Canada has several major banks and many schedule II banks – but with rates and plans all over the map, it’s difficult to know where to bring your business. Our aim is to help you navigate Canada’s banking options to discover which one suits your needs best.
Latest News
Moody’s warns Canadian consumers over record household-debt levels Aug 24th
Agency says card-loan performance in Alberta, Saskatchewan will be ‘illustrative first test’ of continuing strength of banks’ Canadian credit-card portfolios
.... More »
TSX tumbles 247 points despite big profits at big banks Feb 25th
Canada's benchmark stock index had its worst day of the year as oil prices moved lower and financial firms sold off, despite record earnings at some of Canada's biggest banks..... More »
Toddler Sues US Over LGBT Discrimination After Twin Brother Is Given Citizenship and He Isn't - Newsweek + MORE Jan 24th
NewsweekToddler Sues US Over LGBT Discrimination After Twin Brother Is Given Citizenship and He Isn'tNewsweekA 16-month-old toddler has been named as a plaintiff in a federal lawsuit against the government after his twin brother was given U.S. citizenship and he wasn't, in what an LGBTQ gr.... More »
Against the odds: Why customers often lose in battles with banks Feb 12th
The complaints system is stacked against banking customers say consumer advocates, who believe the process is designed to wear people down and that it most often finds in favour of the banks..... More »
The best GIC rates in Canada for 2025 + MORE May 27th
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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Fitch says Canada’s big banks can withstand housing downturn
– theglobeandmail.com
Big six banks have enough capital to meet Basel III rules and would survive a ‘sharper than expected correction’
How to reduce mortgage penalties
– moneysense.ca
A rise in interest rates appears imminent, so folks with big mortgages might want to lock in the current low rates now! But for some, that means getting out of an existing mortgage early. Trying to discharge your mortgage early comes with a cost. After all, banks are in the business of making money, right? The sad truth is banks can be very greedy when it comes to calculating the interest penalty on a mortgage you’re trying to renew early.
Once upon a time, the standard in the industry was to charge a three-month interest penalty for early discharges. CMHC paved the road for that because they had it written into their policy. But when they removed it back in 1999, they’ve created a feeding frenzy among banks who now want to charge what’s called the Interest Rate Differential: a calculation they can do any way they want because there’s no uniform system among lenders or regulation by the Bank Act.
The idea behind the IRD is to compensate the lender for any loss due to a mortgage being paid out early and then the funds being lent again at a lower rate…
Once upon a time, the standard in the industry was to charge a three-month interest penalty for early discharges. CMHC paved the road for that because they had it written into their policy. But when they removed it back in 1999, they’ve created a feeding frenzy among banks who now want to charge what’s called the Interest Rate Differential: a calculation they can do any way they want because there’s no uniform system among lenders or regulation by the Bank Act.
The idea behind the IRD is to compensate the lender for any loss due to a mortgage being paid out early and then the funds being lent again at a lower rate…
