Wyth Financial Review
Wyth Financial Review Rating: 4.3/5
The reasons why so many Canadians are turning to online banks are multiple and obvious.
For me, it’s the high-interest rate on savings, zero monthly fees, zero minimum balance and convenience that made me switch from a traditional bank to an online bank.
Perhaps you’re looking to invest or buy your mortgage through a bank. Regardless of your reasons, an online-only bank is the way to go.
Interestingly, online-only banks continue to dominate the Canadian banking industry as traditional banks become optional for conservatives and individuals with special situations.
The challenge is, as online banks continue to become popular, Canadians struggle to determine the best ones among them.
Thus, it’s not surprising if you’re wondering whether Wyth Financial is the best online bank for you.
In this Wyth Financial review, I explore the products, features and pros and cons of the online bank and provide an overall rating based on how they compare with other online banks in Canada.
Overview of Wyth Financial
Below is a highlight of Wyth Financial as of the time of writing this review.
| Founded in | 2017 |
| Parent company | Equitable Bank |
| Headquarters | Saskatoon, Saskatchewan |
| Products | High-interest savings accounts, GICs and mortgages |
| Monthly fee | None |
| Interest on savings accounts | 2.25% |
| HISA minimum balance | None |
| AUM | $35+ billion |
| Deposit protection | CDIC |
| Availability | All parts of Canada except Québec |
| Contact | Email: [email protected] Phone: 1.800.788.6311 |
What is Wyth Financial?
Formerly Co-operative Trust, Wyth Financial is Equitable Bank’s online bank that operates as the trade name of Concentra Bank.
From individuals, credit unions, and corporate entities, to fintech companies, Wyth Financial helps Canadians save money, invest, establish a Trust, and manage properties and businesses in one place.
What sets this bank apart lies in its competitive interest on savings accounts, GICs and mortgages with no monthly fees.
But is this the perfect online bank for you? What are the advantages and disadvantages of using Wyth Financial?
Keep reading to find out!
Is Wyth Financial Safe?
Wyth Financial is one of the safest online banks in Canada because it’s managed by a Schedule I bank.
Your deposits in the bank are protected by the Canada Deposit Insurance Corporation (CDIC) with $100,000 coverage on every insured category.
In addition, Wyth uses the industry’s best practices to secure your personal information which includes bank-type encryption.
However, like other online banks, you need to employ extra measures to protect your personal information as Wyth doesn’t offer a 100% security guarantee.
Is Wyth Financial Legit?
Short answer, Yes. Wyth Financial is legit because it’s owned by Equitable Bank, one of the federally regulated Schedule I banks in Canada.
The fact that the CDIC insures deposits on Wyth Financial also points to the legitimacy of the company.
With competitive financial products and over $35 billion in assets under management, you can be sure that you’re dealing with a legitimate online bank.
Wyth Financial Products
What are the financial products of Wyth Financial? This is the first question you need to ask when determining if the bank is perfect for your needs.
Compared to other online banks, Wyth has average financial products as it offers only a high-interest savings account, GICs and mortgages.
Let’s go over each of the products of Wyth Financial.
1. Wyth HISA
Wyth HISA offers 2.25% interest, making it one of the best high-interest savings accounts in Canada.
Unlike other HISAs in Canada, Wyth’s high-interest savings account doesn’t require a minimum balance, monthly fees and deposit fees.
The Wyth high-interest savings account is a hybrid of savings and chequing accounts as you can make mobile cheque deposits through the Wyth mobile app.
The major drawback of Wyth HISA is that it has a maximum limit of $150,000, which may not be suitable for high net worth individuals.
That said, the CDIC insures up to $100,000 on your Wyth Financial savings account.
2. Wyth GICs
Wyth GICs are tailored to individuals looking to earn consistent interest on their savings. Due to inflation, regular savings account interest can fluctuate at any time, limiting your target earnings.
But with a GIC account, your interest will be locked-in throughout the term you invested. This gives you peace of mind by having a guarantee of interest earnings.
Wyth allows you to save from a minimum of $1,000 to a maximum of $150,000 in a 1-year to 5-year GIC term. Registered plans have different minimums ranging from $500 to $1000.
Unlike other GICs, the Wyth GIC accounts are eligible for RRSP, RRIF, RDSP, TFSA and RESP registered accounts.
That said, the Wyth GIC accounts are non-redeemable. This means you can’t withdraw from the account until it reaches maturity.
However, Wyth may allow you to withdraw from the account if you have a special situation. Although this may attract penalties in the form of interest and fees.
Moreover, the CDIC also insures your Wyth GIC account up to $100,000. So if you have a Wyth HISA and GIC account, you will get a total of $200,000 coverage.
Wyth Financial GIC Rates
Wyth non-registered GICs are no longer available. Below are the Wyth Financial registered GIC rates.
| Term | Rate |
| 1-year | 5.02% |
| 18-month | 4.60% |
| 2-year | 5.07% |
| 3-year | 5.12% |
| 4-year | 5.00% |
| 5-year | 4.95% |
3. Wyth Mortgages
Wyth offers 1 to 5-year mortgages to Canadians looking to buy their first or second homes.
