How to Set Up Online Banking in Canada

Online banking, sometimes known as digital banking, allows you to conduct banking transactions using your financial institution’s website or mobile app.

More than two thirds of Canadians who have financial accounts (69%) say one of the most important bank services/features to them is online access, according to a survey conducted online by The Harris Poll on behalf of NerdWallet from September 3-6, 2024 among 1,030 Canadian adults ages 18 and older.

By following a few best practices for online banking, you can set up your online account and start reaping the benefits without worrying about visiting the branch during specific business hours.

How to set up online banking as an existing client

Setting up online banking is typically straightforward. If you’re an existing client of a Canadian bank or credit union and have your banking details, the setup process should take only a few minutes. To start:

Use a secure internet connection to visit your financial institution’s website on a computer, tablet or smartphone.
Look for a “Sign in” or “Log in” prompt on the homepage of the bank’s website, where you may also see an option that says “Enroll,” “Register” or “Sign up for online banking.” Click the sign-up option and follow the steps.
Enter your contact information and bank card details to establish your identity. At this point, make sure you have access to a phone or email account to receive an activation code, which you will enter in the appropriate box on the sign-up form.
Create a username and password. You may also need to answer or create some security questions for additional protection.
Lastly, read and agree to the bank’s electronic access agreement.

Note that you can get help from a bank representative to set up your online bank account, either over the phone or in person at your local branch.

How to set up online banking as a new client

The online banking setup process may look slightly different if you’re opening your first account online.

Once you’ve chosen a financial institution where you’d like to open an account, go to the bank’s website and look for a prompt to “Open an account” or “Apply.” Click the button and enter your name, address and other contact information.
Verify your identity. Many banks, especially online-only banks, allow you to do this by taking a photo of your government-issued ID and uploading it to their website. However, some banks may require you to visit a branch with the original ID (not a copy).
Complete and submit your application. Once the verification is complete, you can start using your new online banking account.

To log in to your online banking, you’ll need a secure internet connection on your device, your login ID or username and your password. The ID could be the account number on your cheques or bank card. You may also have to complete security checks, such as entering a code you receive via text or email.

Is online banking safe?

Most financial institutions have zero liability policies, cybersecurity measures, and data protection protocols in place to protect Canadians against any unauthorized transactions and to safeguard their financial information online.

Online banking often offers extra security features like having alerts sent to your phone or email for suspicious activity in your account, or the ability to put a hold on any fraudulent transactions.

However, you’re responsible for protecting your login details and password. Sharing this information with anyone, such as your spouse or child, may put you at risk of losing your bank’s protection, potentially making you responsible for any unauthorized transactions.

🤓 Nerdy Tip: Many Canadian banks are members of the Canada Deposit Insurance Corporation (CDIC), which insures most deposits up to $100,000 in case your financial institution fails. If your bank is a CDIC member, your money is protected whether you bank online or in person.

Safest ways to bank online

Online banking is safe when used properly. While protecting your personal information is an important step, you can take other actions to avoid potential scams and hackers. Here are some tips:

Don’t use public Wi-Fi or public computers for online banking.
Make sure to use a strong password that cannot be easily guessed.
Use different passwords for different financial accounts. Your banking password should be different from your other online passwords. Avoid using common info that can be easily found online, such as your pet’s name, as part of your password.
Don’t allow your mobile device or computer to remember your password. Take the time to enter your login information manually each time you log in.
Don’t send personal information to your financial institution by email.
Don’t click links or respond to any suspicious messages that seem to come from your bank. When in doubt, contact your bank directly.
Keep an eye on your account activity to make sure everything looks normal and there are no suspicious transactions, such as withdrawals that you didn’t authorize.

Survey Methodology

This survey was conducted online by The Harris Poll on behalf of NerdWallet from September 3-6, 2024 among 1,030 Canadian adults ages 18 and older. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within +/- 3.6 percentage points using a 95% confidence level. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact Bria Weaver at [email protected].