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[ad_1] Best Savings Account Finder How to use the savings account calculator You can simply scan the savings account comparison table above to view interest rates offered by financial institutions across Canada. You can also input your estimated account balance and compare the growth between high-interest savings accounts (HISAs), tax-free savings accounts (TFSAs), registered retirement savings plans (RRSPs) and youth savings accounts. This savings account calculator provides a first-year return based on the information you’ve keyed in and the interest rate available, which can help you find the best account for your financial needs. Watch: How to find the best online bank account. The best high-interest, TFSA and RRSP savings accounts in Canada When it comes to choosing a savings product, the type of account is just as important as its features. And what you go with can depend on your money goals—investing or growing an emergency fund. Below, we break down the three main types of savings accounts and list our 2022 selections for the best savings accounts in Canada for each category.   The best high-interest savings accounts in Canada for 2022 While the rates offered can vary from account to account, you’ll want to consider other factors, too. For example, if you prefer to bank online or on your phone, you likely won’t miss the ability to make in-person transactions and can take advantage of the fact that banks without brick-and-mortar branches may offer higher rates. However, if having a live representative to help is important, then you’ll want to consider accounts offered by institutions with physical branches. Here are a few MoneySense selections for the best high-interest savings accounts in Canada:   Best high-interest savings account rate: Saven Financial High Interest Savings Account* (Also consider: Motive Savvy Savings Account) Best for interest rates and no service fees: EQ Bank Savings Plus Account* Best regular interest rate at a credit union: Maxa Financial High-Interest Savings Account Best e-savings account: Neo Financial High-Interest Savings Account Best regular interest rate in a hybrid account: Wealthsimple Cash* Best promotional rate: Tangerine Savings Account (Honourable mention: Simplii Financial High Interest Savings Account)  Best tiered interest product: Scotiabank MomentumPlus Savings Account The best Tax-Free Savings Accounts (TFSAs) in Canada TFSAs can be used for savings and investments while offering tax-free growth. Although the word “savings” is the S in TFSA, it can hold a variety of financial products.  There are various types of TFSAs, which can hold cash savings as well as various of investments, such as exchange-traded funds (ETFs), stocks, bonds, guaranteed investment certificates (GICs), mutual funds and more. Cash savings and investments can grow tax-free and can be withdrawn at any time without an income tax penalty. Some of the best TFSAs in Canada include: Best TFSA account: EQ Bank TFSA Savings Account* (1.25%) Best robo advisors: Questwealth Portfolios*; Wealthsimple Invest* Best for trading stocks and ETFs: Questrade*;  Wealthsimple Trade* Best for mutual funds: Qtrade* Best for interest rates: CIBC*The best Registered Retirement Savings Plans (RRSPs) in Canada RRSPs is registered with the government and it is designed to encourage Canadians to save long-term for their retirement. An RRSP does not permit tax-free withdrawals but allows savings and investments to grow free of tax. Like a TFSA, an RRSP can hold cash savings and investments. Either cash or investments can grow tax-free inside an RRSP. Some of the best RRSP saving and investing accounts include: Best RRSP savings account: EQ Bank RSP Savings Account* (1.25%) Best robo-advisors: Questwealth Portfolio and Wealthsimple Invest* Best brokerage account for passive investing: Wealthsimple Trade* Best brokerage account for active traders: Questrade* Best brokerage account for mutual funds: Qtrade* What is a savings account? Traditional savings accounts provide interest on deposits, while investments held in registered savings accounts (TFSAs and RRSPs) provide returns. While chequing accounts generally pay no interest, they make it easy for you to withdraw or pay bills from the account. On the other hand, savings accounts are designed to pay interest on your deposits, but offer little flexibility. Depending on the type, savings accounts can be used towards short- or medium-term goals—such as a vacation or a new car—or, long-term goals—such as a property purchase or retirement.    