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
Global gang stole bank funds from 100 institutions, but untouched customers still at risk Feb 17th
WASHINGTON – The hacker gang that looted as much as $1 billion worldwide from banks was unusual: It stole directly from the banks, instead of ripping off their customers.
But this was hardly a bit of Robin Hood banditry that spared innocent account holders. Security experts say consumers still.... More »
Is Your Debt Above Average? + MORE Mar 18th
Household debt levels are a hot topic this week, as new numbers reveal they are higher than ever across the nation – a key concern for our central bank, and the fuel behind Canada’s too-hot-to-touch housing markets. And it’s not just mortgages – a recent study finds credit card bal.... More »
Is It Worth Getting a U.S. Dollar Credit Card? Mar 14th
According to the most recent census, two out of three (66%) Canadians live within 100 kilometres of the U.S. border. So, naturally millions of citizens cross over to the 13 neighbouring states every month. Many snowbirds even choose to stay for part of the year. But, with the value of the loonie si.... More »
South Korea inspects six banks over virtual currency services to clients Jan 8th
The inspection will check if banks are adhering to anti-money laundering rules and using real names for accounts
.... More »
Why some people in Quebec are cutting up their cash + MORE Sep 4th
Martin Zibeau has about $100 worth of Canadian money in his wallet, except all of the bills have been cut in two. He can’t use any of the half-sized tender at big-box stores, nor can he deposit them in his bank account. And that’s exactly the point.
On the Gaspé Peninsula in eastern Quebec, a.... More »
TORONTO – Just when you thought mortgage rates couldn’t get any lower, they have.
Investors’ Group is offering a 36-month closed, variable-rate mortgage at 1.99 per cent, well below the current standard of around three per cent.
The mortgage is also well below the 2.99 per cent level that drew sharp criticism from former finance minister Jim Flaherty when BMO first tried it, because he was worried it would trigger a damaging housing bubble.
Joe Oliver, who took over from Flaherty, has said he has no plans to intervene in the setting of mortgage rates, calling it a “private” decision by lenders.
Royal Bank made waves in January when it lowered its rates on several fixed-rate mortgages by 10 basis points, bringing its five-year closed rate to 3.69 per cent. It now sits at 4.94 per cent, while the variable five-year rate is at three per cent.
RBC said at the time the rates were lowered to match competitor pricing, and several other big banks followed suit.
The post Mortgage rates hit new low with Investors’ Group 1…
Investors’ Group is offering a 36-month closed, variable-rate mortgage at 1.99 per cent, well below the current standard of around three per cent.
The mortgage is also well below the 2.99 per cent level that drew sharp criticism from former finance minister Jim Flaherty when BMO first tried it, because he was worried it would trigger a damaging housing bubble.
Joe Oliver, who took over from Flaherty, has said he has no plans to intervene in the setting of mortgage rates, calling it a “private” decision by lenders.
Royal Bank made waves in January when it lowered its rates on several fixed-rate mortgages by 10 basis points, bringing its five-year closed rate to 3.69 per cent. It now sits at 4.94 per cent, while the variable five-year rate is at three per cent.
RBC said at the time the rates were lowered to match competitor pricing, and several other big banks followed suit.
The post Mortgage rates hit new low with Investors’ Group 1…
New Rules in Place for Prepaid Credit Cards
– ratesupermarket.ca
Prepaid credit cards offer a no-hassle way to make purchases. Simply preload funds and start spending immediately – no credit check required – but convenience has its cost. Prepaid cards often come with hidden fees that can drain your card’s balance. To address this, the Department of Finance has introduced new regulations on prepaid credit cards to better protect consumers.
The New Rules for Prepaid Credit Cards
Here is an overview of the new consumer-friendly rules for prepaid credit cards:
a ban on maintenance fees for the card for at least one year after the card is activated
a ban on assigning an expiry date to prepaid cards
a requirement that federally regulated financial institutions disclose a list of all the fees associated with the card in an information box that is printed in a visible location on the card’s packaging
a requirement that all other key information be given to the consumer before the card is issued in a manner that is “clear, simple and not misleading”
Types of Prepaid Cards
Not all prepaid credit cards are created equal, and there are two main variations: promotional and non-promotional…
