Savings accounts are becoming increasingly popular as a tool to help Canadians save their hard earned money while also allowing them to take advantage of the best rates available in Canada. With the economy having faced a number of difficult years and many people feeling the pinch, savvy Canadians are looking for ways to maximize their savings potential. An attractive option for savers is opening a savings account with the best rates in Canada.
Savers can expect to find an array of options available when it comes to finding the best rate for their individual needs. From online-only institutions offering higher interest rates on larger deposits, to traditional banks offering low fees and a wide selection of account types, there are plenty of options depending on your budget and saving goals, in this article we will explore details of those options.
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While high interest rates certainly attract attention, it is important to consider other factors when deciding on a savings account such as fees and flexibility when it comes to making deposits or withdrawals. Many online-only institutions offer higher interest rates than traditional banks but have stricter criteria for withdrawing funds or transferring money out of your account. Likewise, some traditional banks may come with lower fees but require higher minimum deposits or limit your access to funds outside normal banking hours.
When considering which savings account offers you the best deal, be sure to research any applicable fees that you will need to pay, as well as any terms surrounding withdrawals or transfers from your account. Additionally, if you plan on using your savings as an emergency fund then be sure that you understand any restrictions regarding accessing these funds at short notice.
Another factor worth considering is whether a bank offers additional benefits for maintaining an active savings account such as discounts on other products or services like mortgages or insurance policies from the same institution. Such benefits can help offset any fees associated with opening (1) and maintaining a savings account and could make all the difference in deciding which bank fits your needs better.
The importance of building up emergency funds cannot be overstated and choosing a competitively priced savings account with flexible withdrawal options can make all the difference in helping Canadians achieve financial security and stability over time. With so many different providers offering competitive rates and features, doing research now can save you time and money down the road when it comes time to open an emergency fund in 2023!
Best places for opening a savings account with the best rates in Canada in 2022.
In 2022, Canadians looking for the best savings accounts with the best rates will have a number of options to choose from. With banks and credit unions offering a variety of different savings plans, it can be hard to decide which one is right for you. Fortunately, there are some great options available that offer high interest rates and low fees.
For those looking to get started saving in 2022, start by considering online banks such as Tangerine and Simplii Financial. Both of these digital-only banking institutions offer competitive interest rates on their savings accounts. In fact, Tangerine’s Savings Account currently offers an impressive 1.35% annual interest rate for balances up to $15,000. Similarly, Simplii Financial’s Savings Plus Account pays 1.75% interest on all balances over $0 up to $2 million!
Another great option is EQ Bank’s new Savings Plus Account which offers a guaranteed 2.30% annual interest rate on all balances over $100 (on top of free transactions). This is an excellent deal since the majority of Canada’s big five banks only offer 0.05%-0.10% (at best) APY on their savings accounts these days!
If you’re looking for more than just an online savings account with high interest rates, consider opening a TFSA or RRSP with Motive Financial or Oaken Financial respectively. Both financial institutions offer generous contribution limits for their tax-free savings accounts and registered retirement savings plans respectively – up to $6,000 annually and no minimum monthly contribution required! On top of that, they also both provide competitive APY ranging from 0.80%-1%.
Lastly, if you want access to in-person customer service along with higher APYs on your savings account balance then National Bank could be worth considering – their Premium Investor Savings Account pays a whopping 2.00% APY up to $150k in deposits and 0.50% afterwards! They also offer unlimited transactions at any NB branch or ABM throughout Canada which makes them even more attractive!
All in all, there are plenty of great options out there in 2022 when it comes time to open a new savings account with the best rates in Canada – whether you prefer online banking or need access to physical branches – so take some time to shop around and find the one that works best for you!
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