BANKING

The FinTech landscape in Canada is expanding swiftly, with new entrants continually emerging to provide Canadians with enhanced options for their financial requirements. Even established banking institutions have acknowledged the significance of FinTech, prompting them to introduce innovative products aimed at tech-savvy customers. So, what does the term FinTech encompass? It refers to Financial Technology, which pertains to online or technology-oriented businesses that deliver financial services. Much like how companies such as Airbnb and Uber have transformed their respective industries, FinTech simplifies various aspects of managing your finances. In Canada, the primary segments of FinTech include banking, lending, and portfolio management, but there are also new applications designed...

A key strategy for effective money management is to automate your savings. This entails arranging for automatic transfers to ensure that saving becomes your foremost financial priority. While this concept may appear straightforward, many people are unaware of how to establish these automatic transfers. After attending a presentation by Rob Carrick at the recent Canadian Personal Finance Conference, I felt compelled to create a straightforward guide for setting up automatic payments through Tangerine’s Automatic Savings Program. You will need to have a Tangerine account (here’s my referral link), but the process is largely similar regardless of your bank. Initiating Your Automatic Savings Program with Tangerine Upon logging into your Tangerine account, you will be greeted with an overvie...

EQ Bank has established itself as a noteworthy online banking option over the past few years. Many people are increasingly recognizing EQ Bank's appealing features, particularly its competitive everyday interest rate of 2.00%*, which stands as one of the most attractive rates available from any financial institution. In contrast, Tangerine does offer specific promotions that allow customers to earn rates exceeding 2.00%. It's evident that Canadians are keen to switch their savings to the accounts with the highest yields, leading to a trend of transferring funds to wherever the best rates can be found. While some might view the effort to pursue marginally higher interest as excessive, seeking the best possible returns is certainly sensible. Interestingly, you can now link your Tangerine a...

I became more serious about my finances when I proposed to my wife nine years ago. The process of saving for the engagement ring was significant, and I quickly realized that plenty of expenses would arise as we began planning our wedding. Luckily, my wife and I shared similar views on money management; however, many couples fail to discuss their finances prior to marriage. I know that engaging in financial discussions with your partner can be challenging, but it's essential once you're married. Many aspects of your financial life should be shared, and if you treat expenditures as separate, it may lead to complications in the future. Here are four essential financial steps to take after tying the knot: Define your financial objectives You might assume that marrying someone would mean ...

Not long ago, a reader named Suzette expressed interest in a post oriented towards an Asian audience, pointing out that many Asians tend to live at home without paying rent until they marry, often with parents funding their education. As someone who embodies this experience, I completely resonated with her observation. However, it's important to clarify that this article is not exclusively focused on Asians. Numerous cultures share similar values. This discussion is aimed at anyone who has had their education financed, carries no debt, and lives rent-free. If this describes your situation or something similar, you might find this information valuable. Establish Your Financial Goals Reflecting on my early career, I can admit to wasting a considerable amount of money without a clear pur...

While a segment of individuals has opted to rely solely on digital banking, a significant portion of Canadians continues to utilize traditional banking institutions. This isn't inherently negative, but it raises an important question: Are you fully leveraging the benefits provided by your bank? Conventional banks present a plethora of products and services; however, many customers appear to be engaging with them primarily for basic deposits and withdrawals. Although some may feel that additional features are unnecessary, these extras are frequently included in the fees you incur—so why not make the most of them? Here’s how to maximize your banking experience. Access Fee-Free Banking Nobody enjoys incurring fees, and while that’s understandable, it’s worth noting that many banks can wa...

Manulife may not be the first name that comes to mind for banking services, making their launch of the new All-In Banking Plan a noteworthy development. This plan provides access to four key offerings: a day-to-day banking account, a high-interest savings account, a no-annual-fee cash back credit card, and travel disruption insurance. The aim is to encourage better financial management through the app by integrating these products. To sweeten the deal, they’re also including a one-year subscription to Amazon Prime for new customers! One standout feature of the Manulife All-In Banking Plan is that it offers unlimited transactions (including e-transfers) for a flat fee of just $10 per month. This is considerably more affordable compared to traditional banks, which typically charge anywhere ...

When discussing investment strategies, the term compound interest frequently comes up. But what does compound interest mean, how does it function, and how can you maximize its benefits? This article will provide you with a thorough understanding of compound interest. Definition of Compound Interest What is compound interest? It refers to the process by which the interest earned on an investment also generates further interest. As your account balance increases through interest accumulation, the interest earned subsequently grows as well. It’s important to note that unlike simple interest, which only calculates interest on the original amount invested, compound interest allows you to earn earnings on your accumulating interest. Understanding Compound Interest The unique aspect of compo...

**This post is sponsored by RBC. All views expressed are my own. While the incidence of COVID-19 may have declined recently, it's evident that many aspects of daily life have irrevocably changed. For instance, seeing individuals wearing masks while unwell has become normalized. Additionally, remote work is likely here to stay, and consumers are increasingly prioritizing convenience in their transactions. In response to these evolving circumstances, banks are rolling out innovative solutions to better serve Canadians in managing their banking tasks. With RBC, it's now possible to open a deposit account remotely, anytime, from the comfort of your home office or even during a two-week quarantine. You can initiate and manage your banking services at your convenience within minutes. Indeed, e...

Have you noticed credit unions while driving through your neighborhood or city? If so, you may have found yourself wondering, "What exactly is a credit union?" These institutions operate on a cooperative basis, similar to banks, but with a primary focus on serving their members and the local community. This unique structure allows credit unions to provide lower fees and higher interest rates than traditional banks, which has contributed to their increasing popularity over the years. With numerous credit unions available, it's important to determine which ones are trustworthy. Let’s explore what a credit union truly is. Understanding Credit Unions Credit unions have a long history and have existed for over a century. The first one in Canada was established by Alphonse Desjardins in 190...