Canada has several major banks and many schedule II banks – but with rates and plans all over the map, it’s difficult to know where to bring your business. Our aim is to help you navigate Canada’s banking options to discover which one suits your needs best.
Latest News
What to expect for GICs in 2024 Nov 21st
In late 2020, major banks were offering 5-year guaranteed investment certificates (GICs) with rates of less than 1%. Now, just three years later, bank GIC rates for 5-year terms are over 4%. Some credit unions and trust companies are offering rates over 6% for short-term GICs, though 4- and 5-ye.... More »
Looking for a mortgage in B.C.? Don’t limit your options to the big banks Aug 9th
At last, interest rates are coming down again. For Canadians who are in the market for a new home, facing renewal of their mortgage in the foreseeable future, or feeling unsatisfied with their current home loan, this poses two choices: do you pounce now, or stay on the sidelines in the hope that rat.... More »
Millions in suspected Russian crime proceeds flowed through Canadian banks, companies May 10th
A powerful Russian crime syndicate that’s accused of laundering hundreds of millions of dollars around the world appears to have also flowed millions through nearly 30 Canadian bank accounts..... More »
Do you need mortgage life insurance? Sep 22nd
Ask MoneySense
I am a single, 70-year-old with a reasonable mortgage of $115,000. I have no family and no dependants. I find that the life insurance on my mortgage is too expensive. Do I need mortgage life insurance anyway? What for?
—Katerina
What is mortgage life insurance?
I’m glad.... More »
Should you get that promo rate? Check out the fine print first Dec 17th
Some banks entice Canadians to open new accounts with the offer of a high but short-lived promotional interest rate. A generous interest rate might catch your eye, but there are a few things you should ask yourself before you sign up for a new chequing or savings account.
Should you switch bank a.... More »
As the Bank of Canada offers its update on the economy and Canada’s biggest commercial banks release results, here are five reasons why some economists say Canada’s economy has turned gloomy again.
Report: European banks to struggle, may need to cut costs
– canadianbusiness.com
FRANKFURT – European banks are likely to struggle to make profits in months ahead and may need to cut costs, merge or change their business strategies to return to solid health, a report said Tuesday.
In its review of financial stability in the 19-country eurozone, the European Central Bank said the region’s banking system had weathered volatility in markets at the start of the year. But it said “euro area banks continue to be confronted with an outlook of low profitability,” weighed down by low interest rates, a tepid recovery in the euro countries, and by large numbers of bad loans in some countries.
The ECB, which is responsible for overseeing banks as well as interest-rate policy in the eurozone, warned that some banks may need to cut costs further or merge with other banks.
Some banks might need to shift their business models to different activities to make money in the current environment.
Bank earnings are under pressure from new regulations forcing them to set aside bigger capital cushions and reduce risky activities to avoid another financial crisis…
In its review of financial stability in the 19-country eurozone, the European Central Bank said the region’s banking system had weathered volatility in markets at the start of the year. But it said “euro area banks continue to be confronted with an outlook of low profitability,” weighed down by low interest rates, a tepid recovery in the euro countries, and by large numbers of bad loans in some countries.
The ECB, which is responsible for overseeing banks as well as interest-rate policy in the eurozone, warned that some banks may need to cut costs further or merge with other banks.
Some banks might need to shift their business models to different activities to make money in the current environment.
Bank earnings are under pressure from new regulations forcing them to set aside bigger capital cushions and reduce risky activities to avoid another financial crisis…
A federal Appeals Court in New York City has reinstated lawsuits against 16 of the world’s largest banks, including the Royal Bank of Canada, alleging they colluded to manipulate a benchmark interest rate.
