Banking in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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Judge rules Donald Trump committed fraud - CTV News + MORE Sep 26th
Judge rules Donald Trump committed fraud CTV NewsBREAKING: Judge finds Trump committed fraud in NY civil case MSNBCJudge rules Donald Trump defrauded banks, insurers while building real estate empire Toronto StarTrump Fraudulently Inflated Property Values, NY Judge R.... More »
Switching Banks or Complementing Your Service: Getting the Most for Your Money + MORE Oct 6th
Written by Barry Choi and Jackie Rosen
The big five banks are constantly trying to acquire new customers, offering everything from 40” TVs and tablets to straight out cash if we open certain accounts with them. These promotions aren’t aimed at customers who are brand new to banking. Instead, th.... More »
Bank of Canada expected to raise its key rate for first time in nearly seven years + MORE Jul 12th
The Bank of Canada is expected to raise its key interest rate target for the first time in nearly seven years on Wednesday following signs the economy is well on the road to recovery after the crash in oil prices.
Low interest rates have helped fuel the housing market in recent years, incentivizing .... More »
The best GIC rates in Canada for 2024 Nov 26th
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.
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MoneySense is an award-winning magazine, helping Canadians navigat.... More »
At the open: TSX ticks higher as resource stocks gain, banks weigh + MORE Aug 18th
Wall Street flat as Fed divided on rates
.... More »
Fed’s Yellen says open to raising threshold for systemic banks
– theglobeandmail.com
The tacit nod of approval from the Fed chief is a good sign for Wall Street
Big banks pass on part of BoC rate cut
– moneysense.ca
OTTAWA – Less than 24 hours after the Bank of Canada cuts its key interest rate, Canada’s big banks have partially followed suit.
The central bank cut its rate by a quarter percentage point on Wednesday to 0.5 per cent. The banks, in turn, cut their prime interest rate by 0.15 percentage points to 2.7 per cent.
It’s the second time the central bank cut its key rate this year. When it chopped the rate in January by a quarter point, the big banks passed on only a portion of the rate cut to their customers then, too.
Moves in the prime rate directly affect the amount charged on loans such as variable rate mortgages and floating rate lines of credit.
The Bank of Canada also downgraded its outlook for the Canadian economy.
How the Bank of Canada influences mortgage rates »
The central bank cut its rate by a quarter percentage point on Wednesday to 0.5 per cent. The banks, in turn, cut their prime interest rate by 0.15 percentage points to 2.7 per cent.
It’s the second time the central bank cut its key rate this year. When it chopped the rate in January by a quarter point, the big banks passed on only a portion of the rate cut to their customers then, too.
Moves in the prime rate directly affect the amount charged on loans such as variable rate mortgages and floating rate lines of credit.
The Bank of Canada also downgraded its outlook for the Canadian economy.
How the Bank of Canada influences mortgage rates »
The post Big banks pass on part of BoC rate cut appeared first on MoneySense.
Business Highlights
– canadianbusiness.com
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Amazon turns 20, bookseller became a global e-commerce powerhouse
NEW YORK (AP) — Amazon has come a long way from selling books out of a Seattle garage.
The company had an inauspicious start in July 1995 at the dawn of the Web as an online bookseller. It narrowly escaped the dot-com bust of 2000 to reinvent online retailing. And eventually, it morphed into the global e-commerce powerhouse it is today with $89 billion in annual revenue.
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Greek banks to reopen after cash pledge from lenders
ATHENS, Greece (AP) — Greece on Thursday won vital pledges of support from bailout lenders needed to keep its economy from collapsing, but officials in Athens said the painful austerity measures demanded in return were likely to force an election within months.
Hours after parliament approved the tough new cuts, the government promised to reopen banks on Monday and gradually restore services — helped by higher cash support from the European Central Bank.
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EBay, PayPal outline plans for after split
NASHVILLE, Tenn…
Amazon turns 20, bookseller became a global e-commerce powerhouse
NEW YORK (AP) — Amazon has come a long way from selling books out of a Seattle garage.
The company had an inauspicious start in July 1995 at the dawn of the Web as an online bookseller. It narrowly escaped the dot-com bust of 2000 to reinvent online retailing. And eventually, it morphed into the global e-commerce powerhouse it is today with $89 billion in annual revenue.
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Greek banks to reopen after cash pledge from lenders
ATHENS, Greece (AP) — Greece on Thursday won vital pledges of support from bailout lenders needed to keep its economy from collapsing, but officials in Athens said the painful austerity measures demanded in return were likely to force an election within months.
Hours after parliament approved the tough new cuts, the government promised to reopen banks on Monday and gradually restore services — helped by higher cash support from the European Central Bank.
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EBay, PayPal outline plans for after split
NASHVILLE, Tenn…
Deviating from Bank of Canada may be a good thing for banks
– theglobeandmail.com
With the banks now taking Bank of Canada rate cuts as more of a guideline than a directive, their margins may be about to improve
Canadians looking for a break on their mortgage or credit loans may be disappointed that none of Canada’s major banks are passing along the full savings. Still, this may be a good thing for Canada’s overheated housing market, some say.
