Saving at the bank
Use this calculator to compare banking rates at Canada’s major banks, or learn more about service plans and fees.
- Keep enough money in your chequing account to cover your monthly costs; put the rest in a savings account or consider investing it.
- Look for a bank with no-fee chequing. Buy your cheques through a discounter, not the bank. Learn more about types of chequing accounts now.
- Don’t bounce cheques. You can pay $20 or more each time you do.
- Choose a bank that has many ATMs. Only use ATMs that don’t charge fees.
- If your bank charges fees for each withdrawal, plan your purchases and get all the money you'll need at once. Or withdraw cash when you make a purchase on your debit card.
- Consider an Internet bank – they often pay higher interest and charge lower fees.
- Look for an account that uses the average daily balance method for calculating your minimum balance and interest.
Saving on credit cards
Looking for more tips on how to save money on your credit card? Learn more now.
- Choose credit cards that have low interest rates and no annual fees. Compare rates now.
- Pay off your credit card balance every month so you don’t have to pay interest charges.
- Use your cards wisely. Don't spend money just to collect “points.” And control the urge to splurge – after you see an item, wait before you buy it.
- If you have balances on a number of credit cards, pay off the cards with the highest interest rates first. If you have a lot of credit card debt, ask your bank about ways to put your loans together into one, larger loan – you may pay less interest. This is called loan consolidation.
Saving on your mortgage
Use this mortgage calculator to see how a different term, interest rate, or payment schedule can change your mortgage costs.
- Always shop around. It takes time, but can save you thousands of dollars.
- Consider refinancing your mortgage. Dropping your interest rate by half a per cent saves more than $40 a year for each $10,000 of mortgage. Refinancing a $100,000 loan from 9.5% to 7.5% saves $142 a month.
- Pay off your mortgage faster if you can. The monthly payments are higher but the savings are too. Get a $100,000 mortgage at 9.5% for 15 years instead of 30 years and you’ll save $114,747!
- Pay down your principal whenever you can. It reduces the interest charges and helps you pay off your mortgage faster. Both will reduce your total mortgage costs.
- Pay your mortgage biweekly rather than monthly. You will save thousands of dollars over the life of the mortgage.