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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Visa vs. Mastercard: What are the differences—and do they matter? Aug 21st
A frequent question we hear at MoneySense is: Which is better—Visa or Mastercard? When looking for a credit card, there are all sorts of things to consider. What is the interest rate? Can you collect rewards points or cash back for making purchases? Is there a bonus for signing up, and what perks .... More »
The best high-interest savings accounts in Canada for 2025 + MORE Mar 25th
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.
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Uncharted territory: Faltering negotiations over Greek debt raise chance of financial disaster + MORE Jun 21st
FRANKFURT – OK, guys. You can swerve now.
In the game of chicken between Greece and its creditors over whether the troubled country gets more bailout cash, each side has played its part, refusing to back down. Now time is running out and the politicians behind the opposing steering wheels are .... More »
How to save on foreign exchange fees on vacation Jun 4th
OTTAWA – There are credit cards for major expenses like flights and hotels, Uber for getting around and Android or Apple Pay on smartphones.
But travellers still need at least a little cash if they’re vacationing outside of Canada this summer, and that means swapping loonies for euros, yuan or o.... More »
Will The Bank of Canada Cut Rates Again in March? + MORE Feb 21st
When OPEC’s supply standoff initiated oil’s price slide last November, few foresaw just how quickly the commodity’s value would plunge. Equally surprising was how rapidly Canada’s economic policy makers reacted with a January rate cut that caught many - including the big banks – off.... More »
TORONTO – Just when you thought mortgage rates couldn’t get any lower, they have.
Investors’ Group is offering a 36-month closed, variable-rate mortgage at 1.99 per cent, well below the current standard of around three per cent.
The mortgage is also well below the 2.99 per cent level that drew sharp criticism from former finance minister Jim Flaherty when BMO first tried it, because he was worried it would trigger a damaging housing bubble.
Joe Oliver, who took over from Flaherty, has said he has no plans to intervene in the setting of mortgage rates, calling it a “private” decision by lenders.
Royal Bank made waves in January when it lowered its rates on several fixed-rate mortgages by 10 basis points, bringing its five-year closed rate to 3.69 per cent. It now sits at 4.94 per cent, while the variable five-year rate is at three per cent.
RBC said at the time the rates were lowered to match competitor pricing, and several other big banks followed suit.
The post Mortgage rates hit new low with Investors’ Group 1…
Investors’ Group is offering a 36-month closed, variable-rate mortgage at 1.99 per cent, well below the current standard of around three per cent.
The mortgage is also well below the 2.99 per cent level that drew sharp criticism from former finance minister Jim Flaherty when BMO first tried it, because he was worried it would trigger a damaging housing bubble.
Joe Oliver, who took over from Flaherty, has said he has no plans to intervene in the setting of mortgage rates, calling it a “private” decision by lenders.
Royal Bank made waves in January when it lowered its rates on several fixed-rate mortgages by 10 basis points, bringing its five-year closed rate to 3.69 per cent. It now sits at 4.94 per cent, while the variable five-year rate is at three per cent.
RBC said at the time the rates were lowered to match competitor pricing, and several other big banks followed suit.
The post Mortgage rates hit new low with Investors’ Group 1…
New Rules in Place for Prepaid Credit Cards
– ratesupermarket.ca
Prepaid credit cards offer a no-hassle way to make purchases. Simply preload funds and start spending immediately – no credit check required – but convenience has its cost. Prepaid cards often come with hidden fees that can drain your card’s balance. To address this, the Department of Finance has introduced new regulations on prepaid credit cards to better protect consumers.
The New Rules for Prepaid Credit Cards
Here is an overview of the new consumer-friendly rules for prepaid credit cards:
a ban on maintenance fees for the card for at least one year after the card is activated
a ban on assigning an expiry date to prepaid cards
a requirement that federally regulated financial institutions disclose a list of all the fees associated with the card in an information box that is printed in a visible location on the card’s packaging
a requirement that all other key information be given to the consumer before the card is issued in a manner that is “clear, simple and not misleading”
Types of Prepaid Cards
Not all prepaid credit cards are created equal, and there are two main variations: promotional and non-promotional…
