Knowing your Bank: Citizens Bank of Canada

Banknerd.ca is going to start a series about banks in Canada. This series that will consist of banks you may already know about and some you have not but should know about. Today, I will talk about the Citizens Bank of Canada.Citizens Bank of Canada is a national, online bank; it has no shareholders, no fees and no branch network to support. It is a British Columbia, Canada based virtual bank owned by Vancity. You might wonder how a virtual bank guarantees that your money is safe and secure. Well all your deposits are protected by the Canada Deposit Insurance Corporation.

A bit of history before I get into what Citizens Bank of Canada offers; Citizens bank was formed by Vancity in 1997 to take the largest credit union in Canada beyond the borders of British Columbia. As of today Citizens bank currently operates three boutiques where you can find out more information and apply for the bank’s product. For members you can complete more complex transactions in person as well. The three boutiques are located in Calgary, Vancouver and Toronto.

What are the products being offered?

The products offered include a No-Fee Global Chequing Account where there are absolutely no fees; your daily banking needs are free, and there are no Citizens Banks ATM withdrawal fees worldwide. There is an Ultimate Savings Account where you have a great interest rate of 1.85% which is among the highest interest rates offered in Canada.

Citizen Bank of Canada offers two methods in which you can help with your spending and your money. Citizen Bank of Canada’s Shared World Term Deposit where your investment dollars provide affordable credit to people in the world’s poorest communities; you are able to help with any amount of money and your interest rates are guaranteed for the length of term you choose. The second method is the Oxfam and Amnesty International Visa; Citizens Bank donates $20 when you sign up and $0.10 to these worthy organizations every time your Visa card is used.

Citizen Bank of Canada has great service; you can reach them 24/7 on the web, or the phone through their National Contact Centre. There are over 2,800 ATMs where your money can be accessed without any fees. Citizen Bank of Canada is backed by an Online Banking Security Guarantee that keeps your money safe from online fraud.

I know I find myself out when I need to withdraw money from an ATM but can never find one that is part of my bank, always having to pay the withdrawal fees. After hearing about Citizen Bank of Canada I signed up for their Global Chequing Account; I can withdraw money without any fees to worry about and can continue my night knowing that my money will be going to better expenses. Take a look at what Citizen Bank of Canada offers, who knows you might find yourself wanting to sign up as well.

Continuing Series:

Knowing Your Banks: Royal Bank of Canada

Knowing Your Banks: Toronto-Dominion Bank

Knowing Your Banks: Bank of Nova Scotia

Knowing Your Banks: Bank of Montreal

Knowing Your Banks: Canadian Imperial Bank of Commerce

Knowing Your Banks: National Bank of Canada

Knowing Your Banks: Citizens Bank of Canada

Knowing Your Banks: Canadian Western Bank

Knowing Your Banks: “The Big Six”

Knowing Your Banks: HSBC Bank Canada

Knowing Your Banks: Desjardin Group