Wealth One Bank of Canada is a Schedule I bank that provides online banking services to Canadians and face-to-face banking through their retail branches in Ontario and British Columbia. While the bank is open to all residents of Canada, it’s vision is to become a “preferred bank for the Chinese Community in Canada.”
Wealth One Bank of Canada is regulated by the Office of the Superintendent of Financial Institutions (OSFI). For 2019, the bank made it to my list of the best savings accounts in Canada.
Wealth One Bank of Canada Accounts
Wealth One offers a variety of personal and business banking products and services including:
1. WealthONE High-Interest Savings Account: This account offers:
- 2.30% savings rate
- No monthly fees
- No minimum balance requirement
- Unlimited transactions including ten free bill payment transactions per month
- Automatic savings program
- Eligibility for TFSAs and RRSPs
- Deposit insurance by CDIC
2. WealthONE Residential Mortgages: They offer both fixed and variable rate mortgages.
- Competitive fixed rates (1-5 years) and variable rates (3-5 years)
- Up to 30 years amortization
- Flexible payment plans including penalty-free prepayment options
3. WealthONE GICs: The bank has a variety of GIC products with up to a 5-year fixed term.
- Up to 3.10% for regular non-redeemable GICs and up to 4.20% for their 3-year Escalator GIC (average 3.30% yield)
- A minimum deposit of $1,000
- Eligible for TFSA and RRSP accounts
- Deposits are eligible for CDIC insurance
1. WealthONE High-Interest Business Savings Account:
- 1.25% savings rate
- $1,000 minimum deposit
- Automatic savings plan
- Free transfers to linked external accounts and up to 10 online bill payments per month
2. WealthONE Commercial Mortgage: Starting at $500,000.
3. WealthONE Business GICs: 1-5 year non-redeemable GICs with rates up to 2.65%. Interest is paid annually or at maturity.
How To Open a WealthONE Bank of Canada Account
There are three ways to open a Wealth One account. You can fill out the online application here for personal accounts or mail them at [email protected] for business accounts. Alternatively, you can open an account by calling them at 1-866-392-1088 or visit one of their three locations in North York, Markham, or Vancouver.
You will need to provide your basic personal info, social insurance number, and employment details. You must also be 19 years or older and a resident of Canada.
Related: The Best GIC Rates in Canada
WealthONE Bank of Canada Fees
Here are the fees for their savings and investment products as of May 15, 2019.
Is WealthONE Safe?
Wealth One Bank of Canada is a member of the Canada Deposit Insurance Corporation. This means that your deposit in savings accounts (including TFSA and RRSP) and GICs with terms of 5 years or less are protected up to $100,000.
High-Interest Savings Accounts in Canada
Online-only banks and credit unions currently offer the best savings rates that are available in Canada. If you are looking to put your money in an account that potentially beats inflation, you can check out:
- EQ Bank: 2.30% (standard rate)
- Tangerine: 2.75% (6-month promo rate)
- Wealth One Bank of Canada: 2.30%
- Oaken Financial: 2.30%
- Alterna Bank: 2.25%
- Credit Unions
Is Wealth One Canada For You?
Digital banks have their pros and cons. Savers like them for their high-interest savings rates and no-monthly-fee general banking. On the flip side, if you conduct transactions that are easier done face-to-face, having to call or navigate an online website for answers can be annoying.
Wealth One Bank of Canada has some branches in Ontario and Vancouver which means those living in these places can go to a branch to get assistance. Canadians of Chinese origin/background may find the bank particularly appealing given the focus they give to the Chinese Canadian community.
One downside to Wealth One is a lack of a chequing account, credit card, or more robust investment options. This makes it difficult to consider them as a one-stop shop for all your banking needs.
Wealth One Bank of Canada Review
Wealth One Bank of Canada is a Schedule I bank that provides online banking services to Canadians and face-to-face banking through their retail branches in Ontario and British Columbia.