What an eventful week! The Bank of Canada has changed the name of the economic game with an unanticipated rate cut – with implications for YOUR mortgage and YOUR savings! Meanwhile, mobile banking apps take centre stage with consumers – lenders who aren’t up to snuff are getting passed by for those who make banking on the go a breeze.
Get the full story below.
The Bank of Canada Cuts Interest Rate to 0.75%
Talk about a shakeup! The Bank of Canada surprised economists and markets this week by cutting their central interest rate for the first time since 2010. This means variable mortgage holders and savers alike will see a reduction in their interest rates. Read on to see how this will affect you, your mortgage, and the Canadian economy.
Read Penelope’s Blog | The Bank of Canada Cuts Interest Rate to 0.75%
Turning an RSP Into Income: My Mom’s Story
So you’ve been dutifully contributing to that RSP over the years – now it’s time to turn that nest egg into your day-to-day income. But doing so can can be tricky, especially for those looking to minimize tax on their savings. One woman shares her strategy for moving forward with her retirement fund.
Read Sean’s Blog | Turning RSPs Into Income
INFOGRAPHIC: 47% of Millenials Would Switch Lenders for Better Mobile Banking
Need to deposit a cheque, transfer funds or manage your savings? If you’re with one of Canada’s forward-thinking banks, there’s an app for that! It’s increasingly important for banks to offer a great mobile experience – especially as tech-savvy millenials won’t settle for less. Check out the latest Google survey results on mobile banking trends.
Read Andrew’s Blog | Millenials Would Switch for Better Mobile Banking
Target Canada: What Went Wrong
Target Canada has announced it is throwing in the towel on Canadian operations. What went wrong – and how will this affect our economy and – most importantly – Canadian jobs?
Sean’s Blog | Target Canada: What Went Wrong
Desjardins and Best Buy Announce Credit Card Partnership
Montreal-based lender Desjardins and Best Buy have announced a new partnership and credit card offering. While the new plastic won’t include a rewards offering, it will provide financing options for Best Buy customers.
Read Jaclyn’s Blog | Desjardins and Best Buy Announce Credit Card Partnership
On for a second week! Answer to enter for a $25 gift card!
What is YOUR biggest RSP challenge?
Tweet your answer to this week’s Q to @RateSupermarket with #RSMWIN!