Learn more about Canada’s top banks rates, rules and the latest news – read on!
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The best GIC rates in Canada for 2024 Oct 16th
GIC comparison tool
Find the best and most up-to-date GIC rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated rate of return based on the size of your balance.
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Making sense of the markets this week: May 29 May 28th
Million Dollar Journey editor and Canadian Financial Summit founder Kyle Prevost shares financial headlines and offers context for Canadian investors.
Banking on boring profits
Consistent, proven business models that take advantage of oligopolistic pricing power are often boring. They don’t .... More »
Visa vs. Mastercard: What are the differences—and do they matter? Aug 21st
A frequent question we hear at MoneySense is: Which is better—Visa or Mastercard? When looking for a credit card, there are all sorts of things to consider. What is the interest rate? Can you collect rewards points or cash back for making purchases? Is there a bonus for signing up, and what perks .... More »
The best GIC rates in Canada for 2024 Jul 23rd
Investing
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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Why trust us
MoneySense is an award-winning.... More »
Is Wealthsimple a bank? Not exactly, but it’s launching new “banking” services Jun 12th
Canadians aren’t short of credit card options, that’s for sure. At an average of two to three credit cards per person, we have more credit cards than debit cards in our wallets. But there’s still room for one more, suggests Wealthsimple with its recently launched bank-like offerings, including.... More »
Breaking down bank fees
– moneysense.ca
The COVID-19 pandemic has hit a lot of Canadians hard—emotionally, physically and financially. So it isn’t surprising that many are calling out banks that raised their fees to consumers at a time when so many people are struggling. Given the number of banks that have also reported record profits this year, the question on many customers’ minds has been: Why?
Watch: MoneySense – Breaking down bank fees – Presented by EQ Bank
Why do banks charge fees on everyday transactions?
Depending on what kind of account you have, and where, certain everyday transactions, like sending an e-Transfer or paying for an online purchase in a foreign currency, may result in a charge being debited from your account; or you may be charged a flat fee each month.
In either case, fees are a way of recouping banks’ costs (for example, staff salaries; overhead costs for brick-and-mortar branches; the admin involved with approving a loan or mortgage), but also a way to meet the demands of their shareholders…
