Beat the Banks!: Take back control of your money and secure your family's financial future

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That would have been seven years where you’re under observation and if you get a windfall, that can still go to the creditors.

In March, Bankrate found that there were 25 “no excuses” savings or money market accounts in a survey of 63 banks. The good news for millions of Canadians is that the path to a more rewarding investment experience and a more prosperous retirement can be incredibly simple and easily accessible.These types of savings accounts often require you to leave the money alone for a set period of time, between 1 and 10 years, for the most lucrative interest rates to apply. We don’t understand why our Scotiabank mutual fund has gained so little over the past twenty years when we constantly hear about how well the market is performing. They played into most peoples natural desire to make some easy extra money, the banks told you that at the end of the term not only would there be enough money to pay off the loan on your home but there would probably be enough for a nice little payout on top. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.

Hey presto the banks make a very healthy profit from the difference between those two interest rates. The big Canadian banks - and by extension our entire financial industry - occupy a position of paternalistic authority that too many individual investors respect unquestioningly. There are two sides to the investment business: the ‘investment banking’ or capital markets business, where I spent my career focusing on large institutional investors as well as big corporations, governments, and financial institutions; and the separate retail investment business, which deals with individual investors like you and Mary.Of course the bank has costs involved with running both the savings account and running a mortgage but this will amount to less than 1% so the bank is making a healthy 2. No matter whether you’re many years from retirement or are already retired, you need to keep up with inflation during retirement because you’ll likely be earning less. The most immediate risk is a fall in the value of the underlying investment and therefore the capital that is invested. Since August 2015, a savings account at the national average rate has only outpaced inflation during one month.