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.
Latest News
Should I Get a Variable or Fixed Mortgage? RBC Cuts Rates and the Answer is No Longer Clear + MORE Jan 25th
Last week, Canada’s biggest bank, RBC, cut its five-year fixed rate by 15 basis points. This gave customers the option to lock in their mortgage rate at 3.74 per cent, for a five-year term. And surely enough, TD Bank and BMO Bank of Montreal followed suit and cut their five-year fixed rates to th.... 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 »
Why Does Uncle Sam Hate American Expats? + MORE Dec 16th
Foreign banks close U.S. citizens’ accounts rather than deal with the mess that Congress created..... More »
Is your chequing account working hard enough? Jan 13th
Your chequing account could be the behind-the-scenes hero of your everyday banking activities, if you have the right one. The features can vary from bank to bank and financial institution to financial institution, so it makes sense to shop around if you’re opening a new chequing account or you wan.... More »
Canadian banks tighten credit lines to energy firms amid weak oil prices Apr 13th
Struggling oil prices stoke fears among some of Canada’s biggest lenders that debt-saddled energy companies will default on loans they can no longer afford to service
.... More »
RBC Hikes Discounted and Posted Fixed Mortgage Rates
– ratesupermarket.ca
Royal Bank of Canada is the latest lender to hike its fixed mortgage rates, applying a 20 to 30 basis point increase to a number of its special offer and posted offerings.
Effective Thursday, August 22, RBC’s rates will be as follows:
Discounted rates:
four-year fixed: 3.59 per cent (+20)
five-year fixed: 3.89 (+20)
seven-year fixed: 4.19 (+20)
10-year fixed: 4.59 (+30)
Posted rates:
three-year fixed: 3.95 (+20)
four-year fixed: 4.74 (+20)
five-year fixed: 5.34 (+20)
Why Are Mortgage Rates Going Up?
Mortgage rates have been on an upward trajectory over the summer months, as a tightening government bond market and new CMHC restrictions have shrunk funding options for banks. As a result, the higher costs facing lenders are being passed down to the customer in the form of higher rates.
Bond yields, which indicate the level of investor interest in the Canadian economy, and are directly linked to fixed mortgage rate levels, continue to reach new highs. As of today, five-year bonds are yielding 1…
RBC Hikes Discounted and Posted Fixed Mortgage Rates
– ratesupermarket.ca
Royal Bank of Canada is the latest lender to hike its fixed mortgage rates, applying a 20 to 30 basis point increase to a number of its special offer and posted offerings.
Effective Thursday, August 22, RBC’s rates will be as follows:
Discounted rates:
four-year fixed: 3.59 per cent (+20)
five-year fixed: 3.89 (+20)
seven-year fixed: 4.19 (+20)
10-year fixed: 4.59 (+30)
Posted rates:
three-year fixed: 3.95 (+20)
four-year fixed: 4.74 (+20)
five-year fixed: 5.34 (+20)
Why Are Mortgage Rates Going Up?
Mortgage rates have been on an upward trajectory over the summer months, as a tightening government bond market and new CMHC restrictions have shrunk funding options for banks. As a result, the higher costs facing lenders are being passed down to the customer in the form of higher rates.
Bond yields, which indicate the level of investor interest in the Canadian economy, and are directly linked to fixed mortgage rate levels, continue to reach new highs. As of today, five-year bonds are yielding 1…
