Is Your Money in the Wrong Savings Account?
Summer has a way of making money disappear quickly.
There are trips, patios, weddings, festivals, and plenty of reasons to say, “I’ll get serious about saving again later.”
But we’re already well into the second half of the year, which means this is a good time to check in:
Is your emergency fund growing?
Are you making progress toward your year-end savings goals?
And is the money you’ve already saved sitting in the right account?
Having an emergency fund is important because unexpected expenses rarely arrive at a convenient time. A job loss, car repair, medical bill, or sudden increase in living costs can quickly throw off your finances.
But simply having money in a savings account is only part of the picture.
A lot of Canadians are still keeping their cash at the big banks in accounts paying very little interest. That means they’re doing the hard part (saving), but their bank may not be giving that money much room to grow.
💰 Where to Keep Your Emergency Fund
The good news is that there may be better options than the default savings account your bank gave you.
In my YouTube video, I break down seven high-interest savings account options in Canada, who each one may be best for, and why some of the biggest banks still fall short when it comes to ongoing savings rates.
If your emergency fund or short-term savings are still sitting with TD, CIBC, Scotia, or another big bank, this is one video you’ll want to watch.
🎥 [Click Here to See the Full List]
Choosing a better account can help the money you already have earn more, but if your bigger challenge is building the savings in the first place, my budgeting tracker can help you understand where your money is going, stay consistent, and make more intentional progress toward your emergency fund and year-end goals.
📚 [Access the Budget Tracker here]
You still have time to make meaningful progress before the year ends. The goal is not to be perfect… it’s to finish the year in a stronger position than where you started!
Cheers,
Femi