If you are looking for low risk, but hoping for some modest returns, high\u002Dinterest savings accounts (HISAs) may be just the
Introduced to Canadians more than two decades ago, HISAs offer higher interest rates than your standard day-to-day savings accounts. Rates for HISAs are higher than they have been in years and are expected to rise even more. This is a result of thefour times so far in 2022. On July 13, they announced the largest increase yet, bringing the overnight rate to 2.50 per cent with hopes of calming inflation, which hit 8.1 per cent in June.
Even though HISAs typically pay significantly more interest than a chequing or savings account from a traditional bank, many people are hesitant to set one up. Here’s what you need to know about HISAs, including how to set one up so you can start seeing your savings grow.The obvious reason to get a HISA is for the high interest that they pay. For example, digital banks such ascurrently offer HISAs that pay 1.65 per cent to 1.80 per cent interest.
With savings accounts, many traditional banks no longer charge a monthly fee, but you may have a limited number of transactions unless you keep a minimum balance.
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