Show Your Wallet Some Love: 4 Tips for Finding Your Financial Match
Love is digital. Any stigma around finding your true love online has evaporated in recent years, and technology continues to change the dating game. Apps and websites have given us the ability to tap into a world of choice when it comes to love. Just build your profile, compare your matches, and find a partner who best suits your interests, lifestyle and schedule.
But, are you with your financial match? When February 14 rolls around, most of us are not thinking about how compatible we are with our money, so RateHub is encouraging Canadians to approach our spending and saving habits like we do our love lives. There are resources available online to consult, compare and find the products that are the best for you. If you don’t “play the field” for the best financial partner, you could miss out on some big savings.
Using data from RateHub.ca and our Digital Money Trends Report, we’ve highlighted four ways to find your financial match and save money.
1. Expand your horizons: brokers make better mortgage mates
The average five-year fixed bank rate is 3.86 per cent compared to an average broker rate of 2.47 per cent. On a $418,722 mortgage, you’ll pay $27,522 less in interest over five years! Find your rate mate by using mortgage calculators like RateHub.ca’s.
2. Looks aren’t everything: smaller providers beat big banks on deposit rates
The average five-year GIC rate being offered by the Big Six banks is 1.45 per cent compared to an average rate of 1.88 per cent from smaller providers. Head to RateHub.ca for the best GIC rates.
3. Compatibility is key: find the credit card that works for you
You could net almost $2,000 a year in credit card rewards if you pick a card that matches your spending style. Are you low maintenance, a globetrotter, or someone who uses plastic for everything? RateHub has created a useful little quiz to help you find your credit card match.
4. Take it slow: don’t be fooled by teaser and promo rates
Super tempting promotional rates often drop after a few months, leaving you disappointed and wanting more. The best high-interest savings account can often beat out attractive short-term promotional rates, giving you more money back in your first year.
So, why aren’t you seeing what else is out there?
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Article by Alyssa Furtado, Founder and CEO of RateHub.ca.