Online banking is a method that people can use to access and manage their bank accounts and financial products by logging in via their bank's website. It's a convenient and secure way to conduct banking transactions wherever you are – there's no need to visit a brick-and-mortar bank location.
Many Canadians use online banking – in fact, 78% use it to conduct the majority of their transactions. Still, many people aren't sure how to access their savings or chequing accounts online and are unaware of how convenient this method can be.
We're here to help you learn, though. Our guide to online banking explains how it works, how you can set it up, addresses security concerns, and more.
Key Takeaways
- Online banking can be a valuable tool for managing your bank accounts and financial transactions.
- Both new and existing banking clients can register for online banking by visiting their bank's website and inputting their personal information.
- Mobile banking is a form of online banking that provides access to your accounts and services via a mobile app on your smartphone or tablet.
- Banks go to great lengths to ensure your online banking experience is safe and secure, but there are also steps you can take to keep your information safe.
How online banking works
Online banking functions as a way for you to manage your own bank accounts and financial products by connecting to them via the internet. Instead of visiting a physical branch location, online banking allows you to act as the bank teller.
To access your bank account online, you can use an internet browser on most desktop and laptop computers, mobile phones, or tablets. You'll first need to navigate to the bank's home page and log in with your account or debit card number and password.
Once you're logged in, you'll be able to manage your account and make transactions like these:
- View and/or download account statements
- Review your transaction history
- Transfer funds between accounts
- Pay bills – even set up future and/or recurring bill payments
- Deposit cheques
- Set up alerts and notifications
- Apply for new banking products
- Order cheques
How to set up online banking
Individual banks have their own steps and guidelines for enrolling with online banking but there are some consistencies, like needing your bank account and/or debit card number, name and date of birth, and contact info.
With your current bank
Here's a look at the steps usually required to set up online banking with your current bank:
- Visit your bank's website and click the "Sign in" or "Log in" button on the home page
- Find and click the option titled "Register" or something similar
- Follow the instructions, which will likely include entering your bank card/account details and contact information
- Create a unique and secure username and password
- Create specific security questions and answers to confirm your identity in case you ever forget this login info
- Read and agree to the terms and conditions and/or electronic access agreement
With a new bank
A few extra steps are required to open a new account and sign up for online banking with a new bank, particularly related to your personal information. You can expect the process to look like this:
- Navigate to your chosen bank's home page and click the "Open an account" or "Apply" button
- Enter the required information (name, birth date, address, etc.)
- Verify your identity as required – this could mean uploading a photo of your ID or visiting a bank branch in person
- Read and agree to the user agreement
- Create a strong username and password
- Create distinctive security questions and answers to use in the event that you forget your login details
- Read and agree to the terms and conditions and/or electronic access agreement
How to set up mobile banking
Setting yourself up for mobile banking isn't difficult, but you'll need to follow these steps to register and set up your mobile banking:
- You may have to first log into your online banking account and indicate that you want to activate mobile banking – it could be a checkbox or you may be sent an email that requires an email confirmation
- Search for and confirm that your bank has a mobile app, then download it onto your smartphone or tablet
- Select the "Register" or "Sign up" option on the opening screen
- Follow the prompts to enter your name, bank account/debit card number, and any other required info
- You'll likely be sent a verification code via email or text message and will need to enter this code into the app
- Choose a strong and secure password, as well as security questions in case you forget your login info
Once you've registered, take time to browse through the app and familiarize yourself with the various features and tools available.
Here are a few examples of the features you may have access to:
- Various notifications (low account balance, payment reminders, etc.)
- Mobile cheque deposit
- Sending Interac e-Transfers
- Budgeting tools
- ATM Locator
Is online banking secure?
Completing transactions via online banking offers the same level of security as visiting a physical branch location to accomplish these tasks. Most banks implement policies, protocols, and safety features to ensure that your money and information remain private and secure.
