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
Regulators Can Help American Workers Get the Credit They Deserve Oct 27th
Nonprime lending isn’t as risky as it’s made out to be, and fintech firms can help traditional banks..... More »
The best GIC rates in Canada for 2026 Feb 4th
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.
Why trust us
MoneySense is an award-winning magazine, helping Canadians navigate m.... More »
Do you need mortgage life insurance? + MORE Aug 26th
Q: I am a single, 70-year-old with a reasonable mortgage of $115,000. I have no family and no dependants. I find that the life insurance on my mortgage is too expensive. Do I need mortgage life insurance anyway? What for?—Katerina
A: I’m glad that you noticed the life insurance you’re paying.... More »
Travel for Free: Barry’s Top 6 Tips on How to Game the Credit Card Reward System Apr 9th
To simply say I love credit cards is an understatement. Currently, I have more than 10 active cards, which is much more than the average person will ever need at once, but I use them all for a variety of reasons. When you know how to game the reward system and reap the benefits of different cards, .... More »
How Rewarding are Canadian Rewards Credit Cards? Sep 11th
Canadians are reaping the benefits of their rewards cards in large numbers, according to a recent survey by RateSupermarket.ca. Currently, there are over 74 million active credit card accounts in Canada, with the average Canadian owning two credit cards and 8 in 10 holding a rewards credit card.... More »
US appeals court hands defeat to retailers; upholds Fed’s cap on debit card ‘swipe’ fees
– canadianbusiness.com
WASHINGTON – A federal appeals court has handed a defeat to a coalition of retail groups that challenged as too high the Federal Reserve’s cap on how much banks can charge businesses for handling debit card transactions.
The ruling issued Friday by the U.S. Appeals Court for the District of Columbia overturned a lower court’s decision in July that favoured the merchants and was a setback for banks.
In the July ruling, a federal judge struck down the Fed’s cap on so-called “swipe fees,” saying the Fed didn’t have the authority to set the limit the way it did in 2011, improperly including data that made the cap too high.
The retail groups had sued the Fed over its setting the cap at an average of about 24 cents per debit-card transaction. The appeals court ruling upholding the Fed’s cap was a blow to an industry already buffeted by public and congressional outrage over the massive data breach that hit Target Corp. during the holiday season and other data-security violations at big retailers…
The ruling issued Friday by the U.S. Appeals Court for the District of Columbia overturned a lower court’s decision in July that favoured the merchants and was a setback for banks.
In the July ruling, a federal judge struck down the Fed’s cap on so-called “swipe fees,” saying the Fed didn’t have the authority to set the limit the way it did in 2011, improperly including data that made the cap too high.
The retail groups had sued the Fed over its setting the cap at an average of about 24 cents per debit-card transaction. The appeals court ruling upholding the Fed’s cap was a blow to an industry already buffeted by public and congressional outrage over the massive data breach that hit Target Corp. during the holiday season and other data-security violations at big retailers…
