Finding the best bank for you

Questions to ask your bank

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Questions to ask banks to find the right one for you.

A large majority of Canadians bank with one of the “Big Five” financial institutions—RBC, TD, Scotiabank, BMO, and CIBC.

These banks dominate the market as they offer widespread access and a comprehensive suite of financial products, from chequing accounts to mortgages and investment options.

I hear the same questions posed all the time – “Which bank should I pick to work with?” or “Which bank is the best?” and I’ve never been able to offer a simple answer. With so much similarity in their offerings and fees, how do you know which one is the right fit for you?

The truth is, there’s no one-size-fits-all answer. Choosing the right bank (or credit union) comes down to asking the right questions, evaluating your personal banking habits, and understanding the subtle differences that can impact your experience—and your bottom line.

So while I can’t give you a simple answer of which one is the best, here are some questions to ask yourself when evaluating which option might be best for you:

1. What kind of customer service experience do I want?

While the Big Five all offer customer service, the quality and accessibility can vary between institutions—and even between branches. Some banks prioritize digital support with robust apps and virtual assistants, while others still maintain a strong emphasis on in-person, relationship-based banking. If you like walking into a branch and speaking to someone face-to-face, make sure your chosen bank still has a physical presence in your area.

What to ask:

• Is there a local branch nearby, and what are its hours?

• Does the bank offer 24/7 customer support by phone or chat?

• How are customer service issues handled—online, in person, or both?

2. What are the fees, and how can I avoid overpaying?

Monthly account fees, ATM charges, overdraft fees, and foreign transaction fees are common across all major banks, but they vary slightly in amount and in how easily they can be waived. For example, some banks waive monthly fees if you maintain a minimum balance; others offer student or senior discounts.

What to ask:

• What’s the monthly fee, and can it be waived?

• Are there fees for using non-bank ATMs?

• What happens if I go into overdraft?

3. How strong is the digital banking experience?

If you do most of your banking online or via a smartphone, this is a crucial factor. Some banks are ahead of the curve with user-friendly apps, budgeting tools, and real-time alerts. Others may lag in innovation or offer clunky user interfaces.

What to ask:

• How well-rated is the bank’s app on the App Store or Google Play?

• Can I deposit cheques, transfer money, and pay bills online easily?

• Are there digital budgeting or financial wellness tools included?

4. Do I plan to take out a mortgage or get a loan?

Bundling your financial services can come with perks. Some banks offer better rates or cashback if you have multiple products with them—like a mortgage, credit card, and savings account. However, convenience shouldn’t outweigh shopping around for the best rates.

What to ask:

• Are there loyalty rewards for holding multiple products?

• What are the current mortgage or loan interest rates?

• Can I speak to a mortgage advisor at my branch?

5. What are the bank’s values and policies?

For some Canadians, values are a key priority. Do you want a bank that supports local communities, has a strong climate policy, or prioritizes diversity and inclusion? These may not directly affect your daily banking but can influence your decision if corporate responsibility is important to you.

What to ask:

• Where does the bank invest its money?

• What’s its record on community involvement or sustainability?

Don’t be afraid to switch banks. Many Canadians stick with the same bank for decades out of convenience or habit. But loyalty shouldn’t come at the cost of better service, lower fees, or more helpful tools. Take the time to shop around, ask questions, and test-drive apps and websites. Remember: your bank should work for you—not the other way around.

Whether you prioritize a seamless digital experience, a helpful local branch, or a bank that shares your values, asking the right questions will help you find the best fit for your financial needs.

This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.

AI having an impact on financial management

AI and your finances

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Those who stay engaged and informed about AI will be best positioned to take advantage of the opportunities while protecting themselves from the risks.

Artificial intelligence is poised to reshape virtually every sector of our lives to some degree, and financial services is near the top of that list.

From wealth management to fraud prevention to customer service, AI promises faster, more personalized, and more efficient solutions but, as the pace of change accelerates, Canadians will need to keep an eye on how these innovations affect the way they bank, invest, borrow, and protect their money.

Here are five key ways AI is expected to transform the financial services industry in Canada—and what consumers should watch for:

1. Hyper-personalized financial advice: AI is already being used to analyze consumer data to offer more personalized banking and investing experiences. In the near future, financial institutions and “fintechs” will be able to tailor recommendations for everything from savings strategies to investment portfolios, using real-time data from a consumer’s transactions, goals, and behaviour.

Impact on consumers: Personalized advice can lead to better financial outcomes, especially for those who might not have access to a human advisor. However, consumers should ensure that AI-driven advice aligns with their actual needs and values. It’s important to understand the assumptions behind the recommendations and whether a human professional is available for complex or emotional financial decisions.

