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
Big Five diverge as bank sector faces new headwinds Mar 6th
Canadian banks have been keen to diversify beyond their domestic bases in different ways, giving investors a number of options for selecting a potential outperformer
.... More »
How GICs can help you save for your short-term goals Nov 23rd
Let’s talk about short-term savings. By short-term, we’re talking about putting away money for a few months, or even a few years, for a big goal, like a vacation, a wedding or a down payment on a home. Where should you put your savings so they’ll be secure and work for you?
When saving,.... More »
Tips for getting a new mortgage Jan 11th
Q: My partner and I want to move closer to family and this would require moving to another province. We’re fairly certain that we can find full-time employment in our new city but we’re a little worried that mortgage lenders won’t look favorably at us as borrowers. We have equity in the home .... More »
Canadians becoming less dependent on banks: survey + MORE Oct 21st
TORONTO – A new survey from EY suggests Canadians are becoming less dependent upon their banks as the main providers of financial services.
The business consultancy firm says a quarter of those polled agreed with the statement, “I’m less reliant on established (financial services) companies an.... More »
Revenge of the comment section: Don't blame the banks... entirely: Opinion Mar 19th
CBC commenters generally agree that banks shouldn't engage in high-pressure tactics to meet sales goals, but many point out that consumers also need to learn more about debt and how to manage their money..... More »
Rate Cut Realities
– ratesupermarket.ca
The Bank of Canada’s Overnight Lending Rate cut may have been last week’s blockbuster, but all eyes have been on its spinoff – when and how Canada’s banks would react with their own Prime rate reductions.
Now that the first discounts have been put in place, questions remain – how will consumers – from variable borrowers to job hunters – be impacted?
Get the full story below.
Banks Cut Prime to 2.85%
It took a full week – but Canada’s big lenders have finally implemented a 15-basis-point discount to their Prime rates. Why were they so hesitant… and could another cut be a future possibility? And what’s in store for fixed-rate borrowers? Get the full story with this week’s Housing Headlines.
Read Penelope’s Blog | Banks Cut Prime to 2.85%
Savings Account Rates Cut Post BoC Announcement
Despite dragging their heels on mortgage discounts, RBC and TD wasted no time slashing the interest rates on two of their most popular savings products. What can savers expect in this super-low interest rate environment – and how can they continue to grow their money?
Read Sean’s Blog | Savings Accounts Rates Cut Post BoC Announcement
How Will You Be Affected By Lower Interest Rates?
The Bank of Canada’s rate cut has far-reaching implications for consumers, the economy and the housing market…
Bank of Montreal cuts its five-year fixed mortgage rate to 4.79 per cent
– canadianbusiness.com
TORONTO – The Bank of Montreal (TSX:BMO) has cut its five-year fixed mortgage rate by 20 basis points to 4.79 per cent.
The bank has also changed a number of its other fixed mortgage rates, including its low- rate five-year mortgage, which also went down 20 basis points to 3.09 per cent.
The rate for a 10-year fixed mortgage went down 65 basis points to 6.10 per cent, while the 10-year low rate declined 85 basis points to 3.84 per cent.
The changes take effect Saturday.
On Jan. 27, Canada’s biggest lenders reduced their prime lending rates, which influence variable rate mortgages and other products, to 2.85 per cent from three per cent.
That was in response to the Bank of Canada’s surprise move to cut its overnight lending rate to 0.75 per cent from one per cent. However, the commercial banks passed along only some of the savings from the central bank’s policy move to their customers, shaving their prime rates by 15 basis points instead of the full 25.
The post Bank of Montreal cuts its five-year fixed mortgage rate to 4…
The bank has also changed a number of its other fixed mortgage rates, including its low- rate five-year mortgage, which also went down 20 basis points to 3.09 per cent.
The rate for a 10-year fixed mortgage went down 65 basis points to 6.10 per cent, while the 10-year low rate declined 85 basis points to 3.84 per cent.
The changes take effect Saturday.
On Jan. 27, Canada’s biggest lenders reduced their prime lending rates, which influence variable rate mortgages and other products, to 2.85 per cent from three per cent.
That was in response to the Bank of Canada’s surprise move to cut its overnight lending rate to 0.75 per cent from one per cent. However, the commercial banks passed along only some of the savings from the central bank’s policy move to their customers, shaving their prime rates by 15 basis points instead of the full 25.
The post Bank of Montreal cuts its five-year fixed mortgage rate to 4…
Rate Cut Realities
– ratesupermarket.ca
The Bank of Canada’s Overnight Lending Rate cut may have been last week’s blockbuster, but all eyes have been on its spinoff – when and how Canada’s banks would react with their own Prime rate reductions.
Now that the first discounts have been put in place, questions remain – how will consumers – from variable borrowers to job hunters – be impacted?
Get the full story below.
Banks Cut Prime to 2.85%
It took a full week – but Canada’s big lenders have finally implemented a 15-basis-point discount to their Prime rates. Why were they so hesitant… and could another cut be a future possibility? And what’s in store for fixed-rate borrowers? Get the full story with this week’s Housing Headlines.
Read Penelope’s Blog | Banks Cut Prime to 2.85%
Savings Account Rates Cut Post BoC Announcement
Despite dragging their heels on mortgage discounts, RBC and TD wasted no time slashing the interest rates on two of their most popular savings products. What can savers expect in this super-low interest rate environment – and how can they continue to grow their money?
Read Sean’s Blog | Savings Accounts Rates Cut Post BoC Announcement
How Will You Be Affected By Lower Interest Rates?
The Bank of Canada’s rate cut has far-reaching implications for consumers, the economy and the housing market…
Barclays has downgraded its outlook on four of Canada’s big banks, saying the country’s slowing economy leaves little upside potential for the banks.
