Canada has one of the best banking environments in North America and the country’s major banks favor substantial funding and consumer lending policies. The country is also home to some of the biggest banks in the world and you’re likely to be spoilt for choice in your quest to settle with one. Here are some tips to help you choose the best bank in Canada.
Determine your ideal account type.
Banks worldwide specialize in specific markets to help attract specific customers, so clearly stating your need can be a great first step in finding the best bank. Getting the best bank in Canada can start by identifying the account type you seek to open with your bank. You can opt for checking, savings, money market, or certificates of deposit accounts based on your financial goals.
Big banks like Scotia, based on significant history and legacy, can afford account holders for options with high-yield checking account offers. Some banks also have specific products that ensure optimum results from your savings culture. Assessing investment banks on the Canadian market can also be a great way to access several investing options tailored to your personal goals. Therefore, reaching the market to find banks that best fit your needs can be the best way to
Review transaction charges.
Banks charge differently for their services and staying with a high-rate charging bank while your friends enjoy minimal charges for transactions might not be the best way to go. Therefore, it pays to review bank charges before making your final decision. Generally, digital banks may charge lesser for transactions than brick and mortar traditional banks, which often charge customers based on operational costs, overdraft fees, etc. So, knowing the determining factors for banks rates can help.
Check for digital offerings and ease of use.
Many bank users continue to favor digital banking because of the convenience. Canada, for instance, is a great place to enjoy online banking as the country has the best internet environment globally, with a smartphone proliferation rate near 93 percent. These characteristics give fintechs the room to reach more people with their services. Some fintechs also specialize in specific categories like digital banking, online investments so they can appeal more to a selected target market.
There may be differences in scope between competitors on the market. Some may focus on the local market specializing in internal transfers whilst other digital banks table favorable terms and conditions for international wire transfers. Knowing where you stand based on your financial goals can be a great way to settle on your best choice.
Assess security track record.
Beyond all the convenience, customers expect their banks to be secure physically and financially. As a bank user, the worst thing that can happen is your bank folding due to bankruptcy and corrupt practices. It pays to opt for Canadian banks that comply with the government’s market capitalization standards and the central bank does a great job of publishing financial institutions permitted to operate in Canada. So, a quick check for your bank’s name can never be a miss.
Also, note that banks continually seek to strengthen their cyberspace to save customers from fraudulent transactions in today’s digital world. Some banks have been victims of multiple online threats in recent years, so if you’re opting for digital banking, ensure your bank has appropriate cyber-secure measures. You can avoid banks with a track record of multiple data breach attempts, but if you must bank with them, ensure to assess the bank’s current systems to determine if they are any better.
Think about customer service.
Banks that prioritize customer service can be helpful for your financial journey. Some only treat it as an afterthought. So, take notes of how fast they respond to your queries and the due diligence followed in pitching you to new offers. Those little things can make your stay with your bank a fruitful one.
We do hope these tips will assist with your search for the best banks in Canada.