Tag: savings account

Best high-yield savings interest rates today, January 30, 2026 (up to 4% APY return)

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Find out if now is the right time to put your money in a savings account. In 2024, the Federal Reserve implemented a series of cuts to the federal funds rate and those rates continued on a downward trend throughout 2025. As a result, deposit interest rates have fallen from their historic highs. Still, it’s possible to find high-yield savings accounts paying above 4% APY. So, if you’re looking for the best rates available today, here’s a breakdown of where to find them.

Although savings interest rates are elevated by historical standards, the national average rate for savings accounts is still just 0.39%, according to the FDIC. The good news: Top high-yield savings accounts offer more than 10 times the national average.

As of January 30, 2026, the highest savings account rate available from our partners is 4% APY. This rate is offered by SoFi*, Barclays, and Valley Direct.

Here is a look at some of the best savings rates available today from our verified partners:

Remember, it’s important to shop around before opening a savings account. Interest rates vary widely, but there are several banks (in particular, online banks) and credit unions with highly competitive offers.

Online banks operate exclusively via the web. This significantly reduces their overhead costs, so they’re able to pass those savings onto customers in the form of high deposit rates and low fees. In fact, many of the best high-yield savings accounts also come with zero monthly fees or minimum opening deposit requirements. If you’re searching for the best savings interest rates, online banks are a great place to start.

That said, online banks aren’t the only place you can find savings accounts with rates that range between 4% and 5% APY. Credit unions are not-for-profit financial cooperatives and are also known for providing competitive rates and fewer fees. Many credit unions have certain requirements that must be met in order to become a member, though there are some that allow just about anyone to join.

Savings accounts are one of the safest places you can put your money. They’re insured by the FDIC (or the NCUA in the case of credit unions), which means your deposits are protected up to $250,000 if your financial institution fails. They also can’t lose money due to market fluctuations.

However, a savings account isn’t always the right choice. Although today’s savings interest rates are high by historical standards, they still don’t offer the same returns you could achieve by investing your money in the market. For long-term savings goals such as retirement, you need to invest a bulk of your savings in higher risk (but higher reward) market investments such as stocks, index funds, and mutual funds to reach your target.

But if you’re saving for a shorter-term goal such as a down payment on a home, vacation, or even an emergency fund, a high-yield savings account is one of the best options. That’s especially true if you want to access your money as needed; other types of high-yield deposit accounts, including money market accounts and certificates of deposit (CDs) place more restrictions on how often you can make withdrawals.

*Earn up to 4% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 11/12/25) for up to 6 months. Open a new SoFi Checking & Savings account and enroll in SoFi Plus by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.

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January 30, 2026
Best high-yield savings interest rates today, January 25, 2026 (Earn up to 4% APY)

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Find out how much you could earn with today’s savings rates. Interest rates on savings accounts have been falling, so it’s important to be sure you’re getting the best rate possible when shopping around for a savings account. The following is a breakdown of savings interest rates today and where to find the best offers.

The national average savings account rate stands at 0.39%, according to the FDIC. This might not seem like much, but consider that three years ago, it was just 0.06%.

Although the national average savings interest rate is fairly low compared to other investments, the best savings rates on the market today are much higher. In fact, some of the top accounts are currently offering 4% APY and up.

As of January 25, 2026, the highest savings account rate available from our partners is 4% APY. This rate is offered by SoFi,* Valley Bank Direct, and Barclays.

Here is a look at some of the best savings rates available today from our verified partners:

The amount of interest you can earn from a savings account depends on the annual percentage rate (APY). This is a measure of your total earnings after one year when considering the base interest rate and how often interest compounds (savings account interest typically compounds daily).

Say you put $1,000 in a savings account at the average interest rate of 0.39% with daily compounding. At the end of one year, your balance would grow to $1,003.91 — your initial $1,000 deposit, plus just $3.91 in interest.

Now let’s say you choose a high-yield savings account that offers 4% APY instead. In this case, your balance would grow to $1,040.81 over the same period, which includes $40.81 in interest.

The more you deposit in a savings account, the more you stand to earn. If we took our same example of a high-yield savings account at 4% APY, but deposit $10,000, your total balance after one year would be $10,408.08, meaning you’d earn $408.08 in interest.

Read more: What is a good savings account rate?

*Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/25) for up to 6 months. Open a new SoFi Checking & Savings account and enroll in SoFi Plus by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.

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January 25, 2026
Best high-yield savings interest rates today, January 18, 2026 (Earn up to 4% APY)

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Find out how much you could earn with today’s savings rates. Interest rates on savings accounts have been falling, so it’s important to be sure you’re getting the best rate possible when shopping around for a savings account. The following is a breakdown of savings interest rates today and where to find the best offers.

The national average savings account rate stands at 0.39%, according to the FDIC. This might not seem like much, but consider that three years ago, it was just 0.06%.

Although the national average savings interest rate is fairly low compared to other investments, the best savings rates on the market today are much higher. In fact, some of the top accounts are currently offering 4% APY and up.

As of January 18, 2026, the highest savings account rate available from our partners is 4% APY. This rate is offered by SoFi,* Valley Bank Direct, and Barclays.

