upvotes
Windsor/Essex Ontari…
I opened an acct at BMO online a few months ago without issue. Process took a few minutes and they even provided the bank card number on the spot so it could be used instantly for online banking etc.
No trip to a branch is required.
Deal Addict
Jan 19, 2017
4090 posts
2327 upvotes
lachdanan wrote: Hi,

I am looking to open some new basic bank accounts to be able to work around interac send limits. I only have tangerine and RBC. Which other banks I can open basic accounts online so I can deposit some money there and then initiate interac transfers?


Thanks in advance.
Why do you need another bank when your Tangerine & RBC should work for your banking needs?
Sr. Member
User avatar
Jul 16, 2019
952 posts
965 upvotes
thexdriver wrote: I opened an acct at BMO online a few months ago without issue. Process took a few minutes and they even provided the bank card number on the spot so it could be used instantly for online banking etc.
No trip to a branch is required.
Then BMO is YMMV. They've needlessly made me go into a branch twice when opening accounts.
Deal Addict
Sep 14, 2012
1266 posts
864 upvotes
Montreal, QC
ml88888888 wrote: Why do you need another bank when your Tangerine & RBC should work for your banking needs?
I'm not the poster that you quoted/asked but I have another "high interest" online only bank mainly to transfer the funds out of Tangerine once the promotional interest rate ends since Tangerine will generally on an annual basis give promotional interest rates for the increase in the balance for certain accounts so once Tangerine's promotional ends, I transfer funds from my Tangerine account to another "high interest" online only bank which is offering the same interest as Tangerine or higher interest.
Deal Addict
User avatar
Mar 9, 2012
3464 posts
2112 upvotes
Kitchener
ml88888888 wrote: Why do you need another bank when your Tangerine & RBC should work for your banking needs?
They had mentioned that it was to get around Interac send limits. I think it’s $3,000 per day max on an account and $10,000 weekly.

I’m not going to question why they need to move so much money, that’s not my business. I’m also not going to say that it’s perfectly legit, as I don’t see the reason why so much money has to be processed daily or weekly, as 2 bank accounts would allow you $6,000 daily and $20,000 weekly ($1.04 million per year).

Now perhaps they meant “spend limit” and not send limit, and typical that spend limit is set around at $2,000. Hence the reason why you can’t buy a car with Interac. If that’s the case, it could be a totally legit way of spending a lot of money legally, though there are other methods.
Why can't we all just get along?
Deal Addict
May 15, 2013
1766 posts
477 upvotes
Montreal
One thing is opening Bank Accounts when you are not a client and a different thing is that you already are a customer and logging into your online account, you open additional bank accounts.
[OP]
Sr. Member
May 22, 2012
924 posts
80 upvotes
MONTR
jeff1970 wrote: They had mentioned that it was to get around Interac send limits. I think it’s $3,000 per day max on an account and $10,000 weekly.

I’m not going to question why they need to move so much money, that’s not my business. I’m also not going to say that it’s perfectly legit, as I don’t see the reason why so much money has to be processed daily or weekly, as 2 bank accounts would allow you $6,000 daily and $20,000 weekly ($1.04 million per year).

Now perhaps they meant “spend limit” and not send limit, and typical that spend limit is set around at $2,000. Hence the reason why you can’t buy a car with Interac. If that’s the case, it could be a totally legit way of spending a lot of money legally, though there are other methods.
That's not true. There are monthly limits also at $20K. Also RBC allows max 2k daily, I asked the rep, she said 2k max. Can't change it.
[OP]
Sr. Member
May 22, 2012
924 posts
80 upvotes
MONTR
Also all these banks allow sending money using interac?
Member
Apr 16, 2020
267 posts
336 upvotes
lachdanan wrote: Also all these banks allow sending money using interac?
Is there any bank that doesn't?
[OP]
Sr. Member
May 22, 2012
924 posts
80 upvotes
MONTR
Kneader wrote: Is there any bank that doesn't?
I am not sure. But I just tried to create an account with LBC, and they said they couldnt get my profile from equifax immediately. Even though I put my SIN. So not sure if this is normal.

Top