RateSupermarket.ca Empowers Canadian Consumers with New Bank Account and Online Discount Brokerage Comparisons

New Tools Give Canadians a 360 Degree View of Options

Toronto, ON – May 15, 2012 – While most people don’t rely on interest from bank accounts to secure their financial futures, everyone needs one to be able to access cash for day-to-day expenses. Though bank accounts are not typically considered to be financial growth vehicles, there is no reason that consumers shouldn’t maximize earnings wherever possible.

As part of their ongoing mission to provide Canadian consumers with a 360 Degree view of all of their financial options, Canada’s largest impartial rate comparison site, RateSupermarket.ca, has added a slate of bank account and investment comparisons to complement its existing mortgage, credit card, and insurance services.

“Keeping your money in a savings account that isn’t offering you the highest interest rate is practically the same as giving money away,” said Kelvin Mangaroo, President of RateSupermarket.ca. “And if you’re also paying over the top for fees on your chequing account you could be missing out on hundreds of dollars over time.”

The new comparisons include a variety of banking institutions across many account types such as: chequing, seniors, TFSAs, children’s, students and savings accounts. Specifically, the chequing account comparison engine allows visitors to compare monthly fees, transaction fees and online banking features, along with a number of additional account details. Meanwhile, the savings accounts and TFSA search engines help consumers find the best interest rate, comparing differences in total savings over a three-year period; information on monthly fees, minimum balances, transaction restrictions and fees, and how interest is paid out is also included.

In addition to the new banking comparison tools, RateSupermarket.ca has added an extremely thorough engine to compare online discount brokerages.  The site looks at factors such as trade volumes and account value, and registered vs. non-registered, then compares options against more than 30 different criteria – from minimum to maximum trade volumes to phone and online transaction fees for stocks, bonds, mutual funds, gold and options. The engine also looks at mobile options, margins available and foreign exchange capability.

“Our latest product comparisons are another step towards RateSupermarket.ca providing consumers with all the information they need to make more informed decisions about their money.” says Mangaroo.

About RateSupermarket.ca (www.ratesupermarket.ca)

RateSupermarket.ca is the largest impartial rate comparison service for personal finance products in Canada. Founded in May of 2008, their easy to use comparison engine provides much needed transparency to the Canadian financial market and allows visitors to quickly find the best mortgage rates, savings rates and insurance quotes. Their Mortgage Tool App for the iPhone also allows house hunters to compare mortgage rates using their Smartphone. Over 2M Canadians have turned to RateSupermarket.ca to save money on their mortgage, insurance, credit cards and GICs.

RateSupermarket.ca’s Expert Mortgage Panel Predicts Status Quo on Mortgage Rates

Toronto, ON – (May 10, 2012): Increased uncertainty in Europe and the wider global economy will cause Canada to sit back and wait before making any major changes to interest rates that could potentially derail its economic growth. While this waiting game plays out, RateSupermarket.ca’s panel of mortgage experts expect both fixed and variable mortgage rates to remain unchanged in the short term.

Fixed mortgage rates: Unchanged

Demand for mortgages is moderating in many parts of the country, and there is decreased need for competitive discounting from big lenders to maintain mortgage market share. All these factors point to one conclusion – little change is on the horizon for fixed mortgage rates. Our panel of experts expect fixed rates to remain level for the next 30-45 days.

Variable mortgage rates: Unchanged

The recent French and Greek elections raise concern for the future stability of the Eurozone. Will Greece exit the European Union?  If so, how many other debt ridden countries will follow? With so many questions unanswered, our Mortgage Rate Outlook Panel members think the Bank of Canada is unlikely to risk rocking the boat by increasing interest rates any time soon.

This, coupled with the fact that discounts to the Prime rate are not expected to budge given the lack of interest in variable rate terms at the moment, means that variable mortgage rates will stay where they are in the short term.

About the Mortgage Rate Outlook Panel

The Panel includes some of the country’s top mortgage experts, and helps Canadian consumers make informed decisions by offering a short-term outlook for fixed and variable mortgage rates.

