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Interest Rates & Compound Interest:

The interest rate determines how much money your savings will earn over time. With compound interest, the interest is added to the initial deposit, allowing you to earn interest on both your deposit and the interest you've already earned.

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This website I referred to discusses the best high-interest savings accounts (HISAs) available in Canada for 2025. It compares top HISAs in terms of interest rates and features, helping Canadians choose an account that suits their needs. The article highlights options with no monthly fees, high-interest rates, and easy access to funds, providing a comprehensive guide to maximize savings growth. It also considers factors such as account fees, accessibility, and ease of account management.

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Pros of a High Interest Savings Account:

Higher Return: The primary benefit is earning more interest than with a regular savings account, which can help beat inflation.

Low Risk: HISAs are considered low-risk since your deposit is typically insured by government agencies (e.g., the Canada Deposit Insurance Corporation or the FDIC in the U.S.).

Liquidity: You can access your funds at any time, unlike a fixed deposit or CD (Certificate of Deposit) where your money is locked for a set period.

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Best High Interest Savings Accounts In Canada 2025 - Why Are Interest Rates Low?

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I just thought this short video was very interesting. It shows the average savings in Canada, by age. And it seemed like the people 55-64 had the most savings while planning their retirement. 65+ have a bit less probably because they dont have anymore cash flow after retirement.

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What’s the Average Savings in Canada?🇨🇦💵 #canada #personalfinance #finance #money #savings #rich

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This graph depicts the Lack of Personal Savings amongst Canadians. As you can see, the graph drops drastically during the 90's. This is as a result of higher cost of living throughout the years.

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Here, in this video he goes over different methods of Savings such as,

Group Pension Plan: A group pension plan is a retirement savings plan sponsored by an employer, allowing employees to contribute through payroll deductions, often with employer matching, and potentially offering tax advantages.

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5 Ways To Save For Retirement That Every Canadian Should Know

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The Canada.gov page on Savings and Pension Plans provides detailed information about various registered plans available to Canadians. These plans help individuals save for specific financial goals, offering tax advantages and other benefits.

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Registered pension and savings plans for individuals and plan administrators

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This website helps you create a savings plan depending on your personal and financial situations. Specified for if you just graduated school, looking to start a family, or if you are nearing retirement.

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Investing your money in the right savings options is crucial, no matter what stage of life you’re at. We’ll help you make the right choices to get the most out of your money.

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This little picture is showing money in a Tax Free Savings Account. a TFSA is very important for savings.

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In this video, he actually goes through the benefits of investing into a Tax Free Savings Account. To summarize, A TFSA is basically an account you can put money into, it essentially grows over time, and then you can pull it out completely tax tree.

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TFSAs Explained: 10 Things Every Canadian Must Know (2025)

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This government website goes over the Canada Education Savings Act.

The legislation is meant to help increase accessibility to post-secondary education by promoting savings through various government programs and matching contributions.

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1. What did you learn about this topic that surprised you the most?

I was surprised that there are so many videos on the internet about savings. There's a ton of free information online.

2. Provide a real life example of how this topic is relevant or interesting for you.

This topic is very relevant because I will be graduating school soon, therefore I should take the initiative to learn more about saving so I can better my future.

3. If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on?

I think I would tell my friends to invest their money better because the money will make its own money.