Canada has several major banks and many schedule II banks – but with rates and plans all over the map, it’s difficult to know where to bring your business. Our aim is to help you navigate Canada’s banking options to discover which one suits your needs best.
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The Best Online Banks in Canada for 2022 Oct 24th
According to the Canadian Bankers Association, 90% of Canadians reported using online banking in the past year, and almost 50% say that digital is their preferred banking channel. The trend towards online banking isn’t a new one, but it certainly was hastened by the isolation and mandatory quarant.... More »
Don't be enticed by the big dividends and low valuations of Canada's asset managers Jan 12th
Less-nimble companies face competition from major banks, the popularity of low-cost ETFs and emerging robo-advisers
.... More »
Scotiabank walks away from consumer dispute watchdog OBSI Sep 8th
The Bank of Nova Scotia will no longer use an independent banking watchdog to mediate disputes with its customers, leaving just two of Canada's five big banks under the umbrella of the agency known as OBSI..... More »
Wall St. hits another record high, as TSX edges up and loonie breaks 80 cents US Oct 3rd
TORONTO _ Wall Street set another record high Tuesday on relatively minor movements as Canada’s largest stock index inched forward and the loonie cleared 80 cents US.
In New York, the Dow Jones industrial average gained 84.07 points to 22,641.67. The S&P 500 index edged up 5.46 points to 2.... More »
The best GIC rates in Canada for 2024 Jun 5th
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BMO first of big banks to launch robo-advisor service
– moneysense.ca
TORONTO – The Bank of Montreal has launched an online portfolio manager, making it the first of the big five Canadian banks to wade into the “robo-adviser” business.
After a trial run that started on Dec. 7, the service — dubbed SmartFolio — is available to all investors starting Monday.
While other large Canadian banks have hinted they’re considering a foray into online investment advice, BMO is the first of the big five banks to launch such a service, despite electing to build the product in-house rather than partnering with a financial technology firm as some of the other banks are expected to do.
The launch of SmartFolio responds to concerns that banks risk losing market share if young, tech-savvy millennials ditch traditional banking in favour of fintech startups that offer low-cost, online investment management services.
Joanna Rotenberg, head of personal wealth management at BMO, says the bank’s brand gives it an advantage over upstarts providing similar services.
“We’ve got the reliability associated with a 200-year-old banking institution, and at the same time we’ve got a lot of the things that some other players in the market are offering, which is simple and digital tools,” Rotenberg said…
After a trial run that started on Dec. 7, the service — dubbed SmartFolio — is available to all investors starting Monday.
While other large Canadian banks have hinted they’re considering a foray into online investment advice, BMO is the first of the big five banks to launch such a service, despite electing to build the product in-house rather than partnering with a financial technology firm as some of the other banks are expected to do.
The launch of SmartFolio responds to concerns that banks risk losing market share if young, tech-savvy millennials ditch traditional banking in favour of fintech startups that offer low-cost, online investment management services.
Joanna Rotenberg, head of personal wealth management at BMO, says the bank’s brand gives it an advantage over upstarts providing similar services.
“We’ve got the reliability associated with a 200-year-old banking institution, and at the same time we’ve got a lot of the things that some other players in the market are offering, which is simple and digital tools,” Rotenberg said…
The Bank of Montreal has launched an online portfolio manager, making it the first of the big five Canadian banks to offer at ‘robo-adviser.’
