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?
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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.
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Why banks want saving from themselves
– macleans.ca
(Shutterstock)In about a month, Ed Clark, the CEO of TD Bank, will retire, bidding adieu to the company’s familiar green armchair for the last time. He’s had an impressive run. As the one-time head of Canada Trust, Clark engineered what was essentially a reverse takeover of the much larger Toronto-Dominion Bank after it bought Canada Trust in 2000. And, under his watch, TD recently catapulted past the Royal Bank of Canada to become the largest financial institution in the country by total assets, which, as of last quarter, stood at a staggering $922 billion. So the man knows banking. And, this being Canada, where a handful of Goliaths dominate the industry, thanks to government-decreed oligopoly, he’s acutely familiar with the unseemly tango bankers and politicians are forever locked into.
Which is why it was so informative when Clark voiced concerns recently about the fragility of household finances in light of ultra-low interest rates and the easy access to mortgage credit. “Where these issues have been dealt with successfully is governments who lay out a framework for an industry,” he told the Canadian Press last week…
