Just over a month ago, Scotiabank announced that they would be launching a Scotia iTRADE mobile trading app. This app will give customers who manage their own investments the ability to make equity and option trades whenever and wherever they want from their smartphones.

That said, Scotiabank has launched their Scotia iTRADE mobile trading app, giving customers exactly what they have been looking for in terms of making trades on the go.

What does the new Scotia iTRADE app do?

The mobile version of its popular online trading service will allow customers to get their investing done beyond sitting in front of your computer.

That said, with the Scotia iTRADE app you will be able to:

• Provide access to personal account balances and holdings
  
• View open orders and charts, as well as sync watch lists, get quotes, option chains and review market news. All of this is done in Real Time
  
• Execute equity, ETF and option trades
• Allow personalization of the app and its icons to suit your trading needs.

The fact is, Scotia iTRADE was created with seamless integration in mind. Users who are familiar with the online trading suite will find that they are offered the same type of platform to work with on their smartphone.

We were able to get in touch with James Stares, Direct, Product Strategy at Scotia iTRADE, who explained that:

At Scotia iTRADE we’re committed to offering our customers a wide variety of choices to suit their investment needs, no matter where they are.

This newly designed app is available on all smartphone platforms, which is not something you usually get to see from a bank when they launch a new mobile product.

That said, if you are interested in downloading the Scotia iTRADE app, then head on over to the Mobile Scotia iTRADE website.

What do you think of the Scotia iTRADE app?

Toronto Dominion Bank (TD) is known for its customer service, winning the J.D. Power and Associate award for customer service among the big banks.

In my opinion, TD also launches some great promotions that should be taken advantage of. A recent promotion TD launched is giving $150 for anyone who switches to them, although you will need to open up a particular bank account (which does cost money) but if you need the services offered, then it’s a win – win in our books.

That said, TD has once again started a new promotion, in fact it only launched 2 days ago (May 12th).

What is the new promotion?

From May 12th – June 19th, TD will be featuring a different GIC product each week with a competitive rate.

The weekly GIC rate will be offered throughout the week until Friday.

You have until the end of the day Friday to lock in the special GIC rate before it resets to normal, and you have to find out what TD will be offering for the following week on Saturday.

That said, we do have a special GIC rate on the market right now from TD. The GIC rate below will only be valid from May 12th 2012 – May 18th 2012.

Why should invest in these special offer GICs?

In the end, the main reason behind investing in these special offer GICs is the fact that you are gaining a competitive interest rate, which would otherwise not be given. What makes this promotion great is the fact that as it is offered, it is completely guaranteed for the term of your investment.

These GICs are also eligible for non-registered and registered investment plan; this includes RSP, RESP, RIF and TFSA.

The fact is, the special rate might prompt you to want to invest in these special GIC offers.

What do you think of the new promotion by TD and the special GIC rate?

It is the end of another week; time just seems to fly nowadays. One thing I am particularly happy about is the weather. It is a beautiful day outside today; not like the Wednesday where I think I saw hail hit my car.

Either way, as usual, as we are at the end of another week we have BankNerd’s Best of the Best.

I am highlighting article that are from the blogosphere that I think need to be read by everyone.

Our Best of the Best

1. RBC has launched a newly enhanced RBC Mobile App. The key feature about this updated app is the fact that investing services are now included!
2. CIBC has been named the strongest bank in North America. Congratulations CIBC and hope to see what you will do this year to keep the title.
3. RBC and Visa has launched a RBC Virtual Visa Debit. Great new product for anyone looking to make purchases via telephone, online or mail order without their credit card.
4. We have a great article form Lucas Taylor, one of our guest authors who wrote about the Great Canadian Super Visa and what it Means to You.

Best around the World

The Financial Highway published a great article titled “How Much Can you Really Save by Penny Pinching“. There are a lot of great points that brought up in this article, definitely something you should read if you are trying to be more frugal.

I came across an interesting article on Million Dollar Journey, where it asked “Are you ready to be a Homeowner?“.  This is a great question you have to ask yourself if you have been considering purchasing  a house. Definitely worth reading!

Rewards Cards Canada published a great article explaining why Cash Back rewards beats Travel Rewards. Great points are brought up, but in the end, I think it all depends on your personal preference .

One My University Money I cam across a great article title “Lifestyle Inflation – The Upward/ Downward Spiral“. This is a great read, and everyone (especially people aged 18 – 25) should read in my opinion.

The time a lot of RBC Direct Investing clients have been waiting for has finally come. RBC Direct Investing is now offering investors the convenience of trading through the newly enhanced RBC Mobile App!

