Best Banks in Canada 2021 (Top 3)

Check out 2021's best bank accounts in Canada. See the top 3 banks and here what a good bank account is in 2021. For the quick list, check the description. Subscribe if you haven't already!

What makes a "good bank account"? This was the topic of my honours thesis at university. Here's a summary of what the research says people under 40 want from a bank:
 
• Internet banking facilities
• Overall low or no monthly service charges/fees
• Convenient ATM locations
• Bank's reputation regarding safety and image
• Good customer service
 
Everyone's needs are slightly different, and I can't tell you which ATM locations are the most convenient for you. I can walk you through how I chose my bank account and which options I would seriously consider in 2021.
 
Let's talk about what you need in a bank in 2021:
 
• No monthly banking fees and no hidden fees, forever. Not for students or youth. Barriers to exit.
• No minimum balances. Did you know how much a minimum balance costs you?
• Unlimited transaction and e-transfers. You should never have to think about how many times you spend money; that's dumb.
• ATM network size
• Full service
 
With the list above, I spent days looking at each financial institution in Canada to get you the best accounts available in 2021.
 
1. Top pick - Tangerine
 
Tangerine meets all of our goals with no compromises. No monthly fees, no minimums, unlimited e-transfers, and every Scotiabank ATM are free to use. They offer other products and services that don't suck.
 
The downside is they don't have physical branches, which in my opinion, is a plus. I never want to go into a bank, especially in 2021. Other banks require you to come in in-person to complete certain transactions.
 
A cool bonus is "Money Rules," which lets you set interesting ways to manage your accounts. For example, I have a money rule that keeps my chequing account balance over $30 at all times. You can also automatically set aside a percent of your paycheque or save money when your favourite sports team wins.
 
This is my overall best pick for most people. Be aware they do not offer a way to order foreign currency; this is the only gap in their services I've found.
 
2. Alternative online bank - Simplii
 
Simplii bank is much like Tangerine. No fees on accounts, unlimited transactions, e-transfers, and CIBC's network of ATMs.
 
Where they differ is Simplii offers more options for international banking. They offer Global Money transfers to over 90 countries and let you order foreign currency right to your home. For international students, they offer the best overall package I've seen yet. The GIC program they offer is a great value add for getting a study permit. They even let international students get a credit card with no credit cheque required.
 
Tangerine is still the better overall value, in my opinion. Nevertheless, if international banking is crucial to you, Simplii is my recommendation. 
 
3. Physical location vital - local credit union
 
That's right, I looked through all of Canada's big five banks and was disgusted at what they offered. Each limited transactions had high monthly fees with high minimum balances to waive, threw in hidden fees everywhere, and some even had prices for talking to tellers in person!
 
Each of Canada's big 5 offered no-fee banking to students and youth, designed, so your bank at the same place as your parents. It's clear to see that their goal is to bring you in young, offer you as many products and serves as they can, so when you turn 25, the thought of switching is more painful than the monthly fee.
  
Credit Union
 
Credit unions are local by nature, so I can not recommend anyone for Canada. If you don't know what a Credit Union is, he's a quick explanation. Credit Unions are owned by their members. Each member gets a share of the credit union and has a say in voting the board of directors every year.
 
If you must have a bank with a physical location, research your local credit union options and find one with no monthly fees or minimums, unlimited transactions, and e-transfers. Credit Unions by design work for you and give back to the community they are apart of. All credit unions in Canada share an ATM network. As a member, you actually get the best ATM coverage across Canada; any credit union is free for you to use.
 
Thank you for watching my video. As a small channel, every view counts, and it means a lot that you managed to the end. I would be grateful if you subscribed or commented down below. Both help the YouTube algorithm recommend my channel to more people. My goal is to raise financial literacy levels in Canada through AUTOMATION and EDUCATION. I post videos every Monday and Friday. See you Friday!

Видео Best Banks in Canada 2021 (Top 3) канала Jason Greaves - Financial Snowball