Lender
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Borrowell Account Review

Advertiser Disclosure

Borrowell's online bank account offers Canadians a convenient and accessible way to manage their finances. With a seamless sign-up process that takes just under three minutes, users can quickly gain access to a range of financial services. The platform provides free weekly Equifax credit score and report monitoring, allowing users to stay informed about their credit health without incurring any fees. Borrowell's commitment to transparency and security is evident in its use of bank-level encryption, ensuring that users' personal and financial information remains safeguarded at all times.

Furthermore, Borrowell distinguishes itself by offering personalized financial product recommendations based on users' credit profiles. Through partnerships with over 50 trusted financial institutions, including major banks like Scotiabank, BMO, and National Bank, Borrowell provides users with access to a diverse range of banking options. This approach empowers individuals to make informed decisions about their financial well-being, whether they are seeking a new chequing account, savings account, or other banking products.

Key features

  1. Free Credit Reports. Users can access their free credit scores and credit report data from credit bureaus such as Equifax on a weekly basis, providing valuable insights into their financial health.

  2. Personalized Financial Product Recommendations. Borrowell analyzes users' credit profiles and credit history to offer tailored recommendations for banking products, ensuring that individuals can find the options that best suit their needs.

  3. Bank-Level Security. Borrowell prioritizes the security of users' personal and financial information, employing 256-bit encryption to safeguard data against unauthorized access.

  4. Seamless Sign-Up Process. With a quick and easy sign-up process that takes under three minutes, users can swiftly gain access to Borrowell's online banking account.

  5. Partnership with Trusted Financial Institutions. Borrowell collaborates with over 50 reputable financial institutions, including major banks like Scotiabank, BMO, and National Bank, to offer users a diverse range of banking options.

  6. AI-Powered Credit Coach. Borrowell offers an AI-powered Credit Coach that helps users understand their credit score and provides tips for potential improvement.

How to create a Borrowell account?

  1. Visit the Borrowell Website. Begin by navigating to the Borrowell website using your preferred web browser.

  2. Click on "Sign Up". Look for the "Sign Up" button on the homepage, and click on it to initiate the registration process.

  3. Provide Personal Information. You will be prompted to enter some basic personal information, such as your email address, and password. Make sure to use a strong and secure password to protect your account.

  4. Agree to Terms and Conditions. Read through Borrowell's terms of use and privacy policy, and if you agree to them, check the box indicating your consent.

  5. Verify Your Email. After completing the registration form, you will receive an email from Borrowell with a verification link. Click on the link to verify your email address and activate your account.

Step-by-step registration

  1. Navigate to Borrowell's Website. Open your web browser and go to the Borrowell website by typing in the URL or searching for Borrowell in your preferred search engine.

  2. Locate the Sign-Up Button. On the Borrowell homepage, look for the "Sign Up" button. It's typically prominently displayed to attract new users.

  3. Fill Out the Registration Form. Click on the sign-up button to access the registration form. You'll need to provide some basic information such as your email address, and a secure password. Ensure that you use a password that is both strong and memorable.

  4. Agree to Terms of Service. Read through Borrowell's terms of service and privacy policy. If you agree to them, check the box indicating your acceptance.

  5. Submit Your Information. Once you've filled out the registration form and agreed to the terms of service, click on the "Create Account" button to proceed.

  6. Verify Your Email. Check your email inbox for a message from Borrowell. Click on the verification link provided in the email to confirm your email address and activate your account.

  7. Complete Identity Verification. In some cases, Borrowell may require additional verification steps to confirm your identity. Follow the instructions provided to complete this process.

  8. Access Your Account. Once your account is successfully activated, you can log in using your email address and password. You'll now have access to Borrowell's online banking platform, where you can view your credit score, receive personalized product recommendations, and more.

How to login in?

  1. Visit the Borrowell Website. Open your web browser and go to the Borrowell website by typing in the URL or searching for Borrowell in your preferred search engine.

  2. Locate the "Log In" Button. On the Borrowell homepage, look for the "Log In" button. It's typically located in the top right corner of the page.

  3. Enter Your Credentials. Click on the "Log In" button to access the login page. You will be prompted to enter the email address and password associated with your Borrowell account.

  4. Provide Your Email Address. In the designated field, enter the email address you used to create your Borrowell account.

  5. Enter Your Password. In the password field, type in the secure password you chose during the account creation process. Make sure to enter it accurately to avoid any login errors.

  6. Complete the Security. Depending on Borrowell's security measures, you may be asked to complete a captcha or verify your identity through additional security steps.

  7. Click "Log In". Once you've entered your email address and password, click on the "Log In" button to proceed.

  8. Access Your Account. After successfully logging in, you will be directed to your Borrowell online banking account dashboard. Here, you can view your credit score, access personalized product recommendations, and manage your financial information.

  9. Log Out. After you've finished using your Borrowell account, it's a good practice to log out for security purposes. Look for the "Log Out" option, typically located in the account settings or menu.

How to activate my Borrowell account?

  1. Check Your Email. After completing the registration process on Borrowell's website, check the email address you provided during sign-up.

  2. Find the Activation Email. Look for an email from Borrowell with the subject line similar to "Activate Your Borrowell Account" or "Confirm Your Email Address." This email will contain a link or button to activate your account.

  3. Click on the Activation Link. Open the email and click on the activation link or button provided. This link will direct you to a page confirming that your account has been successfully activated.