How to choose the right savings account Generally speaking, Canadian savings accounts of all kinds come with terms, conditions and rules set by the Canadian government. However, some attributes are set by the bank or credit union offering the account, such monthly or annual fees. Note that most savings accounts do not charge fees, but some do, especially those held with major providers. If possible, choose an account with an interest rate exceeding 2%. This allows your deposits to keep up with inflation, so your money has at least as much purchasing power when you take it out of the account as when you put it in. It’s important to know the terms and conditions of transactions, and limitations of the account. A general rule of thumb is that the higher the interest rate, the more limitations come with the account. Consider your savings goal, too. As outlined below, you’ll get the best results if you use an account designed for the time-frame of your savings goal: short-term, medium-term or long-term. Which savings account should you use? Savings accounts are bank accounts for the purpose of saving money. There are different types of savings accounts, and each type is best suited for different types of savings goals. Since opening a savings account (in most cases) does not cost a banking customer anything, it’s often a good idea to hold some version of all three. High-interest savings account (HISA) HISAs are suitable for short-term or long-term investing if you’ve maxed your TFSA contribution limit for the year. You might consider saving in a HISA if you’ve maxed your RRSP contribution room for the year as well, and prefer not to risk your deposit principal. And HISAs do not come with a contribution limit. Therefore, using one for a short term savings goal is a suitable option for Canadians who would like to earn more interest in a shorter amount of time, want a low-risk way

[ad_1] If you have struggled to get approved for credit cards and loans in the past, you should probably take a look at your credit score to see where you stand. In the meantime, you should learn about what is considered a bad credit score in the first place, and the thresholds you have to surpass to have “fair” credit or “good” credit instead. Since lenders can use different credit scoring models and credit score ranges, however, what is a bad credit score number can vary. With that in mind, this guide will explain how a poor credit score looks from the perspective of the FICO scoring model and the VantageScore.  Once you have an idea of how your credit score looks and which credit score range it falls into, you can take appropriate steps to improve it. What Is a Bad FICO Score? FICO credit scores were created by the Fair Isaac Corporation, and are the most commonly used credit scores in circulation. In fact, FICO credit scores are used by over 90% of top lenders when making decisions on whether to lend money. While there are different FICO credit scores in use, it’s important to know that this type of score falls between 300 and 850. From here, scores that fall within different ranges are considered anywhere from bad to excellent as shown below: Exceptional: 800+ Very Good: 740 to 799 Good: 670 to 739 Fair: 580 to 669 Poor: 579 and below If you’re wondering which range to shoot for, “good” credit is a good place to start. According to myFICO.com, many lenders consider scores above 670 as an indication of good creditworthiness. “Typically, the higher your score, the lower the risk and the more likely creditors are to lend to you,” they write. What Is a Bad VantageScore? The VantageScore is another popular type of credit score, and this score’s newest models (VantageScore 3.0 and 4.0) also assign credit scores from 300 to 850. However, the range of scores are slightly different than the FICO scoring model. As you can see below, there are more ranges to be aware of, and “good” credit requires a slightly lower threshold. In the meantime, “fair” credit requires a slightly higher score. Excellent: 781 to 850 Good: 661 to 780 Fair: 601 to 660 Poor: 500 to 600 Very Poor: 300 to 499 The newer VantageScore models also break down the bad credit score range into “poor” and “very poor” categories. Either way, consumers should strive for a VantageScore that’s considered “good” or better. Downsides of a Poor Credit Score Perhaps you don’t think poor credit is a big deal, but you may quickly change your tune if you need to borrow money, rent an apartment, or even get car insurance. The reality is, a truly “poor” credit score can impact your life in more ways than people realize. How does a bad credit score affect me? Consider these pitfalls of poor credit: Poor credit = higher interest rates. A lower credit score almost always results in higher interest rates, and that’s true whether we are talking about credit cards or other types of loans. If you are approved to borrow money with any financial product, the cost of borrowing with a high APR can be sky high. You’ll miss out on the best credit card offers. A poor credit score will bar you from qualifying for the best credit cards on the market today, including ones with excellent perks. If anything, you’ll be able to get approved for a credit card for bad credit or a secured credit card. Renting