Banking in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
The best GIC rates in Canada for 2025 + MORE Aug 11th
GIC comparison tool
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.
Why trust us
MoneySense is an award-winning magazine, helping Canadians navigate m.... More »
The best GIC rates in Canada for 2024 + MORE Dec 23rd
GIC comparison tool
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.
Why trust us
MoneySense is an award-winning magazine, helping Canadians navigat.... More »
RateSupermarket.ca Will Become RATESDOTCA Sep 30th
We are excited to announce that RateSupermarket.ca will become RATESDOTCA. Don’t worry, besides a name change, how you compare the best credit cards and mortgage rates will remain the same.
What does this mean for you?
Our name is changing, but rest assured, everything else will remain the same.
.... More »
The 7 best credit cards for newcomers to Canada for 2023 + MORE Aug 12th
Credit Cards
The 7 best credit cards for newcomers to Canada for 2023
As a newcomer, you’ll want a credit card that offers you the best value without having a long Canadian credit history. Here’s a list of our favourite cash back, rewards, low-interest cards and more.
.... More »
Looking for a mortgage in B.C.? Don’t limit your options to the big banks Aug 9th
At last, interest rates are coming down again. For Canadians who are in the market for a new home, facing renewal of their mortgage in the foreseeable future, or feeling unsatisfied with their current home loan, this poses two choices: do you pounce now, or stay on the sidelines in the hope that rat.... More »
Could Covid-19 Cause Cashless Payments to Be the New Normal?
– ratesupermarket.ca
It’s hard to pay from six feet away.
Plus, the idea of touching cash is making many queasy these days, which is why the COVID-19 pandemic may be speeding up the move to a cashless society.
According to a recent survey by Payments Canada, which compared spending behaviours pre-COVID-19 and at five weeks into the pandemic, 62% of Canadians reported using cash less than before the crisis.
How are people paying? They are using Interac e-Transfer, PayPal and credit cards more frequently, according to Payments Canada.
How are Canadians shopping? Thirty-eight percent are using e-commerce platforms for items, including groceries, and 26% are using food delivery services more often than pre-COVID-19. For in-store purchases, 53% reported using card or mobile tap payment more often than pre-pandemic.
This movement has accelerated a trend already underway, according to Payments Canada. In its 2019 Canadian Payment Methods and Trends Report, it found that electronic payments accounted for 73% of all transaction volumes, compared with 21% for cash…