  4. Verify Your Email Address. In some cases, Borrowell may require you to verify your email address by clicking on a confirmation link. Follow the instructions provided in the email to complete this step.

  5. Log In to Your Account. Once your account is activated, you can log in using your email address and the password you created during registration. Visit the Borrowell website and click on the "Log In" button to access your account.

  6. Complete Additional Verification. Depending on Borrowell's security measures, you may be asked to provide additional verification information to confirm your identity. Follow the prompts to complete this step if necessary.

  7. Access Your Account. After successfully logging in, you'll gain access to your Borrowell online banking account dashboard. Here, you can view your credit score, access personalized product recommendations, and manage your financial information.

  8. Explore Borrowell's Features. Take some time to familiarize yourself with Borrowell's features and services. You can use the platform to monitor your credit score, receive free credit report data, and explore banking options tailored to your needs.

How to delete my Borrowell account?

  1. Log In to Your Account. Visit the Borrowell website and log in to your account using your email address and password.

  2. Access Account Settings. Once logged in, navigate to your account settings. This option is typically found by clicking on your profile icon or name, which is usually located in the top right corner of the screen.

  3. Locate Account Deletion Option. Look for an option or section labeled "Account Settings," "Profile Settings," or something similar. Within this section, there should be an option to delete or close your account.

  4. Initiate Account Deletion. Click on the option to delete your account. Borrowell may ask you to confirm your decision or provide a reason for deleting your account.

  5. Follow Confirmation Steps. Follow any additional prompts or steps to confirm that you want to delete your account. This may include entering your password again or selecting a reason for account deletion.

  6. Review Terms and Conditions. Take a moment to review Borrowell's terms and conditions regarding account deletion. Ensure that you understand any consequences or implications of deleting your account.

  7. Confirm Deletion. Once you've reviewed the terms and conditions and are certain that you want to proceed with deleting your account, confirm your decision. This action is typically irreversible, so be sure before proceeding.

  8. Receive Confirmation. After confirming the deletion of your account, Borrowell may send you a confirmation email or notification to confirm that your account has been successfully deleted.

How to reset my password?

  1. Visit the Borrowell Website. Open your web browser and navigate to the Borrowell website by typing in the URL or searching for Borrowell in your preferred search engine.

  2. Access the Login Page. Once on the Borrowell homepage, locate the "Log In" or "Sign In" button. Click on it to access the login page.

  3. Click on "Forgot Password?". On the login page, look for an option that says "Forgot Password?". This option is usually located near the password entry field.

  4. Enter Your Email Address. In the provided field, enter the email address associated with your Borrowell account. Make sure to enter it accurately to ensure that you receive the password reset instructions.

  5. Submit Your Email Address. After entering your email address, click on the button to submit it. Borrowell will send you an email with instructions on how to reset your password.

  6. Check Your Email Inbox. Open your email inbox and look for a message from Borrowell with the subject line similar to "Reset Your Borrowell Password" or "Password Reset Instructions."

  7. Follow the Instructions. In the email, you will find a link or button that you can click on to reset your password. Click on this link to be directed to the password reset page on the Borrowell website.

  8. Set a New Password. On the password reset page, you will be prompted to create a new password for your Borrowell account. Enter your new password in the provided fields and make sure it meets any requirements specified by Borrowell (e.g., minimum length, inclusion of special characters).

  9. Confirm Password Change. After entering your new password, confirm the change by clicking on the button to submit it. Borrowell will update your account with the new password, allowing you to log in using the new credentials.

  10. Log In With Your New Password. Once your password has been successfully reset, return to the Borrowell login page and enter your email address along with your new password. You should now be able to access your Borrowell online banking account with your updated credentials.

Editorial opinion

Borrowell's online banking account presents a compelling option for Canadians seeking to manage their finances conveniently and access a range of financial services. With its user-friendly interface and comprehensive features such as free credit score monitoring and personalized product recommendations, Borrowell offers a free credit score service that aims to empower individuals to make informed financial decisions. While its partnership with trusted financial institutions enhances accessibility to banking options, users should carefully review terms and conditions, as well as consider their individual financial needs before committing to any products or services. Overall, they offer free credit scores and credit education for users looking to improve their financial literacy and monitor their credit health effectively.

Additional resources

Sources

FAQ

How do I sign up for Borrowell's online banking?

Signing up for Borrowell's online banking is a straightforward process that begins by visiting the Borrowell website. From there, users can easily navigate to the sign-up or registration page, where they'll be prompted to provide basic personal information such as their name, email address, and password. After completing the registration form, users may need to verify their email address through a confirmation link sent to their inbox. Once the account is verified, users can log in to Borrowell's online banking platform and access its range of financial services and tools.

Is Borrowell's online banking system secure?

Borrowell prioritizes the security of its users' personal and financial information, employing industry-standard security measures to safeguard data against unauthorized access. The platform utilizes bank-level encryption, with data transmitted securely over encrypted connections to protect sensitive information. Additionally, Borrowell adheres to strict privacy policies and regulations to ensure the confidentiality and integrity of user data. While no system is entirely immune to security risks, Borrowell continuously monitors and updates its security protocols to mitigate potential threats and maintain the trust of its users.

Is Borrowell's online banking system available in all regions?

Borrowell's online banking system is accessible to users across Canada. However, it's essential to note that certain features or services may vary depending on users' geographic location and the availability of financial products in their region. Borrowell strives to expand its offerings and accessibility to serve a broader user base, but users should check the platform's availability and eligibility criteria specific to their region before signing up or accessing its services.

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