In addition, the bank caters to individuals looking for conventional mortgages and rental property in Canada.
What I also find interesting about this online bank is the fact that it allows you to secure a mortgage rate for up to 120 days for a first home and up to 90 days for mortgage refinancing.
With mortgage rate hold, you will know how much it will cost you to buy or refinance a mortgage through Wyth, helping you make a cost-effective decision.
Wyth Financial Mortgage Rates
Wyth doesn’t longer accept new mortgage applications following it’s acquisition by Equitable Bank. The following were the Wyth Financial’s mortgage rates before its acquisition.
| Closed Term | Rate |
| 1-year | 5.29% |
| 2-year | 5.09% |
| 3-year | 5.17% |
| 5-year | 5.27% (4.17% for variable term) |
Compared to other mortgage rates out there, it’s obvious that Wyth had some of the competitive mortgage rates in Canada.
Major Update
Following the acquisition of Wyth Financial and Concentra Bank by Equitable Bank, Wyth is no longer receiving new applicants for its HISA, GICs and mortgages. New applicants are directed to EQ Bank.
READ ALSO: Tangerine Mortgage Preapproval Alternatives
Wyth Financial Fees
While Wyth doesn’t have monthly fees, and deposit fees, below are some of its fee schedules for HISA, GICs, and mortgages.
| Service | Fee |
| Interac e-Transfers withdrawals | 1 free withdrawal per month. $1.50 per transaction after |
| Bank draft | $50 |
| Non-sufficient funds (NSF) | $50 |
| Personal information request | $25 |
| Duplicate tax slips request | $25 |
| Transactional research | $150 per hour |
| Mortgage enrollment | $100 |
| Mortgage appraisal | $200 – $500 |
| Account inactivity | None |
Pros of Wyth Financial
Based on the above Wyth Financial review, it’s obvious to see the following pros of the bank.
- No account minimum on HISA: This means that you can join Wyth Financial regardless of your income level and earn its high interest on HISA.
- Competitive interest: From high-interest savings accounts, high-interest on GICs to competitive mortgage rates, the bank has some of the competitive interest in Canada.
- Low fees: Even though Wyth has withdrawal fees, you can save hundreds of dollars from monthly fees and deposit fees.
- Mobile cheque deposit on HISA: Wyth HISA supports mobile cheque deposits through the Wyth app. This helps you access the features of a regular savings and chequing account.
- CDIC coverage: The CDIC insures deposits on Wyth up to $100 per deposit category. This reduces your risk should Wyth run out of business in the future.
Cons of Wyth Financial
Below are the cons of Wyth Financial you need to know before making a final decision.
- Limited financial products: Wyth has limited financial products as it only supports HISA, GICs and mortgages at the moment.
- Low account limit: $150,000 is the maximum account limit of Wyth Financial’s high-interest savings account and GICs. If you want to save beyond this limit, you have to look elsewhere.
Is Wyth Financial Canada For You?
So far, I have explained what Wyth Financial Canada entails plus its pros and cons. Based on the above review, it’s safe to say that Wyth Financial is more suitable for:
- Individuals looking for high interest on savings and GIC accounts.
- Canadians looking for competitive mortgage rates.
- Credit unions, corporate entities and Fintech companies looking to build and manage their businesses
If you fall under any of the above categories, Wyth Financial Canada might be perfect for you.
My Wyth Financial Review Rating
I rate Wyth Financial 4.3 out of 5 stars based on comparative analysis and the total rating of the following features.
- Financial products: ⭐⭐⭐
- Interest rates: ⭐⭐⭐⭐⭐
- Fees: ⭐⭐⭐
- Customer support: ⭐⭐⭐⭐
- Deposit protection: ⭐⭐⭐⭐⭐
- Accessibility: ⭐⭐⭐⭐
- Overall rating: ⭐⭐⭐⭐
As a result, my Wyth Financial review is positive and recommendable to Canadians looking for competitive interest on savings, GICs and mortgages.
Wyth Bank Reviews
Don’t take it from me. Here are other Wyth Bank reviews based on real-life customer experience.
“A bit better than Neo (1.30%) and EQ (1.25%) of the other “non promo rate” offerings I see out there currently.” (Anonymous).
“I just signed up… Seems legit and their customer service is pretty fast at responding.” (Anonymous).
“One big red flag: In order to link an external account they require login credentials to that account” (Anonymous).
The bottom line of the above Wyth Bank reviews is that the bank is competitive in its offerings and you can’t make the wrong choice with it.
How to Open a Wyth Financial Account
Wyth Financial doesn’t longer receive new applicants on all its products. This was parts of the changes that result from the acquisition of the bank by Equitable Bank.
As a result, Wyth Financial now recommends potential clients to EQ Bank, one of the online banking divisions of Equitable Bank.
Before now, you must meet the following requirements to open a Wyth Financial account.
- Be a Canadian resident (except Québec)
- Have a Social Insurance Number (SIN)
- Have a provincial driver’s licence, a valid email address and a phone number
- Reach the age of majority in your province or territory
The application process involved creating your login details, providing your personal information and selecting your preferred account. That was then!