The new functionality of RBC’s mobile app will offer RBC Direct Investing Clients to have access to a full range of investing services for the iPhone and iPod touch devices.

What will I be able to do on the newly enhanced RBC Mobile App?

One thing we have to keep in mind is that these enhancements are only for the iPhone and iPod touch devices; they will be the only platforms that will be offering RBC Direct Investing clients the ability to:

• Place trades on stocks, ETFs, mutual funds and options
• Access portfolio information to view
• Account balances
• Account holdings
• Account activity
• Buying power in real-time
• Transfer funds in real-time between RBC Royal Bank and RBC Direct Investing accounts
• Check the status of orders
• View up-to-date market information and news
• Access real-time equity, option quotes and option chains
• Access real-time Level 2 equity quotes (This feature is only available to Active Trader clients)
• Manage e-mail address settings and vacation modes for established Alerts
• Establish preferences (this includes managing currency settings)

Now that was quite a mouthful of information; needless to say the RBC Mobile App now gives a comprehensive investing portion to their mobile app. As you can see,you can do quite a lot with the new RBC Mobile app. The investing capabilities are quite amazing on paper. Now I have yet to actually test out the app myself, but if there is anyone who has, feel free to share your personal review below.

What makes this mobile app so convenient is the fact that you can access your RBC Direct Investing and RBC Dominion Securities accounts using your single RBC Online banking login and password. This erases the need to memorize multiple passwords for your mobile banking.

What could RBC have done to improve these new features?

I am not an RBC Direct Investing client, in fact I do not invest at all, as much as I want to, but the point I plan on making in this section is strictly on a platform level.

It is great to see RBC launch this feature on the iPhone and iPod touch platform, however the fact is the Blackberry and Android platforms should not go without this feature for long. I am hoping that RBC will launch an update for those apps soon, but we all know how these things can take some time.

What do you think of the newly enhances RBC Mobile App?

I have been extremely busy with work and school, and feel like that I have been slacking in the news department, especially when it is such great news as what bank was name the strongest in Canada!

Well my apologies to everyone, and especially to the bank who received the award.

Without further delay, the bank that was named the strongest bank in not only Canada, but in North America by Bloomberg Markets magazine is none other than Canadian Imperial Bank of Commerce (CIBC)!

CIBC has been recognized as the 3rd strongest bank in the world as well!

This title is the second time CIBC has been awarded it, awarding it a place in the world’s strongest banks.

What was CIBC recognized for this award?

Bloomberg Markets Assessment studied the risk factors and capital levels of the world’s largest banks. They examined the quality of the banks’ holdings and from there ranked them based on 5 criteria:

• Tier 1 capital to risk-weighted assets
• Non-performing assets to total assets
• Loan-loss reserves to non-performing assets
• Stability; this was measured in terms of the ratio of deposits to funding
• Efficiency; costs to revenue

That said, CIBC reported net income in 2011 was $3.1 billion, which was more than 25% increase from the year before.

What else has CIBC been recognized for?

CIBC has not just been recognized by Bloomberg Markets magazine; they are several accolades under their belt from other institutions; this includes:

• Best in Mobile Banking globally by Global Finance Magazine
• Deal of the Year Award for its equity investment in American Century at the recent Mutual Fund Industry Awards help in New York
• One of Canada’s 10 most Admired Corporate Cultures by Waterstone Human Capital
• One of Canada’s Best Workplaces by the Great Place to Work Institute
• One of Canada’s Best diversity Employers and a Best Employer for New Canadians as ranked accordingly by Mediacorp Canada Inc.

With all said and done, nothing will change the fact that as it stands, CIBC is the strongest bank in North America, receiving bronze for the world, but to me that is pretty great.

Again, I just want to congratulate CIBC for receiving such a great award, let’s see if they can continue their tenure holding this spot!

The Royal Bank of Canada (RBC) and Visa have announced the launch of a brand new product, which has been designed to allow consumers to pay for products over the phone or mail order purchases, directly through their bank account. Yes, your bank account, which means this is not a credit card.

The product launched is the RBC Virtual Visa Debit.

What can the RBC Virtual Visa Debit do for me?

As I mentioned, the RBC Virtual Visa Debit is a new product that has been designed to allow consumers to pay for products online, over the phone or mail order purchases directly form their bank account.

What makes this great is the fact that it is linked with Visa, which means you have several features that Visa offers on their credit cards. The features include:

• Visa’s Zero Liability
• Verified by Visa
• E-Promise
• Address Verification Service (AVS)
• CCV2 (Three digit security code)

How does the RBC Virtual Visa Debit work?

