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.
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The best high-interest savings accounts in Canada for 2024 Jul 29th
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The best high-interest savings accounts in Canada for 2024
Here are the accounts offering the highest interest rates and lowest fees.
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Scotiabank profit rise pushes big bank profits up 20% to almost $10B this quarter + MORE May 30th
Scotiabank boosted its second-quarter net income by 30 per cent to $2.06 billion, in a period that saw all of the country's biggest banks shrug off concerns about high house prices and overstretched borrowers..... More »
The best GIC rates in Canada for 2024 Jul 25th
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The best GIC rates in Canada
Find the best GIC rates in Canada. Plus, everything you need to know about how they work.
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Should You Add an Authorized User to Your Credit Card? Mar 20th
Most credit card companies allow their cardholders to add an authorized user to their account – but why would you want to? There are various benefits; for example, you can kickstart your child’s credit history or provide a helping hand to a friend in a financial crisis. While these benefits.... More »
The best rewards credit cards in Canada for 2024 + MORE May 25th
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The best rewards credit cards in Canada for 2024
Rewards credit cards help you earn cash back or points, which can be redeemed toward groceries, travel, merchandise, gift cards and more.
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Canadians becoming less dependent on banks: survey
– moneysense.ca
TORONTO – A new survey from EY suggests Canadians are becoming less dependent upon their banks as the main providers of financial services.The business consultancy firm says a quarter of those polled agreed with the statement, “I’m less reliant on established (financial services) companies and banks these days, as there are more options to self-manage my finances.”
Another five per cent of the respondents strongly agreed with the statement, while 21 per cent disagreed, five per cent strongly disagreed and 39 per cent said they neither agree nor disagree. Another four per cent said they don’t know.
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The top reasons cited by consumers for considering a non-bank provider included more attractive rates, access to different products and services, how easy it was to set up an account and a better online experience…
Feds propose changes to spread mortgage risks
– moneysense.ca
OTTAWA – The federal government formally launched consultations Friday to explore potential changes that would shift some of the financial risk tied to insured mortgages from the shoulders of taxpayers to lenders, such as the banks.Under Canada’s current system, lenders are able to transfer virtually all of the risk from insured mortgages to insurers, which are indirectly backstopped by taxpayers, the government said.
The Finance Department has been examining the possibility of making such a change for a couple of years and it’s now seeking more input.
Finance Minister Bill Morneau announced the consultations into so-called “lender risk sharing” earlier this month as part of a package of changes related to Canada’s housing market.
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The consultations are designed to help Ottawa determine whether having lenders absorb a modest chunk of loan losses on insured-mortgage defaults would help shore up stability in the system…
