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This is our word document explaining the three questions.

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Saving in Comparison to Planting (Picture #3)

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Saving in Comparison to Planting (Picture #3)

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We chose this picture to illustrate the importance of saving in terms of planting a tree. As the photo speaks for itself; we think of the money like the sunlight, oxygen and nutrients given to the plant. which equals to the more you save the higher your plant grows. only if everyone can just set aside a little amount from their earning and for sure by the end of it, the result will reflect your efforts like this plant grew overtime.

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This is relevant to the topic we have chosen because it explains everything you need to know about a savings account. We find this really useful because everyone and anyone that has money or makes money needs to know what this is. This is the first step to handing your money correctly and being a responsible money saver. It will list everything about what a savings account is, how to save your money and how to be responsible with your money. One thing that is very useful in the video is the clarity and the ease of communication used to make sure they get the point across. This is a helpful video and something that has value.

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What Is a Savings Account?

You can use a savings account as an account to save your money and earn interest on it at the same time. Savings accounts are the least profitable type of short-term investments. Though they are simple, liquid, and easily accessible, they offer low yields. Most savings accounts do not even keep up with inflation, so you might not want to use them to store money over long periods of time.

The state of the economy and the federal funds rate are the two biggest factors that affect savings account interest rates. Savings account interest rates have been dropping since the late 1980s. Here's a chart showing some examples of how these rates have changed over the past decades:

History of the Savings Account

The savings account started in Europe during the 1500s. Holland was a financial hub for shipping and trading at the time. People had lots of cash and needed a safe and secure place to store it. Cashiers starting providing a means to securely store money for people for a small fee. Back then, savings accounts did not pay interest like they do today.

The idea eventually spread throughout Europe, then to America through English colonies. The idea of a financial institution developed in Europe as early as the 18th century. Along with the idea of cashiers, these new financial institutions also provided loans and financial advice to the population, regardless of social class.

Types of Savings Accounts

There are three common types of savings accounts, which are traditional savings accounts, certificates of deposit, and money market funds.

A traditional savings account is an account held at a bank or credit union. People are allowed to deposit funds into the account and earn a small amount of interest. The funds can be withdrawn quickly and easily when needed by the customer.

Certificates of deposit (CD) are a very common type of short-term investment that is available to anyone. After making a deposit into a CD, the person agrees not to withdraw it for a specific period of time, in return for a higher yield. CD lengths range from three months to as long as five years. CDs are federally insured, so they are one of the safest types of short-term investments.

Money market funds are typically liquid savings accounts that offer a better yield. Money market funds are not federally insured, unlike the traditional savings account. This makes money market funds a higher-risk vehicle for short-term savings.

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what is a savings account? - definition & types - video & lesson transcript | study.com

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What is a Savings Account? - Definition & Types - Video & Lesson Transcript | Study.com

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You can use a savings account as an account to save your money and earn interest on it at the same time. Savings accounts are the least profitable type of short-term investments. Though they are simple, liquid, and easily accessible, they offer low yields.

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Smart Savings- Plan big for your Future (Video #2)

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Smart Savings- Plan big for your Future (Video #2)

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This video shows what it's like  for us to have big dreams. Dreams about family vacation, owning a house, paying for child's education and going into retirement. but, for these dreams to become a reality, we all need money and we want money to work for us. The solution is to plan ahead and by planning you set goals for your saving and categorize these goals into Short-term, Medium-term and Long-term. Then you determine how much it will cost to reach these goals and if you can't meet up with the goals try and cut down your spending on certain things in your house that doesn't had value to your assets.
https://www.youtube.com/watch?v=IJspTez_CmM

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We chose this picture because it shows you why you should save money in 4 examples. We thought that someone could easily look at this and simply have reasons as to why thy should save money rather than spending it. We found that the showing you first hand what the 4 reason to save are really helps.

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We chose this website with an article because we thought it was really helpful. We say this because it gives you examples of what you should save for and the multiple options that you have to put your money towards. This article will explain in detail what you need to do, how you need to do it, where to put your money in, etc. We find this very helpful because if you're students like we are or confused with what to do with your money than this article will help you. We found that the whole article was helpful for the reason mentioned above. If we had to chose one it would have to be the fact that everything is listed in an order that is easy to understand and relate too.

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Not all savings accounts are the same. Different banks offer different interest rates. And individual banks typically offer a number of savings accounts options to choose from.

