Learn more about Canada’s top banks rates, rules and the latest news – read on!
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How Deferring Mortgage Payments Could Affect Your Credit Score + MORE Apr 14th
For the past few weeks, we’ve become accustomed to Prime Minister Trudeau’s daily update from Rideau Cottage in Ottawa. To help ease the economic impact of the COVID-19 pandemic, the government has put forward several measures intended to support those who have lost their jobs due to the outbre.... More »
The best high-interest savings accounts in Canada for 2025 + MORE Aug 6th
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Find the best and most up-to-date savings rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated return based on the size of your balance.
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New Aeroplan Members Can Get 2,500 Bonus Miles This Month Sep 11th
For a limited time, new Aeroplan members can get 2,500 bonus miles (soon to be Aeroplan points) when they join and earn their first mile before the end of September 2020.
Members can earn miles through in-store and online purchases at partner brands by scanning their Aeroplan card or using their Ae.... More »
Donald Trump Orders Crackdown on Politically-Motivated ‘Debanking’ - WIRED + MORE Aug 8th
Donald Trump Orders Crackdown on Politically-Motivated ‘Debanking’ WIREDTrump Signs Executive Order Clamping Down on ‘Debanking’ The New York TimesGUARANTEEING FAIR BANKING FOR ALL AMERICANS The White House (.gov)Trump targets banks with order barring discrim.... More »
The best GIC rates in Canada for 2025 + MORE Nov 17th
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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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The Bank of Montreal’s participation in a major financing deal for licensed marijuana producer Canopy Growth marks a big policy shift for Canada’s biggest banks, which may be warming up to the cannabis sector.
Canadian banks raise prime lending rate to 3.45%
– moneysense.ca
TORONTO — Canada’s biggest banks will hike their prime rate by a quarter of a percentage point on Thursday, putting financial pressure on homeowners with variable rate mortgages.
The Royal Bank of Canada (TSX:RY) was first to announce its prime rate will rise to 3.45 per cent, shortly after the Bank of Canada raised its key short-term rate by a quarter-point to 1.25 per cent.
RBC was followed by Bank of Montreal (TSX:BMO), CIBC (TSX:CM), Scotiabank (TSX:BNS), TD Canada Trust (TSX:TD), National Bank (TSX:NA) and Desjardins Group — a financial co-operative with offices throughout Quebec and parts of Ontario.
READ: Why banks are slow to lower lending rates, but quick to hike them
Banks tend to raise their own prime rates after the central bank raises its key lending rate, which affects wholesale borrowing costs for the major lenders and the retail borrowing rates they charge consumers.
The prime rate is used as a benchmark for variable-rate mortgages and some lines of credit.
Consumers with a fixed-rate mortgage will be unaffected by the Bank of Canada’s move on Wednesday until it’s time for the borrower to renew the mortgage…
The Royal Bank of Canada (TSX:RY) was first to announce its prime rate will rise to 3.45 per cent, shortly after the Bank of Canada raised its key short-term rate by a quarter-point to 1.25 per cent.
RBC was followed by Bank of Montreal (TSX:BMO), CIBC (TSX:CM), Scotiabank (TSX:BNS), TD Canada Trust (TSX:TD), National Bank (TSX:NA) and Desjardins Group — a financial co-operative with offices throughout Quebec and parts of Ontario.
READ: Why banks are slow to lower lending rates, but quick to hike them
Banks tend to raise their own prime rates after the central bank raises its key lending rate, which affects wholesale borrowing costs for the major lenders and the retail borrowing rates they charge consumers.
The prime rate is used as a benchmark for variable-rate mortgages and some lines of credit.
Consumers with a fixed-rate mortgage will be unaffected by the Bank of Canada’s move on Wednesday until it’s time for the borrower to renew the mortgage…
What to do about your debt after the interest rate hike
– moneysense.ca
TORONTO — Many consumers will soon find their debt loads heavier now that Canada’s central bank and the country’s biggest commercial lenders have raised their benchmark rates by one-quarter percentage point.
The country’s biggest banks raised their prime rates after the Bank of Canad hiked its overnight lending rate Wednesday by a quarter of a percentage point to 1.25 per cent.
READ: Your mortgage is about to get more expensive
It’s a challenge for Canadians still struggling to cope with the record amounts of consumer debt they amassed after the 2008 financial crisis because lenders use their prime rate as a benchmark for setting some other short-term rates including variable-rate mortgages and lines of credit. A hike is good news for savers as the prime rate also affects interest rates for savings accounts.
If you’re contemplating how to best take advantage of the increased rates or avoid falling into further debt, personal finance expert and Ryerson University business professor Laleh Samarbakhsh shared her advice…
The country’s biggest banks raised their prime rates after the Bank of Canad hiked its overnight lending rate Wednesday by a quarter of a percentage point to 1.25 per cent.
READ: Your mortgage is about to get more expensive
It’s a challenge for Canadians still struggling to cope with the record amounts of consumer debt they amassed after the 2008 financial crisis because lenders use their prime rate as a benchmark for setting some other short-term rates including variable-rate mortgages and lines of credit. A hike is good news for savers as the prime rate also affects interest rates for savings accounts.
If you’re contemplating how to best take advantage of the increased rates or avoid falling into further debt, personal finance expert and Ryerson University business professor Laleh Samarbakhsh shared her advice…
At the open: TSX flat as energy stocks fall, banks push higher
– theglobeandmail.com
Strong China data cranks up pressure on bond markets
