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.
Latest News
How much are trading fees? Nov 25th
Individual stock trading has exploded during the pandemic with the rise of meme stocks, investing FOMO and free trading platforms. New investors poured money into stocks looking to make a quick buck, and in most cases the markets obliged.
Indeed, Canadian and U.S. stock returns have soared since .... More »
More Canadians are rethinking their bank. Should you? Jul 22nd
Clinton Begin was growing tired of frequent visits to bank branches and calling into the trading desk to check on various transactions. “There (were) a lot of things that just took too much of my time. I was always phoning, always going to visit them. It was always a big deal,” he recalled.
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Premarket: Monte dei Paschi bolsters European stocks, ECB looms + MORE Dec 7th
Banks lead European shares higher; oil dips on doubts over impact of OPEC deal
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Tech Giant Apple dipping its toe into the world of credit cards + MORE Mar 28th
This week tech giant Apple announced they are getting into the business of credit cards. Powered by MasterCard and Goldman Sachs, ‘Apple Card,’ is touted as “the most significant change in the credit card experience in 50 years” by Apple CEO Tim Cook. The tag line in the media release is .... More »
Scotiabank CEO downplays concerns raised over Canadian debt levels Mar 22nd
TORONTO _ Scotiabank’s chief executive says he disagrees with recent red flags raised over Canada’s high debt levels by an international body, and that he is “comfortable” with the lender’s risk profile.
Brian Porter told a University of Toronto conference that he had a.... More »
Canadians becoming less dependent on banks: survey
– moneysense.ca
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 and banks these days, as there are more options to self-manage my finances.”
Another five per cent of the respondents strongly agreed with the statement, while 21 per cent disagreed, five per cent strongly disagreed and 39 per cent said they neither agree nor disagree. Another four per cent said they don’t know.
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The top reasons cited by consumers for considering a non-bank provider included more attractive rates, access to different products and services, how easy it was to set up an account and a better online experience…
Feds propose changes to spread mortgage risks
– moneysense.ca
OTTAWA – The federal government formally launched consultations Friday to explore potential changes that would shift some of the financial risk tied to insured mortgages from the shoulders of taxpayers to lenders, such as the banks.Under Canada’s current system, lenders are able to transfer virtually all of the risk from insured mortgages to insurers, which are indirectly backstopped by taxpayers, the government said.
The Finance Department has been examining the possibility of making such a change for a couple of years and it’s now seeking more input.
Finance Minister Bill Morneau announced the consultations into so-called “lender risk sharing” earlier this month as part of a package of changes related to Canada’s housing market.
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The consultations are designed to help Ottawa determine whether having lenders absorb a modest chunk of loan losses on insured-mortgage defaults would help shore up stability in the system…
