Can I trust an online-only bank?
Certainly! Online banking has come a long way since the early days of the internet, which means that it is now more risk-free than ever.
Similar to the way that your payments are protected in a traditional bank in the case of a security breach, your money is equally safe in a digital bank. This is because online banks are associated with the Canada Deposit Insurance Corporation (CDIC), which ensures the funds of Canadians up to $100,000 per person.