Before opening a savings account it's a good idea to figure out how you'll be using it. Ask yourself:

How long you'll be keeping your money in the account.

How often you'll want to withdraw money.

How much money you'll keep in the account.

All of these factors can have an impact on how much interest you can earn. A simple rule to keep in mind is that time is money. The longer you're willing to leave your money alone in an account the higher interest you're likely to earn. Similarly, banks tend to offer higher interest if you're willing to keep a minimum balance. These can range from $100 to thousands of dollars.

Types of savings accounts

While there are many different savings options available, they all fall into four main categories.

Basic bank savings accounts offer the lowest interest rates, usually about 2%. They have few restrictions on access to your money, and they tend not to require minimum balances.

High yield savings accounts are like basic accounts, but they have more restrictions on how often withdrawals can be made and typically require a minimum balance. These accounts may offer 3 or 4% interest.

Money market accounts are like high-yield accounts, but they're tied to federal market indicators, such as the prime interest rate.

Online savings accounts are a lot like basic bank accounts, but they offer higher interest rates because they operate online and don't have the overhead that standard banks have.

Credit Unions. These are like banks, but their customers own them. They tend to offer higher interest on savings.

Choosing a Savings Account

If you want to save some money for your short-term needs, a savings account might be your best bet.

With this type of account, money that stays untouched earns interest. The amount of interest offered varies, depending on the bank and type of account you choose, and interest rates in general.

Interest is calculated in one of three ways: daily, monthly or every six months. The bank pays interest to accounts either once a month or once every six months.

Because of these variables, and other factors, the amount you earn on your savings can fluctuate.
Factors that determine the dollar yield on an account:

Current interest rates

How interest is calculated on an account (ie daily, monthly or every six months)

When interest is paid on an account (either once a month or once every six months)

The following factors reduce money earned and can even turn it into a loss
Fees, charges and penalties. These are usually based on minimum balance requirements or transaction fees. The maintenance of a certain balance in the account. Many accounts don't pay any interest at all unless a certain minimum balance is achieved and maintained for a set period of time. Generally speaking, the higher the balance, the higher the rate earned.

Canada Deposit Insurance Company Insures Your Savings

You probably don't know it, but the Canada Deposit Insurance Corporation (CDIC) has got your back.

The CDIC is a federal Crown Corporation created in 1967 to provide deposit insurance and contribute to the stability of Canada's financial system. Simply put, the CDIC protects the money — and the interest earned on it — that you deposit in the bank (provided it's a CDIC member). CDIC provides basic deposit insurance coverage up to $100,000 per person in each member institution. That means, if the financial institution should experience a failure, your money is protected.

The CDIC Insures:

Savings and chequing accounts

Term deposits, such as GICs and debentures issued by loan companies

Money orders and drafts

Certified drafts and cheques

Travellers' cheques issued by its member institutions

CDs

If you don't mind leaving your money alone for a longer period of time – from several months to several years – consider taking out a certificate of deposit, or CD. These often offer the highest interest of any savings option a bank allows.

Unlike regular bank accounts, you can't withdraw your money whenever you want – not without paying a steep penalty. But they come with no risk and no fees.
There are several kinds of CDs:

Stock-indexed CDs are based on the stock market.

Callable CDs have higher rates and are long-term, as long as 10-15 years. However, the bank may "call" the account if interest rates drop.

Global CDs are tied to currency rates.

©2000-2018 Visa. All Rights Reserved.

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Not all savings accounts are the same. Different banks offer different interest rates. And individual banks typically offer a number of savings accounts options to choose from. Before opening a savings account it's a good idea to figure out how you'll be using it. Ask yourself: How long you'll be keeping your money in the account.

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The Secrets to choosing the right savings account (Website #2)

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The Secrets to choosing the right savings account (Website #2)

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This Article on Canadian Living gives us some insight on choosing the best type of savings plan for you. It talks about the different types of savings plans that banks have for their customers. However, just because banks offer the same plans, some banks may offer better rates on the same plans than other banks.This article also goes into specifics on what some of the banks specialize in terms of savings plans for their customers. For example in the article it talks about how BMO "offers a savings account -- their Smart Saver Account -- boasting a 1.25 per cent interest rate at time of publishing, but they require a balance of $5,000 for that".We found that the information and "secrets" discussed in this article to be useful to us as it makes us aware of the options out there, which ones are best for us, and do we need any requirements to qualify.