an apartment can be more costly. A low credit score can make you seem more risky to potential landlords. As a result, you may need a cosigner to rent a house or apartment, and you may need to put down a larger security deposit. You could miss out on a job. Employers can request your permission to see a modified version of your credit report as part of the interview process. If your credit score is very damaged, this will likely hurt your chances at getting the job. You may struggle to get a mortgage. Poor credit can make it difficult to qualify for a mortgage. If you do get approved, you could have to come up with a larger down payment or pay a higher interest rate. Financing a car becomes expensive. Auto loan rates vary based on your credit score, and a higher score is always better. According to Experian’s State of the Automotive Finance Report for Q3 of 2021, deep subprime borrowers buying used cars with credit scores between 300 and 500 paid an average interest rate of 19.85% on car loans, compared to a 3.68% interest rate for borrowers with great credit. Your auto insurance rates are higher. Also be aware that a low credit score can result in higher car insurance rates. Car insurance companies consider your creditworthiness as a major factor in assessing risk, and they will price your premiums accordingly. #ap33508-ww{padding-top:20px;position:relative;text-align:center;font-size:12px;font-family:Lato,Arial,sans-serif}#ap33508-ww #ap33508-ww-indicator{text-align:right}#ap33508-ww #ap33508-ww-indicator-wrapper{display:inline-flex;align-items:center;justify-content:flex-end}#ap33508-ww #ap33508-ww-indicator-wrapper:hover #ap33508-ww-text{display:block}#ap33508-ww #ap33508-ww-indicator-wrapper:hover #ap33508-ww-label{display:none}#ap33508-ww #ap33508-ww-text{margin:auto 3px auto auto}#ap33508-ww #ap33508-ww-label{margin-left:4px;margin-right:3px}#ap33508-ww #ap33508-ww-icon{margin:auto;padding:1px;display:inline-block;width:15px;height:15px;min-width:15px;min-height:15px;cursor:pointer}#ap33508-ww #ap33508-ww-icon img{vertical-align:middle;width:15px;height:15px;min-width:15px;min-height:15px}#ap33508-ww #ap33508-ww-text-bottom{margin:5px}#ap33508-ww #ap33508-ww-text{display:none}#ap33508-ww #ap33508-ww-icon img{text-indent:-9999px;color:transparent} Ads by Money. 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[ad_1] The mortgage servicing rights market took off like a rocket in January and it has continued to accelerate into the stratosphere in February, according to industry experts who follow the MSR market closely. About $180 billion in residential bulk MSR assets were brought to market just in the month of January, “and February will be another huge month as well,” according to Michael Carnes, managing director of the MSR valuation group for New York-based Mortgage Industry Advisory Corporation (MIAC). “This is nearly three times the monthly average witnessed in 2021,” he added.  Carnes said MIAC has at least six MSR offerings currently now in motion for February valued north of $10 billion, adding “that’s just what we have actively in the pipeline now.”  “We closed a $10 billion deal not long ago,” he said. “Next, we might be working on $30 billion or $40 billion [in MSR deals]. You just never know. I think it’s going to stay this way for a while.” Carnes added that he is seeing many players active in the MSR market right now, including private-equity funds and real estate investment trusts (REITs).  “There’s a lot of new money now, which is a good thing, because with the volume we’re seeing, you want to know the demand will be able to keep up with the supply,” he said. “And, so far, it is.” In addition, Carnes said there are plenty of lenders now sitting on “substantial amounts of [MSR] cushion” that they can’t effectively tap unless they sell the assets. “So that’s going to continue to drive the activity as declines in origination volume and declines in margins in general cause [lenders] to want to sell some of their MSRs just to meet earnings targets,” Carnes said. Bill Shirreffs, head of MSR services and sales operations at San Diego-based Mortgage Capital Trading, agrees with Carnes’ bullish assessment of the MSR market. He said the outlook for MSR assets “remains very strong, driving [price] multiples to very attractive levels for prospective sellers.” “As a result of a combination of declining origination volume and margin pressure, we anticipate that many MSR asset holders will take advantage of these favorable conditions in the near term,” he added. “Overall, the bulk MSR market should be incredibly robust throughout 2022.” Denver-based Incenter Mortgage Advisors’ managing director, Tom Piercy, said he expects the exuberance in the market to continue, too, so long as interest rates are rising and the Federal Reserve remains committed to a hawkish position on rates in the year ahead as part of an effort to calm spiking inflation.  