High Interest Savings Accounts in Canada Explained

High Interest Savings Accounts in Canada Explained | Best vs Worse in 2024

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Күн бұрын

Пікірлер: 33

@WhizQueen Ай бұрын

Update Jun 4th, 2024 - EQ Bank has just launched a Notice Savings account that allows you to earn 4.5% or 5% interest rate with 10-30 days cash withdrawal notice. This is a better account for parking your cash than the current HISA. Sign up here - bit.ly/4aMwBR9

@adegojusamuel6923 2 ай бұрын

Fantastic analysis, l enjoyed it

@Juicewithjuu 2 ай бұрын

Thank you so much for this information, just for clarification purposes . The interest rate is it only in a yearly basis?

@WhizQueen 2 ай бұрын

Yes it is. Most interest rates are per annum

@EdwinaAdombire 2 ай бұрын

Thanks Dear

@abiolaoladotun2021 2 ай бұрын

Am confused, can I use this high interest savings account for my personal day to day transaction or do I need to open another account for that Do you know of any of these banks that allow children under 13 open account, I have checked neo and EQ Lastly, I cant see your referral code

@WhizQueen 2 ай бұрын

Hi, you can use the same account for high interest saving for day to day banking. I believe children account has to be opened with a parent or guardian. It's a referral link. - EQ Bank personal - bit.ly/eq-whiz - NEO HISA - api.fintelconnect.com/t/l/65aa85f2dd52aa001bcd97da

@basilsolomon4376 2 ай бұрын

Can u build credit score with those digital bank?

@WhizQueen 2 ай бұрын

Do you already have a credit history? If you don’t then it may not be the best option for you

@JUSTGIO 11 күн бұрын

Does neo financial have a checking account besides the high interest savings?

@WhizQueen 10 күн бұрын

Yes, the account doubles as a chequing and savings account.

@JUSTGIO 10 күн бұрын

@@WhizQueen I’m looking to move away from the big bank do you think a credit union or an online bank like simplii would be good?

@UKNOWMESCP 2 ай бұрын

I was offered to open a high interest savings account my local rbc branch @ 5%... I said "HIGH INTEREST"??? So whats my credit card then @ 21%?? I was told " THAT is what we offer" I asked "is anyone that stupid"

@WhizQueen 2 ай бұрын

I know right! Which is why I always advise to prioritize paying off CC debt first before thinking of saving or investing. 5% is still better than nothing offered by most traditional savings accounts.

@EdwinaAdombire 2 ай бұрын

I tried to open a wealth simple investment account but the only ID I have currently is my passport so I am not able to proceed from there.

@WhizQueen 2 ай бұрын

No drivers license?

@EdwinaAdombire 2 ай бұрын

@@WhizQueen not yet . Guess I need to get at least my G1 soon to substitute my ID’s

@EdwinaAdombire 2 ай бұрын

@@WhizQueen not yet guess I need to get at least my G1 soon to substitute my ID’s

@agbotobaayodeji9160 2 ай бұрын

Can i open a joint account and a business account with this digital banks?

@WhizQueen 2 ай бұрын

They offer joint accounts but criteria may vary for business accounts

@dayoadeneye70 Ай бұрын

EQ ? I tried to open an account and I never succeeded, I eventually settled for Wealthsimple

@WhizQueen Ай бұрын

That’s surprising. How did you try? Directly on their website or link in description? Wealthsimple is a good choice too, I love both!

@cryptojohnny7781 Ай бұрын

Anyone wanting to make money shouldn't be using any banks they do not offer what the web base can offer like WS and EQ . GIC's even at EQ for 1yr is now 5.25%

@WhizQueen Ай бұрын

I agree! I don’t recommend locked in GICs though. If it’s not cashable, 5.25% is not enough to get locked in for a whole year. EQ just introduced the Notice Savings account offering 5% for 30 days notice. I think this is a better choice

@cryptojohnny7781 Ай бұрын

Far enough I had thousands I was “parking” for a year anyways and got locked in at 5.35% on EQ for 1 year. On $50K that’s a good win for 1 year 👍