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
Busting 7 Myths About Your Credit Score May 15th
Your credit score can affect your ability to get a credit card, personal loan, or low-interest mortgage. Everyone knows you should pay your bills on time to keep your credit score healthy. However, some aspects of credit scores can be confusing. Here, we’re busting seven common myths about your c.... More »
How international students can build credit in Canada Jul 15th
Moving to Canada as an international student comes with a long financial to-do list, and building credit is one of the most important items on it. Your credit history from home typically doesn’t transfer, which means you may need to start from scratch when applying for a credit card, phone plan, a.... More »
Do BoC rates impact you? 10 questions answered + MORE Mar 9th
(Gary Waters/Getty Images)
Eight times a year, the Bank of Canada sets its key interest rate. This is a fancy way of saying it establishes an overnight target interest which is then used by banks to set the prime rate. This prime rate establishes how much it will cost to borrow, whether it’s a mor.... More »
The best GIC rates in Canada for 2025 Nov 3rd
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 »
How to build credit history in Canada Jun 30th
A credit history is a person’s track record of using credit (borrowing money) and repaying debt. Your credit history can affect many aspects of your financial life—from getting approved for a credit card or renting an apartment to taking out a mortgage or a car loan, among other things. In some .... More »
Should You Accept That Pre-Approved Credit Limit Increase?
– ratesupermarket.ca
If you faithfully pay your loans, mortgage or credit card each month, you’ve probably gotten a call or letter from your bank telling you that you’ve been pre-approved for a credit increase or a line of credit.
But if you’re not currently using all the credit that you have available, you might not think you need it. Guess what? Turning down pre-approved credit increases might actually hurt your credit. This post will walk you through why you get offered these credit increases, how it can improve your credit score and when you should turn an increase down.
Why They’re Offering The Increase
If a bank that you have an account with already tells you that you’ve been pre-approved for a credit increase or new line of credit it’s because they see you as a good customer. Whether you diligently pay off your card every month or you stay current on your loans, they’re offering you an increase because they trust that you will pay them back.
No Hard Check
One of the best things about these pre-approved credit increases is that they often don’t perform a hard credit check on your file…
4 Mobile Payment Options You Should Know About
– ratesupermarket.ca
Cash may be king, but cards are easier – except when purchasing something from a small business with no brick-and-mortar location (think food trucks, craft vendors and artists). Before, you’d have to make a run to your nearest ATM – but now, there are new mobile payment options offered by some merchants.
Here’s a look at four solutions available in Canada.
Also read: Credit Card Code of Conduct Changed for Mobile Payments>
PAYD AND PAYD PRO (BY MONERIS)
The PAYD app and accompanying Moneris PAYD card reader enables Canadians to accept credit card payments via their smartphones or tablets wherever they access to WiFi or mobile data. PAYD PRO takes mobile payment processing a step further, allowing debit payments as well. Customers can add tips and receive receipts via email, and funds are transferred to a business owner’s account within one to two business days.
PAYD and PAYD PRO use the same app, but different card readers. The PAYD PRO reader is a PIN pad that connects to a smartphone or tablet via Bluetooth, and can process chip cards…
2015 Retirement 100: All Stars
– moneysense.ca
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Overview
Full Ranking
All-Stars
The Leaders
The three big banks at the top of the class are the Bank of Nova Scotia (BNS), the Bank of Montreal (BMO), and TD Bank (TD). The first two offer yields of 4.7% while TD pays
3.9% and has a good dividend growth record. They’re joined by insurance firms Great- West Lifeco (GWO) and Sun Life Financial (SLF), which provide yields of 4.0% and 3.7%, respectively. In addition, Genworth MI Canada (MIC) makes the grade and pays a hefty dividend yield of 5.1%. It’s a mortgage insurance firm that trades at only 7 times earnings and 84% of book value due to worries about excesses in the Canadian real estate market…
