Learn more about Canada’s top banks rates, rules and the latest news – read on!
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The best high-interest savings accounts in Canada for 2024 + MORE Aug 19th
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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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7 Ways to Get a Bank Account for Cheap + MORE Jul 25th
When it comes to setting up your own bank account, some may feel more comfortable with the familiar. Maybe your parents set up a youth account for you with their bank and you haven’t branched out yet (no pun intended). Or, perhaps, you’re wary of financial security outside of the big five banks.... More »
Before It’s Too Late! Best Credit Card Welcome Offers of October 2019 Oct 2nd
We usually sign up for credit cards because of special features and benefits – from cash-back earning rates to travel perks to balance transfer offers. And one feature that may make or break your decision between one credit card or another is the welcome promotion – a special bonus that add.... More »
How does a reverse mortgage work in Canada? + MORE Aug 29th
More than ever, Canadians are relying on reverse mortgages—a “don’t-pay-till-you-die” option to borrow up to 55% of the appraised value of your home—and the trend is turning conventional wisdom about debt and retirement on its head. While past generations fought hard to avoid debt in their.... More »
Is your chequing account working hard enough? Jan 10th
Your chequing account could be the behind-the-scenes hero of your everyday banking activities, if you have the right one. The features can vary from bank to bank and financial institution to financial institution, so it makes sense to shop around if you’re opening a new chequing account or you wan.... More »
Blockchain threatens to upend the familiar order on an almost unimaginable scale, writes Maggie Fox.
Not all rate hikes are created equal
– moneysense.ca
(Getty Images / Nigel Carse)Shopping for a mortgage, these days, is a lot like shooting those tin ducks at the carnival.
The game looks easy enough. Just aim, focus on the duck you want, then squeeze the trigger and…miss. Getting a locked-in, guaranteed, pre-approval rate also looks easy; turns out it may not be. Plus, there appears to be a bit of market jostling going on in the background—the banking sector’s equivalent of a carnival barker, the person tasked with luring in the business.
To help, here’s what you need to know in the days and weeks ahead, while shopping for a mortgage.
No pre-approvals offered
If you’re worried about rates rising before signing your official mortgage documents, get a pre-approval. Just don’t be surprised if the best rates in the market—rates that hover between 2% and 2.5%—are off the table. Offered by mono-lenders—finance companies that specialize in the mortgage sector (and many of them are funded by big banks)—these rates don’t come with pre-approvals…
U.S. regulator reverses course, tightens controls on Wells Fargo after scandal
– theglobeandmail.com
The lender must also now seek prior approval before naming new bank leadership, said the Office of the Comptroller of the Currency, the main regulator for federal banks