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You can't keep all your cash in Mr. Piggy forever. But hoping for any real gains in interest with a chequing or day-to-day operating account from the major banks is almost laughable. Half a point? Whoopee!

If you want something a little more substantial for storing your cash on hand, we suggest looking for a so-called high-interest savings account, either from your primary bank or an alternative. When choosing, make sure to watch for unappealing details such as a minimum balance, fees for use, limitations on interest payment and maximum number of transactions allowed.

ING (ingdirect.ca) offers a few choices for savings accounts -- at time of writing, their basic savings account offered a 1.5 per cent interest rate while the RSP and TFSA savings offered two per cent.

The President's Choice Interest Plus savings account (pcfinancial.ca) offers a decent interest rate -- currently two percent -- but does require a minimum balance of $1,000 to get that rate. And there's more: anniversary bonuses and no fees.

BMO (bmo.com) offers a savings account -- their Smart Saver Account -- boasting a 1.25 per cent interest rate at time of publishing, but they require a balance of $5,000 for that. Other incentives: Air Miles and access to: BMO MoneyLogic, an online financial management tool.

TD (tdcanadatrust.com) offers a High Interest Savings Account but they ding you five bucks if you use the debit machine -- unless there's $25,000 sitting in there. Plus, interest is only paid on the balance above $5,000. Good reasons to always read the fine print.

These accounts tend to be very basic, without chequing or other bells and whistles, and are truly meant to sit there and grow. But, unlike many other kinds of investments, your money is accessible -- without penalties -- should you need to dip into it.

We asked bookkeeper and income tax specialist Susan Feldman of Tax Maam to deposit some savings tips into the old knowledge bank. Here's her two cents:
Page 1 of 2 - Read page 2 to see what Susan Feldman has to say about savings

It makes sense to just leave a minimal balance in a chequing account with most of your money sitting in a savings account with a better interest rate to earn whatever you can. This means that you may have to transfer money between a savings account and a chequing account to ensure that there is enough to cover cheques and payments but not so much that the money is sitting there and not earning any interest at all. Online banking is helpful for this, as you can monitor your balance and do transfers whenever necessary.

Bank account fees are often directly related to the number of transactions, so you should review your banking plan to ensure that it will cover the number of transactions you think you will need every month.

Online banks such as ING and PC (which is actually operated by CIBC) definitely give the best interest rate on savings, have much lower bank fees and are the preferred savings account for most people. Remember that you do have to pay income tax on interest earned in a savings account. Your bank should give you a form come tax time.

TFSAs (tax-free savings accounts) are useful as a way of not paying tax on investment and interest income. But there are very strict rules limiting withdrawals and deposits that if not followed can result in a penalty from the CRA. Also, you can put all kinds of investments in a TFSA, not just a basic savings accounts, so it often makes more sense to use it for higher-earning investments rather than straight savings.

Bottom line? Whether you're saving for something specific, maintaining an emergency fund or keeping a buffer balance in your account, make sure that money's working for you as hard as it can. A little research and effort now can bring in decent returns over the long term.

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Secrets to choosing the best savings account | Canadian Living

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You can't keep all your cash in Mr. Piggy forever. But hoping for any real gains in interest with a chequing or day-to-day operating account from the major banks is almost laughable. Half a point? Whoopee!

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Things to consider when looking at a savings plan      (Picture #1)

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Things to consider when looking at a savings plan      (Picture #1)

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This photo breaks down some of the choices of savings accounts that are put forward by banks and some of the things that you should consider before choosing a plan. As the mention some aren't even "savings accounts", Some may require you to keep your money tied up without touching for a certain number of years. As well, they do mention online banks among other things. Online banks tend not to have a brick and mortar banks. and so. We find that this photo is useful when choosing a savings account as we are given things to look at and this can help guide us to choosing the right savings account/plan that is best for us.

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We welcome you to our padlet wall. You`re expected to see many pictures, videos and websites about saving when it comes to the financial side of things. You will learn how to open a savings account, how to save money and many more.

