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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The best high-interest savings accounts in Canada for 2023 + MORE Jun 15th
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The best high-interest savings accounts in Canada for 2023
Here are the accounts offering the highest interest rates and lowest fees.
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Canadians’ Spending Habits and Payment Preferences are Changing Jun 17th
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Will Canadian HISA ETFs survive the new rule change? Dec 5th
The growth of high-interest savings account (HISA) exchange-traded funds (ETFs) is the story of Canada’s ETF industry in 2023. Money market funds, including HISA ETFs, hoovered up $9.7 billion of investors’ money in the first 10 months of the year, representing 29.1% of the net inflow into Canad.... More »
The best GIC rates in Canada for 2025 + MORE Jan 19th
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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.
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Canada’s biggest banks raised their prime interest rates one after another this week following the Bank of Canada increase of its policy rate to 0.75 per cent from 0.5 per cent. The base lending rate at the Big Six now is 2.95 per cent, compared with 2.7 percent before the central bank’s announcement on July 12.
That’s how it is supposed to work. Except, the “transmission mechanism” between central bank to private banks isn’t always so automatic. When the Bank of Canada cut interest rates in 2015, the banking oligopoly was less keen to reduce what it charges borrowers for money. Also: higher prime rates don’t necessarily result in significantly higher deposit rates.
The trend:
The financial crisis and its aftermath has been a public relations nightmare for banks. Their greed was seen by many as a major cause of the meltdown that brought on the Great Recession, and many of the worst actors got government bailouts. And then, as central banks dropped their benchmark interest rates to zero to prevent a depression, banks balked at passing on the full benefits of the cuts to their customers…
That’s how it is supposed to work. Except, the “transmission mechanism” between central bank to private banks isn’t always so automatic. When the Bank of Canada cut interest rates in 2015, the banking oligopoly was less keen to reduce what it charges borrowers for money. Also: higher prime rates don’t necessarily result in significantly higher deposit rates.
The trend:
The financial crisis and its aftermath has been a public relations nightmare for banks. Their greed was seen by many as a major cause of the meltdown that brought on the Great Recession, and many of the worst actors got government bailouts. And then, as central banks dropped their benchmark interest rates to zero to prevent a depression, banks balked at passing on the full benefits of the cuts to their customers…
(iStock)Canada’s biggest banks raised their prime interest rates one after another this week following the Bank of Canada increase of its policy rate to 0.75 per cent from 0.5 per cent. The base lending rate at the Big Six now is 2.95 per cent, compared with 2.7 per cent before the central bank’s announcement on July 12.
That’s how it is supposed to work. Except the “transmission mechanism” between the central bank and private banks isn’t always so automatic. When the Bank of Canada cut interest rates in 2015, the banking oligopoly was less keen to reduce what it charges borrowers for money. Also: higher prime rates don’t necessarily result in significantly higher deposit rates.
The trend:
The financial crisis and its aftermath has been a public relations nightmare for banks. Their greed was seen by many as a major cause of the meltdown that brought on the Great Recession, and many of the worst actors got government bailouts. And then, as central banks dropped their benchmark interest rates to zero to prevent a depression, banks balked at passing on the full benefits of the cuts to their customers…