2. AI-driven customer service and chatbots: Banks and insurance companies are already using AI chatbots to answer questions, guide users through application processes and resolve issues without the need for human agents. As these tools get smarter, they’ll handle more complex interactions with faster turnaround times.

Impact on consumers: AI-powered service can be available 24/7, which is convenient but also comes with trade-offs. Customers should be aware that interacting with AI may limit the nuance or empathy in responses. Consumers should look for institutions that still offer easy access to human support when needed and that are transparent about how their AI tools operate.

3. Faster, smarter fraud detection: AI excels at pattern recognition, making it a powerful tool for detecting unusual behaviour and preventing fraud. Financial institutions are integrating machine learning to monitor for suspicious transactions, identity theft and cybersecurity threats in real time.

Impact on consumers: This should lead to fewer fraudulent transactions and quicker resolution times. Still, consumers must remain vigilant. False positives (legitimate transactions flagged as fraud) can be frustrating and AI isn’t infallible. Canadians should regularly monitor accounts and ensure their financial institutions offer tools like real-time alerts and multi-factor authentication.

4. AI in credit scoring and lending decisions: Lenders are beginning to use AI to assess creditworthiness beyond traditional credit scores. By analyzing broader datasets, including cash flow patterns, employment history, and spending habits, AI can offer more nuanced evaluations.

Impact on consumers: This shift may improve access to credit for people with thin or non-traditional credit histories. But it also raises questions about fairness, transparency and consent. Consumers should ask how lending decisions are made and what data is being used. Financial institutions should be able to explain their AI systems in clear, simple language and allow individuals to challenge decisions they believe are incorrect or unfair.

5. Automated investing and portfolio management: Robo-advisors will become more advanced with AI. These platforms will better adjust portfolios to market changes, tax implications and investor behaviour in real time, all at a lower cost than traditional investment services.

Impact on consumers: This can democratize access to investment management, especially for younger or less wealthy Canadians. However, consumers must understand the limitations. Not all robo-advisors are created equa. Some offer minimal customization or rely on overly simplistic risk assessments. Make sure to choose platforms that are regulated, transparent, and provide access to human advice when needed.

Looking ahead: What should consumers do?

As AI becomes more embedded in financial services, Canadian consumers should:

• Stay informed about how their data is being used and what tools their financial institutions are deploying.

• Ask questions when dealing with AI-driven decisions, whether it's about a denied loan or an investment recommendation.

• Prioritize transparency and choice, favouring financial service providers who blend AI efficiency with human oversight and customer-centric policies.

AI will bring real benefits but also real responsibilities for consumers. Those who stay engaged and informed will be best positioned to take advantage of the opportunities while protecting themselves from the risks.

This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.

Planning for death is another way to plan for life

Death and your finances

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It's important to financially plan for your death.

No one likes to think about dying. It’s not exactly dinner table conversation—unless your family is especially morbid or has a great sense of humour.

But here’s the truth, everyone dies , every single one of us—you, me, the guy who invented the fidget spinner. We all get one ride on this rollercoaster. And yet, many of us are reluctant to acknowledge the obvious when it comes to our finances.

Avoiding the topic of death doesn’t make it go away. What it does do is leave your loved ones in the dark, your finances in disarray, and your plans unfinished. It’s a little like ignoring the smoke alarm because you don’t want to deal with changing the battery—except the stakes are much, much higher.

So break the taboo and talk about how embracing your mortality can actually lead to a healthier, more thoughtful, and more complete financial plan.

1. Life insurance: A love letter in policy form

Life insurance isn’t just for parents with young kids or people with mortgages. It’s for anyone who loves someone, wants to leave a legacy, would rather pay less estate tax or even for those with charitable aspirations. But if you don’t want to think about the end of your life, you may put this off indefinitely.

When you view life insurance as a way to care for your family even after you’re gone, it stops being grim and starts being generous. It’s peace of mind for them and a practical, compassionate move on your part.

2. Estate planning: It’s not just for the rich

You don’t need a mansion and a yacht to justify an estate plan. If you have assets, a family or even a preference about what music plays at your funeral (yes, that counts), you need a plan.

Without a will, your estate gets divvied up according to provincial law—not your wishes. That could mean unnecessary stress, taxes, legal fees or even family drama. Setting things up properly now gives your loved ones clarity when they’ll need it most. It’s one final act of kindness—and it only takes a bit of paperwork and planning.

3. Talk to your kids and other loved ones

That might be the hardest part, having “the talk” with your family. No, not that talk. The one where you explain your final wishes, how you’d like your estate handled, who’s in charge of what, and where they can find the important documents.