Here are some security features that help keep your online banking activities safe:
- Text and/or email alerts announcing suspicious activity on your account
- 2-factor or multi-factor authentication logins
- Encryption
- Firewalls and cookies
- Optional security software
How to avoid online banking scams
You can also take steps to protect your own online banking information, like changing your password often, not opening suspicious emails, etc.
Here are a few more tips on how you can avoid online banking scams and keep your information secure:
- Lock all of your computers and mobile devices with passwords and/or PINs
- Install firewalls and antivirus software
- Update your apps and software regularly
- Don't use public Wi-Fi or computers to log into your online banking account
- Don't respond to suspicious messages or emails, particularly those with links included
- Regularly review your transactions and check for suspicious activity
- Use a password manager to generate and remember your passwords
- Create different passwords for each of your financial accounts
- Never share your PIN or answers to your security questions with anyone
Make sure you have the right bank account for your needs
Some institutions have better online banking and mobile banking services than others, and if you find that yours isn't quite up to snuff, it might be time to consider switching banks. You need an account with features that are worth the fees you pay, and that includes online banking.
Best online bank accounts
Here's a look at a few of the top chequing and savings accounts in Canada right now, along with some of their most important features:
| Account name | Details | Mobile app ratings |
|---|---|---|
| KOHO Earn Interest | * Unlimited transactions * Earn up to 3.5% interest * Earn up to 5% cash back on spending * Comes with a prepaid Mastercard * Valuable budgeting features available in the app | * Apple App Store: 4.8 stars * Google Play Store: 4.6 stars |
| Tangerine Savings Account | * No monthly fees * Earn up to 0.3% interest * Valuable 4.5% promo interest rate * Automatic Savings Program feature * Online-only bank conveniences | * Apple App Store: 4.7 stars * Google Play Store: 4.4 stars |
| Simplii No Fee Chequing Account | * No monthly fees * Unlimited transactions * Free international money transfers * Online-only bank conveniences * Generous welcome and referral bonuses | * Apple App Store: 4.1 stars * Google Play Store: 3.9 stars |
| Scotiabank Ultimate Package | * $30.95 per month * Unlimited transactions * 1 book of 100 cheques free each year * Exclusive rates and fee rebates for other Scotiabank accounts * Earn Scene+ points on debit transactions * Generous welcome offer + $100 GeniusCash bonus for new account holders | * Apple App Store: 4.7 stars * Google Play Store: 4.6 stars |
| CIBC Smart Account | * $16.95 per month * Unlimited transactions * Lower monthly fee if you make less than 12 transactions * Discounts for seniors * Save on gas with Journie Rewards | * Apple App Store: 4.3 stars * Google Play Store: 3.1 stars |
| Coast Capital Elevate Chequing Account | * $16.95 per month * Unlimited transactions * 50 free cheques each year * Free identity theft protection * Free access to Coursera * $125 GeniusCash bonus for new account holders | * Apple App Store: 4.4 stars * Google Play Store: 3.5 stars |
FAQ
What information do I need to set up online banking?
Setting this up requires offering personal information such as your name, birth date, and contact information, plus your bank account number(s) and debit card number. You'll also need to create a strong password for login purposes.
Can you set up online banking without going to the bank?
You usually don't have to go to a bank to set up online banking. Some banks require you to visit a branch to verify your identity if you’re opening a new account, but they may allow you to upload a photo of your government ID instead.
Is it safe to set up online banking?
Yes, setting up and using online banking is safe. Banks implement many policies and procedures to ensure your online security and you can take extra safety precautions, such as installing antivirus software, using a password manager, etc.
How can I set up my RBC online banking?
Visit the RBC website and click "Enrol in online banking" and follow the prompts from there. You'll need your RBC Client Card, credit card, or bank account number handy, and your personal contact information will be required.
How can I set up online banking with TD?
Visit the TD Bank website, hover over the "Login" option on the top right-hand corner, and select "EasyWeb." You'll see a button on the right that says "Register online now," and you can follow the prompts from there.
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