Learn more about Canada’s top banks rates, rules and the latest news – read on!
Latest News
Credit Card Rewards Redemptions Are Surging During COVID-19 + MORE Sep 2nd
The number of Canadians redeeming credit card points for everyday purchases is surging during the pandemic, according to a study by CIBC. Typically, Canadians would use their credit card points to travel this time of year. However, COVID-19 continues to restrict border crossings and flights, which .... More »
Which Canadian bank has the right pitch to millennials? Aug 26th
When it comes to digital banking, there’s now a stark split in tactics among the Big Five banks
.... More »
Chequing vs. Savings Account: What’s the Difference? Oct 2nd
When it comes to managing your finances, using the correct type of bank account is very important. But while the differences between a chequing account and a savings account may seem obvious to some, you would be shocked at the number of people who use their savings accounts for daily transactions o.... More »
Bank regulator imposes tighter restrictions on Wells Fargo Nov 20th
WASHINGTON – A federal banking regulator has imposed tighter restrictions on Wells Fargo & Co., requiring the banking giant to get advance approval from regulators before making a wide range of business decisions.
The Office of the Comptroller of the Currency, which oversees national banks.... More »
CIBC, Royal Bank on the defensive at annual meetings over sales practices + MORE Apr 7th
Chief executives at two of Canada’s biggest banks highlighted their efforts to listen to client and employee feedback in the wake of news reports that alleged some employees at financial institutions broke the law in order to meet sales targets.
Royal Bank CEO Dave McKay says his bank surveys .... More »
BMO Drops Their 5-Year Fixed Mortgage Rate to 2.79%
– ratesupermarket.ca
Spring is traditionally the most competitive time for mortgage lenders; as warming temperatures tempt prospective buyers from hibernation and into open houses, brokers and banks alike up the ante on rate discounts. When it comes to Canada’s big federally regulated banks, Bank of Montreal has set the bar for the spring season with their headline-making 2.99% rate over the past few years. Now, they’ve done it again with an even better rate: a jaw-dropping 2.79%.
Rate Details
Type: Fixed Closed
Term: 5 Years
Prepayment Privileges: Yes – You can pay up to 10 per cent on top of your monthly payment, and up to 10 per cent annually.
Rate hold: 90 days
Available to those paying less than 20 per cent down: Yes
Ability to port mortgage or switch lenders: No – Borrowers take note, this rate is not transferable, meaning you must stay with BMO for the entirety of your five-year term. While you can refinance your rate early with another BMO product, you cannot do so with another lender until your five-year term is up…
More Spastic Speculation Over the Bank of Canada
– ratesupermarket.ca
To say it has been an eventful year thus far for market and interest rate watchers would be an understatement. Pundits have been blindsided not once, but twice by the Bank of Canada on the direction for our national cost of borrowing… and it’s only March.
To recap: the long-held expectation that the Bank of Canada would hike interest rates this year was turned on its head in January, as our central lender implemented a surprise 0.25 per cent cut to its Overnight Lending Rate in response to lower oil prices. That caused a flurry as banks scrambled to respond with changes to their Prime rates and economists realized oil’s impact was a more urgent cause for concern than thought.
Markets took the BoC’s cautionary stance in stride, and overwhelmingly expected another cut to occur in the March 4th announcement – only to be derailed again by a speech made the week prior by BoC Governor Stephen Poloz, announcing measures taken thus far had been sufficient “insurance” against oil’s downfall…
To recap: the long-held expectation that the Bank of Canada would hike interest rates this year was turned on its head in January, as our central lender implemented a surprise 0.25 per cent cut to its Overnight Lending Rate in response to lower oil prices. That caused a flurry as banks scrambled to respond with changes to their Prime rates and economists realized oil’s impact was a more urgent cause for concern than thought.
Markets took the BoC’s cautionary stance in stride, and overwhelmingly expected another cut to occur in the March 4th announcement – only to be derailed again by a speech made the week prior by BoC Governor Stephen Poloz, announcing measures taken thus far had been sufficient “insurance” against oil’s downfall…
BMO Drops Their 5-Year Fixed Mortgage Rate to 2.79%
– ratesupermarket.ca
Spring is traditionally the most competitive time for mortgage lenders; as warming temperatures tempt prospective buyers from hibernation and into open houses, brokers and banks alike up the ante on rate discounts. When it comes to Canada’s big federally regulated banks, Bank of Montreal has set the bar for the spring season with their headline-making 2.99% rate over the past few years. Now, they’ve done it again with an even better rate: a jaw-dropping 2.79%.
Rate Details
Type: Fixed Closed
Term: 5 Years
Prepayment Privileges: Yes – You can pay up to 10 per cent on top of your monthly payment, and up to 10 per cent annually.
Rate hold: 90 days
Available to those paying less than 20 per cent down: Yes
Ability to port mortgage or switch lenders: No – Borrowers take note, this rate is not transferable, meaning you must stay with BMO for the entirety of your five-year term. While you can refinance your rate early with another BMO product, you cannot do so with another lender until your five-year term is up…
More Spastic Speculation Over the Bank of Canada
– ratesupermarket.ca
To say it has been an eventful year thus far for market and interest rate watchers would be an understatement. Pundits have been blindsided not once, but twice by the Bank of Canada on the direction for our national cost of borrowing… and it’s only March.
To recap: the long-held expectation that the Bank of Canada would hike interest rates this year was turned on its head in January, as our central lender implemented a surprise 0.25 per cent cut to its Overnight Lending Rate in response to lower oil prices. That caused a flurry as banks scrambled to respond with changes to their Prime rates and economists realized oil’s impact was a more urgent cause for concern than thought.
Markets took the BoC’s cautionary stance in stride, and overwhelmingly expected another cut to occur in the March 4th announcement – only to be derailed again by a speech made the week prior by BoC Governor Stephen Poloz, announcing measures taken thus far had been sufficient “insurance” against oil’s downfall…
To recap: the long-held expectation that the Bank of Canada would hike interest rates this year was turned on its head in January, as our central lender implemented a surprise 0.25 per cent cut to its Overnight Lending Rate in response to lower oil prices. That caused a flurry as banks scrambled to respond with changes to their Prime rates and economists realized oil’s impact was a more urgent cause for concern than thought.
Markets took the BoC’s cautionary stance in stride, and overwhelmingly expected another cut to occur in the March 4th announcement – only to be derailed again by a speech made the week prior by BoC Governor Stephen Poloz, announcing measures taken thus far had been sufficient “insurance” against oil’s downfall…
