Best High Interest Savings Accounts - Stop Losing Money!

[@stephandden]

When we saw the recent reports about just how much money people are missing out on by not using high interest savings accounts, we knew that we needed to talk about it! Where do you keep the majority of your money? We'd love to know! 👀

[@thoryan3057]

About half in savings half in investment accounts, but I've been pretty intentional throughout the process to make sure my short term needs are met and do plan to have a smaller and smaller percentage of my money in savings as I get older. High yield of course!

[@JadenHercules]

I'd like to personally thank you both for inspiring my financial freedom journey. Since I discovered your channel in I believe 2021, I've managed to conservatively increase my savings and even took up a second job for some months as I got a new position. Gonna make some tough decisions the weeks ahead to propel my further in life, but wanted to thank you both! Also... As much as I agree with these other banks, I am still SO very skeptical! I was going to switch to EQ Bank, but got uneasy about the reviews, lol. Also, NEO financial is great! I unfortunately see no impact to my credit score, as I have the secured credit card which I'm basically lending my own money... It's odd, but the rewards are sweet!

[@stephandden]

Hey Jaden! This was a great comment to see - were so glad you’ve made some big steps forward with your money. 🙏🏿🙏🏻 We’ve seen some of those reviews, but luckily we haven’t had any issues over the past few years!

[@JadenHercules]

@@stephandden Thanks, you two! I really appreciate it and glad I've discovered your channel. So neat that you're both also from Canada, as not enough Canadians get represented I find. I've recently applied to get a Simplii Financial High Interest Savings Account, might move my emergency fund blanket there just to accrue some higher interest. We'll see.

[@maaarie24]

I live in Quebec, and I use Tangerine for my saving account (currently 5% until July 31) 😀

[@stephandden]

Amazing! Love the high rate promos 👏🏿👏🏻

[@AliMalik-nb3if]

10 mins of life-changing advice for SOOO many people. You guys are amazing!

[@stephandden]

Hey Ali! Thanks for watching - we really appreciate the comment.😊

[@daniellebaxter4504]

Steph! Can you please apply to be a Monday Girl Mentor? I think so many women could benefit from mentorship with you myself included and people like Rosey Li who have KZbin do group sessions with 10-15 people. Love your vids as always!

[@singingturmeric4988]

Thank you so much for this, I just opened my High Interest Saving account with a smaller bank

[@stephandden]

Congrats! We're glad you enjoyed the video and found it helpful 😊

[@xoReni]

This was so well explained! Thank you for this😀

[@stephandden]

Hey Reni! Thank you! 🙌🏿🙌🏻

[@FIRE_DrNinjaTurtle]

I love this and love your shorts as well. Very entertaining

[@stephandden]

Thanks Darrell! We’re glad to hear that you’re loving the content 😊

[@ludo_]

Even 2.5% at EQ bank is quite low in my opinion.

[@stephandden]

Yes! There’s definitely other bank options that have higher rates currently. We mentioned a few in a previous ‘Best High Interest Rates’ video 😊

[@mustashfan1o198]

What are your thoughts on interest that componds on a daily basis? Would you recommend seeking it out specifically or is it that pressing?

[@TishaSmilez]

Will you guys be making a video on attending Budget 2023 and meeting Trudeau? Also what are your thoughts on the recent Bank Runs and parts of the world no longer using American currency?

[@stephandden]

We’ll be talking about it in a video that’s coming out in 2 weeks! 😊 We want to do a full video on that, too - we’ll probably have that up right afterwards!

[@being_compiled]

excellent! thanks 😊

[@stephandden]

Thanks for watching! 😊

[@SuperKamiNeko]

47 % put the majority of their money in they saving account, wow! I'm a 4 years old cat and I know better. Most of my money go to my investments.

[@stephandden]

Hopefully we get more people swapping that to investing in the future! 🙌🏿🙌🏻

[@saymslee]

Thanks to your videos, I’ve learned to make my money work for me! I use a traditional bank to receive my paycheque, but I immediately move it out to smaller institutions that have higher interest rates + incentives for spending money (i.e. earning points, cash back)

[@stephandden]

That’s amazing, we love hearing this! That sounds like a great money system 😊

[@NikolasGutierrezCasallas]

Good video as always. I have a HISA with EQ bank and it works great. The only point that you guys didn't touch on is credit products. Generally speaking, in order to get a credit card with good benefits you have to rely on the bigger banks.

[@stephandden]

Thanks Nikolas! 😊 Also that’s a great point - we might cover that in the future. One of the benefits in knowing that you have options is that you’re not tied to a single bank or product.