This month’s panel members:

• Mark Kocaurek, Senior Vice President, Treasury & Lending (Chief Lending Officer) of ING DIRECT Canada
• Dr. Ian Lee, Director of MBA Program, Sprott School of Business, Carleton University
• Wayne Spinney, Mortgage Agent, Centum Mortgage Professionals
• Dan Eisner, MBA. AMP. President, True North Mortgage

About RateSupermarket.ca (www.ratesupermarket.ca)

RateSupermarket.ca is the largest impartial rate comparison service for personal finance products in Canada. Founded in May of 2008, their easy to use comparison engine provides much needed transparency to the Canadian financial market and allows visitors to quickly find the best mortgage rates. Their Mortgage Tool App for the iPhone also allows house hunters to compare mortgage rates using their Smartphone. Over 1.5M Canadians have turned to RateSupermarket.ca to save money on their mortgage, insurance, banking, credit cards and GICs.

An Independent Survey Finds Credit Cards are Leading Cause of “Debt Regret”

Toronto, ON – April 19, 2012 – A whopping 60.5% of British Columbians are not comfortable with their current level of debt, in line with the rest of Canada. This according to an independent survey from RateSupermarket.ca, Canada’s largest impartial rate comparison service. Among the 532 respondents from BC, the leading cause of debt concern by far (36.7%) is credit card debt.

“We found that one of the largest contributors to credit card debt seems to be impulse purchases of small items or food and entertainment, which, left to accumulate interest, can ultimately lead to a huge mountain of debt,” said Kelvin Mangaroo, President of RateSupermarket.ca.

Over one third of respondents (37%) admitted to going into debt over something that they later regretted, a number higher than the 33.3% national total; while many cited cars or bad investments as their largest “debt regret,” the common theme that emerged was that many have found themselves in financial straits not due to large lavish purchases, but rather through frequent, mindless spending on ‘wants’ like clothing, restaurants, gifts, and holidays.

“We’re not seeing people overspending on luxury or big-ticket items,” said Mangaroo. “Rather, it’s a slow and steady pattern of small purchases combined with smaller credit card payments that are putting a huge number of British Columbians into debt.”

Many of those same people are also in denial: The majority (60.3%) believe that they have less credit card debt than the average Canadian (28.4% believe their debt is average, while only 11.3% believe their debt is higher than average).

But the dollar amounts would seem to contradict this belief. When asked about current credit debt levels, nearly a third of participants (29.4%) indicated they owed over $5,000, to credit cards; this is 1.5% more than the national number. Over 10.4% (1.1% higher than the national average) indicated owing over $14,000.

More information on the national RateSupermarket.ca survey findings can be found in an infographic at http://www.ratesupermarket.ca/credit_card_denial/

About RateSupermarket.ca (www.ratesupermarket.ca)

RateSupermarket.ca is the largest impartial rate comparison service for personal finance products in Canada. Founded in May of 2008, their easy to use comparison engine provides much needed transparency to the Canadian financial market and allows visitors to quickly find the best mortgage rates, savings rates and insurance quotes. Their new Mortgage Tool App for the iPhone also allows house hunters to compare mortgage rates using their Smartphone. Over 2M Canadians have turned to RateSupermarket.ca to save money on their mortgage, insurance, credit cards and GICs.

Independent Survey Finds Credit Cards are Leading Cause of “Debt Regret”

Toronto, ON – March 26, 2012 – As Ontarians wait to see how the Province plans to balance its budget, a new poll finds that average Canadians are no better than politicians at managing their spending. A whopping 60.1% of Canadians are not comfortable with their current level of debt, according to an independent survey from RateSupermarket.ca, Canada’s largest impartial rate comparison service. Among the 2,929 respondents from across the country, the leading cause of debt concern by far (38.8%) is credit card debt.

“We found that one of the largest contributors to credit card debt seems to be impulse purchases of small items or food and entertainment, which, left to accumulate interest, can ultimately lead to a huge mountain of debt,” said Kelvin Mangaroo, President of RateSupermarket.ca.

One third of respondents admitted to going into debt over something that they later regretted; while many cited cars or bad investments as their largest “debt regret,” the common theme that emerged was that many have found themselves in financial straits not due to large lavish purchases, but rather through frequent, mindless spending on ‘wants’ like clothing, restaurants, gifts, and holidays.

“We’re not seeing people overspending on luxury or big-ticket items,” said Mangaroo. “Rather, it’s a slow and steady pattern of small purchases combined with smaller credit card payments that are putting a huge number of Canadians into debt.”

Many of those same people are also in denial: The majority (53%) believe that they have less debt than the average Canadian (30.7% believe their debt is average, while only 16.3% believe their debt is higher than average.) When specifically asked about credit card debt, the number of those believing their debt was below average jumped to 60.8%. Only 13% believe their credit card debt is above the national average.

