The “Big Five” Canadian banks include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Are there other viable options?
Latest News
Canada’s best no foreign transaction fee credit cards 2022 Oct 8th
Canadians love to travel, but when shopping with their credit cards outside of Canada, many pay foreign transaction fees—as much as 2.5%—on every purchase. The good news is there’s a good selection of credit cards out there that either offer no foreign transaction fees or return more than enou.... More »
PayPal is going after the big banks Apr 14th
Online payment firm PayPal will soon offer basic banking options to its customers — a move that could be a nightmare for traditional banks..... More »
The best high-interest savings accounts in Canada for 2024 + MORE Nov 4th
Savings comparison tool
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.
Why trust us
MoneySense is an award-winning magazine, helping Canadians navigate mo.... More »
7 Ways to Get a Bank Account for Cheap + MORE Jul 25th
When it comes to setting up your own bank account, some may feel more comfortable with the familiar. Maybe your parents set up a youth account for you with their bank and you haven’t branched out yet (no pun intended). Or, perhaps, you’re wary of financial security outside of the big five banks.... More »
Home Capital Group says new mortgage rules have clients migrating from big banks Feb 15th
Home Capital Group Inc. believes early results from this year suggest that mortgage business may be migrating to the alternative lender after the federal banking regulator introduced tougher rules for uninsured mortgages at the beginning of the year — even though it too is required.... More »
Drip, drip, drip: Why Canadians pay fees for everything
– macleans.ca
When Xianjun Geng checked into his San Francisco hotel one evening a few years ago, he thought he’d gotten a great deal. He’d booked the room on a discount-hotel website and had driven down the Pacific Coast from Seattle, then his home, to the city by the bay. “It was a fantastic price. I was very happy,” Geng says. Upon arrival, however, he met with additional fees at the check-in counter; $40 for parking and another $18 for Internet access for a single night. That $80-a-night room ended up costing him $140.
So Geng, a business professor at the University of Texas at Dallas, did what any academic would do: He researched. Over the course of several years of work on the subject, he has published two journal articles on the phenomenon he came to know as add-on pricing or, as it’s better known, drip pricing. He found it everywhere. No-frills carriers such as Spirit Airlines in the United States and Ryanair in Europe appear to be the biggest perpetrators of the drip-pricing scheme, followed by hotels, banks, cellphone providers, car-rental agencies and more…
