Numerous finance-related mobile apps exist, but we found a few that could be useful for both yourself and your plan members. All of these are free, but, unfortunately, they’re not available for all mobile devices. Here’s a look at a few we found worth downloading.
Financial Glossary by CSI Global Education This handy app provides a glossary of terms from actuary to zero coupon bond. Unsure what an on-the-run issue is? Or do you think the rule of 72 has to do with retirement? This app will set you straight. It also provides various formulas (e.g., for a long/short equity strategy or if you need to calculate a nominal bond rate of return).
Available for the iPhone, iPod touch and iPad.
Planiguide/Tax Planning Guide by Raymond Chabot Grant Thornton Tax season may be over, but this bilingual app has a lot of useful content for small businesses and plan members. There’s information on company pension plans, individual pension plans, pension income splitting, RRSPs and tax-free savings accounts, as well as tax information for individuals, businesses and investors.
Only available for the iPad, iPhone and iPod touch.
Mint.com Personal Finance Mint has been around for years in the United States and only made its way to Canada recently. The app allows users to create a budget, track spending and cash flow, and get an update of their bank and investment accounts all in one place. Mint supports most Canadian financial institutions and uses bank-level security. You can also create alerts to unusual charges or when you spend more than planned. While it does support banks in Quebec, there isn’t a French-language version yet.
Available for the iPhone and iPad as well as Android phones and tablets.
Compare Mortgage Rates by RateSupermarket.ca As you’ve often heard, buying a home is one of the biggest financial decisions you’ll make. This app provides the posted mortgage rates from banks, credit unions and mortgage brokers. Of course, the offers in the branch are usually much better. For example, on the day we compared rates, a five-year fixed mortgage at one of the Big Five was more than two percentage points higher than what another of the Big Five banks offered. There’s also a mortgage calculator, which shows various payment frequency options.
Available for the iPhone only.
Are there any apps that you would suggest? Send us a comment and let us know.