BANKING

Have you recently moved to Canada and are curious about establishing credit as a newcomer? Building a credit score and history in Canada is a straightforward process. However, the time it takes to achieve a strong credit rating can vary based on individual circumstances. Establishing your credit score is essential in Canada, especially if you aim to rent a vehicle or secure a mortgage in the future. Fortunately, newcomers have several options at their disposal to navigate this essential journey. Seek Out Newcomer Banking Packages Most major Canadian banks offer banking packages specifically for newcomers, which typically include access to a bank account, a safety deposit box, and sometimes a credit card. This is particularly beneficial for new immigrants who want to consolidate their fi...

PC Financial has re-entered the banking sector with its innovative PC Money Account. Unlike conventional digital banks that often emphasize high interest rates, the PC Money Account features a distinct approach by offering no fees along with the benefit of earning PC Optimum points. Thus, instead of accruing interest on your savings, you collect points for every transaction made using your PC Money Account. While you might instinctively perceive the PC Money Account as a typical bank account and compare it to some of the premier high-interest savings accounts in Canada, it actually functions more like a prepaid credit card, packed with enhanced benefits. For an in-depth look, check out my comprehensive review of the PC Money Account. Overview of PC Money Accoun...

Introducing motusbank! This innovative digital bank, a branch of Meridian, marks a significant development in the Canadian banking landscape. Meridian is recognized as one of the leading credit unions in Ontario and across Canada. Meridian has long provided exceptional financial products, including its renowned Meridian Visa Infinite Cash Back Card. With the launch of motusbank, they have ventured into the realm of digital banking. Beyond their diverse account offerings, what makes motusbank particularly intriguing are their personal loans and mortgage products. Discover more about what motusbank has to offer by reading my review! Rates for motusbank Accounts High Interest Savings Account – 1.30% Tax-Free Savings Account – 1.50% RRSP Savings Account – 1.30% No-Fee Chequing A...

Motive Financial is the digital banking arm of Canadian Western Bank (CWB). Initially launched in 2008 under the name Canadian Direct Financial, the platform underwent a rebranding in 2017, emerging as Motive Financial. Being exclusively an online bank allows Motive Financial to provide a variety of account options with competitive interest rates. If you are comfortable managing your banking online using a laptop, smartphone, or tablet, then Motive Financial could be a suitable option for your banking requirements. Read on for my review of Motive Financial and discover the reasons why. Account Rates at Motive Financial Motive Savings Account – 0.75% for balances up to $5,000,000.01, and 0.50% thereafter Motive Savvy Savings Account – 1.25% Motive RSP Savings Account – 0.25% up to $2,...

In Canada, the landscape of high interest savings accounts has been redefined with the introduction of LBC Digital by Laurentian Bank. This new online banking platform aims to enhance the financial wellbeing of Canadians. Like its digital counterparts, LBC Digital boasts no fees and offers an attractive interest rate currently set at 1.15%, positioning it among the highest in the market. Laurentian Bank, headquartered in Quebec, has a legacy spanning over 170 years and a workforce of more than 3,300 employees. The bank manages assets totaling $44 billion and $29 billion in assets under administration, and it is a proud member of the Canada Deposit Insurance Corporation (CDIC), assuring customers of their security while banking. Yet, the true value lies in the quality of their offerings, s...

Are you searching for the ideal place to keep your money while earning interest? Numerous options are available for investing your hard-earned funds, but not every choice will yield interest. Even among those that do, the interest rates can be low, prompting many to seek the best avenues for growing their savings. While accumulating interest is appealing, it may be wiser to consider investing your money based on your unique circumstances. Ultimately, the best course of action depends on your financial objectives. Below are some of the top options for saving money while earning interest. Contents [show] Assess your time frame Regular savings account High-yield savings accounts Guaranteed Investment Certificates Equity index ...

Have you ever questioned what exactly is a savings account? Essentially, it is a financial institution account designed for accumulating savings. However, you may be surprised to learn that it comes with various features that can enhance your financial management. How you choose to utilize your savings account can make a significant difference, especially if you understand its functions properly to optimize your savings. What constitutes a savings account? A savings account is fundamentally intended for saving money. To encourage you to deposit your funds, banks often provide interest on the balance. This may seem unusual, but it’s a standard practice in the banking industry; the funds you deposit are typically loaned to other clients at higher interest rates. Typically, savings account...

Tangerine Bank, previously recognized as ING Direct, has established itself in Canada for over twenty years. Being among the earliest digital banks in the country, it has become one of the most prominent names in the industry. Their long-standing presence gives them valuable insights into customer preferences, although they now face intensifying competition. In this review of Tangerine Bank, I will explore their account rates, available products, and how they stack up against other digital banking options. While they may not be the first pick for everyone, they certainly have a broad range of offerings. Account Rates at Tangerine Bank Chequing Account – Up to 0.10% Savings Account – 2.10% for the first 5 months (0.10% thereafter) Tax-Free Savings Account – 2.10% for the first 5...

Would you be interested in earning money effortlessly? It's a no-brainer, right? Naturally, everyone would want to, and with a high interest savings account, this is entirely possible. Despite their benefits, many Canadians still lack a high interest savings account (HISA). This often stems from a lack of understanding, but I’m here to clarify why having one is essential. Below are four compelling reasons to consider a high interest savings account, along with my recommendations for the best options available in Canada. High interest savings accounts come with no fees The notion of 'free' often doesn’t align with banking, particularly when it involves accounts with extra perks. However, high interest savings accounts are indeed free, which is already a great advantage, and when you ad...

Have you ever asked yourself, what is a digital wallet? Despite existing for several years, they haven't been embraced by everyone. This isn't surprising, as many individuals still prefer cash and traditional cards for their transactions. Additionally, the fact that cryptocurrency also employs digital wallets, which differ significantly from standard e-wallets, can create confusion. Once you get a clear understanding of a digital wallet, you might wonder why you hesitated to adopt one. Digital wallets significantly enhance the convenience of everyday transactions for Canadians. Here's everything you need to know about digital wallets. What is a digital wallet? This might seem straightforward, but a digital wallet is essentially a virtual version of your physical wallet. Instead of carry...