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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What to consider if you still have RRSP contribution room Jan 25th
Registered retirement savings plans (RRSPs) have been around since 1957, and each February is commonly referred to as “RRSP season.” The banks and financial media used to make a bigger deal about RRSPs in the new year, but ever since Tax-Free Savings Accounts (TFSAs) were introduced in 2009, RRS.... More »
The best high-interest savings accounts in Canada for 2025 + MORE Jul 7th
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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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Can Santander take on Canada’s Big Six? Why the global bank may face hurdles + MORE Dec 18th
It’s not every day, or even every decade, that a big foreign bank decides to have a go at Canada’s retail banking market.
But Spain’s Banco Santander—which has already shown an ability to attract customers, with more than 168 million of them worldwide—is poised to be among the few that .... More »
The best GIC rates in Canada for 2024 Jul 23rd
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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 get that promo rate? Check out the fine print first Oct 19th
Some banks entice Canadians to open new accounts with the offer of a high but short-lived promotional interest rate. A generous interest rate might catch your eye, but there are a few things you should ask yourself before you sign up for a new chequing or savings account.
Should you switch bank a.... More »
Is It Worth Getting a U.S. Dollar Credit Card?
– ratesupermarket.ca
According to the most recent census, two out of three (66%) Canadians live within 100 kilometres of the U.S. border. So, naturally millions of citizens cross over to the 13 neighbouring states every month. Many snowbirds even choose to stay for part of the year. But, with the value of the loonie significantly lower than the greenback, Canadians see less bang for their buck.
To add further salt to their wounds, credit card companies typically charge a fee anywhere from 2.5% to 3% on foreign transactions. That means, even after exchange rates, cardholders will pay another $25 to $30 in fees for every C$1,000 in purchases. This predicament may lead some to wonder whether it’s worth getting a U.S. dollar credit card.
How Do U.S. Dollar Credit Cards Work?
U.S. dollar credit cards are available in Canada and allow consumers to shop without exchange rate surprises and even pay U.S. bills. Unlike a standard credit card, all purchases are in U.S. currency rather than Canadian dollars, meaning no conversion takes place…
