Please see information on Savings Accounts below.


Savings Accounts - Great way to save and earn extra cash

The most common account you will probably have after a checking account is a savings account. With a saving account it's a place for you to keep your money safe whilst also earning from the interest associated with that particular savings account. To open a savings account most providers will require a small opening bong of as little as $25 or in some cases there is no opening fee. When the account has been opened this is when you can start to save and also earn some extra money from the interest earned. When most people choose to open a savings account there is sometimes a reason for doing this especially if they are saving up for something special.

Different type of Savings Available

There are various different savings accounts available and it's up to you as the consumer to decide which one is right for you. Here is a small list of some of the accounts available.

  • Everyday savings accounts - If you are just starting to save this account is perfect for you as the interest starts to grow in this account when your balance increases, therefore the more money you enter into the account the more interest you will earn.
  • High Interest savings account - The high interest savings account offers interest on every single dollar entered into the account. There is no minimum input amount allowing you to save and earn the maximum available.
  • Tax Free savings account (TFSA) - This account allows you to save tax free throughout your lifetime with no limits applied.

Different Types of People who require Savings Accounts

There are many different types of people that require savings accounts, savings accounts can be used by almost anyone who is wanting to save. When savings accounts are opened they allow you to see how much potential interest can be made.

Which Saving Accounts are right for you?

Savings accounts are only suited to certain types of people, when choosing the right one you need to make sure that all the certain features you are looking for are included in the account you choose. Savings accounts are a great way to save up for something or even to just build up extra cash with the interest included in the accounts.

Some savings accounts will limit the amount of withdrawals made each year depending on the terms and conditions of that account. This is purely done to allow you as the account holder to get the best out of the interest that can be built on that particular account. Allowing you to make more money on interest is one of the main key selling points of the savings accounts available and being offered by many Providers.

Here you will find a few do's and don'ts when choosing and using a savings account. Also, there may be some questions you have surrounding fixed rate interest, this can only be confirmed with the savings account provider when you decide on the right account for you.

Do's and Don'ts about Savings Accounts

DONT over estimate the amount of interest you are going to earn on the savings account chosen as this could vary depending on the rate linked to that particular account.

DO always make sure you keep a record of how much savings are going into your savings account as this can then determine the amount of interest you are earning on that particular account.

DONT open lots of different savings accounts as this can then later affect things such as fixed interests rates as they can look at how many active savings accounts are the consumers name.

General information about Savings Accounts

Savings accounts are the a great way to earn extra money whilst also saving. As mentioned before there are different ways that savings accounts can work and this is done by the interest earned on them whilst the money is in the account.


Please Note: is not authorised to give advice under provincial and federal regulations.

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