Neobanks are a great alternative to traditional banks as they offer many advantages over them. Learn about the top neobanks in offering services in Canada and about their offerings namely KOHO and EQ Bank.
Neobanks are banks without a banking license and physical branches. The top Neobanks in Canada are KOHO and EQ Bank.
Neobanks are a new concept in Canada. These are Fully online digital financial institutions which provide various services related to banking without the presence of physical bank branches. Also called virtual banks, they are only operational through their websites and mobile applications. A new bank is not a properly registered bank with a banking licence, they partner with traditional and large financial institutions such as major banks to provide their services to users via online space.
Cashback and Rewards: KOHO app offers users cashback rewards when they make purchases using their Cohu card. They can on various rewards and cash bags when shopping for groceries, transportation and even dining out.
Budgeting Tools: their app includes features that assist its users in budget tracking, and also allow them to gain insights into their spending habits. This allows them to keep a check on overspending habits.
Digital Payments: EQ bank allows its users to use various digital payment options such as Interac E-Transfer and also allows them to make bill payments through their accounts.
Security: All the funds deposited in EQ bank are protected by Canada Deposit Insurance Corporation (CDIC) for amounts up to $100,000.
Hence, KOHO and EQ Bank are the top contenders in the list of tending Neobanks in Canada. An individual can open an account in a neobank by visiting their website and by placing a request for account opening. Have you tried opening an account with a neobank? How wsa your experience? Any other Neobank, you wish to add to this list of top Neobanks in Canada.