Here is a look at some of the best savings rates available today from our verified partners:

The amount of interest you can earn from a savings account depends on the annual percentage rate (APY). This is a measure of your total earnings after one year when considering the base interest rate and how often interest compounds (savings account interest typically compounds daily).

Say you put $1,000 in a savings account at the average interest rate of 0.39% with daily compounding. At the end of one year, your balance would grow to $1,003.91 — your initial $1,000 deposit, plus just $3.91 in interest.

Now let’s say you choose a high-yield savings account that offers 4% APY instead. In this case, your balance would grow to $1,040.81 over the same period, which includes $40.81 in interest.

The more you deposit in a savings account, the more you stand to earn. If we took our same example of a high-yield savings account at 4% APY, but deposit $10,000, your total balance after one year would be $10,408.08, meaning you’d earn $408.08 in interest.

Read more: What is a good savings account rate?

*Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/25) for up to 6 months. Open a new SoFi Checking & Savings account and enroll in SoFi Plus by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.

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January 18, 2026
Best high-yield savings interest rates today, October 12, 2025 (Earn up to 4.31% APY)

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Find out how much you could earn with today’s savings rates. Interest rates on savings accounts have been falling, so it’s important to be sure you’re getting the best rate possible when shopping around for a savings account. The following is a breakdown of savings interest rates today and where to find the best offers.

The national average savings account rate stands at 0.40%, according to the FDIC. This might not seem like much, but consider that three years ago, it was just 0.06%.

Although the national average savings interest rate is fairly low compared to other investments, the best savings rates on the market today are much higher. In fact, some of the top accounts are currently offering 4% APY and up.

As of October 12, 2025, the highest savings account rate available from our partners is 4.31% APY. This rate is offered by Vio Bank. Here is a look at some of the best savings rates available today from our verified partners:

The amount of interest you can earn from a savings account depends on the annual percentage rate (APY). This is a measure of your total earnings after one year when considering the base interest rate and how often interest compounds (savings account interest typically compounds daily).

Say you put $1,000 in a savings account at the average interest rate of 0.40% with daily compounding. At the end of one year, your balance would grow to $1,004.01 — your initial $1,000 deposit, plus just $4.01 in interest.

Now let’s say you choose a high-yield savings account that offers 4% APY instead. In this case, your balance would grow to $1,040.81 over the same period, which includes $40.81 in interest.

The more you deposit in a savings account, the more you stand to earn. If we took our same example of a high-yield savings account at 4% APY, but deposit $10,000, your total balance after one year would be $10,408.08, meaning you’d earn $408.08 in interest.

Read more: What is a good savings account rate?

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October 12, 2025
How does interest work in a savings account? – MoneySense
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When you hold money in a savings account, interest is money you receive for lending those funds to the financial institution. The interest is calculated daily and paid out monthly. The interest rate, usually shown as a percentage, is how much interest you get per year. A higher interest rate means your money grows faster.

Here’s an example. If you have $10,000 in a savings account with a 3.1% annual interest rate, over the course of one year, you’ll earn $314 in interest. That’s a pretty sweet return, and with no effort on your end. The longer the money is in your account, the more interest it earns. That’s why it’s so powerful to start saving early.

How banks set interest rates

Financial institutions such as banks and fintechs set account interest rates using the Bank of Canada’s policy interest rate as a guide. That’s why their rates can change over time: when the central bank raises or lowers its policy rate, financial institutions adjust their rates shortly after.

You’ll notice, though, that account providers offer different interest rates, some more competitive than others. Also, many banks have rules and restrictions on who can qualify for their best interest rate. Some advertise an attractive “up to X%” interest rate on savings accounts, but the fine print often includes conditions, such as a minimum required balance to get the best rate. Plus, some accounts charge monthly fees, which could eat into the interest you earn.

That’s why it’s important to shop around and compare different accounts, including their fees and features.
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Finding the best rate

Have you ever seen a high interest rate advertised “for a limited time”? These teaser rates are exciting, but they only last for a few months, and then the interest drops sharply. Plus, you may have to jump through a few hoops—such as moving bill payments and direct deposits—just to unlock a higher rate.

Customers are getting wise to these blink-and-you-miss-’em rates, though. According to the PC Financial survey, 70% of Canadians feel frustrated when promo rates disappear, and over half say they don’t trust banks to offer fair, transparent savings products.

That’s why it’s smart to read the fine print and look beyond the flashy rates and focus on the account’s everyday interest rate, along with reviewing the fees and conditions.

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Growing your money with compound interest

Opening an account with a great interest rate and no monthly fees is the first step. Smart savers know it’s possible to grow their money even more. That’s where compound interest comes in. Compound interest is when you start earning interest not just on your original deposit, but also on the interest you’ve earned. It’s like a snowball getting bigger and faster as it rolls. The longer you save, the more powerful compound growth becomes—especially if you regularly add to your savings. Here’s how a $10,000 account balance could grow if the account holder deposits an additional $100 per month and the interest is compounded monthly.

As you can see, combining compound interest with regular deposits accelerates savings growth—helping you reach your financial goals faster.

