Learn more about Canada’s top banks rates, rules and the latest news – read on!
Latest News
Canadians to see lower fees and simpler account transfers Nov 6th
Ottawa plans to make it easier for Canadians to move their banking and investment accounts in a bid to increase competition and reduce costs for consumers. The government said as part of Tuesday’s federal budget, it will move to eliminate investment and registered account transfer fees, which .... More »
Interest rate hike, new mortgage rules may trigger real estate market slowdown + MORE Jan 16th
TORONTO _ Canada’s real estate market will hit a slow patch in 2018 as tighter mortgage stress tests apply pressure and the impact could be exacerbated if an expected interest rate hike drives buyers to put off their home purchases, economists said Monday.
The Bank of Canada will make its firs.... More »
Visa vs. Mastercard: What are the differences (and do they really matter)? Jun 19th
A frequent question we hear at MoneySense is: Which is better—Visa or Mastercard? When looking for a credit card, there are all sorts of things to consider. What is the interest rate? Can you collect rewards points or get cash back for making purchases? Is there a bonus for signing up, and what ar.... More »
Online and Mobile Banking During the COVID-19 Pandemic + MORE Apr 16th
Canadians are using social distancing to prevent the spread of COVID-19. As a result, banks have closed their doors or reduced their hours of operation. Many Canadians are turning to technology to manage their finances instead. Naturally, this has caused a spike in the use of online and mobile bank.... More »
Warning to caregivers: Expect a scavenger hunt + MORE Feb 24th
This story is part 3 in a series on financial caregiving for seniors. Read others in this series:
3 signs you need to take control of your parents’ finances
Caring for a parent? Get a power of attorney
Before my father was diagnosed with dementia, I had a 30,000-foot awareness of my f.... More »
Banks unite to donate $1M to help support Syrian refugees arriving in Canada
– canadianbusiness.com
TORONTO – Canada’s five biggest banks say they’ll collectively donate $1 million to the Canadian Red Cross to support Syrian refugees arriving in Canada.
BMO Financial Group, CIBC, Royal Bank of Canada, Scotiabank and TD Bank Group say customers can also make donations to the Canadian Red Cross at their local branch, effective Thursday.
In last week’s throne speech, the new Liberal government promised to bring 25,000 Syrian refugees to Canada by the end of February 2016 and about 10,000 privately sponsored refugees are likely to be in Canada by year’s end.
Canadian Red Cross president Conrad Sauve says more than four million Syrians have been displaced as a result of internal conflict.
Sauve says the donation will help refugees begin their transition into new communities and provide essential services and basic needs assistance in the form of clothing, personal care products, food, and family reunification.
In September, Canada’s five largest banks donated a total of $1 million to the Canadian Red Cross for essential relief items and first aid to help with the Syrian refugee crisis in Europe…
BMO Financial Group, CIBC, Royal Bank of Canada, Scotiabank and TD Bank Group say customers can also make donations to the Canadian Red Cross at their local branch, effective Thursday.
In last week’s throne speech, the new Liberal government promised to bring 25,000 Syrian refugees to Canada by the end of February 2016 and about 10,000 privately sponsored refugees are likely to be in Canada by year’s end.
Canadian Red Cross president Conrad Sauve says more than four million Syrians have been displaced as a result of internal conflict.
Sauve says the donation will help refugees begin their transition into new communities and provide essential services and basic needs assistance in the form of clothing, personal care products, food, and family reunification.
In September, Canada’s five largest banks donated a total of $1 million to the Canadian Red Cross for essential relief items and first aid to help with the Syrian refugee crisis in Europe…
Mortgage rates are rising
– moneysense.ca
Mortgage rates have been so low, for so long, that it almost feels like they’ll never rise. Even the Bank of Canada’s latest decision to keep overnight target rates at 0.5% is the equivalent of saying: We’re keeping with the status quo.
But according to media reports banks have quietly increased their own prime lending rate by 0.5%, thereby reducing the discount for new variable-rate mortgage amounts.
“It’s a bit overstated,” says RateSpy.com founder and independent mortgage broker, Robert McLister, but the fact remains: lenders have tightened the discount new borrowers can expect on variable-rate mortgages.
The most competitive lenders—typically those that work with independent mortgage brokers and specialize in mortgage lending—raised their rates by 0.15% to 0.25%, while some major banks increased their variable rates by as much as 0.25%.
How does that translate if you’re currently shopping for a mortgage? It means you can no longer find a 2.39% five-year variable rates, says Jake Abramowicz, an independent mortgage broker…
But according to media reports banks have quietly increased their own prime lending rate by 0.5%, thereby reducing the discount for new variable-rate mortgage amounts.
“It’s a bit overstated,” says RateSpy.com founder and independent mortgage broker, Robert McLister, but the fact remains: lenders have tightened the discount new borrowers can expect on variable-rate mortgages.
The most competitive lenders—typically those that work with independent mortgage brokers and specialize in mortgage lending—raised their rates by 0.15% to 0.25%, while some major banks increased their variable rates by as much as 0.25%.
How does that translate if you’re currently shopping for a mortgage? It means you can no longer find a 2.39% five-year variable rates, says Jake Abramowicz, an independent mortgage broker…
