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

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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I am not a lawyer, not an immigration agent, and not a financial advisor or tax consultant. I'm just sharing my experience and knowledge in the hopes it can be useful to you. Please always do your own due diligence and research before deciding to purchase or sign up for any financial product or service!

[DexEm]

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%

[oracleofdelphiii]

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!

[earthsteward]

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

[JordanFayter]

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.

[dor]

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?

[cheekymonkeygirl]

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. 😢😢😢

[aman]

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

[muhan]

Thank you for doing the video I requested :)

[itwins]

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

[christinellanora]

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!

[DanPocketRocket]

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

[serenitysessionz]

I'm setting up a WealthSimple account - they are asking for my SIN #. I'm assuming this is necessary?

[chillkid]

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

[jamesstuart]

I've been an EQ customer for 3 years and their high interest savings account has not paid over 2.5%. When did they pay 4%?

[rudrapbiswas]

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?

[danimationstudios]

Is it worth it to get high interest savings if you have to claim them for taxes tho??

[Sunjib]

I Have A Request For You Could You Make A Video About How To Rent Bixi Bike

[gourabsarker]

Mam is your household income 200k dollars a year in Canada? Plz reply. Thanks a lot.

[HenryLau-pvkp]

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

[bdidimful]

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?