Why Shop for the best Savings Bank Account?
We shop for everything be it electronics items, cars, homes and even for mortgages. However it is seen that not many people now are shopping for the best Savings Bank Account. It is true that by acquiring these things at lower rates we can save more. But it is also important for you to realize that your Savings Account should make as much money as possible and help you to achieve what you are looking for, through it.
Various types of Savings Account
There are several types of Savings Account available to Canadians. Each has their own intended purpose. Let us a look at some of them.
Higher Interest Savings Account
These are those Savings Accounts which provide higher rates of interest on the deposits held in them in comparison to other Savings accounts offered by banks and other financial institutions.
It is being seen that some smaller banks have even introduced Savings accounts which offer interest rates as high as 3%, which was unheard of just a few years ago. So if you are looking for higher return on the Savings Account it could be a great option. However you need to note that you are required to pay income tax on money earned on non registered Savings account and plan accordingly.
Tax free Savings Accounts
You might already be aware that there are certain types of investment accounts that allow Canadians to save their money free from tax. These are accounts which are available to Canadians who are 18 years of age and above. These could as a great investment avenue for retirement. The reason is that they house various types of investment products all of which earn interest which is free from tax.
Youth and Senior citizen’s Accounts
