By Stryker McGuire Bloomberg Sat., Nov. 24, 2018 Ten years ago, stock markets plunged, major banks faltered, and the global economy teetered on a precipice. Few would have predicted that the ensuing decade would produce an explosion in wealth. But that’s just what happened. An unprecedented infusion of central bank funds into the world’s largest economies bolstered asset prices, making many people richer and exacerbating inequality. Global personal wealth reached a record $201.9 trillion (U.S.) last year, according to Boston Consulting Group Inc. For some banks, this burgeoning affluence brightened an otherwise dreary postcrisis landscape. Giants including UBS, Morgan Stanley, and Bank of America seized the opportunity. With trading desks hamstrung by a flurry of new rules, banks set out to woo the growing ranks of the super rich. But the business of managing the fortunes of the elite was changing as well. The U.S. and Europe cracked down on tax evasion, … [Read more...] about The $200 trillion gold rush that has reshaped private banking
Banks offering 0 interest on balance transfers
EQ Bank, credit unions best bet for high-interest savings accounts
By Robb Engen Special to the Star Tues., Nov. 13, 2018 The past 10 years have been a lost decade for savers as interest rates plummeted and stayed at historic lows. Big banks pay next to nothing on their so-called high interest savings accounts. Meanwhile, those looking for higher rates on their deposits have to chase short-term promotional offers at online banks and out-of-province credit unions just to stay ahead of inflation. Luckily, the tide is starting to turn, thanks to the Bank of Canada raising its key interest rate on five occasions in the past 15 months. While debtors bemoan the 1.25-per-cent increase over that time, savers are cheering for higher rates on their deposits. It’s been some time since I surveyed the market to compare high interest savings accounts rates. What I found was much of the same from Canada’s big banks, whose best rates range from a paltry 0.5 per cent to 1.2 per cent on a high interest savings account (rates … [Read more...] about EQ Bank, credit unions best bet for high-interest savings accounts
Credit-card super users are searching for answers amid a string of shutdowns from Chase, as billions in costs on lavish rewards pile up
caption Credit-card super users are sweating over reports of cardholders having their accounts closed by JPMorgan Chase. source Chase; iStock; Samantha Lee/Business Insider Members of online communities of credit-card super users have been freaking out over the past year over stories from some JPMorgan Chase cardholders that the bank shut down their credit-card accounts. Since the credit-card rewards arms race ramped up a couple of years ago following the Chase Sapphire Reserve launch, credit-card enthusiasts who make a hobby of accumulating points for free travel and other perks have swelled in numbers. Like card sharks in a casino, these customers tend to be very savvy, know all the rules and angles, and can eat away at a bank’s credit-card profits. Chase has gained widespread attention for its lavish rewards program, but profitability in its card division has fallen as it spends billions on rising rewards costs. The shutdown cases are … [Read more...] about Credit-card super users are searching for answers amid a string of shutdowns from Chase, as billions in costs on lavish rewards pile up
Condo market on a rollercoaster
Drive past Sukhumvit-Asoke intersection and you may notice a new billboard has come up in the past few days advertising a special discount for buyers of a high-end condominium project on Sathon Road that until recently was being touted as having been 100% sold out. One would be forgiven if they thought that this was a standalone case of a single project, but if one digs deeper they will notice that the demand for property in Thailand, especially in Bangkok, has been witnessing a phase of slowdown over the past couple of years, although most developers would not admit to it. "The situation in the property market is not as rosy as you may think but it is not that bad either," Adisorn Thananan-narapool, chief executive officer of Land & Houses Plc, said. Although admitting that the supply of condominiums in the city was on a sharp upswing which could impact the takeup rates, he said at the moment fear of a property market crash is something that still is not on the horizon. Mr … [Read more...] about Condo market on a rollercoaster
Finding a mortgage rate that leaves you home free
While homes represent the lion’s share of assets for many individuals and families, they can also entail the biggest financial burden. Refinancing can offer ways for homeowners to more easily secure a debt-free future, but with so many options on the table, picking the right rate (and lender) can be a tricky task for the laypersonWhile homes represent the lion’s share of assets for many individuals and families, they can also entail the biggest financial burden.With such high stakes, it’s worthwhile for those whose mortgage teaser rates are set to lapse (or already have) to consider a refinancing option to lower their monthly bills.Local mortgage lenders typically offer a teaser rate - lower interest than normally offered - for the first three years to attract borrowers. Those who refinance ahead of the lapse of the teaser period are subject to a prepayment penalty (typically 3% of the initial outstanding amount).Refinancing as a rule allows borrowers to lower monthly … [Read more...] about Finding a mortgage rate that leaves you home free