The “Big Five” Canadian banks include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Are there other viable options?
Latest News
How does interest work in a savings account? Sep 10th
Do you know how interest rates work when it comes to your bank account? If not, you’re not alone. Nearly four in 10 Canadians surveyed don’t fully understand it, according to research by Angus Reid on behalf of PC Financial.
When you hold money in a savings account, interest is money you rece.... More »
BMO SmartFolio Review: A Robo-Advisor Option from a Bank You Know + MORE Mar 2nd
For years, most investors had to choose between two polar opposites on the investment spectrum: DIY investing and high-cost mutual funds. There was no middle ground. This left many investors frustrated. There had to be a better way and thankfully now there is.
Robo-advisors offer the best of both wo.... More »
Scotiabank reports higher Q3 earnings, sets aside less money for bad loans + MORE Aug 30th
Scotiabank is the latest of the big banks to report higher profits in the third quarter, thanks to strong returns from its domestic and international banking operations..... More »
Lew: G-7 finance leaders seek to reassure on global economy May 20th
AKIU, Japan – U.S. Treasury Secretary Jacob Lew says finance leaders of major industrial countries meeting in Japan need to find ways to use all the “policy levers” they have to help counter anxiety over global economic prospects.
Finance ministers and heads of central banks of the.... More »
Watch: What is the mortgage stress test? Mar 3rd
If you’ve purchased a home in the last several years, or plan to buy one soon, there’s a good chance you’ve heard about the mortgage stress test. Since 2018, the stress test has served as a set of rules banks and lenders use to determine if you qualify for the mortgage you want. It’s possibl.... More »
3 Ways: How to Really Save When You’re a Student
– ratesupermarket.ca
Happy New Year! Ok… So maybe it’s not actually the new year – but a recent Tangerine study found 60 per cent of Canadians view the start of the school year as an unofficial new beginning. And, with this fresh start comes new resolutions, especially for personal finances, according to the study.
A third of Canadians say they plan to set some new money goals for themselves before the year is out. Thirty per cent of that group will focus on saving more money while 20 per cent plan to point their efforts at paying down credit cards or other loans.
And Canadians could use the emergency buffer. The survey also found 30 per cent wouldn’t be able to financially handle an unexpected $500 expense. For 28 per cent, that breaking point lies at $2,000.
“Fall” Back on Track with High Interest Savings
For those on board with the idea of turning the fall into a season of financial redemption, strategy is key.
First step – put your money to work with a high-interest savings option…