Wyth Financial Alternatives
Below we shall be looking at how Wyth Financial compared with Saven Financial, Neo Financial and EQ Bank as of January 5, 2024:
Let’s get started!
1. Saven Financial
| Products | High-interest savings accounts, TFSAs, FHSA, and GICs |
| Monthly fee | None |
| Interest on savings account | 4.15% on HISAs and TFSAs and 6.00% on FHSAs |
| HISA minimum balance | None |
| Deposit protection | Financial Services Regulatory Authority of Ontario (FSRA) |
| Mobile cheque deposit | Yes |
Saven Financial is a fintech company operating as the digital credit union of FirstOntario Credit Union, one of the leading credit unions in the province of Alberta.
Saven is relatively new, having been launched in 2022. Nevertheless, it competes significantly with some of the oldest credit unions and online banks in Canada.
Currently, Saven offers HISA and GIC accounts, both of which come with competitive interest rates that you can’t easily find elsewhere.
As a credit union, Saven requires a membership fee of $25 from new members. However, it doesn’t have monthly fees, deposit fees and withdrawal fees.
The major drawback of Saven Financial is that it has limited financial products and it’s only available for Ontario residents at the moment.
Learn more about Saven Financial.
2. Neo Financial
| Products | High-interest savings accounts, credit cards, mortgages, and investment platform |
| Monthly fee | None |
| Interest on savings account | 4.00% |
| HISA minimum balance | None |
| Deposit protection | CDIC |
| Mobile cheque deposit | None |
Neo Financial doesn’t need an introduction to the world of online banking in Canada due to its high-interest savings accounts and cashback credit cards.
Even though Neo was launched in 2020, it has competitive rates that outshine some of the oldest online banks in Canada.
Interestingly, the Neo high-interest savings account earns you 4.00% interest and its credit card earns you up to 5% cashback at partner stores.
Notwithstanding Neo limited accounts, it may be your best option if you’re looking for an online bank for spending and savings.
Learn more about Neo Financial.
3. EQ Bank
| Products | High-interest savings account, US Dollar account, prepaid card, FHSA, TFSA, RSP and GIC accounts |
| Monthly fee | None |
| Interest on savings account | 3.00% |
| HISA minimum balance | None |
| Deposit protection | CDIC |
| Mobile cheque deposit | Yes |
Finally, EQ Bank could be your Wyth alternative especially if you’re looking for an online bank with more financial products.
The bank is owned by Equitable Bank which recently acquired Wyth Financial and Concentra Bank.
That said, one obvious fact about EQ Bank is that it has been among the leading online banks in Canada since its inception in 2016.
Despite having competitive savings rates, EQ Bank also beats Wyth Financial in terms of multiple financial products.
Notably, the EQ Bank savings account shared similar features with the Wyth savings account which include:
- No minimum balance
- No monthly fee
- Mobile cheque deposit
- Free deposit
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Are you confused about which to choose between Wyth Financial vs Neo Financial vs EQ Bank? Click here to learn how to choose the best online bank in Canada for your needs.
Final Thoughts on Wyth Financial Review
That brings us to the end of this Wyth Financial review. As mentioned above, my review is positive and recommendable.
The bottom line is that you can’t make the wrong with Wyth Financial so far it suits your banking needs.
But to make a cost-effective decision, it’s essential you understand how Wyth Financial compares with other online banks such as the ones discussed above.
Is Wyth Financial perfect for you? Please let me know your stance in the comment section.
Major Update
Following the acquisition of Wyth Financial and Concentra Bank by Equitable Bank, Wyth is no longer receiving new applicants for its HISA, GICs and mortgages. New applicants are directed to EQ Bank.
FAQs on Wyth Financial Review
Is Wyth a bank?
Sure! Wyth is currently one of Canada’s best online banks because of its competitive interest and low-cost solutions for savings, GICs, and mortgages.
Who owns Wyth Bank?
Wyth Bank is now owned by Equitable Bank. However, Wyth Financial still operates as the trade name of Concentra Bank.
Who bought Wyth Financial?
Equitable Bank, one of Canada’s largest Schedule I banks bought Wyth Financial and Concentra Bank.
How can I close my Wyth Bank account?
Send an account closing request to a Wyth representative by email at [email protected] or call 1.800.788.6311 (toll-free) between 8:00 AM– 6:30 PM (EST, Monday-Friday).
How to contact Wyth Financial?
You can contact Wyth Financial by phone at 1.800.788.6311 (toll-free) from 8:00 AM – 6:30 PM (EST, Monday-Friday) or email them at [email protected].
Also, you can visit any of the Wyth corporate offices (in Saskatoon, Regina or Toronto) or contact them through their web portal.
Is Wyth Financial closing?
Wyth Financial closed because of its merger with EQ Bank, following its acquisition by Equitable Bank in 2022.
Have more questions about this Wyth Financial review? Drop them in the comment section and I will be available to respond as soon as possible.
Wyth Financial Review
Summary
Wyth Financial is recommendable to Canadians looking for competitive interest on savings, GICs and mortgages.
