Learn more about Canada’s top banks rates, rules and the latest news – read on!
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The best high-interest savings accounts in Canada for 2025 + MORE Sep 8th
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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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Personal Loan Vs. Line of Credit: Which Should I Get? + MORE Dec 23rd
In today’s ever-evolving market of loan products, it can sometimes feel like there are too many options to choose from – and each with its own complex fine print. Obtaining a line of credit or personal loan from a bank or lender has been a common way for Canadian consumers to get a cash injecti.... More »
The best instant approval credit cards in Canada 2022 Oct 12th
If you’re applying for a credit card, chances are you want it as soon as possible. Unfortunately, you often have to wait several days to see if you were approved, and then wait some more while the card makes its way to you in the mail. The good news is many credit cards now offer instant approval..... More »
Is an all-weather portfolio the answer to the shortage of “safe” investments? Jan 25th
For retirees and near retirees, it can sometimes seem like there’s no such thing as a “safe” investment—especially now. Even bonds and bond funds, typically considered the safest of investment—suffered losses in 2021, as interest rates were poised to rise. Now that central banks have said .... More »
12 Months to Being Debt Free – August + MORE Aug 25th
With only five months left in our 12 months to being debt free challenge, some of you may be hitting a wall in your debt repayment journeys. If the reason behind this is because a big chunk of your repayment goes towards interest every month, then you should consider taking steps to reduce the amou.... More »
OTTAWA – Canada’s big banks may resist the urge to pass on to borrowers the full benefit if the Bank of Canada decides to reduce its key interest rate on Wednesday, a reluctance that could anger borrowers.
CIBC analyst Robert Sedran suggested a 25-basis-point cut in the central bank’s overnight rate could be followed by only a 10-basis-point reduction in the prime rate by the big banks.
“Either way, we would not expect an overnight rate cut to be met with a full reduction in bank prime rates,” Sedran wrote in a report Tuesday on the eve of the Bank of Canada announcement that is hotly anticipated this time around amid concerns the economy is in a recession.
If the Bank of Canada cuts interest rates, it will be an effort to jumpstart the economy by making it cheaper for consumers and companies to borrow money.
But a cut by the central bank won’t automatically trigger a similar cut in the prime rate at the country’s big banks. That rate is currently standing at 2…
Big banks may not follow if BoC cuts rate
– moneysense.ca
OTTAWA – Canada’s big banks may resist the urge to pass on to borrowers the full benefit if the Bank of Canada decides to reduce its key interest rate on Wednesday, a reluctance that could anger borrowers.
CIBC analyst Robert Sedran suggested a 25-basis-point cut in the central bank’s overnight rate could be followed by only a 10-basis-point reduction in the prime rate by the big banks.
“Either way, we would not expect an overnight rate cut to be met with a full reduction in bank prime rates,” Sedran wrote in a report Tuesday on the eve of the Bank of Canada announcement that is hotly anticipated this time around amid concerns the economy is in a recession.
If the Bank of Canada cuts interest rates, it will be an effort to jumpstart the economy by making it cheaper for consumers and companies to borrow money.
But a cut by the central bank won’t automatically trigger a similar cut in the prime rate at the country’s big banks. That rate is currently standing at 2.85 per cent…
CIBC analyst Robert Sedran suggested a 25-basis-point cut in the central bank’s overnight rate could be followed by only a 10-basis-point reduction in the prime rate by the big banks.
“Either way, we would not expect an overnight rate cut to be met with a full reduction in bank prime rates,” Sedran wrote in a report Tuesday on the eve of the Bank of Canada announcement that is hotly anticipated this time around amid concerns the economy is in a recession.
If the Bank of Canada cuts interest rates, it will be an effort to jumpstart the economy by making it cheaper for consumers and companies to borrow money.
But a cut by the central bank won’t automatically trigger a similar cut in the prime rate at the country’s big banks. That rate is currently standing at 2.85 per cent…
How to Open a Joint Chequing Account
– ratesupermarket.ca
Tired of moving cash back and forth with your partner to pay for housing costs, monthly bills, or groceries? Opening a joint chequing account can be a convenient way to manage finances as a team. And joint accounts aren’t just for couples – whether you’ve tied the knot, are common-law cohabitators, or a parent keeping tabs on your child’s cash, you may find the joint approach to be convenient.
But there are some main differences to be aware of. Here are a few ways joint accounts differ from the single variety.
How to Open a Joint Chequing Account
The process may vary slightly between financial institutions, but there’s a basic process for setting up an account as joint holders. Most financial institutions allow you to set up a joint account in person or online. The process is simpler if you and your co-applicant already have separate banking accounts at the financial institution.
Here is a list of information you and your co-applicant may be required to provide when filling out your application:
2 pieces of photo ID, such as a driver’s license or passport
Social Insurance Number (SIN) for tax reporting
Name and address of employer
A major credit card (not a department store credit card)
The Benefits of a Joint Chequing Account
The ability to carry a higher balance often means qualifying for premium account products…