But the dollar amounts would seem to contradict this belief. When asked about current credit debt levels, over a quarter of participants (25.5%) indicated they owed over $5,000 to credit cards. Close to 10% indicated owing over $14,000.

About RateSupermarket.ca (www.ratesupermarket.ca)

RateSupermarket.ca is the largest impartial rate comparison service for personal finance products in Canada. Founded in May of 2008, their easy to use comparison engine provides much needed transparency to the Canadian financial market and allows visitors to quickly find the best mortgage rates, savings rates and insurance quotes. Their new Mortgage Tool App for the iPhone also allows house hunters to compare mortgage rates using their Smartphone. Over 2M Canadians have turned to RateSupermarket.ca to save money on their mortgage, insurance, credit cards and GICs.

RateSupermarket.ca’s Expert Mortgage Panel Believes Fixed and Variable Mortgage Rates Will Remain Level in February

TORONTO, Feb 7, 2012… Recent fluctuations in variable and fixed mortgage rates have left Canadian consumers confused about future mortgage trends.  The good news is that February should be less volatile, with RateSupermarket.ca‘s Mortgage Rate Outlook Panel anticipating both fixed and variable mortgage rates will remain level during the month.

At the end of last year lenders reduced their discounts to prime which increased variable rate mortgages due to tightening margins. Last month they dropped fixed mortgage rates to record lows to kick off 2012 and develop their sales pipelines for the new year.  So what’s in store for this month?

Fixed mortgage rates: Unchanged

The big banks recently dropped their best mortgage rates for fixed 4 and 5 year terms to record lows, causing a frenzy in the market.  Hyper competition to lock down market share early in the year has started to cool with most of the rate specials ending. Although, spreads between bond yields and current fixed rates still remain attractive (technically lenders have room to drop fixed rates even more!).

However, lenders are likely to practice caution given the continued uncertainty in the global economy and the escalating political and media pressure about low rates fuelling a housing bubble.  As a result, our Panel members anticipate fixed mortgage rates will remain unchanged in the short term.

Variable mortgage rates: Unchanged

The next Bank of Canada rate announcement will take place on March 8, 2012.  Most experts believe they will hold interest rates steady again, leaving variable mortgage rates unchanged. Given the Federal Bank’s recent announcement that it will keep US interest rates low into 2014, coupled with very weak recent Canadian economic data, our Panel members think any alternative action from the Bank of Canada is unlikely.

To read all the detailed commentary from our Panel Members, please visit: http://www.ratesupermarket.ca/mortgage_rate_outlook_panel/

About the Mortgage Rate Outlook Panel

The Panel includes some of the country’s top mortgage experts, and helps Canadian consumers make informed decisions by offering a short-term outlook for fixed and variable mortgage rates.

This month’s panel members:

• Mark Kocaurek, Senior Vice President, Treasury & Lending (Chief Lending Officer) of ING DIRECT Canada
• Dr. Ian Lee, Director of MBA Program, Sprott School of Business, Carleton University
• Wayne Spinney, Mortgage Agent, Centum Mortgage Professionals
• Dan Eisner, MBA. AMP. President, Verico True North Mortgage
• Elisseos Iriotakis, President, Safebridge Financial Group

About RateSupermarket.ca (www.ratesupermarket.ca)

RateSupermarket.ca is the largest impartial rate comparison service for personal finance products in Canada. Founded in May of 2008, their easy to use comparison engine provides much needed transparency to the Canadian financial market and allows visitors to quickly find the best mortgage rates. Their new Mortgage Tool App for the iPhone also allows house hunters to compare mortgage rates using their Smartphone. Over 1.5M Canadians have turned to RateSupermarket.ca to save money on their mortgage, insurance, credit cards and GICs.

RateSupermarket.ca’s Expert Panel Believes Fixed Mortgage Rates Will Decrease as Competition Heats Up.

TORONTO, Jan 9, 2012… Canadian consumers could see lower fixed mortgage rates this month as competition heats up and lenders look to build their mortgage pipeline for the year, says RateSupermarket.ca’s Mortgage Rate Outlook Panel for January 2012.

Lenders are eager to get a good start to the new year and build up their fixed mortgage rate client base, which means fixed rates could decrease as competition picks up. Variable mortgage rates, on the other hand, are expected to remain level.

Fixed mortgage rates: Down

Given the forecast for slow growth in 2012 and the ongoing European sovereign debt crisis, Canadian bond yields are expected to stay where they are; which is a strong indication that fixed mortgage rates should remain unchanged in the short term.

