I remember when I was quite young and my parents opened up savings accounts for my brother and myself. This was the early 1980s when interest rates where much higher than what they have even climbed to today.
I’d go make a small deposit and hand the bank teller my bank book (remember when they printed the transactions in those books?) and it would show any updated transactions and balance. There was always a nice little boost to the balance at the end of the month thanks to the interest earned in the savings account. Those were the days! But in reality, those days are back thanks to today’s market conditions and the advent of High Interest Savings Accounts.
Back in the 80s it was pretty simple, one savings account, one good interest rate. Now, after so many years of extremely low rates in the market, banks had to start differentiating their products which has led to various types of savings accounts and the proliferation of High Interest Rate Savings accounts (HISA). Which is our topic of today.
The High Interest Savings Account is an updated version of the 1980’s saving account. An account that pays higher interest on the balance you have account. Most financial institutions across Canada offer High Interest Savings Accounts and some will even give you an additional introductory interest boost when you open a HISA with them.
Island Savings, a division of First West Credit Union is one of those who will give you a nice bonus for opening and funding a HISA with them and the sooner you do, the sooner you’ll be earning extra cash.
Click here to learn more and to open a Island Savings High Interest Savings Account
Why it makes sense to have a High Interest Savings Account
In the introduction I definitely aged myself! As I inch closer to retirement, I am putting even more thought into saving for those years than ever before. However, like many Canadians who are saving, I struggle with the thought of locking away money without having access to it.
With the everyday cost of living increasing by leaps and bounds and kids going off to university I want to grow my savings as much as I can but I also want to know I have easy access to my funds. That’s where the High Interest Savings Account comes into play.
For many, a HISA can be thought of as a rainy day account that actually earns you money. I know many people whose rainy-day fund is simply a portion of the balance in their everyday chequing account. Unfortunately, those accounts earn little to no interest and left untouched in a chequing account isn’t doing them any good.
Whether your rainy day budget is $1,000 or $10,000, by moving that portion of your balance to a High Interest Savings Account it will be working for you to provide some extra funds that you can use anytime in the future.
Whether it is used as a rainy day fund, a vacation fund or next year’s Christmas presents fund a HISA is a perfectly blended investment tool where you can watch your money grow and have the peace of mind knowing it isn’t locked away.
Earn 5.25% with a Island Savings High Interest Savings Account
Right now when you open a High Interest Savings Account with Island Savings you’ll earn a standard 1.50% interest rates plus a bonus 3.75% on any new deposits you make for a total of 5.25% percent. The bonus is in place until March 31, 2024 which means the sooner you deposit your money the more you’ll earn with the bonus interest rate.
This offer is available to both new and existing Island Savings members for up to a maximum of $250,000 in new deposits
High Interest Savings Account Choices
Island Savings provides three High Interest Savings Account options to choose from that all feature no monthly fees and no minimum balance requirements. There is a standard High Interest Savings Account (non-registered, solely owned), a TFSA (Tax Free Savings Account) High Interest Savings Account and a RRSP (Registered Retirement Savings Plan) High Interest Savings Account.
Wrapping it up
With competitive regular interest rates and the amazing 3.75% bonus interest rate, an Island Savings High Interest Savings Account is the perfect way boost to your short term or long term financial goals.
Click here to open a Island Savings High Interest Savings Account
This post was sponsored by Island Savings, a division of First West Credit Union. The views and opinions expressed in this article, however, are purely those of Rewards Canada.
* Interest rate is the combination of the Regular Rate in effect at such time and posted on the Island Savings Personal Account Rates website page plus the 3.75% Bonus Rate payable on Eligible New Money received between November 1, 2023 – March 31, 2024 from sources other than any account you hold with First West Credit Union. The Regular Rate is subject to change at any time without notice. Rates are expressed as an annual rate and calculated on the daily account closing balance and paid monthly. Bonus Amount earned will vary based on transaction(s) for example, deposits and withdrawals, the starting deposit balance(s), and new amount deposited into the Eligible Account(s). Please refer to the full Terms and Conditions.
