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
Federal centre flags signs of cash linked to fentanyl scourge in new alert Jan 31st
OTTAWA _ Traffickers are exploiting Canadian money service businesses to buy deadly fentanyl from overseas and then launder the proceeds through banks and credit unions, warns the national financial intelligence agency.
The federal Financial Transactions and Reports Analysis Centre is issuing a deta.... More »
The best high-interest savings accounts in Canada for 2025 + MORE Apr 1st
Savings comparison tool
Find the best and most up-to-date savings rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated return based on the size of your balance.
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Banks and other industries embrace biometrics to boost security, convenience Jul 22nd
TORONTO – In the not-too-distant future, your bank will be able to prevent fraud by learning how you type, your car will unlock when it senses the electrical activity of your heart and the security system at your office will recognize your facial features.
That’s according to experts in .... More »
Variable mortgage rates regaining traction as Bank of Canada cuts rates Sep 6th
The decision by the Bank of Canada to cut its key interest rate target this week was good news for borrowers with variable-rate mortgages, bringing back some of the shine for the once popular loans.
The rate cut prompted big commercial banks to lower their prime rates, which are used to set the r.... More »
Shares in troubled Italian bank jump on rescue deal Aug 1st
MILAN – Shares in troubled Italian bank Monte dei Paschi di Siena have jumped as investors cheer a rescue deal from private investors that means the bank will not be nationalized.
Monte dei Paschi was by far the worst performer in stress tests of 51 European banks but sought to head off any sp.... More »
Mortgage battle escalates as Scotiabank offers 2.97% five-year rate
– theglobeandmail.com
Rate now the lowest among Canada’s big banks
US bank earnings decline 7.7 pct. in 1Q as higher interest rates dampen mortgage business
– canadianbusiness.com
WASHINGTON – U.S. banks’ earnings declined 7.7 per cent in the January-March quarter from a year earlier, as higher interest rates dampened demand for mortgage refinancing and reduced banks’ revenue from the mortgage business.
The data issued Wednesday by the Federal Deposit Insurance Corp. highlighted the impact of the increase in interest rates that occurred in the spring of 2013.
It was only the second time in the last 19 quarters that the banking industry, which has been recovering from the financial crisis, posted a decline in net income from the year-earlier quarter.
The FDIC reported that the banking industry earned $37.2 billion in the first quarter of this year, down from $40.3 billion in the same period in 2013.
The number of banks on the FDIC’s problem list fell to 411 from 467.
The post US bank earnings decline 7.7 pct. in 1Q as higher interest rates dampen mortgage business appeared first on Canadian Business.
The data issued Wednesday by the Federal Deposit Insurance Corp. highlighted the impact of the increase in interest rates that occurred in the spring of 2013.
It was only the second time in the last 19 quarters that the banking industry, which has been recovering from the financial crisis, posted a decline in net income from the year-earlier quarter.
The FDIC reported that the banking industry earned $37.2 billion in the first quarter of this year, down from $40.3 billion in the same period in 2013.
The number of banks on the FDIC’s problem list fell to 411 from 467.
The post US bank earnings decline 7.7 pct. in 1Q as higher interest rates dampen mortgage business appeared first on Canadian Business.
Banks Must Offer No Fee Banking: Federal Government
– ratesupermarket.ca
Fed up with paying fees, just to keep your money in a bank account? According to new regulations from the Federal government, you may no longer need to shell out to access your cash.
Canada’s most vulnerable banking consumers – students, seniors and low income Canadians – will now have access to no-fee account options at every big bank.
As of January 15, 2015, Canada’s eight largest banks must have these no-fee options in force, as well as an expanded selection of low-fee options. The largest financial institutions have already voluntarily committed to the new guidelines, including:
Royal Bank of Canada
Toronto Dominion Bank
Bank of Montreal
Scotiabank
Laurentian
National Bank
HSBC
CIBC
President’s Choice Financial
More Money in Canadian Pockets
Finance Minister Joe Oliver says the new regulations, along with pending tax cuts upon a balanced budget, are part of efforts to help Canadians to retain more of their wealth, and to promote healthy saving habits.
“Canadians work hard for their money…
Scotiabank lowers its fixed five-year mortgage rate to 2.97 per cent
– canadianbusiness.com
TORONTO – Scotiabank (TSX:BNS) is causing some new waves in the mortgage rate market after lowering its special fixed five-year rate to 2.97 per cent, the lowest among the big banks.
The rate is effective until June 7, and comes amid growing competition for mortgages that have pushed rates down in recent months.
It’s also below the 2.99 per cent level that drew sharp criticism from Ottawa in the past over fears that such rates would trigger a damaging housing bubble.
Finance Minister Joe Oliver has said in the past that unlike his predecessor Jim Flaherty, he had no plans to wade into the debate over the setting of mortgage rates, calling it a “private” decision by lenders.
But he has signalled he would keep an eye on the changes, noting that Ottawa has intervened in the past.
Investors Group recently offered a 1.99 per cent rate for a 36-month closed, variable-rate mortgage, but Scotiabank is the first of the big banks to push its fixed rate down below three per cent in recent months…
The rate is effective until June 7, and comes amid growing competition for mortgages that have pushed rates down in recent months.
It’s also below the 2.99 per cent level that drew sharp criticism from Ottawa in the past over fears that such rates would trigger a damaging housing bubble.
Finance Minister Joe Oliver has said in the past that unlike his predecessor Jim Flaherty, he had no plans to wade into the debate over the setting of mortgage rates, calling it a “private” decision by lenders.
But he has signalled he would keep an eye on the changes, noting that Ottawa has intervened in the past.
Investors Group recently offered a 1.99 per cent rate for a 36-month closed, variable-rate mortgage, but Scotiabank is the first of the big banks to push its fixed rate down below three per cent in recent months…
Banks have been nickel and diming customers with extra service charges for 30 years. The government finally takes action to protect those at risk.