However, our panel of mortgage experts is not ruling out a slight reduction in fixed mortgage rates as lenders get a jump start on the year and build their pipeline for 2012.

Variable mortgage rates: Unchanged

The next Bank of Canada interest rate announcement will take place on January 17th, 2012.   Our panel of mortgage experts is not expecting any change in the key overnight lending rate for at least the next 6 months due to ongoing turmoil in the global economy.  It is also unlikely that lenders will increase or decrease their discounts to prime rates in the short term.  As a result, Canadian consumers can expect variable mortgage rates to remain where they are.

To read all the detailed commentary from our Panel Members, please visit:

http://www.ratesupermarket.ca/mortgage_rate_outlook_panel/

About the Mortgage Rate Outlook Panel

The Panel includes some of the country’s top mortgage experts, and helps Canadian consumers make informed decisions by offering a short-term outlook for fixed and variable mortgage rates.

This month’s panel members:

• Mark Kocaurek, Senior Vice President, Treasury & Lending (Chief Lending Officer) of ING DIRECT Canada
• Dr. Ian Lee, Director of MBA Program, Sprott School of Business, Carleton University
• Dan Eisner, MBA. AMP. President,  Verico True North Mortgage
• Elisseos Iriotakis, President, Safebridge Financial Group
• Wayne Spinney, Mortgage Agent, Centum Mortgage Professionals

About RateSupermarket.ca (www.ratesupermarket.ca)

RateSupermarket.ca is the largest impartial rate comparison service for personal finance products in Canada.  Founded in May of 2008, their easy to use comparison engine provides much needed transparency to the Canadian financial market and allows visitors to quickly find the best mortgage rates.  Their new Mortgage Tool App for the iPhone also allows house hunters to compare mortgage rates using their Smartphone. Over 1.5M Canadians have turned to RateSupermarket.ca to save money on their mortgage, insurance, credit cards and GICs.

RateSupermarket.ca challenges Canadians to get financially fit in 2012

TORONTO, December 29, 2011…Millions of people commit to getting in shape for their New Year’s Resolution, but RateSupermarket.ca is challenging Canadians to get financially fit as well.  Canada’s rate comparison website for personal finance products urges consumers to tackle their personal debt and grow their savings in 2012.

“Getting healthy and starting a new hobby are all great resolutions for the New Year,” says Kelvin Managroo, President of RateSupermarket.ca.  “But given the current global economic situation and forecast for low growth over the next few years, the best thing Canadians can do in 2012 is pay down debt and grow savings.”

Here are RateSupermarket.ca’s top tips to get you started in the New Year:

1) Get Real About Your Debt

First things first, how much debt are we talking about here?  With automated payments coming out of your account, it’s easy to lose track of the total amount you owe.  Start by making a list of all your debts and their respective interest rate charges.  This includes balances owing on your credit cards (don’t forget the store cards), your student loan, line of credit, car loan and your mortgage.

2) Pay off Your Highest Interest Debt First

Sort your list of debts from highest to lowest in terms of interest rates.  Tackle the debt with the highest interest first.  This is likely to be your credit card debt which can have interest rates of 19-22 per cent.

In order to start paying this off you need to do 2 things: 1) STOP racking up more debt and 2) Make a BUDGET and stick to it.  Allocate a minimum of 10% of your after tax income to paying off your debt.

3) Build Equity in Your Home

By building equity in your home, not only are you paying off your mortgage faster, but you end up saving a ton of money in interest fees.  It’s also a great way to reduce your risk exposure when interest rates eventually increase.

Start by switching your monthly mortgage payments to bi-weekly rapid payments.  When you pay every 2 weeks instead of every month, you can save over $13,000 in interest over the life of your mortgage (assuming a $200,000 mortgage amortized over 25 years).  Then try to shave a year or two off of your amortization period when it’s time to renew or refinance, especially with today’s low mortgage rates.  Finally, take advantage of lump sum payment privileges and make an annual payment against your mortgage principal.

4) Be a Smart Shopper

Savvy shoppers save money.  Compare the market and take advantage of offers that can help you pay off debt faster or grow your savings more quickly.

If you have an outstanding credit card balance that you can’t get on top off, consider moving it to a low interest balance transfer credit card.  There are cards out there offering 0 per cent interest on balance transfers for up to 10 months, which enables you to pay down the balance rather than paying interest.

