EQ Bank Savings Plus Account
Interest rate of 1.5%
- Zero everyday banking fees
- Free transactions
- No minimum account balance
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If you’re saving for a rainy day — or just a vacation — stashing your money under the bed isn’t the only way to reach your goals.
Most banks offer multiple types of savings accounts that can keep your money safe while paying interest to help you reach your goals sooner. With so many options out there, it’s important to weigh the pros and cons before choosing.
|Interest earned||With a high-interest savings account, the interest earned on your balance could add up, especially with compound interest.||On the flip side, a savings account comes with variable interest rates, which are subject to change. If the Bank of Canada decides to drop interest rates, you could be earning less interest than if you’d deposited your money into a GIC or other time deposit.|
|Easy access||Savings accounts allow you to access your funds whenever you need it – a reassuring feature should you run into emergencies.||The ability to access your savings at any time may increase the temptation to spend it. Plus, if you go over the withdrawal limit, the fees can reduce the amount you’re saving.|
|No lock-in period||You’re not locked in for any period of time, which means you can switch savings accounts as often as you like.||With no lock-in period, there is potentially no incentive to commit to any minimum monthly deposits.|
There are a number of benefits to having a savings account, including introductory interest rates, savings plans and online access. Be sure to look at the different ways you can grow your savings before applying for a product. Set-and-forget investments such as GICs can be a handy product to use alongside an on-call savings account. To learn more about finding the best savings account for you, check out our detailed savings account guide.
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