What is Naked Banking?

Naked Banking is a term I use to refer to a banking policy of complete transparency when it comes to mortgage rates. I prefer the term ‘naked’ to ‘transparent’ because, for the majority of banks, posting their best fees, rates, and prices in plain sight for all customers to see, is about as comfortable as waltzing around nude. I understand that the shift to naked banking will be challenging—and possibly uncomfortable—but, in the current, hyper-connected economy, this is a change that must take place.

As I explain in my book, How to Rob Your Bank, the vast majority of banks do not currently practice naked banking. Instead, many of the rates on banks’ websites are more like the sticker price on a used car lot. Everyone knows you should never pay the full sticker price, but figuring out a fair price can be difficult. To help you with this, I would like to share my list of naked bankers, both the confirmed and the probable.

Who is Practicing Naked Banking?

These lenders have made the monumental shift from a used car lot business model to one of openness and transparency:
Envision Financial
Prospera Credit Union
ING Direct

Who is Probably Practicing Naked Banking?
These lenders publicly post very low, competitive 5- year fixed mortgage rates:
AGF Trust
Bridgewater Bank
Comtech Credit Union
DUCA Financial Services
First Calgary Financial
First National Financial
ICICI Financial Services
Macquarie Financial Ltd
Meridian Credit Union
President’s Choice Financial
Steinbach Credit Union
Ukrainian Credit Union
Your Credit Union

Like most internet offerings, this list is a work in progress. If you think I have missed a bank that practices transparent banking, or have included one that doesn’t, please let me know.