What is a Savings Account?
Most everyone will have a savings account at some point in their life. Choose a savings account:
- If you want to set aside money for emergencies. Savings accounts are quick and easy to access, making them the perfect short-term solution.
- If you have extra money that you don’t want to spend right now, but want to easily access later.
Basically, a savings account serves as short-term money saving solution.
How does a savings account work?
The money you invest in your savings account will earn interest over time. You’ll make slightly more in interest through a savings account than you would through your chequing account. With a savings account, you have access to your money at any time either through a teller or by using a debit card.
Savings accounts also make good holding places for money you might not be ready to invest now, but may want to later. Once you’ve put aside a good amount of money, you may want to look into other, more lucrative savings options.