In order for the RBC Virtual Visa Debit to work, RBC deposit account holders will receive a reference card, which will hold all of the information they will need to make an online purchase with the funds withdrawn from their bank account. The reference card will have:

• A Visa Debit Number
• An Expiry Date
• A Three Digit Security Code

Keep in mind, this reference card has been designed for strictly online, telephone and mail order purchases. It cannot be used at a physical store, ATM or financial institution.

I love this idea, and although there are banks who offer Visa Debit included in their debit card (CIBC Advantage card) the RBC Virtual Visa Debit is ideal for anyone who wants the option, but with limits on what they can do. The fact that you can only make purchases online, through the telephone or by mail order and that you can’t withdraw funds or make in store purchases does add a bit of security on top of it.

Ideally, I hope to see this product, turn into a digital wallet, because in my opinion it isn’t too far of a stretch. Then again, I have been wanting a digital wallet for some time now ☺.

What do you think of the RBC Virtual Visa Debit?

 UPDATED: CIBC Advantage Card name corrected

There have been some significant developments happening in Canada’s citizenship and immigration office. Notably, the recently announced Super Visa: allowing non-Canadian parents and grandparents of Canadian residents the opportunity to stay in the country for up to two years.

While the Super Visa certainly offers an excellent opportunity for parents and grandparents to visit family in Canada, there is still the important factor of purchasing the appropriate medical coverage – which, as guessed, can be as much an absolute necessity as the Visa itself.

Super Visa eligibility
First, let’s look at just who is eligible for a Super Visa. As of December 1, 2011, the Parent and Grandparent Super Visa became available to those hoping to visit Canada for a prolonged stay with permanent residents already living in the country.

A Canadian Visa officer will consider several factors in determining admission into the country under the Super Visa including:

• That the applicant be the parent or grandparent of a Canadian citizen or a permanent resident of Canada
• The purpose of the visit
• The person’s family and financial situation
• An invitation from a Canadian host
• The overall economic and political stability of the home country; and
• A written commitment of financial support from their child or grandchild in Canada who meets a minimum income threshold.

Super Visa health insurance
When applying for the Super Visa, applicants must provide proof they’ve purchased an emergency medical health insurance policy that:

• Comes from a Canadian insurance company
• Is valid for a minimum of one year
• Covers health care, hospitalization and repatriation
• Provides a minimum of $100,000 in coverage
• Is valid each time the visa holder enters Canada

For emergency medical health insurance that meets the needs of Super Visa requirements, many Visitors to Canada policies fit the bill. But, just like any other insurance policy, if you don’t shop around and compare quotes you can end up paying more than need be. The cost for coverage can vary significantly.

Super Visa health insurance tips
Getting and comparing competing Super Visa travel insurance quotes is just one way to save money on the emergency medical health insurance needed for a Super Visa. A few great tips to apply when seeking appropriate medical health insurance include:

• Consider whether or not the policy allows multiple re-entries to the country of origin. Some policies will terminate upon the customer returning to their country of departure, whereas other policies will allow multiple re-entries throughout the duration of the Super Visa.
• Compare policy prices with and without deductibles. Sometimes policies with deductibles save you more than the amount of the deductible itself.

A deductible is the portion of an insurance claim you agree to pay; your insurance company covers the rest. As a result, policies with a deductible cost less to buy than those that don’t have a deductible. By purchasing a policy with a deductible, you can minimize your out-of-pocket expense now rather than in the case of a “what if”? Keep the deductible affordable though, because it will have to be paid in the event of a claim.

To learn more about the Super Visa, what’s required, who can apply, and how to apply visit Citizenship and Immigration Canada.

Calling all Major League Soccer fans! BMO Bank of Montreal, otherwise known as the Bank of Soccer in Canada has launched a brand new credit card that may just be what you are looking for to show your team spirit!

BMO launched the BMO Major League Soccer MasterCard Program with Canadian’s 3 Major League Soccer (MLS) franchises:

• Montreal Impact
  
• Toronto FC
  
• Vancouver Whitecaps FC
  

As you can already imagine, these new BML MLS team credit cards can give soccer fans all the benefits of a regular BMO credit card, plus the pride of showing who they support every time they make a purchase.

What does the new BMO MLS Team credit cards offer?

These new credit cards offer several benefits outside of the normal convenience, security and loyalty rewards.

These credit cards fit in with BMO’s affinity program, where you get to select what type of rewards you want to have.

