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Does buying GICs still make sense after the recent rate cuts?
– moneysense.ca
The Bank of Canada (BoC) recently lowered its policy interest rate by another 25 basis points, from 4.50% to 4.25%. It was the central bank’s third consecutive cut, and economists widely expect more cuts before the end of the year.
What does it mean for Canadians as borrowers and savers when interest rate cuts happen? On the positive side, it means we’re starting to get inflation under control, and lenders are beginning to offer lower rates on mortgages and other types of loans. On the downside, it means the interest rates you can earn on guaranteed investment certificates (GICs)—a popular short-term savings vehicle in Canada—have started to drop. Already, 5% GICs, available just a few months ago, are a thing of the past.
Grow your savings with a high-interest savings account
Because GIC rates are dropping, Canadians are looking for alternatives for their short-term cash savings. High-interest savings accounts (HISAs) are a good option to consider. Whether you’re setting aside money for home renovations, a big trip or a financial gift to help your child buy their first home, HISAs provide more flexibility and liquidity than GICs, meaning your cash isn’t locked in and you can access it when needed…
In Canada, your credit score matters—a lot. A solid credit score is more than just a number. It opens doors to financial products, saves you money and improves opportunities for renting, car insurance and employment.
Negative marks to your credit score can happen because of different factors you can’t always control: an unexpected job loss, going through a divorce, physical or mental health issues or just having trouble keeping on top of your finances. When your credit isn’t great, it can affect different parts of your life.
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An ideal option for cardholders looking to consolidate and manage debt, the card has a 0% balance transfer offer for 12 months (with 3% transfer fee).
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Webull Canada Review 2024
– moneysense.ca
Webull has arrived in Canada recently. The buzzy stock trading platform, which has 11 million customers around the world, announced on January 2 that it was accepting applications for Canadian accounts. Should you use Webull?
Is Webull available in Canada?
Yes. Webull Corporation, a popular Cayman Islands-owned and -operated digital brokerage, opened for business in Canada in January 2024. Prospective clients are invited to join a waitlist to set up an account at webull.ca. Like some other financial institutions, Webull uses a waitlist to manage the pace of new client onboarding and avoid glitches. Generally after two business days, you can access the app and website with your account.
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Savings account
Provide a 30-day notice before withdrawing your cash and earn 4.25% (or 4% when you provide 10-day notice).
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5-year GIC
Lock in your deposit and earn a guaranteed interest rate of 4%…
Financial institutions know whatever card you get is likely to be kept for a long time.
These products are “sticky,” said Robin Taub, a chartered professional accountant in Toronto, and author of The Wisest Investment: Teaching Your Kids to Be Responsible, Independent and Money-Smart for Life.
“Once you have a relationship and a card or accounts with one bank, you don’t often change,” she said. “That’s why you’re seeing so many of these (credit card) promotions and kiosks on campus.”
Facing a likely long-term commitment with whichever card they choose, students should be picky in the face of “giveaways and freebies,” she added.
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