High-Interest Savings Accounts Explained: Double your savings faster!

Рет қаралды 11,524

2 ай бұрын

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Need a place for emergency funds or short-term savings? Regular accounts earn almost nothing. Many Canadians missed that while mortgage rates rose, chequing and savings rates stayed low. A high-interest savings account (HISA), or high-interest yield account (HYSA) helps your money grow and double faster, fighting (although not keeping up!) with inflation. We’ll also talk about how to choose the best high-interest savings accounts in Canada 2024 and avoid common mistakes. #HISA #CanadianSavingsAccount #HighyieldSavingsAccounts #livingincanada
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Пікірлер: 52

@oracleofdelphiii Ай бұрын

I'm not even a newcomer to Canada but this stuff was never taught to me so thank you!! I was just looking into using a high-interest savings account versus investing in GICs; these vids are super helpful!

@DexEm2020 Ай бұрын

Tangerine used to be ING. Scotia took over the bank and rebranded it as Tangerine after ING left. A few years later, my "high-interest" savings account dropped to 0.7%

@JayB-JayB 2 ай бұрын

I always learn something new on this channel!😃👍

@DanPocketRocket 2 ай бұрын

Great video! I prefer money market etfs in a tfsa for tax purposes. Of course this can be combined w other investments.

@cheekymonkeygirl3378 2 күн бұрын

I talked to the most high-interest saving account agents and they said after the promotional offer is over, and we decide to transfer or withdraw the fund, the gained interest will be deducted. 😢😢😢

@aman888 2 ай бұрын

Parking my spare cash in Simplii at 5.5%. And when that expires in July, hopefully Tangerine or EQ will have a promo rate.

@BUILDYBUNCH Ай бұрын

Great tips. Thank you.

@JayB-JayB 2 ай бұрын

Great advice 😊👍 Great channel😊👍

@dor1994 Ай бұрын

Great video it explained HISA's quite well, but from what I understand the interest earned in a HISA is taxable. Could you please explain how this taxation works?

@tsybze Ай бұрын

Great video as always!

@LivinginCanada Ай бұрын

Thank you!

@chillkid1465 2 ай бұрын

How would this compare to the ETFs from 2 weeks ago Honestly gold seems to be the simplest option to me

@earthsteward9 Ай бұрын

Perfect place for an emergency fund or contingency fund or whatever you want to call it.

@muhan8276 2 ай бұрын

Thank you for doing the video I requested :)

@LivinginCanada 2 ай бұрын

Hope it's useful!

@billjohnson7904 Ай бұрын

Some TFSA withdrawals are instant with some holdings.

@rudrapbiswas 28 күн бұрын

Hi, We are planning to move to Ontario by November 2024. As I was searching for blogs related to Canada relocation, I landed to your channel. This particular video is really informative. I appreciate and thanks for posting. Further can you please share me some info on cost of living. What is the descent salary to live in Ontario for a family of 3 (2 adult and a 7 year old kid)? How much in hand it comes after tax deductions? How can I get a house in rent there in Ontario within a gated community as we will be completely new?

@Northern_Squirrel Ай бұрын

Thanks for the video. There are ton of videos circulating regarding HISA and the interest we would receive is much higher than traditional banks. I think it’s important to know a few things before opening such accounts. Yes it’s a good to earn 4% interest but keep in mind it’s interest income and subject to marginal tax at the end of the year. If someone really have excess cash, perhaps a better place to earn a tax efficient income by investing in blue chip Canadian companies that pay eligible dividends. But of cause if someone need cash for emergency, HISA would be a better option but the high interest is not a sure thing unless it’s in cashable GIC. And another thing to consider is what BOC would do with interest rates over the next 1-3 years. If BOC lowers interest rates significantly, I don’t believe 4% interest in HISA is realistic.

@LivinginCanada Ай бұрын

the HISA rate will definitely go down in the coming years, so it's just something to take advantage of now. I agree, I would never leave a large amount beyond the emergency savings amount in an HISA, the opportunity cost is far too high! Yes, stocks, and in my opinion index funds are a great place to park them

@amiepant9349 Ай бұрын

Can someone living in the US use wealth simple savings account?

@itwins3517 2 ай бұрын

Nah. If you have the money and don't use it as often, might as well get Redeemable GIC instead, which gives even higher interests than HIS. 1.6% for HIS vs 3.9% for Redeemable GIC. HIS has lots of transaction and monthly service charges whereas Redeemable GIC has none whatsoever. Redeemable GIC does have probation periods but usually 1-3 months

@LivinginCanada 2 ай бұрын

Redeemable GICs are also a good option. There are digital banks/financial institutions without monthly fee charges that offer 4-5% though. So just compare and see what works better!

@kaizokud42 2 ай бұрын

I would rather buy defensive Canadian stocks or etf.

@greatwhitenorthtreasures3606 Ай бұрын

Agreed. Have a one year cashable GIC with one of the big 5 at 4.1% (actually 1 in a set of laddered GICs). Because I'm curious (and funding a trip soon), I did a partial redemption on 3% of the money in it during business hours and online. I figured it would take 1-2 business days for the funds (and accumulated interest on it - well past 30 day probation period) to move. It's now 9 pm and the redemption plus interest already moved into account of my choice (no fees or charges, of course). Seamless. Heidi in Vancouver

@oasisbeach 2 күн бұрын

How much is the capital tax?

@christinellanora3671 7 күн бұрын

Hi, very simple and informative. Thank you! You mentioned you’re using Wealthsimple. So am I. I was wondering if your savings are sheltered in a TFSA in Wealthsimple? Can their cash account be put in a TFSA and if yes, can you share how? Thanks so much!

@HenryLau-pv1kp Ай бұрын

Wouldn’t opening new accounts (and closing them) regularly have an adverse effect on the credit score?

@user-rd2em4zw1s Ай бұрын

All these institutions have your info,they will red flag u eventually.

@CryptoDabber710 Ай бұрын

I have a bank account with KOHO Financial which is earning me 5% interest, 2% cash back, an average of 6.5% extra cash back with 1K+ cash back partners, free credit score, 50% off credit building, no foreign transaction fees. I also have an account with EQ Bank which earns 4% interest on CAD balance, 3% interest on USD balance, and some RSP and TFSA GICs.

@quincymarquis-brown5803 Күн бұрын

Is there a time limit for Koho’s interest?

@CryptoDabber710 Күн бұрын

@@quincymarquis-brown5803 no but they do a plan/tier thing for the stuff they offer.

@bdidimful 2 ай бұрын

Do you have a recommendation where to open a first bank account in Canada if I'm moving as a student with a nice sum of savings?

@LivinginCanada 2 ай бұрын

Not a specific bank, but I'd recommend looking for specific student accounts because they offer a lot of benefits (e.g. no minimum balance to get $0 monthly fees, no annual fee credit card, etc.)

@bdidimful 2 ай бұрын

@@LivinginCanada Thank you! your channel has been amazing in helping me figure out the daunting task of managing my money in a new country. You make it SO accessible and I love seeing women taking control of their finances

@mbahgugel271 2 ай бұрын

TD bank and has aeroplan TD visa with minimum $5K sitting in your account, they won't charge you fee for bank cheque books, making bank drafts and at the same time collect purchase aeroplan points for your travels.