What do you use your savings account for? You may have some emergency funds in there, or use it as a secure place to store the cash you are saving for a one-off purchase, but are you maximizing the interest-earning potential?
For many Canadians, a savings account is just something you get when you open a chequing account. Our lack of enthusiasm is understandable when you consider that for the last few years, traditional savings accounts have been offering interest rates as low as 0.05%. This was lower than the rate of inflation; meaning the longer you saved money, the less buying power it had when you actually spent it.
The good news is not all savings accounts are the same, and many are now offering a good rate of return. High-interest savings accounts (or HISAs) will reward you well above the rate of inflation, supplementing your hard-earned savings while keeping it safe.
How much interest can you earn? Well, that depends on how much money you are able to save, when you withdraw the money, and the rate of interest applied. Use Ratesupermarket.ca to find the best savings accounts in Canada, and use our handy Savings Calculator to find out exactly how much you can earn on top of your savings. Simply enter your info and let us do the math.
Compare the results against the savings account you are currently using, and if it makes financial sense to switch, follow our secure link to the provider's website to complete an application.