Banking in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
More Canadians are rethinking their bank. Should you? Jul 22nd
Clinton Begin was growing tired of frequent visits to bank branches and calling into the trading desk to check on various transactions. “There (were) a lot of things that just took too much of my time. I was always phoning, always going to visit them. It was always a big deal,” he recalled.
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NHL contract grades: Another win for the Maple Leafs in adding Max Domi - The Athletic + MORE Jul 3rd
NHL contract grades: Another win for the Maple Leafs in adding Max Domi The AthleticMax Domi signs with Maple Leafs as GM Treliving banks on throwbacks Sportsnet.caNHL free agency 2023: Maple Leafs sign Max Domi to 1-year deal Yahoo Canada SportsMax Domi signed by th.... More »
NSF Fees: How They Work and Ways You Can Avoid Them Sep 6th
Let’s face it; no one likes getting charged bank fees. It’s one of the main reasons online banks have surged in popularity in recent years. But even online banks charge NSF fees. If you’re unfamiliar, here’s how NSF fees work and how you can avoid them.
What Is an NSF Fee?
A non-sufficient f.... More »
Canada's major banks hiking fees while pulling in big profits + MORE Jun 13th
If you’re already feeling gouged by bank fees, it may be time to check your statements. Almost all of Canada’s big banks are doling out some kind of personal banking fee increase this year..... More »
Air Canada teams up with 2 banks and Visa to make offer to buy Aeroplan Jul 25th
Air Canada is teaming up with three financial services giants to try to buy its former loyalty program, Aeroplan, from its current owner for $2.2 billion..... More »
Bank of Canada Announcement: Inflation And Debt Still Top Concerns
– ratesupermarket.ca
In its latest announcement, the Bank of Canada has maintained its overnight lending rate, which sets the cost of borrowing in Canada, at one per cent. The lack of movement isn’t much of a shocker – the rate hasn’t budged since September 2010, and there’s little doubt the Bank is sticking to its commitment to seeing stronger economic growth before hiking interest rates.
The real news is written between the lines of the overall statement, where the BoC reveals its largest concerns for economic threats and the overall sentiment for Canada’s economy. Here’s a look at how this can affect you.
1: Your Variable Mortgage Rate Isn’t Going Anywhere… This Year
The Bank of Canada’s Overnight Lending Rate sets the benchmark for borrowing money in Canada; keeping it at one per cent means the banks can borrow from each other with ease, and that discount is passed down to the consumer. It’s why the best variable rate currently sits as low as 2.35 per cent on our Best Mortgage Rates Table, while the best fixed rates still hover around the three per cent mark…
The case of an Ontario man who was charged more than $80,000 on his credit card for purchases he claims he didn’t make is raising new questions about the security of online and credit card transactions and whether banks are shifting liability for fraud to their customers.
Bank of Canada Announcement: Inflation And Debt Still Top Concerns
– ratesupermarket.ca
In its latest announcement, the Bank of Canada has maintained its overnight lending rate, which sets the cost of borrowing in Canada, at one per cent. The lack of movement isn’t much of a shocker – the rate hasn’t budged since September 2010, and there’s little doubt the Bank is sticking to its commitment to seeing stronger economic growth before hiking interest rates.
The real news is written between the lines of the overall statement, where the BoC reveals its largest concerns for economic threats and the overall sentiment for Canada’s economy. Here’s a look at how this can affect you.
1: Your Variable Mortgage Rate Isn’t Going Anywhere… This Year
The Bank of Canada’s Overnight Lending Rate sets the benchmark for borrowing money in Canada; keeping it at one per cent means the banks can borrow from each other with ease, and that discount is passed down to the consumer. It’s why the best variable rate currently sits as low as 2.35 per cent on our Best Mortgage Rates Table, while the best fixed rates still hover around the three per cent mark…
