While saving your money and investing your money may seem like you have to choose one or the other, there are accounts that give you both the security of saving, and the growth possibilities of investment. Here’s how you can (and why you should!) earn while you save with a High-Interest Savings Account.
What is a HISA?
Generally speaking, at any given financial institution, a high-interest savings account accumulates compounding interest at a s. This makes high-interest savings accounts a better option growing your savings, compared to other basic or entry level savings accounts.
When to open a HISA.
A HISA is the perfect place to hold your cash as it earns interest, all while still being easily accessible; especially if you’re not quite sure what your savings goals are just yet. It’s the perfect spot to build an emergency fund to cover unexpected expenses, temporarily hold money you may move to another investment option later, or save for a car, home, or vacation.
Save more, earn more.
While chequing accounts, GICs, mutual funds, and stocks are all great options for setting money aside, interest earning rates and accessibility can vary widely. Every deposit you make into a HISA accumulates interest at a competitive rate while still allowing you easy access to your funds when you need it. As inflation continues to be a concern for many Canadians, opening a HISA may offer a way to make your money work harder for you, while offering flexible accessibility.
Flexibility is key.
Saving towards your short-term goals is just as important as saving towards long-term ones, which is why the built-in flexibility of a HISA matters. Unlike a fixed-term investment such as a GIC, you can access the funds in your HISA without having to give advanced notice. After setting your account up online in just a few minutes, you can connect your HISA directly to your other accounts-including ones you have with other banks-to start transferring funds easily online.
With no monthly fee, no minimum balance requirements, a HISA is an affordable way to help you reach your savings goals–whatever they might be. And, for a limited time, Coast Capital members can earn additional interest on eligible HISA deposits.