Personal Finance

Who has switched completely to online banks?

  • Last Updated:
  • Mar 5th, 2020 7:11 am
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Deal Addict
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Jul 13, 2014
3818 posts
1243 upvotes
Parry Sound
grilw wrote: You're both right. For all of my years of business education I still suck at managing my own money... sigh . Perhaps Wealth Simple is for me?
It's a great place to start.

As you learn more about investing you could move on to Wealthsimple Trade and save a few dollars in fees.

Regardless, you're missing out on your money making you more money.

The US fed just reduced their interest rate by half a point. I'm sure the market is about to sink even further in the coming weeks.

It's time to buy.
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Deal Addict
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Mar 10, 2018
3595 posts
702 upvotes
MayorOfToronto wrote: It's a great place to start.

As you learn more about investing you could move on to Wealthsimple Trade and save a few dollars in fees.

Regardless, you're missing out on your money making you more money.

The US fed just reduced their interest rate by half a point. I'm sure the market is about to sink even further in the coming weeks.

It's time to buy.
agree. time to make money people.
I dont care about Ethics, morals, rules or laws. I will apologies only when I get caught.
I try not to apologies but sometimes do it. not because its right thing but it benefits me.
New Mantra for idiots Just ask RFD before searching answers anywhere.
Sr. Member
Jul 16, 2019
506 posts
440 upvotes
MayorOfToronto wrote: Most of them are independent or owned by a credit union.
Are there any independent online banks? All the ones I can think of are owned by either a bank, whether it be large or small, or a credit union.

Wealthsimple may be the closest, but they're not exactly independent, since they're mostly owned by Power Corporation.
Deal Addict
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Jul 13, 2014
3818 posts
1243 upvotes
Parry Sound
someweirdo wrote: Are there any independent online banks? All the ones I can think of are owned by either a bank, whether it be large or small, or a credit union.

Wealthsimple may be the closest, but they're not exactly independent, since they're mostly owned by Power Corporation.
Off the top of my head I can think of EQ. Might be some others but I cannot recall ATM.

I'm personally waiting for PC Financial to launch their own banking which as been rumoured for a while now.
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Deal Addict
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Sep 4, 2005
2845 posts
600 upvotes
Toronto
Simplii (Formerly PC Financial) using since 2005
Tangerine (Formerly ING Direct) using since 2007

I still actively use both today. I've paid rent, financed cars, bought houses. Zero issues getting regular cheques, bank drafts, money orders. Paid 0 fees. For the few times I NSF'ed myself (due to my own fault), I've called in and they've waived the fee.
Sr. Member
Jul 16, 2019
506 posts
440 upvotes
MayorOfToronto wrote: Off the top of my head I can think of EQ. Might be some others but I cannot recall ATM.

I'm personally waiting for PC Financial to launch their own banking which as been rumoured for a while now.
EQ Bank is owned by Equitable Bank.
Deal Addict
Jul 11, 2007
1195 posts
219 upvotes
I'm mostly switched out. Just keep an Everyday Savings Account with TD with nothing in it that gives me 1 free transaction in case I ever need it and I also have my oldest Credit Card with them I want to keep open as well.
Deal Addict
Mar 10, 2009
2293 posts
124 upvotes
Mississauga, ON
What y'all use if y'all need a "foreign" account? Let's just say a USD account for example, how y'all deposit or withdraw?

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