Learn more about Canada’s top banks rates, rules and the latest news – read on!
Latest News
Watchdog unveils guidelines to support mortgage-holders under financial stress - BNN Bloomberg + MORE Jul 5th
Watchdog unveils guidelines to support mortgage-holders under financial stress BNN BloombergStruggling mortgage holders could see lenders waive fees under new guidelines Global NewsCanada Adds Guidelines for Banks to Prevent Mortgage Defaults Financial PostWatchdog u.... More »
Canadians’ Spending Habits and Payment Preferences are Changing Jun 17th
According to a recent study by Payments Canada, the COVID-19 pandemic is changing Canadians’ spending habits. The study found that 62% of Canadians are using less cash, and 42% avoid shopping at places that don’t accept contactless payments altogether.
Moreover, 53% of consumers reported using .... More »
When Banks Bailed Out the Government Aug 4th
Citigroup is ‘too big to fail.’ Its predecessor was once responsible enough to weather a panic..... More »
Banks Have An Obsession with Cutting Costs Amid Record Profits Sep 10th
The Globe and Mail, Tim Kiladze, 9 September 2018
The extended bull market and booming economy is the stuff investors used to dream of. But for some, it's just not enough.
Coming off a quarter in which they collectively earned an eye-watering $11.6-billion, Canada's largest banks participated in a.... More »
The best credit cards in Canada for 2023 Nov 14th
Spend
The best credit cards in Canada for 2023
Searching for the perfect credit card? In under 60 seconds, CardFinder narrows down your top matches without impacting your credit score, no SIN required.
Find my perfect card*
.... More »
The Bank of Montreal’s participation in a major financing deal for licensed marijuana producer Canopy Growth marks a big policy shift for Canada’s biggest banks, which may be warming up to the cannabis sector.
Canadian banks raise prime lending rate to 3.45%
– moneysense.ca
TORONTO — Canada’s biggest banks will hike their prime rate by a quarter of a percentage point on Thursday, putting financial pressure on homeowners with variable rate mortgages.
The Royal Bank of Canada (TSX:RY) was first to announce its prime rate will rise to 3.45 per cent, shortly after the Bank of Canada raised its key short-term rate by a quarter-point to 1.25 per cent.
RBC was followed by Bank of Montreal (TSX:BMO), CIBC (TSX:CM), Scotiabank (TSX:BNS), TD Canada Trust (TSX:TD), National Bank (TSX:NA) and Desjardins Group — a financial co-operative with offices throughout Quebec and parts of Ontario.
READ: Why banks are slow to lower lending rates, but quick to hike them
Banks tend to raise their own prime rates after the central bank raises its key lending rate, which affects wholesale borrowing costs for the major lenders and the retail borrowing rates they charge consumers.
The prime rate is used as a benchmark for variable-rate mortgages and some lines of credit.
Consumers with a fixed-rate mortgage will be unaffected by the Bank of Canada’s move on Wednesday until it’s time for the borrower to renew the mortgage…
The Royal Bank of Canada (TSX:RY) was first to announce its prime rate will rise to 3.45 per cent, shortly after the Bank of Canada raised its key short-term rate by a quarter-point to 1.25 per cent.
RBC was followed by Bank of Montreal (TSX:BMO), CIBC (TSX:CM), Scotiabank (TSX:BNS), TD Canada Trust (TSX:TD), National Bank (TSX:NA) and Desjardins Group — a financial co-operative with offices throughout Quebec and parts of Ontario.
READ: Why banks are slow to lower lending rates, but quick to hike them
Banks tend to raise their own prime rates after the central bank raises its key lending rate, which affects wholesale borrowing costs for the major lenders and the retail borrowing rates they charge consumers.
The prime rate is used as a benchmark for variable-rate mortgages and some lines of credit.
Consumers with a fixed-rate mortgage will be unaffected by the Bank of Canada’s move on Wednesday until it’s time for the borrower to renew the mortgage…
What to do about your debt after the interest rate hike
– moneysense.ca
TORONTO — Many consumers will soon find their debt loads heavier now that Canada’s central bank and the country’s biggest commercial lenders have raised their benchmark rates by one-quarter percentage point.
The country’s biggest banks raised their prime rates after the Bank of Canad hiked its overnight lending rate Wednesday by a quarter of a percentage point to 1.25 per cent.
READ: Your mortgage is about to get more expensive
It’s a challenge for Canadians still struggling to cope with the record amounts of consumer debt they amassed after the 2008 financial crisis because lenders use their prime rate as a benchmark for setting some other short-term rates including variable-rate mortgages and lines of credit. A hike is good news for savers as the prime rate also affects interest rates for savings accounts.
If you’re contemplating how to best take advantage of the increased rates or avoid falling into further debt, personal finance expert and Ryerson University business professor Laleh Samarbakhsh shared her advice…
The country’s biggest banks raised their prime rates after the Bank of Canad hiked its overnight lending rate Wednesday by a quarter of a percentage point to 1.25 per cent.
READ: Your mortgage is about to get more expensive
It’s a challenge for Canadians still struggling to cope with the record amounts of consumer debt they amassed after the 2008 financial crisis because lenders use their prime rate as a benchmark for setting some other short-term rates including variable-rate mortgages and lines of credit. A hike is good news for savers as the prime rate also affects interest rates for savings accounts.
If you’re contemplating how to best take advantage of the increased rates or avoid falling into further debt, personal finance expert and Ryerson University business professor Laleh Samarbakhsh shared her advice…
At the open: TSX flat as energy stocks fall, banks push higher
– theglobeandmail.com
Strong China data cranks up pressure on bond markets
