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
Best No-Fee Bank Accounts in Canada + MORE Oct 6th
Tired of paying monthly fees when you bank? If so, you may want to consider switching to a no-fee bank account. Unfortunately, Canada’s big banks offer little in the way of free chequing accounts, unless you can maintain a high balance in your account each month.
If you’re willing to con.... More »
What Canadian investors can learn from the BlackBerry story + MORE Nov 10th
If you missed the acclaimed movie BlackBerry in theatres, it’s airing on CBC and streaming on CBC Gem as a three-part series—with additional scenes—beginning November 9. The limited series chronicles the making and unmaking of Canada’s global technology champion of the early 21st century. En.... More »
Making sense of the markets this week, October 31, 2021 Oct 30th
Each week, Cut the Crap Investing founder Dale Roberts shares financial headlines and offers context for Canadian investors.
Scotiabank says 8 rate hikes are on the way
Scotiabank’s Derek Holt shared that we could see eight rate hikes in Canada over the next two years. That is ag.... More »
Who to name as executor when family members aren’t an option Feb 22nd
Ask MoneySense
We are told to have a will, but what do you do if you have no family, or if you do, they reside overseas?
To our surprise, we learned that the big Canadian banks offer executor and power of attorney (POA) services. It’s not well advertised on their websites.
We have interviewe.... More »
Banks halt sales of third-party mutual funds to prepare for rule change - The Globe and Mail + MORE Sep 7th
Banks halt sales of third-party mutual funds to prepare for rule change The Globe and Mail.... More »
What Negative Interest Rates Mean for Canadians
– canadianfinanceblog.com
Even before COVID-19 began to dominate the collective consciousness, the possibility of negative interest rates garnered plenty of attention in the press. Just last year, in the midst of a U.S./China trade war, Donald Trump mused about the Federal Reserve heading into negative territory in order to spur the economy. In the EU, several European central banks have used negative interest rates for a number of years now. In light of all of this, not to mention the ultra-low interest rate environment we are currently living in, I thought it would be helpful to explore the subject of negative interest rates – what they mean for the economy, and how they might impact individual Canadians.
The Overnight Rate Explained
To understand how negative rates work, one needs to be familiar with something called the overnight interest rate. This is the interest rate financial institutions use when they lend money to one another for one night. It’s set by the Bank of Canada and is the basis upon which other interest rates, such as mortgages, loans, and lines of credit, are set…
The Overnight Rate Explained
To understand how negative rates work, one needs to be familiar with something called the overnight interest rate. This is the interest rate financial institutions use when they lend money to one another for one night. It’s set by the Bank of Canada and is the basis upon which other interest rates, such as mortgages, loans, and lines of credit, are set…