[@McLivin410]

I wouldn’t bother right now with the smaller banks collapsing. I have Ally but I keep seeing they are struggling as well

[@stephandden]

It’s important to make sure that your bank is FDIC or CDIC insured. The SVB situation is interesting because there’s a lot of nuances - like how a large portion of their customers were tech companies that haven’t been doing too well over this past year. Thanks for watching! 😊

[@sherai55]

I have mixed feelings on using these small banks. My husband and I saved our home down payment with EQ Bank. It honestly ended up being a nightmare to get money out of it or prove that the funds were ours in the end. Customer service was not helpful, and of course there is no actual branch because it’s an online bank. Now for our emergency fund we refuse to use small banks. We use RBC, even if we are only getting 1.5%, the peace of mind knowing that it is seconds away from our account is worth it for us.

[@stephandden]

Hey Rachelle! Thats sounds like an awful experience, so sorry you had to go through that - I can only imagine how stressful that was. I know a lot of people who opt for using a credit union as their main hub/bank, that way they get the benefits of having a physical bank presence and face to face customer service for something as important as the down payment on your home. Either way we're glad to hear that you guys have a system that works for you 😊

[@fuyguhd5061]

TDB8150, offered by TD is currently 4.3%. You just looked at the wrong place.

[@TheMaskedUnicorn]

An added comment: Canadian credit unions are 100% guaranteed by the CDIC without a cap on the member's holdings. This, along with their cooperative principles, sets them apart, which is why I use a credit union for my main hub account and mortgage and EQ bank for a higher interest savings. Best of both worlds.🎉

[@stephandden]

Yes, great comment! 😊 CDIC covers federally regulated credit unions, but many are also covered at the provincial level. For example in Ontario, the Deposit Insurance Corporation of Ontario covers many credit unions in the province.

[@viniciuscustodio2942]

I'm moving to Canada in a couple of months, and your videos are super helpful to introduce people to the Canadian banking system and their perks. We're used to high interest savings accounts here in Brazil, so taking advantage of those in Canada as well is definitely a plus.

[@JadenHercules]

Welcome to Canada! Hope you enjoy it here. May I ask, are you moving to the country for school? :)

[@stephandden]

That’s a big move! So glad to hear our videos are helpful 😊 let us know if there’s anything specific you want to see that we haven’t covered yet!

[@viniciuscustodio2942]

@@JadenHercules Nope, for financial reasons, my wife got a job offer in Canada.

[@JadenHercules]

@@viniciuscustodio2942 Oh, cool. Big endeavors, sounds like. Enjoy - especially if you haven't had access to 'free" health care before, it's relatively great! Of course you'd need a SIN and OHIP documents if you're staying in Ontario, but regardless best of luck!

[@AthilaB]

I think the name/concept of HISA help to mess the thing. Because the big banks with money to advertise call their accounts by this name. If people were more educated on the actual interest rate they are receiving instead of the name of the account. Why just not call eq bank and neo as saving account. Maybe this way encourage people to use, the name sounds a different type of product and as you said not every feel comfortable to new product/concept.

[@stephandden]

Great point, the big banks still call some of their saving account options ‘HISA’, but the actual rates they offer are so low!

[@r.j5451]

Did you guys miss the fact Janette Yellen said they will pick and choose what banks will or won't fail? FDIC has a cap. Not all banks can be bailed out if failed.

[@stephandden]

Hey! Janette Yellen speaks for the government not FDIC, so if a bank fails, people will still get their max of $250k back regardless of whether the bank is bailed out or not. In this case, FDIC came out and said that they’re focused on getting people their money back. At a high level, banks failing and people getting their money back are two different things.

[@CanadianDividendInvesting]

Great video guys, some awesome info here!

[@stephandden]

Thank you! 🙌🏿🙌🏻

[@julsh9776]

Most of my money goes to investments but I still have a small portion in my saving account for short terms expenses.

[@stephandden]

That makes sense! That’s what we do, as well 😊

[@mikeyoung7640]

I’ve heard switching banks is bad for your credit

[@stephandden]

Hey Mike! Switching banks has no direct effect on your credit. There are 5 factors (payment history, credit utilization, length of credit history, types of credit and credit inquiries) that can have an effect on your credit. If you switch banks, ideally you don’t close any of the credit cards/credit products you had with the previous bank. Hope that makes sense! 😊

[@lecavalier32]

Thx for reminding me I need to break up with cibc 😂

[@stephandden]

😂😂 a break up reminder!

[@SugarHue]

I dont know how to find them

[@stephandden]

How to find high interest savings accounts? We've done videos in the past breaking down a bunch of examples, but also you can check out credit unions and online banks!

[@pier-oliviermorin7046]

Awesome video ! you guys are the best

[@stephandden]

Thank you! 🙏🏿🙏🏻

[@Twestliw]

How are you guys doing everything ok?

[@stephandden]

We’re doing great! Had a busy week but we’re back with another video 🙌🏿🙌🏻 We also shared what we got up to last week on Instagram!

[@Twestliw]

@@stephandden awesome you guys have my support keep it up 👍 :)! Also try to collab with Vincent Chan.