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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Making sense of the markets this week: May 31, 2021
– moneysense.ca
Each week, Cut the Crap Investing founder Dale Roberts shares financial headlines and offers context for Canadian investors.
Canadian banks attract investors—and criticism
The Canadian banks have started reporting first quarter earnings, and they’re off to a roaring start.
At the same time, the banks are attracting considerable criticism for increasing fees during a pandemic, and when they themselves are enjoying such financial success.
And as I have suggested on many occasions, Canadian banks always find ways to make money. They have many oars in the water, including increasing fees for everyday banking. I would suggest Canadians search for the lowest fee option at their bank. If lower-fee options are not available, then you might consider switching to a low-fee or no-fee bank account.
For our cash, my wife and I are using EQ Bank. I like the service a lot. I have also reviewed EQ Bank on my site.
But, back to the markets’ POV. As Larry Bates, a MoneySense contributor and author of the popular book Beat the Bank smartly suggests, we are better to invest in the banks rather than banking or investing with them…
Canadian banks attract investors—and criticism
The Canadian banks have started reporting first quarter earnings, and they’re off to a roaring start.
At the same time, the banks are attracting considerable criticism for increasing fees during a pandemic, and when they themselves are enjoying such financial success.
And as I have suggested on many occasions, Canadian banks always find ways to make money. They have many oars in the water, including increasing fees for everyday banking. I would suggest Canadians search for the lowest fee option at their bank. If lower-fee options are not available, then you might consider switching to a low-fee or no-fee bank account.
For our cash, my wife and I are using EQ Bank. I like the service a lot. I have also reviewed EQ Bank on my site.
But, back to the markets’ POV. As Larry Bates, a MoneySense contributor and author of the popular book Beat the Bank smartly suggests, we are better to invest in the banks rather than banking or investing with them…
