The Best US Dollar Credit Card For Canadians

by Pam on September 9, 2011

Rather than carrying a large sum of cash with you when you travel to the States, I would recommend that Canadians bring along a US dollar Mosaik Mastercard from Bank of Montreal (BMO).  When I compared all the major Canadian financial institutions to see what type of US dollar credit cards they offered, it seems that BMO has the best one.
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A Way To Get Free Banking In Canada

by Pam on August 12, 2011

If you are tired of paying all those bank fees for using your debit card, a great way to eliminate them is to use your credit card instead.  This should only be done, however, if you pay off your balance every month when it is due, otherwise, you are stuck with incredibly high interest charges and then there’s no point in doing what I am suggesting.
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Be Smart When Using ATM Machines

by Pam on February 19, 2011

Interested in learning an easy way to save a bit of extra cash each month?  Break your habit of using other bank’s ATMs and use your own bank’s instead.  If you are someone who likes to take out cash every payday, rather than going to the nearest ATM, why not look for one that you can use for free?

So many people pay so many fees to their banks in the name of convenience or perhaps ignorance.  Some people just don’t realize that they are being dinged time after time with fees charged not only by their own bank, but also by the bank whose machines they keep using.
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Are you still using the same bank account that you had when you were a child?  If so, it’s time for you to review your bank accounts.  This is also a good idea for anyone who hasn’t done a review of his/her bank accounts for a long time.  You may be surprised to discover that you have been spending a lot of money on service fees simply because you don’t have the right banking package, or you could be forfeiting earning interest because you don’t have an interest bearing account.

The key is to be proactive.  The best way to ensure you are using the best banking package to suit your needs, is to get a hold of a copy of the statement of fees for your financial institutions holding your accounts and determine what fees you are being charged on a regular basis.  You can often find fee information online as well. Also, most accounts set up for children pay a very low interest rate, so if you are still using one, you should contact your financial institution and get it changed over to an interest-bearing account.
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How Your Bank Can Save You Money

by Guest on March 1, 2010

If you think your bank is costing you too much money, then now is the time to look at ways your bank can help you save money rather than spend it. Although there will always be bank charges and fees, there are ways to save money using banks and make the most of their services. Here are some tips about how to cut down on bank costs and save yourself money.

Savings

One way to save yourself money through your bank is to open a savings account. If you have a fair amount of money in your current account, then transferring it to a savings account with a high interest rate is a good idea. Having a savings account does more than just save you money; it earns you money. The interest generated from a savings account means that you are making money from the money that you store. However, you should remember that many banks charge a fee if you go below a minimum amount in the account, so keep track of this in order to save yourself money.

ATM charges

Another way that you can save money when banking is to use free ATM machines. Some ATM’s charge you a fee to take money out, either for the convenience of because the ATM does not belong to your bank. If at all possible you should stick to ATM’s that don’t charge you money. If you do this regularly then you could save yourself ?100 a year or more.
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Find A Good Financial Advisor

by Pam on February 21, 2010

When building a financial strategy for yourself and your family, it’s a good idea to take the time to meet with a Financial Advisor, as advisors are experts in investing, taxation, estate planning, retirement planning, and insurance.  When you partner with a Financial Advisor, they will be able to help you build a strategy in order to achieve your financial goals.  Why try to do it all on your own when you can take advantage of professional guidance?

That being said, it’s important that you find a good Financial Advisor that has your best interests at heart.  Below are some things to look for when you are choosing a Financial Advisor:

*You need to feel comfortable with the advisor so you can work well together.
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Current Mortgage Rates and How They Affect You

by Guest on September 16, 2009

To some, the interest rate is a rather meaningless number that seems to change on an almost daily basis. However, if you are applying for a credit card, buying a new car or applying for a mortgage, this number can significantly affect how much you are paying every month and over the term, or length of your loan. At the time of writing, mortgage rates are low and it is a good time to buy a home, or refinance an existing mortgage at a lower rate.

The interest rate is defined as the amount of money it will cost you to borrow a certain amount of money from a bank or lender. It is virtually impossible to accurately predict mortgage interest rates; one of the biggest factors that influence them is simple supply and demand. If more people are buying houses, more money is being borrowed, which means that lenders can charge higher rates to borrow the money. In a slow economy, less people are borrowing money, rates are generally lower to attract customers, and there is more money to lend.

The mortgage interest rate affects you both in the short term and the long term. A rate that is lower means that your monthly payments are lower; it also means that over the term of the mortgage, you are paying less. Whereas the traditional mortgage is taken out for a period of 30 years, a lower rate means that you may perhaps be able to take out a shorter term mortgage, of 20 or even 15 years. Also, it means that you will own your home outright, sooner rather than later – a big advantage.
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