If you’re looking to build your savings, go with a provider that doesn’t charge fees, and always make sure that the interest rate, on products like high interest savings accounts, are competitive.  Take advantage of government incentives and top up your RRSPs and open a TFSA.

5) Get Some Expert Advice

If you feel like you’re in over your head and that no amount of budgeting can help you pay off your debts, then speak to a credit counsellor.  There are many not-for-profit agencies that can help you put a plan in place to get you back on the right track.

“With a little bit of planning and a whole lot of discipline, we can all become more financially fit in 2012.” says Mangaroo.

About RateSupermarket.ca (http://www.ratesupermarket.ca/)

RateSupermarket.ca is the largest impartial rate comparison service for personal finance products in Canada.  Founded in May of 2008, their easy to use comparison engines provide much needed transparency into the Canadian financial market and allow visitors to quickly find the best rates.  Over 1.5M Canadians have turned to RateSupermarket.ca to save money on their mortgage, insurance, credit cards, savings account and GICs.

RateSupermarket.ca Lists Ways Canadians Can Save On Credit Card Debt

TORONTO, December 13, 2011… With the holiday season in full swing, and more and more consumers pulling out plastic to fund their celebrations, RateSupermarket.ca has created their five top credit card tips to help Canadians save money before, during and after the holidays.

1) Get old debts under control

Are you still struggling to pay off LAST year’s holiday gifts, let alone this year’s?  If you have a large outstanding balance on your credit card, make a point of getting it under control.  Look into transferring the balance to a card that offers a low introductory rate on balance transfers, i.e. a 0% balance transfer credit card.  This means that more of your payments will go towards paying off the balance and not just the interest.

2) NEVER just pay the minimum

If you have $1,000 owing on a credit card and only pay the minimum amount each month, it will take you almost 10 years to pay it off and cost you an extra $1,056.70 in interest – yikes!  Make sure you’re paying more than the minimum interest owing each month.  And, if you regularly forget to pay the balance on your credit cards, set up an automatic payment from your bank account to your credit card, so you don’t get stuck with extra interest charges.

3) Look at your bill

You may be happy shopping for your niece or father in-law, but you’re probably not interested in buying a gift for the guy behind you in line at the store, or a scam artist on their computer overseas.  Regularly view your credit card statement online to make sure you actually bought what you’re being charged for.  Christmas is a busy season and fraudsters are on the move.  Also, pay attention to any admin or extra fees such as credit card insurance.  Don’t get caught paying for something that you don’t use or want.

4) Don’t use your credit card to take out cash

Interest charged on cash advances is typically in the area of 19% – 22%.  If you need extra cash, look into a line of credit or a small loan through your bank instead.  If you have a good credit history, interest rates on this type of a loan can be as low as Prime + 1% (Prime currently sits at 3% for most banks).

5) Ask for a lower interest rate

You don’t get what you don’t ask for.  If you’ve built up a good credit history with your current provider, there is no harm in calling the company to ask for a lower interest rate, especially if you intend to put more on your card this month than usual.  You may need to threaten to cancel the card and take your business to another low interest credit card provider before they take action, but it may be worth it to lower your interest rate.

“The holiday season is an important time to look at your credit card debt and spending habits”, says Kelvin Mangaroo, President of RateSupermarket.ca.  “But really it’s about putting in place good credit card practices that will help you save money year round.”

About RateSupermarket.ca (http://www.ratesupermarket.ca)

RateSupermarket.ca is the largest impartial rate comparison service for personal finance products in Canada.  Founded in May of 2008, their easy to use comparison engines provide much needed transparency into the Canadian financial market and allow visitors to quickly find the best rates.  Over 1.5M Canadians have turned to RateSupermarket.ca to save money on their mortgage, insurance, credit cards and GICs.

RateSupermarket.ca’s Expert Mortgage Rate Outlook Panel Thinks They Can

TORONTO, Dec 2, 2011… With fixed mortgage rates near historic lows in Canada, one might think they can’t possibly get any lower.   Wrong.  According to RateSupermarket.ca’s Mortgage Rate Outlook Panel for December 2011, we may see fixed mortgage rates decrease in the short term.

The panel also believes that variable mortgage rates will stay at current levels given that no change is expected in the upcoming Bank of Canada rate announcement on December 6^th.

Fixed mortgage rates: Down

With no quick fix on the horizon for the European debt crisis, the global economic outlook continues to be pessimistic causing downward pressure on longer term bond yields.  Couple this with decreased demand for home loans during the busy holiday season, and it is likely that fixed mortgage rates will stay low or even drop further over the next 30-45 days.