Incenter completed a dozen bulk MSR sales transactions in January involving MSRs for agency-backed loan pools that together had a total unpaid principal balance of $113.2 billion, which is close to what Incenter historically has sold in an entire year.  Piercy said Incenter earlier in February put out to bid an $11.5 billion Fannie Mae/Freddie Mac bulk servicing offering that is expected to close this week. In addition, Piercy confirms that Incenter has another $13 billion MSR offering in the pipeline that is expected to be released as soon as this week. “February appears to be another strong month,” Piercy said.  “In addition to the aforementioned $24.5 billion [in MSR offerings], we are going to release another $13 billion [MSR offering] next week and another $40 billion in multiple deals before month end.” As far as the MSR cushion Carnes described, rankings provided by New York-based mortgage-data analytics firm Recursion shows the leading agency MSR servicers as of year-end 2021 were San Francisco-based Wells Fargo; Detroit-based Rocket Mortgage (formerly Quicken Loans); Westlake Village, California-based PennyMac; New York-based J.P. Morgan Chase; and Mount Laurel New Jersey-based Freedom Mortgage.  Wells Fargo’s agency MSR portfolio — including Fannie Mae, Freddie Mac and Ginnie Mae loan servicing — stood at $641.9 billion, or 8.2% of all agency loans serviced, as of December 6 of last year, according to the most recent data available from Recursion. Carnes of MIAC points out, however, that although banks are opportunistic about selling MSRs, he also said the assets are valuable for them to hold because they offer cross-selling opportunities that aren’t available to non-depository institutions. “There’s a lot of reasons for selling MSRs, including tax advantages,” Carnes explained. “But owning MSRs in areas where they [banks] have branches effectively gives them access to thousands of potential customers that they can offer credit cards, savings accounts, checking accounts and whatever other offerings the bank might have.” Trailing Wells Fargo in MSR market share as of year-end 2021 was Rocket Mortgage, with a $481.4 billion agency MSR portfolio and a 6.2% market share. Next in line was PennyMac, at $479.3 and 6.2%; J.P. Morgan Chase, $387.5 billion and 5%; and Freedom Mortgage, $365.4 billion and 4.7%.  Overall, as of December 6, 2021, Recursion’s data show banks controlled 33.2% of the agency MSR market while nonbanks controlled 66.8%, based on the $7.8 trillion in unpaid principal balance of agency loans being serviced by lenders. Among the MSR leaders, only Wells Fargo recorded a decrease in its MSR portfolio size year over year — a $128.8 billion decline from year-end 2020, when its MSR portfolio stood at $770.7 billion. Freedom Mortgage recorded the biggest jump in its MSR portfolio over the same period, with a $108.3 billion increase, up from $257.1 billion as of year-end 2020.  MSR portfolios are affected by loan prepayments, MSR sales and purchases, and MSRs tied to new agency loan issuance.  In the case of Wells Fargo, for example, agency loan issuance with retained servicing declined from $165.6 billion in 2020 to $138.4 billion in 2021 through November 6. The bank also has been a net seller of MSRS in recent years, posting MSR net sales totaling nearly $2 billion combined for 2020 and 2021 — and $20.9 billion for 2019. Wells Fargo also recorded the largest volume of prepayments among the top MSR lenders — $294.3 billion in 2020, and $208.8 billion last year through November 6, according to Recursion. By contrast, Freedom Mortgage was the largest net purchaser of agency MSRs in 2021 through

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[ad_1] The post The Psychology of Money – How Your Mindset Affects Your Wealth appeared first on Millennial Money. Psychology is the study of the mind and how it affects your behavior. If you apply psychology to money, you have the study of the mind and how it affects your behavior when it comes to your money.  Whether you have a habit of impulse spending, you’re anxious every time you make a purchase, or you’re too afraid to even check your credit card balance, all of this says a lot about your personal psychology of money. Let’s talk about some of the different ways our mind influences our behavior with money.  Your Mindset Around Your Money Your mindset around your money can influence your behavior. Everyone has their own personal psychology of money, whether they realize it or not. We all behave differently when it comes to personal finance. Also, we all have different values and beliefs from our personal history surrounding our money and how we spend and save it. Those values and beliefs can change as we learn more about financial independence and better ways to handle money in our individual situations. The financial independence community focuses on how the concept of money mindsets — popularized by Morgan Housel’s international bestseller The Psychology of Money — can affect personal finance decisions. Abundance vs. scarcity mindsets There are two main types of money mindsets: Scarcity mindset Abundance mindset Many people who are on the path to financial independence have shifted from a scarcity mindset to an abundance mindset. This is often because an abundance mindset often opens up an abundance of opportunities, not just an abundance of cash.  