Which banks allow opening bank accounts online?

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Feb 14th, 2021 12:03 am

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Feb 7th, 2021 3:30 am

lachdanan [OP]: Sr. Member; May 22, 2012; 958 posts; 95 upvotes; MONTR

Feb 7th, 2021 3:30 am

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

Feb 7th, 2021 4:45 am

NobleFalcon1: Sr. Member; May 18, 2019; 933 posts; 509 upvotes

Feb 7th, 2021 4:45 am

Simplii and EQ Bank.

+2

Feb 7th, 2021 10:25 am

BIGSMILESg: Newbie; Aug 26, 2013; 77 posts; 38 upvotes; Oakville

Feb 7th, 2021 10:25 am

Alterna - EQ - People's - Oaken (x2) - LBC - Motive... I have 1 @ each... BIG SMILES... /G

+2

Feb 7th, 2021 11:56 am

lachdanan [OP]: Sr. Member; May 22, 2012; 958 posts; 95 upvotes; MONTR

Feb 7th, 2021 11:56 am

Thanks a lot, I tried Simplii but it's not available for QC it seems.

+1

Feb 7th, 2021 12:29 pm

flyjazz: Deal Addict; Mar 14, 2014; 1210 posts; 1599 upvotes

Feb 7th, 2021 12:29 pm

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/

+2

Feb 7th, 2021 1:10 pm

someweirdo: Deal Addict; Jul 16, 2019; 1547 posts; 1909 upvotes

Feb 7th, 2021 1:10 pm

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.

+4

Feb 7th, 2021 3:43 pm

lmcjipo: Deal Addict; Sep 14, 2012; 2299 posts; 1718 upvotes; Montreal, QC

Feb 7th, 2021 3:43 pm

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.

+2

Feb 7th, 2021 3:46 pm

lmcjipo: Deal Addict; Sep 14, 2012; 2299 posts; 1718 upvotes; Montreal, QC

Feb 7th, 2021 3:46 pm

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)

+4

Feb 7th, 2021 3:49 pm

lmcjipo: Deal Addict; Sep 14, 2012; 2299 posts; 1718 upvotes; Montreal, QC

Feb 7th, 2021 3:49 pm

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)

+2

Feb 7th, 2021 5:16 pm

thexdriver: Sr. Member; Jun 4, 2018; 827 posts; 697 upvotes; Earth

Feb 7th, 2021 5:16 pm

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.

+2

Feb 7th, 2021 6:10 pm

ml88888888: Deal Fanatic; Jan 19, 2017; 6868 posts; 4002 upvotes

Feb 7th, 2021 6:10 pm

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?

Feb 7th, 2021 6:44 pm

someweirdo: Deal Addict; Jul 16, 2019; 1547 posts; 1909 upvotes

Feb 7th, 2021 6:44 pm

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.

+3

Feb 7th, 2021 7:39 pm

elpaso: Deal Addict; Aug 15, 2009; 2147 posts; 1734 upvotes; Montreal

Feb 7th, 2021 7:39 pm

Look at this website and it will let you know which ones are available for Qc. There might be some missing.

https://www.highinterestsavings.ca/chart/

+1

Feb 9th, 2021 6:59 pm

lmcjipo: Deal Addict; Sep 14, 2012; 2299 posts; 1718 upvotes; Montreal, QC

Feb 9th, 2021 6:59 pm

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.

+2

Feb 10th, 2021 10:17 am

jeff1970: Deal Addict; Mar 9, 2012; 3855 posts; 2660 upvotes; Kitchener

Feb 10th, 2021 10:17 am

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?

Feb 11th, 2021 1:25 am

iamthebest: Deal Addict; May 15, 2013; 1876 posts; 535 upvotes; Montreal

Feb 11th, 2021 1:25 am

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.

Feb 11th, 2021 3:09 am

lachdanan [OP]: Sr. Member; May 22, 2012; 958 posts; 95 upvotes; MONTR

Feb 11th, 2021 3:09 am

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.

Feb 13th, 2021 9:09 am

lachdanan [OP]: Sr. Member; May 22, 2012; 958 posts; 95 upvotes; MONTR

Feb 13th, 2021 9:09 am

Also all these banks allow sending money using interac?

Feb 13th, 2021 9:53 am

Kneader: Member; Apr 16, 2020; 369 posts; 475 upvotes

Feb 13th, 2021 9:53 am

lachdanan wrote: ↑ Also all these banks allow sending money using interac?

Is there any bank that doesn't?

Feb 13th, 2021 10:53 am

lachdanan [OP]: Sr. Member; May 22, 2012; 958 posts; 95 upvotes; MONTR

Feb 13th, 2021 10:53 am

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.

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