From the Big Six to the newest online banks, our team cuts through the sales pitches to find you the highest rate, lowest fee accounts from the best banks, credit unions and online payment apps to help you save money, earn more interest and transfer money quickly and easily to family and friends.
If you prefer no-fee online banking and are tired of chasing the highest promotional rate from bank to bank, we recommend EQ Bank and their Savings Plus or Joint Savings account. As long as you don’t mind the occasional extended downtime and don’t mind doing all your banking online.
If you’re saving up for short term goals and won’t need the money for a while, we recommend Motive Financial and their Savvy Savings Account. As long as you don’t mind waiting for your account to activate and don’t plan on using your account everyday.
An institution number is a unique 3-digit code that is used to identify a particular bank or financial institution and route electronic transactions to and from it. Here are the numbers for each bank in Canada.
Your transit number is the 5 digit number at the bottom of your cheques. You can also see it by logging in to your online account or with these other methods.
In Canada, the routing number for electronic fund transfers (EFT) such as direct deposit from employers, pre-authorized debit (PAD), bill payments, and wire transfers is made up of a leading zero, followed by your 3 digit institution number and 5 digit transit number.