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
Zero Down Mortgages: How to Buy a House with No Down Payment May 12th
There was a time when you could go to the bank and qualify for a mortgage without a down payment. But is that still a thing, and if so, is a zero down payment mortgage even a good idea? I’ll answer that question in this article and provide some different ways to come up with your down payment,.... More »
The close: TSX notches biggest gain in six weeks as banks, miners gain Apr 18th
Wall Street rallies in low volume led by banks, tech
.... More »
The close: TSX ends higher, boosted by Bombardier, banks May 29th
Trading quiet as U.S., Britain and China markets closed for holidays
.... More »
Canadian banks, insurance firms owe $1.2B in employee vacation pay, class actions allege - CBC.ca + MORE Mar 4th
Canadian banks, insurance firms owe $1.2B in employee vacation pay, class actions allege CBC.ca.... More »
Making sense of the markets this week: March 20 Mar 19th
Each week, Cut the Crap Investing founder Dale Roberts shares financial headlines and offers context for Canadian investors.
The Fed moves, just a scooch
On Wednesday of this week, Federal Reserve chairman Jerome Power made the move on rates. The Federal Open Market Committee raise.... More »
Should You Open A US Dollar Account?
– ratesupermarket.ca
With the Canadian dollar hovering around $0.70 U.S., those who live along the border or shop a lot in the U.S. are likely taking a financial hit. With the cost of exchanging money back and force between currencies likely to put a damper on your spending power, perhaps it’s time to consider getting a U.S. account?
There are a lot of benefits to be had from different types of U.S. accounts. The biggest benefit is the flexibility to exchange money when the rates are good and to hold onto those funds for when you need them. Having U.S. accounts generally decreases your conversion fees and allow you greater flexibility when spending money in the U.S.
They also allow you to potentially convert money at a third party money exchange which often offers better rates than banks. Converting larger amounts of money at a time could also offer you some savings at these third party money exchange companies.
But there are different types of U.S. accounts and each is helpful in different ways. One or more might be right for you and could potentially save you a significant amount of money over the long term…
Number of Canadians using fintech products may triple
– moneysense.ca
TORONTO – Business consultancy firm EY says it believes the challenge to traditional banks from financial technology, or fintechs, will accelerate rapidly this year.
EY says that until now Canadians have been slow to embrace offerings from companies such as robo-advisers and online lenders.
Citing its own recent survey, it found that only 8.2 per cent of consumers who are active online have used at least two fintech products within the past six months — much lower than adoption rates of 16.5 per cent in the United States, 14.3 per cent in the United Kingdom and 29.1 per cent in Hong Kong.
However, EY says that’s bound to change and suggests in a new report that the adoption of fintech services among Canadians will triple over the next 12 months.
Should I use a robo-advisor? »
Lack of awareness about the existence of the products was cited by more than half, or 57.2 per cent, of respondents in the survey who had not embraced fintech offerings. Meanwhile, only 10.3 per cent of non-adopters cited lack of trust in fintech companies…
EY says that until now Canadians have been slow to embrace offerings from companies such as robo-advisers and online lenders.
Citing its own recent survey, it found that only 8.2 per cent of consumers who are active online have used at least two fintech products within the past six months — much lower than adoption rates of 16.5 per cent in the United States, 14.3 per cent in the United Kingdom and 29.1 per cent in Hong Kong.
However, EY says that’s bound to change and suggests in a new report that the adoption of fintech services among Canadians will triple over the next 12 months.
Should I use a robo-advisor? »
Lack of awareness about the existence of the products was cited by more than half, or 57.2 per cent, of respondents in the survey who had not embraced fintech offerings. Meanwhile, only 10.3 per cent of non-adopters cited lack of trust in fintech companies…
Oil-price plunge forcing investment banks, law firms to change focus
– theglobeandmail.com
Boutique firms are being crushed by the shortage of mergers and acquisitions and financing activity
Should You Open A US Dollar Account?
– ratesupermarket.ca
With the Canadian dollar hovering around $0.70 U.S., those who live along the border or shop a lot in the U.S. are likely taking a financial hit. With the cost of exchanging money back and force between currencies likely to put a damper on your spending power, perhaps it’s time to consider getting a U.S. account?
There are a lot of benefits to be had from different types of U.S. accounts. The biggest benefit is the flexibility to exchange money when the rates are good and to hold onto those funds for when you need them. Having U.S. accounts generally decreases your conversion fees and allow you greater flexibility when spending money in the U.S.
They also allow you to potentially convert money at a third party money exchange which often offers better rates than banks. Converting larger amounts of money at a time could also offer you some savings at these third party money exchange companies.
But there are different types of U.S. accounts and each is helpful in different ways. One or more might be right for you and could potentially save you a significant amount of money over the long term…
