What are the best Canadian savings accounts?

Savings accounts that offer high-interest rates include the hybrid savings/chequing EQ Bank Personal Account (up to 3%) and the Neo Savings Account (). Other banks occasionally offer promotional rates that are even higher. Compare options in our list of the best Canadian savings accounts.

How much should I save for a down payment for a house?

You should aim to make a down payment worth 20% of the value of the home you want to buy. Any less than this may put you at risk of being considered a "high-ratio mortgage," which means you'll have to pay for mortgage loan insurance.

What's the lowest down payment required to buy a house?

The lowest down payment permitted is 5.00%. However, a down payment of anything less than 20.00% requires you to purchase mortgage loan insurance as well.

How much should I save for a car down payment?

Generally, you should try to save 10% to 20% of the purchase price of the car you want to buy. The more you pay upfront, the less you have to finance, which means you pay less interest for your car loan.

How much can I afford to spend on a new car?

Some suggest that 10% to 15% of your income should go towards car expenses including monthly payments, insurance, gas and maintenance. The 20/4/10 rule suggests you should make a 20% down payment, get a 4-year car loan term and spend no more than 10% of your monthly pre-tax income on all car-related expenses. Dive deeper: How much car can I afford?

What's the difference between a loan and a grant or bursary?

Loans have to be paid back, but grants and bursaries don't. A loan is usually paid back with interest. Grants and bursaries are free money — you get to keep the funds without any fees and without having to pay anything back.

Peter Carleton, Writer at Finder

Peter Carleton

Writer

Peter Carleton is a freelance writer that covers banking and investing, breaking down what you need to know about where you put your money. When Peter's not thinking about cutting-edge banking apps and robo-advisors, he runs a creative agency and spends his spare time cooking or reading.

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