Additionally, three of the busiest shopping days of the yr are coming up: Black Friday, Cyber ​​Monday and Boxing Day. In the meantime, whether you are waiting for the bottom prices on big-ticket items or preparing to provide a large money gift for the vacations, investing your money in a high-yield savings account (HISA) will help those funds grow until You are able to use them.
sponsored
Simplii Financial High Yield Savings Account
Simplii’s HISA has no transaction fees or monthly fees and no minimum balance required.
Welcome offer: Earn 6.00% interest on eligible deposits for five months. (Restrictions apply. Offer ends January 31, 2025.)
Interest rate: 0.35% to three.75% (depending in your balance)
Where to Store Cash for Gifts This Holiday Season?
Using a HISA is a simple strategy to increase your money savings. If you transfer your money from a daily savings account to a high-interest account, you may earn more interest. It’s like getting a bonus whilst you wait.
HISAs also offer convenient access and suppleness, unlike temporary options like guaranteed investment certificates (GICs) and bonds, making a HISA an ideal place to store savings that chances are you’ll must access soon. (Read more about comparing HISAs, bonds, and GICs.) Simplii Financial’s High Yield Savings Account offers a versatile strategy to earn interest in your money. The account has no transaction fees or monthly fees and no minimum balance required. You have quick access to your account through Simplii’s online and mobile platforms, in addition to one in every of Canada’s largest national ATM networks through CIBC. Additionally, your savings are protected by the Canada Deposit Insurance Corporation (CDIC), subject to maximum coverage limits.
Earn bonus interest in your savings for a limited time
This will get you in the vacation mood: Simplii Financial offers a low HISA rate of interest of 6% for the primary five months. (Promotion ends January 31, 2025.) If you are considering making a major monetary gift to family or friends, this added interest could be a significant boost – whether you pass it on or keep it as a bonus. How is interest calculated in your HISA? Interest is calculated by multiplying the day by day rate of interest (based on the applicable APR) by your account’s day by day closing balance and is deposited into your account monthly. Prices are subject to vary abruptly. Visit Simplii Financial website for current tariffs.
A HISA is not just for the vacations
While a HISA could be a powerful tool for supplementing your vacation budget, it is also an ideal place to park money each time you would like money readily available while still earning a better rate of interest than a daily savings account. For example, in case you’ve recently downsized your house and are fascinated with your next real estate move or are saving for a brand new automobile or dream vacation, a HISA offers flexibility and growth potential in your planning.
Get free MoneyDown financial suggestions, news and advice in your inbox.
This article is sponsored.
This is a paid post that’s informative but may also showcase a customer’s services or products. These posts are written, edited and produced by MoneyDown with assigned freelancers.
More about saving:
