“Valuable addition to your investment plan.”
A high interest savings account is exactly that: a savings account with a high interest rate. It ensures you have a safe and accessible place to put your money and generally has a higher interest rate than most traditional savings accounts.
An increasingly popular product, high interest savings accounts aren’t a replacement for your regular savings account. Instead, they are intended to supplement them. Generally, a high interest savings account is for money you don’t intend to touch for a while.
• Accessibility: unlike GICs, where your money is locked away for a set period of time, high interest accounts let you access your money anytime you want or need to.
• Investing Small Sums: you can invest as much or as little as you want, unlike mutual funds or stocks.
• Safety: although interest rates may fluctuate, you will never lose any money. Your principal and interest earned are protected with Canada Insurance Deposit Corporation (CDIC), up to $100,000 per Canadian chartered bank. Conditions may apply, so ask your advisor for further details.
With its many benefits, a high interest savings account is a great option for new investors or those who want liquidity with their funds. With saving three to six months of living expenses being the recommended practice, a high interest savings account is a valuable investment tool to help ensure your future financial security.
Questions about High Interest Savings Accounts?
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