I have a special treat for you, Clever friends! Today I’m featuring an interview with Penelope Graham, the editor of the MoneyWise blog over at RateSupermarket! I’ve heard of the site before, done some exploring, and I’m super jealous that they currently only serve my favorite country to the north (Canada). Check out what Penelope has to say, and let me know your thoughts in the comments!
Brock: Tell us a little bit about RateSupermarket.ca?
Penelope: RateSupermarket.ca is Canadaâ€™s comprehensive rate comparison resource. Customers can come to our site to view and compare every mortgage rate, bank account, credit card and investing product on the market. Our comparison tools can be used to unveil hidden fees, crunch monthly payments, and to find the best deals in your region.
Weâ€™re big advocates of transparency among banks and other lenders, and believe an educated consumer has the potential to save significantly. To support this, we offer a wide range of learning and news content via our MoneyWise resource. Looking for home buying basics, or info on beginner investing? Weâ€™ve got you covered.
Brock: What was the inspiration behind RateSupermarket?
Penelope: The company was launched in 2008 by our President Kelvin Mangaroo, who was experiencing first hand the frustration of trying to find clear and concise information regarding his mortgage options. He saw a need for Canadians to be able to leverage the internet to easily compare the market for personal finance rates in one place. The concept started off with mortgage rates and quickly expanded into insurance products, credit cards, GICs, savings accounts and more.
Brock: RateSupermarket appears to be geared towards Canadians – any thoughts of expanding to the US or other countries?
Penelope: For the time being, RateSupermarket is focusing on serving the Canadian market.
Brock: How often is the information updated to ensure customers are getting the best rates?
Penelope: Information on our site is updated twice daily – in the morning and evening. Of course, if a lender decides to make waves with a record low rate, we make an exception to ensure the rate is up and available to our visitors right away.
Brock: How much does it cost to use RateSupermarket?
Penelope: RateSupermarket.ca is 100 per cent free for customers to use, from our comparison tools to our learning resources. Customers are never under obligation to sign with a rate, even if they ask for more information about a specific offer or request to be connected with a lender. Our business model is based off referral profit, which allows us to provide our services free of charge.
Brock: Anything else you’d like to share with the readers?
Penelope: As Editor of RSMâ€™s MoneyWise, itâ€™s my mission to demystify finances for my readers – I really strive to challenge the stigma that money management needs to be difficult or confusing. I believe a strong understanding of the basics empowers consumers to take control, ask the right questions, and achieve the best value. Iâ€™m also a big advocate of sharing and learning from our personal finance experiences – talking about money shouldnâ€™t be taboo, and Iâ€™ve found this is reflected in the interests of our readers. Donâ€™t be shy about whatâ€™s best for your money!
Have you ever used Rate Supermarket? How did it work for you? Do you know of any similar services available for those of us in the US or other parts of the globe?