Variable mortgage rates: Unchanged

Recent GDP numbers were surprisingly strong, inflation is near the target range, and a global economic meltdown could be on our door step. The last thing Governor Mark Carney wants to do is shock consumers during the busy holiday buying season with news of an interest rate increase. As a result, our panel members agree that the Bank of Canada will hold rates steady at their next meeting.

To read all the detailed commentary from our Panel Members, please visit:
http://www.ratesupermarket.ca/mortgage_rate_outlook_panel/

About the Mortgage Rate Outlook Panel

The Panel includes some of the country’s top mortgage experts, and helps Canadian consumers make informed decisions by offering a short-term outlook for fixed and variable mortgage rates.

This month’s panel members:

• Mark Kocaurek, Senior Vice President, Treasury & Lending (Chief Lending Officer) of ING DIRECTCanada
• Dr. Ian Lee, Director of MBA Program, SprottSchoolofBusiness,CarletonUniversity
• Dan Eisner, MBA. AMP. President,  Verico True North Mortgage
• Stella Cellucci, Mortgage Agent, Centum Mortgage Professionals

About RateSupermarket.ca (www.ratesupermarket.ca)

RateSupermarket.ca is the largest impartial rate comparison service for personal finance products in Canada.  Founded in May of 2008, their easy to use comparison engine provides much needed transparency to the Canadian mortgage market and allows visitors to quickly find the best mortgage rates.  Their new Mortgage Tool App for the iPhone also allows house hunters to compare mortgage rates using their Smartphone. Over 1.5M Canadians have turned to RateSupermarket.ca to save money on their mortgage, insurance, credit cards and GICs.

RateSupermarket.ca Shows Credit Card Shoppers How to Save Hundreds This Holiday Season

TORONTO, November 24, 2011… RateSupermarket.ca, Canada’ s go-to-website to compare and save money on credit cards, mortgage rates, and savings accounts, is challenging consumers to rethink their credit card strategy this holiday season. Credit cards aren’t just for spending money, but for saving money as well.

A recent poll from CIBC suggests only 31% of Canadians plan to use their credit card for holiday shopping this season. According to RateSupermarket.ca, that number should be higher.

“It’s very easy to spend money on your credit card and rack up a larger bill than intended,” says Kelvin Mangaroo, president of the rate comparison site. “But, if you can stick to a budget and pay off your credit card balance on time, then yes, consumers should be putting more of their Christmas purchases on plastic.”

Why? The rewards. Particularly cash back rewards. Not only are cash reward programs easier to determine how much you’re really getting back (because we ALL know the value of $1 vs. 700 points), but cash can be spent on whatever YOU want… in other words you aren’t limited to a rewards catalogue.

Based on average Canadian household spending patterns from Statistics Canada, a typical household can save $562* in the first year by using a cash back credit card for their purchases. Over 5 years, that savings jumps to $2,382*.

Get even smarter with your cash back and you can turn your $2,382 in savings into even more. Pay off your mortgage faster with lump sum payments and save yourself an extra $685** in interest. Or put that cash in a high interest savings account and bank an extra $153***.

A new toaster or a movie voucher can’t do that.

All the reasons why Cash is King are laid out in this handy infographic:

http://www.ratesupermarket.ca/blog/cash-back-rewards-credit-cards-infographic/

“With the holiday season right around the corner, consumers will likely go over their normal average monthly spend. I say, be smart when you spend, use a cash back credit card and start racking up the savings,” says Mangaroo.

* Refer to infographic for calculation details: http://www.ratesupermarket.ca/blog/cash-is-king-infographic/#INFO
**Annual cash back was put towards annual lump sum payments on $250,000 mortgage, amortized over 25 years at a rate of 3.52% (the average best 5 year fixed rate from Sept 2010 to August 2011 as seen on RateSupermarket.ca.)
*** Annual cash back was put into a savings account with a 2.00% interest rate.

About RateSupermarket.ca (http://www.ratesupermarket.ca)
RateSupermarket.ca is the largest impartial rate comparison service for personal finance products in Canada. Founded in May of 2008, their easy to use comparison engines provide much needed transparency into the Canadian financial market and allow visitors to quickly find the best rates. Over 1.5M Canadians have turned to RateSupermarket.ca to save money on their mortgage, insurance, credit cards and GICs.