If you're wondering how we are able to do what we do (without charging any fees), we totally get it. We want to be completely open and transparent with you, so keep reading!
Also, similar to other banks, Brightside will make money when you use your Brightside Spend Mastercard. The merchants and retailers you shop at pay us (through Mastercard) a small fee whenever you make a purchase - just like how credit cards work. We’re able to share a portion of this fee back as cashback on your purchases!
Unlike other banks, Brightside is built from the ground up with a new technology platform and operating model (i.e. we’re new and shiny) - with a lot of help from our BFF ATB. This means we’re able to take advantage of a lot of fancy new tools that make us more efficient and avoid charging customers fees!
Because we’re a digital bank, we’re also able to be much more efficient by limiting our ‘physical presence.’ We don't have lots of big branches and can’t offer you things like cheques or money orders, but we like to think of this as being more environmentally friendly.
Like other banks, we’ll take portions of the money our customers keep in a Brightside account and lend it to people and businesses across Alberta. We make money from those loans, and pay a portion of the profits back to our customers as interest on their deposits. Concerned about your money being lent out? Never fear - Brightside is guaranteed and backed by ATB, which means 100% of the money you deposit with us is safe and you'll always be able to access it anytime.