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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Canadians had 28 per cent more gripes about their banks last year than they did in 2016, according to a new report from the ombudsman overseeing the industry, with bogus credit card charges a particular thorn in the side of many customers..... More »
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When it comes to the stock market, there are no guarantees. But Canadian banks are about as close as it gets. They’ve led the way for years, generating huge profits, stable earnings growth, and consistent dividend payouts. But with several banks to choose from, Canadian investors might be wonderin.... More »
Is now the time for retirees to sell stocks and buy GICs? Aug 2nd
Ask MoneySense
My husband is retired and concerned that his money that is invested in his RRSP and TFSA is fluctuating too much. He is retired and is wondering if his funds should be in a GIC account as it’s paying 4% and not losing principal. He’s concerned in this volatile market.—Rodeen
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Canada’s biggest banks raised their prime interest rates one after another this week following the Bank of Canada increase of its policy rate to 0.75 per cent from 0.5 per cent. The base lending rate at the Big Six now is 2.95 per cent, compared with 2.7 percent before the central bank’s announcement on July 12.
That’s how it is supposed to work. Except, the “transmission mechanism” between central bank to private banks isn’t always so automatic. When the Bank of Canada cut interest rates in 2015, the banking oligopoly was less keen to reduce what it charges borrowers for money. Also: higher prime rates don’t necessarily result in significantly higher deposit rates.
The trend:
The financial crisis and its aftermath has been a public relations nightmare for banks. Their greed was seen by many as a major cause of the meltdown that brought on the Great Recession, and many of the worst actors got government bailouts. And then, as central banks dropped their benchmark interest rates to zero to prevent a depression, banks balked at passing on the full benefits of the cuts to their customers…
That’s how it is supposed to work. Except, the “transmission mechanism” between central bank to private banks isn’t always so automatic. When the Bank of Canada cut interest rates in 2015, the banking oligopoly was less keen to reduce what it charges borrowers for money. Also: higher prime rates don’t necessarily result in significantly higher deposit rates.
The trend:
The financial crisis and its aftermath has been a public relations nightmare for banks. Their greed was seen by many as a major cause of the meltdown that brought on the Great Recession, and many of the worst actors got government bailouts. And then, as central banks dropped their benchmark interest rates to zero to prevent a depression, banks balked at passing on the full benefits of the cuts to their customers…
(iStock)Canada’s biggest banks raised their prime interest rates one after another this week following the Bank of Canada increase of its policy rate to 0.75 per cent from 0.5 per cent. The base lending rate at the Big Six now is 2.95 per cent, compared with 2.7 per cent before the central bank’s announcement on July 12.
That’s how it is supposed to work. Except the “transmission mechanism” between the central bank and private banks isn’t always so automatic. When the Bank of Canada cut interest rates in 2015, the banking oligopoly was less keen to reduce what it charges borrowers for money. Also: higher prime rates don’t necessarily result in significantly higher deposit rates.
The trend:
The financial crisis and its aftermath has been a public relations nightmare for banks. Their greed was seen by many as a major cause of the meltdown that brought on the Great Recession, and many of the worst actors got government bailouts. And then, as central banks dropped their benchmark interest rates to zero to prevent a depression, banks balked at passing on the full benefits of the cuts to their customers…