Talking openly about death doesn’t just help your family prepare, it removes fear and mystery from the conversation. It sets the tone for practical, healthy planning. Plus, your kids won’t have to guess what you wanted, or worse, argue about it.

4. Retirement planning: Don’t underestimate how long you'll live

Ironically, avoiding thoughts of death can lead people to underestimate how long they’ll live and run out of money in retirement. Financial planners often help clients choose a target retirement age and calculate how much they need based on a life expectancy (often age 90 or even 95).

It may feel weird to say, “plan for dying at 95,” but thinking that way ensures you have enough income to support a long, fulfilling retirement. Embracing the full range of possibilities—early death, long life, or something in between—allows you to build a more resilient plan.

The Upside of accepting the inevitable

Accepting that we all die isn’t depressing, it’s freeing. It allows us to live more intentionally, make meaningful choices and take care of the people we love. It removes anxiety by turning the unknown into something manageable and planned for.

So go ahead, talk to a professional financial planner. Ask the tough questions. Update your will. Get the life insurance. Have the conversations. You’ll feel lighter, more in control and, strangely enough, more alive.

After all, planning for death is really just another way of planning for life.

This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.

The true cost of owning a dog

Pet costs

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The cost of owning a dog can add up.

There’s nothing quite like the joy of coming home to a wagging tail and a happy bark.

As a dog lover myself, I completely understand the appeal. Dogs bring companionship, laughter and a reason to get outside for a daily walk. But as adorable as those puppy eyes are, adopting a dog comes with real financial responsibilities—ones that are very easy to underestimate.

Whether you’re thinking about adopting from a shelter or bringing home a new puppy, it’s important to consider the long-term costs before making the leap. Especially if you’re already working hard to pay off debt or build your retirement savings, even a "free" dog can turn out to be surprisingly expensive.

The upfront costs

Adopting a dog from a local shelter in Canada typically costs between $300 and $600. This usually includes vaccinations, spaying or neutering and a basic health check. If you’re getting a dog from a breeder, expect to pay anywhere from $1,000 to over $3,000, depending on the breed.

Then there’s the initial gear—a crate ($75–$150), bed ($40–$100), leash and collar ($30), toys ($30-plus), grooming tools, food and water bowls. Altogether, you’re looking at another $200–$400 just to get started.

Annual costs of dog ownership

Once your furry friend is settled in, the ongoing costs begin to add up. According to the Ontario Veterinary Medical Association, the average annual cost of owning a medium-sized dog in Canada is around $3,000 to $3,500, including:

• Food: $800–$1,000

• Routine vet care: $300–$500

• Preventative medications (flea, tick, heartworm): $250

• Grooming: $300 (varies by breed)

• Pet insurance: $600–$900

• Boarding/dog walking: $300+

• Toys and miscellaneous supplies: $200

And that doesn’t account for surprise vet visits, which can cost $1,000 or more in the case of an emergency.

What else could you do with $3,000 a year?

It’s easy to see how this annual expense—especially when spread over a dog’s lifetime of 10 to 15 years—can affect your overall financial wellbeing. If you're already trying to pay down a line of credit or high interest loan, imagine applying that same $3,000 toward your debt each year. On a $25,000 loan at 10 per cent interest, you would need to pay $299 per month to have it paid off after 12 years and you’d pay a total of $18,023 in interest charges. But if you added that $3,000 per year onto your loan repayments, you’d have the loan paid off in a little over 4.5 years and you’d only pay $6,568 in interest.

If you invested that money instead, even modest returns could make a big difference. Let’s say you are 35 years old right now and instead of getting a dog you put the $3,000 per year into a TFSA earning five per cent per year for the next 12 years. At the end of 12 years, you would have $49,191 in that account. But there’s more, if you then left that TFSA until you retire at age 65 and don’t put another penny into it, it would continue to grow, and you’d have $120,765 in there to help with your retirement.

A balanced decision

This doesn’t mean no one should adopt a dog—far from it. Dogs bring tremendous emotional value, help reduce stress, encourage activity and are often considered part of the family. But if you’re in a tight financial spot, it’s OK to push pause. It’s not selfish—it’s responsible. Wait until you’re in a position to fully support your new companion without sacrificing your long-term goals.

In the meantime, consider volunteering at a local animal shelter, fostering dogs temporarily or offering to dog-sit for friends. You’ll still get your dose of canine affection without the full financial commitment.

The bottom line is, bringing a dog into your life is a heartwarming decision but it should also be a financially informed one. If you’re on solid financial footing, go ahead and enjoy those tail wags and morning walks. But if you're working toward major financial goals, don’t let puppy love lead to money stress.

Your future self, and your bank account, will thank you.

This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.