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
Draghi says ECB ready to restore credit to Greek banks if creditor agreement in sight Mar 23rd
FRANKFURT – European Central Bank head Mario Draghi says the bank is ready to restore support for Greece’s banks if talks between the Greek government and its creditors get back on track.
Draghi told EU lawmakers Monday that the parties should “restore the policy dialogue” so.... More »
Banking with a credit union can save on fees—but there are limitations + MORE Aug 29th
On the surface, banking with a credit union may seem a lot like a traditional bank. But it’s not.
Credit unions are similar to commercial banks in that they offer chequing and savings accounts, mortgages, business loans, online banking and registered savings plans—all for lower or no fees .... More »
The best GIC rates in Canada for 2025 + MORE Nov 10th
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.
Why trust us
MoneySense is an award-winning magazine, helping Canadians navigate m.... More »
Bank of Montreal cuts its five-year fixed mortgage rate to 4.79 per cent + MORE Jan 30th
TORONTO – The Bank of Montreal (TSX:BMO) has cut its five-year fixed mortgage rate by 20 basis points to 4.79 per cent.
The bank has also changed a number of its other fixed mortgage rates, including its low- rate five-year mortgage, which also went down 20 basis points to 3.09 per cent.
The r.... More »
Banks Have An Obsession with Cutting Costs Amid Record Profits Sep 10th
The Globe and Mail, Tim Kiladze, 9 September 2018
The extended bull market and booming economy is the stuff investors used to dream of. But for some, it's just not enough.
Coming off a quarter in which they collectively earned an eye-watering $11.6-billion, Canada's largest banks participated in a.... More »
Business Highlights
– canadianbusiness.com
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Citigroup to pay $7B in subprime mortgages probe
WASHINGTON (AP) — Citigroup agreed Monday to pay $7 billion to settle a federal investigation into its handling of risky subprime mortgages, admitting to a pattern of deception that Attorney General Eric Holder said “shattered lives” and contributed to the worst financial crisis in decades.
The settlement represents a moment of reckoning for one of the country’s biggest and most significant banks, which will now be responsible for providing financial support to Americans whose lives were dismantled by the largest economic meltdown since the Great Depression.
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US companies look overseas for tax bill relief
A growing number of U.S. companies are looking to trim their tax bills by combining operations with foreign businesses in a trend that may eventually cost the federal government billions of dollars in revenue.
Generic drugmaker Mylan Inc. said Monday it will become part of a new company organized in the Netherlands in a $5…
Citigroup to pay $7B in subprime mortgages probe
WASHINGTON (AP) — Citigroup agreed Monday to pay $7 billion to settle a federal investigation into its handling of risky subprime mortgages, admitting to a pattern of deception that Attorney General Eric Holder said “shattered lives” and contributed to the worst financial crisis in decades.
The settlement represents a moment of reckoning for one of the country’s biggest and most significant banks, which will now be responsible for providing financial support to Americans whose lives were dismantled by the largest economic meltdown since the Great Depression.
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US companies look overseas for tax bill relief
A growing number of U.S. companies are looking to trim their tax bills by combining operations with foreign businesses in a trend that may eventually cost the federal government billions of dollars in revenue.
Generic drugmaker Mylan Inc. said Monday it will become part of a new company organized in the Netherlands in a $5…
Consumer Financial Protection Bureau sues debt collection firm for mass-produced law suits
– canadianbusiness.com
WASHINGTON – The Consumer Financial Protection Bureau sued a major debt collection law firm on Monday, alleging it is a “mill” that produces shoddy, mass-produced credit-card collection lawsuits.
The bureau’s claim, filed in federal court in Atlanta, states that Frederick J. Hanna & Associates has filed hundreds of thousands of lawsuits on behalf of banks including JPMorgan Chase, Bank of America, Capital One and Discover without doing even basic checks to determine whether the people they sued actually owed debts.
“The Hanna firm relies on deception and faulty evidence to drag consumers to court and collect millions,” the bureau’s director, Richard Cordray, said in a statement. “We believe they are taking advantage of consumers’ lack of legal expertise to intimidate them into paying debts they may not even owe.”
Though Hanna & Associates’ lawsuits have all the trappings of formal litigation, the bureau alleges, the firm is really a bulk debt-collection agency masquerading as a law firm…
The bureau’s claim, filed in federal court in Atlanta, states that Frederick J. Hanna & Associates has filed hundreds of thousands of lawsuits on behalf of banks including JPMorgan Chase, Bank of America, Capital One and Discover without doing even basic checks to determine whether the people they sued actually owed debts.
“The Hanna firm relies on deception and faulty evidence to drag consumers to court and collect millions,” the bureau’s director, Richard Cordray, said in a statement. “We believe they are taking advantage of consumers’ lack of legal expertise to intimidate them into paying debts they may not even owe.”
Though Hanna & Associates’ lawsuits have all the trappings of formal litigation, the bureau alleges, the firm is really a bulk debt-collection agency masquerading as a law firm…
Are Canadians having a Summer Banking Fling?
– ratesupermarket.ca
RateSupermarket.ca launches new tool that will help assess credit card needs
In the fickle world of personal finance, loyalty doesn’t always pay off. Today, RateSupermarket.ca launches a new calculator tool that will help Canadians assess their current credit card needs and provide recommendations on whether they should break-up or cheat on their bank.
“We’re often sold on the idea that keeping all of our products with one bank will pay off in terms of lower fees and better rates,” says Kelvin Mangaroo, president, RateSupermarket.ca. “But with credit card providers making unique and compelling offers, you might be able to get a better deal with another lender whose card is more aligned with your shopping needs.”
With so many products available in the marketplace, consumers should be actively seeking a card that fits within their lifestyle and spending profile. In fact, RateSupermarket.ca estimates that holding the wrong credit card could cost the average Canadian up to $1000 per year…
In the fickle world of personal finance, loyalty doesn’t always pay off. Today, RateSupermarket.ca launches a new calculator tool that will help Canadians assess their current credit card needs and provide recommendations on whether they should break-up or cheat on their bank.
“We’re often sold on the idea that keeping all of our products with one bank will pay off in terms of lower fees and better rates,” says Kelvin Mangaroo, president, RateSupermarket.ca. “But with credit card providers making unique and compelling offers, you might be able to get a better deal with another lender whose card is more aligned with your shopping needs.”
With so many products available in the marketplace, consumers should be actively seeking a card that fits within their lifestyle and spending profile. In fact, RateSupermarket.ca estimates that holding the wrong credit card could cost the average Canadian up to $1000 per year…
