You’re a student, and you are making the big bucks this summer, so where do you keep it all?
I was wondering the same thing myself, so I did a little research project on High-Yield, High interest savings accounts. It wasn’t hard to think of a few banks due to previous experiences, and after a little “Googling”, I have a pretty solid list going.
- Hi Save Savings Account - ICICI Bank of Canada - No minimum balance, No Monthly Fees - 4.50% - CDIC Insured
- Investment Savings Account (ISA) - ING Direct Canada - No minimum balance, No Monthly fees - 4.25% (Ends August 31st, Rate change to 3.50%) - CDIC Insured
- HSBC Direct Savings Account - HSBC Canada - No Minimum, No Monthly - 5.00% (Until October 10th, 3.75%) - CDIC Insured
- Interest Plus Savings Account - PC Financial - No monthly fees - $1000 Daily Balance required for 4.0% - CDIC Insured
- RBC High Interest eSavings - RBC Financial - No minimum, Interac and debit fees may apply - 3.75% - CDIC Insured
- Money Master High Interest Savings Account - Scotia Bank - No minimum balance, no monthly fee - 3.25% - CDIC Insured
Now, there are many other banks which offer high yield/interest savings accounts, but they did not make the list. One of the main criterion for this compilation was accessability. All of these banks are either online, or have major branches throughout Canada. This will increase the likelyhood that you are actually able to find your bank in or around campus when you need money.
All the banks are CDIC insured, and all of them have an easy sign-up process. Most of them will require your SIN, so have that handy before you proceed to apply.
Hopefully you can find an account that will maximize your savings as a student, because as the BizStudent has been saying all along:
“Save $24 dollars whenever you can, because that’s $24 towards your next beer purchase“.
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