EQ Bank Savings Plus Account
Interest rate of 1.5%
- Zero everyday banking fees
- Free transactions
- No minimum account balance
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One of the most important factors affecting how fast your money will grow is the interest rate charged on your bank account. Knowing how to understand your interest rate and the impact it has on your money is critical to finding the right account for you.
Interest rates have a major impact on how your money will grow, and they’re constantly changing. In the wake of the 2008 recession, average interest rates in Canada dropped and held steady at a fairly low rate.
When interest is calculated, when it’s paid out and whether interest is compounded or simple will all be determining factors when comparing rates. Compound interest means that you accrue interest both on the money you put into the account and on the interest you’ve already earned. Whereas, simple interest means you only earn interest on the money you put into the account – that balance is never updated to include interest you’ve already earned.
Interest is calculated by this formula: Daily closing balance/365 x Interest rate/100″
If you are comparing high-interest savings accounts and wondering about the significance of having the interest calculated daily and paid monthly, it basically means you will earn more interest.
Don’t stop at the advertised interest rate when making savings account comparisons. There are various points to consider that will help you determine which savings account is best for you:
Interest rates are not the only important feature for a savings account. When making your comparisons check for:
You could easily fail to reach your savings potential by not weighing the type of savings account and the interest rate carefully. In order to avoid this, make sure that you are:
Finding the right savings account can feel overwhelming, but a high interest rate coupled with low fees will help your savings grow. Take your time to compare rates, balance requirements and linked chequing accounts. Then open your account and start saving.
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