It's a virtual bank which doesn't have any branch here (one or two in Toronto). You can do online banking and connect their account with one of your account with major bank like Royal or CIBC, which then you can use to withdraw money from bank machine. That's why their cost is low and rate is better. Go to their website and you can find more information. My feeling is that if you have some money which you won't use in the near future and you don't want to risk them in the stock market. Then ING or president choice could be places to go as they offer better saving rate than other major banks (ING 3% and PC is 2.75%).