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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The best high-interest savings accounts in Canada for 2024 + MORE Jul 18th
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The best high-interest savings accounts in Canada for 2024
Here are the accounts offering the highest interest rates and lowest fees.
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The best TD credit cards in Canada in 2025 Apr 5th
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MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings from over .... More »
Canada’s best rewards credit cards for 2023 Jun 17th
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The 10 best rewards 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.
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Is Wealthsimple’s new direct indexing worth it? Apr 2nd
Wealthsimple, the country’s largest and most aggressive fintech challenger to the big six banks, has been steadily rolling out new features over the past year, each aimed at giving retail investors access to tools that were once reserved for institutions or high-net-worth clients.
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The best GIC rates in Canada for 2024 + MORE Jun 10th
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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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Is now the time for retirees to sell stocks and buy GICs?
– moneysense.ca
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
Are GICs a good idea for retirement?
As you noted, Rodeen, guaranteed investment certificate (GIC) rates have risen to levels we have not seen in over 15 years. There are one- to five-year rates that are between 4% and 5%, and even slightly over 5% if you shop around. You may not get these rates at major banks, where rates may be 1% to 2% lower than that, but credit unions, trust companies and online banks generally offer a healthy premium.
Are GIC rates going up in Canada?
A year ago, GIC rates were just starting to rise but were still less than 3%. The reason they are so much higher now is worth considering. The January 2023 year-over-year inflation rate fell to 5.9%, after rising at a 6.3% rate for 2022…
