The Bank of Canada’s Overnight Lending Rate cut may have been last week’s blockbuster, but all eyes have been on its spinoff – when and how Canada’s banks would react with their own Prime rate reductions.
Now that the first discounts have been put in place, questions remain – how will consumers – from variable borrowers to job hunters – be impacted?
Get the full story below.
Banks Cut Prime to 2.85%
It took a full week – but Canada’s big lenders have finally implemented a 15-basis-point discount to their Prime rates. Why were they so hesitant… and could another cut be a future possibility? And what’s in store for fixed-rate borrowers? Get the full story with this week’s Housing Headlines.
Read Penelope’s Blog | Banks Cut Prime to 2.85%
Savings Account Rates Cut Post BoC Announcement
Despite dragging their heels on mortgage discounts, RBC and TD wasted no time slashing the interest rates on two of their most popular savings products. What can savers expect in this super-low interest rate environment – and how can they continue to grow their money?
Read Sean’s Blog | Savings Accounts Rates Cut Post BoC Announcement
How Will You Be Affected By Lower Interest Rates?
The Bank of Canada’s rate cut has far-reaching implications for consumers, the economy and the housing market. From debt levels to home prices, how could you be affected? Rubina breaks down what consumers should watch for.
Read Rubina’s Blog | How Will You Be Affected By Lower Interest Rates
RRSPs and GICs: A Short-Term Savings Boost
Looking for an effective, tax-free way to grow your money? RRSP GICs (Guaranteed Investment Certificates) might be just what you’re looking for. Compared with mutual funds and exchange traded funds (ETFs), GICs are the plain vanilla of investments. They come in all different shapes and sizes – some are redeemable and others are non-redeemable, meaning funds are locked in for the term.
Learn More | RRSPS and GICs: A Short-Term Savings Boost
Your RRSP Contribution Checklist
The RRSP contribution deadline is fast approaching… and if you’re are like most people, you’ve left it to the last minute. Banks are fully staffed at this time to deal with eleventh-hour frenzied contributors. Most financial institutions even have later hours as the deadline approaches and advisors are available around the clock to answer your pressing questions.
Learn More | Your RRSP Contribution Checklist
Answer this week’s Q to enter for a $25 gift card!
Will you be affected by the recent cut to the Prime Rate?