You have quite a few options:

• Gold AIR Miles
• 1 AIR MILES reward mile for every $15 spent, plus 150 bonus reward miles on your first purchase
• 25% discount on all AIR MILES flights wordwide
• $99 annual fee

• No Fee AIR MILES
• 1 AIR MILES reward mile for every $20 spent
• 1.25% reward miles at Shell and 1.5% reward miles at National Car Rental & Alamo Rent A Car
• No annual fee

• Premium CashBack
• 1% CashBack on purchases
• 3% CashBack at Shell National Car Rental & Alamo Rent A Car
• $49 annual fee

• No Fee CashBack
• 0.5% CashBack on purchases
• 1.5% CashBack at Shell National Car Rental & Alamo Rent A Car
• No annual fee

What does having a BMO Credit Card help me do at games?

With a BMO credit card at your disposal you can show your ticket and BMO credit card and enjoy BMO’s Power of Blue program. This includes an exclusive stadium entrance for BMO customers, allowing you to get in the game faster not to mention a chance to participate in the official coin toss before the game. You also have a chance to win seat upgrades or a $50 food and beverage voucher.

What do you think of the BMO MLS credit cards?

This week flew by insanely fast, the weather was a bit all over the place as well. One day it was raining cats and dogs, the next day I swear I saw a bit of snow, then all of a sudden the sun came out again, warming up the place.

Either way, I for one am happy we have the sun out again, just in time for the weekend ☺

With us at the end of the week, we have BankNerd’s Best of the Best prepared for you!

As usual, we have highlighted articles that have been read throughout the week that I thought deserved to be shared further.

Our Best of the Best

1. Canada launched a glow in the dark quarter last week; yes I said glow in the dark. What’s your take on quarters that help you see in the dark?
2. Prairie Eco-Thrifter published a great article asking “what is ethical investing?”
3. BuzzBuzzHomes launched a great infographic, explaining why Canada is number 1! (it really is, isn’t it?)
4. CIBC has launched the total banking rebate, a new program that allows clients to earn an incentive for having multiple products with CIBC
5. ING Direct Canada has evolved its brand! They are now showing everyone what forward banking is.

Best Around the World

The Financial Highway published a great article covering on how to save money on gas. We can all agree gas is pretty high, and it is bound to get higher, read to find how you can save today!

My Own Advisor published a great article explaining what the top 5 things you need to know about dividend paying stocks. This is a guest post by Kanwai Sarai, the founder of Simply Investing.

Boomer and Echo wrote an article on what you need to consider when turning 50. It is an insightful article, and can definitely help a lot of people as they reach that age.

Give me Back my Five Bucks  wrote an article on how you should deal with peer pressure spending. This is great for anyone looking to find a way out of their bad spending but not isolate themselves from their friends.

Two days ago one of the banks a lot of people have come to love went through a large change.

The bank I am speaking about is none other than ING Direct Canada. After 15 years of being in Canada, it has evolved. The brand as we know it held a slogan of “Save your Money”, which many Canadians have identified with.

The new brand idea shows ING Direct’s growth as it becomes an everyday bank that provides banking for modern lifestyle choices.

What is ING’s new brand idea?

ING’s new brand is to reflect its emergence as an everyday bank; which is done through the slogan “forward banking”.

The idea of forward banking is simple, it helps communicate what they think banking should be, which is simple and innovative. The products offered provide real value to the client, without any unnecessary fees attached to it. You are given the necessary tools to bank when and wherever you want to.

When you sit down and examine ING’s progress over the past 15 years, you will notice that they started from a savings focused bank, to a bank now offering a great no fee chequing account, the THRiVE chequing account – it pays you interest! ING also offers TFSAs, RSPs, GICs, mortgages, and much more.

The fact is, ING has changed over time as did the rest of the world. Their change in brand identity is surprising (to me) but at the same time something we should have seen coming.

How does ING represent “forward banking”?

There are numerous things ING has done which represents their forward, simple and innovative approach to banking. For one their THRiVE Chequing account, not to mention the multiple channels available for you to do your banking. These channels include:

• Online
• mobile
• phone (24/7 contact centres)
• café’s

The café’s is definitely on the top of my list; the Toronto cafe  location is amazing. They offer a large space for you to come in and leisurely get your banking done, and another space for you to sit down and get some work done.

In my opinion, the way they have shown “forward banking” the most is their activity on social media. ING in my opinion has led many (if not all) banks on how to engage properly on social media. Their presence is everywhere, conversing with anyone who talks to them and even those who are not. ING Direct Canada’s CEO, Peter Aceto is also actively engaging on social media, which as you can imagine in a CEO’s busy schedule it cannot be easy but he does it.

Overall, I like the new change, and can’t wait to see what ING does in the future.

What do you think of ING becoming updating their brand?