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If you’re thinking about switching banks, neobanks are worth a look. Here’s what neobanks in Canada are like.
Neobanks are fintech (financial technology) companies that provide services similar to those provided by traditional banks. Because they are not regulated under Canada’s Bank Act, they are not true banks.
Most neobanks offer a limited range of services, are digital-only and emphasize low fees and friendly service. Examples include Neo Financial, EQ Bank, Simplii Financial, Wealthsimple, KOHO and STACK.
Example: “Because neobanks are not members of the Canada Deposit Insurance Corporation (CDIC), most partner with traditional banks to provide customers with deposit insurance. For instance, KOHO holds customers’ deposits at Peoples Trust Company, a federally regulated bank.”
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