Financial Product Reviews

If you’re in the market for a new mortgage because you’re looking to buy your first home or just looking to refinance your existing mortgage, a CIBC fixed rate mortgage might be a good choice for you. Not only are they one of Canada’s tried-and-true big banks, they also have a variety of mortgage terms available, some very competitive special rates, and a few extra features to boot.

If you’re looking to buy a house and would like to have some predictability in what your mortgage payments will be every month, then a fixed rate mortgage is probably for you. Scotiabank offers 7 closed fixed rate mortgages and a 6-month convertible mortgage. In short, you have some options with Scotiabank, although these aren’t that unusual and are available through other lenders as well.

A TD closed variable rate mortgage is an interesting option if you’re looking to stick with the big banks for your mortgage. Though their prime rate is currently higher than most other big banks (at 6.6% instead of 4.45%), TD variable rates are quite competitive.

While you may have heard of Wealthsimple, did you know that Wealthsimple also offers Wealthsimple Self-Directed Investing? And it’s a little different. They advertise it as “a simpler way to trade,” and it’s hard to argue with that. You can only open a handful of account types. You can trade stocks, ETFs, options, margin, and corporate products on Canadian and U.S. exchanges. And that’s about it.

TD GICs are an easy way to earn a modest guaranteed investment on some of your money. Like most banks in Canada, TD offers several types of Guaranteed Investment Certificates (GICs) to give their clients low-risk alternatives to more traditional stock market investing.

Investing with an RBC GIC is an easy way to get guaranteed return on the money you want to put aside. Though the return tends to be quite low, they’re still a decent way to make your money work for you – thanks to the low risk involved. RBC offers Canadians GICs backed by a well-known big bank, plus has industry-standard minimum investments of $1,000 for most options.

Wealthsimple has a high interest spending account known as the Wealthsimple Chequing account. It’s actually a hybrid account that gives you fairly easy access to your money for no monthly fees. With an interest rate of 2.75%, unlimited e-Transfers, no FX fees, and 1% back on your purchases when you use your Wealthsimple Card, this account is worth taking a look at – especially for investors.

CIBC variable rate mortgages are a solid option for people who don't mind balancing a bit of risk with some potential savings. Variable rate mortgages fluctuate with the prime interest rate, so while you can save money if interest rates stay low, you are risking a higher payment if the prime rate goes up.

Tangerine GICs stand out for their highly competitive rates and the fact that there’s no minimum investment requirement—you can get started with as little as $1. That makes them an appealing option for new investors, those with smaller budgets, or anyone who wants a safe way to grow their money without worrying about market volatility.

Scotiabank GICs can get you a guaranteed return on your investments, with the trustworthiness of a big bank to back up your money. Since Guaranteed Investment Certificates make a good low-risk investment, they’re a popular way to spice up your investment portfolio. But with relatively low return across the board, it’s hard to say it’s a valuable investment.