1. Make your money work harder for you
You’re working hard and saving money, but is your checking account doing its part? Transferring your money savings to a high-interest savings account (HISA) may help maximize your savings. With a HISA, you possibly can earn more interest than a daily old savings account and still have access to your money at any time. A HISA can also be very flexible – you possibly can access your money at any time, similar to you’d with a daily checking account.
If you might be on the lookout for a high interest savings account in Canada, that is it Simple Financial HISA is a wonderful option. There are not any monthly fees or transaction fees and no minimum balance. Additionally, Simplii offers a generous welcome offer: 3.90% interest on eligible deposits for the primary five months. (Offer ends March 31, 2025.)
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Simplii Financial High Yield Savings Account
Simplii’s HISA has no transaction fees or monthly fees and no minimum balance required.
Welcome offer: Earn 3.90% interest on eligible deposits for the primary 153 days. (Restrictions apply. Offer ends March 31, 2025.)
Interest rate: 0.30% to 2.00% (depending in your balance)
2. Check and protect your credit rating
Data breaches and identity fraud are commonplace nowadays, so keeping track of your credit rating is a great habit.
There are two credit reporting agencies in Canada, Transunion and Equifax, that collect our credit information and calculate our credit rating. When you apply for credit, equivalent to a brand new bank card, automobile loan, or line of credit, lenders check your credit rating to find out how reliably you repay your debts. Landlords may check your rating to find out whether you might be more likely to be a trustworthy tenant who pays rent on time.
It’s not only lenders who should check your rating – it’s a great idea to observe your credit rating and credit report a minimum of every year to search for errors and signs of identity theft or fraud. This can include inquiries from unknown firms, changes of address and other suspicious information.
Did you already know you possibly can get a free credit check in Canada? You can check this yourself through several service providers and by contacting the credit reporting agencies directly. If you’ve gotten concerns, you possibly can add a mark to your credit report with any credit reporting agency. This adds a further layer of verification.
If you think you might be a victim of identity theft, contact your local police immediately and report the incident Canadian Anti-Fraud Center.
3. Consult a financial advisor to see should you are on the appropriate track
It’s also a great idea to do an overall check of your financial situation. Things change over time; Your income, expenses, and goals could have modified because you created or created a financial statement for yourself. And should you’re recent to financial planning to get your money so as, now could be a great time to start out. Having a roadmap to attain your financial goals—whether it’s paying off debt, buying a house, or preparing for retirement—can provide you with peace of mind and enable you get there faster.