An abundance mindset allows you to be more giving and generous with your money. And the financial independence community is full of generosity and giving.  For example, Jeremy Schneider of Personal Finance Club gives over 20% of his company’s revenues to charity. Jeremy’s outrageous generosity has been influential in my own giving habits. I have made giving the No. 1 line item in my budget. Since I made this change, giving has reinforced my abundance mindset.  On the other hand, a scarcity mindset can be a roadblock on your path to financial independence. A scarcity mindset can often lead to money-related anxiety and stress because you’ll always feel financially insecure. It can also deter you from future financial success. How can you become financially independent if you never feel like you will have enough?  Small Things Lead to Big Changes The shift from a scarcity mindset to an abundance mindset doesn’t have to happen overnight. Learning about your money behavior and mindsets can help you start implementing small changes over time.  A key factor in obtaining financial independence and building wealth is consistency over time. When I started increasing my giving, I started out by donating $5 per week. It was only $5, but what I did with that money helped an entire community of low-income individuals. Combining an abundance mindset with my giving, I also felt secure investing more as well. Consistently transferring money from a checking account to a savings or investment account is another way to reinforce an abundance mindset. Say you decide to transfer $2 a day. In a year, those little $2 increments will add up — especially if you invest them.  The infamous latte factor We’ve heard this a million times: Cut out the coffee habit, invest that money, and become rich. Right? Well, not exactly. A lot of people misinterpret the “latte factor” to mean you should stop buying things that bring you joy.  Instead, it’s supposed to teach you about how investing leads to compound growth over time — a “trick” used by the financial independence community to build wealth. By changing your behavior on things you don’t value (such as a theoretical latte), you can shift to an abundance mindset. However, if your morning coffee run is the highlight of your day, please don’t eliminate it! Other Lessons in the Psychology of Money Along with the abundance mindset and the latte factor, there are many timeless lessons to be learned from the financial independence community about the psychology of money. These include: Live below your means Cut your expenses Increase your income Invest the gap between your income and expenses Track or know your expenses and income Use a budget or spending plan  Invest in low-cost index funds and/or real estate Time in the stock market beats timing it One of my favorite phrases in the financial independence community is “personal finance is personal.” That means there’s no cookie-cutter approach to achieving wealth. Your personal money psychology will determine your personal route to financial freedom and financial goals. The above guidelines can be followed in different ways. For example, not everyone uses a detailed budget or tracks their expenses. Your behaviors and opinions can change as well. I used to be very debt-averse. I have since switched to focusing on investing in my future and paying the minimum payments on my low-interest debts.  Mental Health and Money Behavior More and more financial independence community members are discussing their money behaviors and how they relate to their mental health. Common themes I keep seeing are: Therapy ADHD and impulse spending Anxiety and stress Shame and guilt Therapy  Many in the financial independence community advocate for therapy. My friend Jackie Cummings Koski has even devoted her time after early retirement to studying financial therapy and financial literacy.  Financial therapy combines financial planning with counseling about money issues and feelings. Although financial therapy is a specific type, generalized therapy is recommended often as well. Anxiety and financial issues are among the most common complaints by those seeking treatment. Understanding your spending and savings behaviors can allow you to invest in yourself and still indulge in spending on what you value. Therapy, financial or general, can also help you realize what you value and don’t value spending money on.  ADHD and impulsive spending More and

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