40,000 TELUS Rewards Points ($400) with a new CIBC Chequing Account

There are a few steps required to getting this promo (CIBC chequing account, apply for Telus CIBC Visa, amongst others).  However, if you are presently utilizing services through Telus then you should be able to quickly spend the rewards point and save yourself $400.

Learn more about this promotion at the CIBC website.

President’s Choice Financial offering 2.6% Interest until June 30, 2015

President’s Choice Financial and Tangerine are amongst two of our favourite banks and they both tend to offer similar deals and promotions.

Right now President’s Choice Financial has a promotion that involves:

Enrol by May 15 to earn 2.6%* interest until June 30, 2015 on new deposits combined across these accounts:

-Interest Plus savings account

-No fee bank account

Check out their page about the 2.6% promotion.

Canada Mortgage and Housing Corp (CMHC) is Raising Insurance Premiums

Most mortgage providers require mortgage loan insurance if your down payment is less than 20%. The CMHC is increasing the insurance premium by 15% starting June 1, 2015 for those buying property with less than a 10% down payment.  Everyone else and already existing mortgages remain unaffected.

From the CMHC website:

As a result of its annual review of its insurance products and capital requirements, CMHC is increasing its homeowner mortgage loan insurance premiums for homebuyers with less than a 10% down payment. Effective June 1, 2015, the mortgage loan insurance premiums for homebuyers with less than a 10% down payment will increase by approximately 15%.

For the average Canadian homebuyer who has less than a 10% down payment, the higher premium will result in an increase of approximately $5 to their monthly mortgage payment. This is not expected to have a material impact on housing markets.

Premiums for homebuyers with a down payment of 10% or more and for CMHC’s portfolio insurance and multi-unit insurance products remain unchanged. The changes do not apply to mortgages currently insured by CMHC.


Ceramic piggy bank with painting of national flag

At Bank Tool we explore what Canadian financial institutions have to offer and we emphasize the parts we find relevant and valuable.

Receive a bonus when signing up for Tangerine (Formerly ING Direct), one of the banks we rate most highly, by using this free promotional code: Orange Key 40575938S1.  This also supports this site which will always remain free to use.