Banking in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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Savings comparison tool
Find the best and most up-to-date savings rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated return based on the size of your balance.
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Hubert Financial Review: An Online Bank that Aims to Make You Happy Nov 29th
For generations, Canada’s credit unions have served their local communities, by offering a range of financial products, generous savings rates, and a relentless focus on customer service.
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As one of the top credit card companies in the world, Mastercard is extremely popular and also widely accepted. For those already banking at BMO Bank of Montreal, a major Canadian bank that’s associated with Mastercard, these cards may offer all the perks you’re after, along with opportunities t.... More »
Markets get ugly, a BMO economist on his portfolio, and what banks will say if you want index funds
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A roundup of investment ideas for active investors
Interest rate hike could mean trouble for some
– moneysense.ca
TORONTO – A report by TransUnion says up to one million Canadian borrowers may not be able to absorb the increase in their monthly payments if interest rates rise by one full percentage point.
The company says that while the majority of Canadians will not be materially impacted in the near term by an interest rate increase there is a “material subset” that may be challenged.
TransUnion estimates approximately seven million Canadian consumers carry a variable-rate mortgage or a line of credit with a variable interest rate.
The study found more than 700,000 could struggle with the increase in monthly payments related to a quarter-point hike and that rises to up to a million with a one percentage point increase.
The Bank of Canada’s overnight interest rate target has been set at 0.5 per cent since it was cut twice last year. The rate is a key variable for the big banks when setting their prime rates and the rates for borrowing like variable rate mortgages and lines of credit.
Economists don’t expect the central bank to raise its key interest rate target any time soon, but it remains well below what is considered a normal level…
The company says that while the majority of Canadians will not be materially impacted in the near term by an interest rate increase there is a “material subset” that may be challenged.
TransUnion estimates approximately seven million Canadian consumers carry a variable-rate mortgage or a line of credit with a variable interest rate.
The study found more than 700,000 could struggle with the increase in monthly payments related to a quarter-point hike and that rises to up to a million with a one percentage point increase.
The Bank of Canada’s overnight interest rate target has been set at 0.5 per cent since it was cut twice last year. The rate is a key variable for the big banks when setting their prime rates and the rates for borrowing like variable rate mortgages and lines of credit.
Economists don’t expect the central bank to raise its key interest rate target any time soon, but it remains well below what is considered a normal level…