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Choosing a Registered Savings Account (Video #1)

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Choosing a Registered Savings Account (Video #1)

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This video talks about ways that Canadians can save money through registered savings accounts. Many of us know the feeling of feeling like we don't have much money left over after living expenses. This video lists and explains different types of registered savings accounts and how you can save more with them. Registered plans are one of the best ways to start saving for the future. The Types of plans that this video talks about are: Registered Education Savings Plan (RESP), Registered Retirement Savings Plan (RRSP), Tax-Free Savings Account (TFSA) and Registered Disability Savings Plan (RDSP). Registered Savings plans are different than regular savings plans as they can give you income tax savings and the government may even add a contribution to it. These plans are also registered with Revenue Canada. This video brings up a good point on how to save for the future, they go into detail about the types of  registered plans and  you choose which one you think is best for you. We found that the choice between different options for Registered Savings Plans are useful as we know that we aren't limited to just one option.

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We could all really use help saving money. After paying taxes and our basic living expenses, there never seems to be anything left over. There are a lot of plans (and acronyms) available, though! This video will introduce you to some of the saving plans you can use to put money away for the future.
Segment 2: Registered plan introduction
For most people, the simplest way to start such a saving/investment/saving plan is with a registered plan like a tax-free savings account or a registered retirement savings plan. They are well known, widely available, and there's one to suit every savings goal.

(voiceover)

Registered plans are different from other savings and investment plans because they can give you income tax savings, and, in some cases, the government will even add money to your plan. These savings plans are registered with Revenue Canada and let you reduce or defer income tax.

The main types of registered savings plans are RRSP s (or Registered Retirement Savings Plans)

TFSA (Tax Free Savings Account)

RESP s (Registered Education Savings Plans)

RDSP s (Registered Disability Savings Plans)
Segment 3: Saving strategy
Let's take a look at the different plans and how they can help you save.

(voiceover)

RRSP s are designed to help you save for your retirement. The benefit of this plan is that the money you invest in the plan is deducted from your income, so you don't pay tax on it, right away. And you don't pay tax on earnings in the plan until you withdraw them.

When you decide to use your savings, then you will pay income tax on the money you take out, including any income the savings have earned.

You may pay lower taxes on the money in the plan when you take it out in the future, as most people enter a lower tax bracket after retirement TFSA s can be used for any savings goal and you can hold cash, stocks, bonds or almost any type of investment in a TFSA. The income the plan earns is not taxed.

RESP s are designed to help you save for your child's education.

Money in an RESP can receive grants from the governments of Canada, Quebec and Alberta, which are added to the savings. When the money in the plan is used for the child's education, the money the plan has earned and the grants are considered the child's income, which is often tax-free or taxed at a lower rate.

RDSP s are designed to help you save to support a person with a disability. Money in an RDSP can also receive grants from the Government of Canada, which will add to the savings. And the money the plan receives or earns that is used to support someone with a disability is often taxed at a lower rate.

Many conditions apply to registered savings plans, so be sure you understand them so you can decide if they are the best way for you to meet your savings or investing goals.
Conclusion
Whatever you are saving for - your retirement, a costly item, a child's education, or support for a person with a disability - registered savings plans can help you achieve your goals, while reducing the current taxes you pay.

Most financial institutions offer a variety of registered savings plans. Talk to your financial institution or to an independent financial professional to decide which plan is best for your savings goals.

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3.2.5 Video: Saving with registered plans

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We could all really use help saving money. After paying taxes and our basic living expenses, there never seems to be anything left over. There are a lot of plans (and acronyms) available, though! This video will introduce you to some of the saving plans you can use to put money away for the future.

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CIBC- Five Tips to Keep you on Track for Saving (Website #1) 

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CIBC- Five Tips to Keep you on Track for Saving (Website #1) 

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we have chosen this website because it gives great advises for  people looking into saving money effectively. it summaries five great thing you should consider as a criteria for saving. For instance, your first step is to determine what are you saving for -like buying a new car, then you need to determine how much you can save based on your income and expenses. After which you will decide which method is best for your saving either save through your bank saving account or Guaranteed Investment Certificates (GICs), and mutual funds. It also encourages you to make the saving a routine to your life and finally monitor your progress like each month to see what you are doing to reach your saving goals.

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Build a Successful Savings Plan | Advice | CIBC

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Build a Successful Savings Plan with these five tips to keep you on track

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Savings; Factors used to evaluate various savings plans

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Savings; Factors used to evaluate various savings plans

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Written and edited by: Jesse Garside, Kayode Ogunniyi and Alan Weber