A better way to earn: The PC Money Account

So where can you find an account with no catches? The PC Money Account from PC Financial is an all-in-one account with features designed for saving.

The PC Money Account is where you can get that competitive 3.1% everyday interest rate on your savings balance. That’s the current regular rate, not a short-term promo rate.

The account is just straightforward savings without surprises: no monthly fee to eat away at your balance; no minimum balance required to get the highest rate; and no time commitment, so you get the best rate while still having access to your money whenever you need.

It’s also the only bank account in Canada that rewards your spending with PC Optimum points. On top of the 100,000 bonus PC Optimum points you’ll receive for signing up, you’ll rack up points when you make everyday purchases with your PC Money Account, no matter where you shop. That means your oat-milk latte, new pickleball paddle, or grocery run can all turn into rewards. You can redeem your PC Optimum points towards groceries and essentials at Loblaw banner stores like Real Canadian Superstore, No Frills, and Shoppers Drug Mart.

Start saving money and earning points today

Whether you’re saving for a beach vacation, a home renovation or a special event like a wedding, the PC Money Account can help you reach your goal faster. Just transfer funds from your spending balance to your savings feature, and your money starts growing—earning interest with no strings attached from day one. It’s a flexible way to earn $700-plus per year in value, once you add up the interest and rewards. Thanks to these and other benefits, the PC Money Account is currently MoneySense’s pick for best rewards bank account.

Get more details about the PC Money Account. (Conditions apply; value shown is for illustrative purposes. Conditions apply to all benefits.)
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Samantha Kohn

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September 10, 2025
Best high-yield savings interest rates today, August 31, 2025 (Earn up to 4.3% APY)

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Find out how much you could earn with today’s savings rates. Interest rates on savings accounts have been falling, so it’s important to be sure you’re getting the best rate possible when shopping around for a savings account. The following is a breakdown of savings interest rates today and where to find the best offers.

The national average savings account rate stands at 0.39%, according to the FDIC. This might not seem like much, but consider that three years ago, it was just 0.06%.

Although the national average savings interest rate is fairly low compared to other investments, the best savings rates on the market today are much higher. In fact, some of the top accounts are currently offering 4% APY and up.

As of August 31, 2025, the highest savings account rate available from our partners is 4.30% APY. This rate is offered by EverBank, Western Alliance Bank, and BrioDirect.

Here is a look at some of the best savings rates available today from our verified partners:

The amount of interest you can earn from a savings account depends on the annual percentage rate (APY). This is a measure of your total earnings after one year when considering the base interest rate and how often interest compounds (savings account interest typically compounds daily).

Say you put $1,000 in a savings account at the average interest rate of 0.39% with daily compounding. At the end of one year, your balance would grow to $1,003.91 — your initial $1,000 deposit, plus just $3.91 in interest.

Now let’s say you choose a high-yield savings account that offers 4% APY instead. In this case, your balance would grow to $1,040.81 over the same period, which includes $40.81 in interest.

The more you deposit in a savings account, the more you stand to earn. If we took our same example of a high-yield savings account at 4% APY, but deposit $10,000, your total balance after one year would be $10,408.08, meaning you’d earn $408.08 in interest.

Read more: What is a good savings account rate?

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August 31, 2025
ONE Finance Review: Get 5% APY On Up To $250,000 ($125 Signup Bonus) – Doctor Of Credit
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Update 10/6/24: Now $125/12,500 Membership Rewards points on Rakuten.

Update 9/17/24: Now reduced to $75.

Update 9/16/24: Now $125/12,500 Membership Rewards points on Rakuten. Hat tip to DDG

Update 7/22/24: Rakuten and Swagbucks both offering $75 bonus now; Rakuten requires $200 deposit, Swagbucks requires $30 deposit. There’s also an additional $25 bonus showing in the One app for adding your One debit card to Apple Pay, funding your account, and activating a cash back reward.

Update 6/28/24: Now $75 signup bonus via Swagbucks for depositing $30 (ht Kory)

Update 5/13/24: There is now a sign up bonus of $100. You get $75 by going through Swagbucks and depositing $30 and then can get another $25 in app when you link Google Pay. Hat tip to reader Jimmy

Update 6/27/23: Rate is now 5.00% APY on Savings balances up to $100,000 when you receive $500 a month in eligible direct deposits or have a total daily balance of $5,000 or more.

Update 9/20/22: Apparently new customers do not get the 3% rate; only existing customers get it as a grandfathered benefit.

Update 7/20/22: Some One Finance customers got the following email: starting August 8, 2022, your Save Pocket and the current balance in your Auto-Save Pocket will both earn 3.00% APY. Up to $25,000.

One Finance Review

Direct Link

One Finance is a fintech online bank with no fees and no minimums. They are FDIC-insured through a bank partner, Coastal Community Bank, Member FDIC.

Most interestingly, they have two savings account interest rate offers:
- Get 1% APY on up to $5,000. If you have a qualifying paycheck direct deposit, the limit is $25,000.
- Get 3% APY on a separate Auto-Save account. The way it works is you designate between 1 – 10% of your paycheck to go to this account and earn the 3% interest rate. Max $1,000 per month can be added to the 3% Auto-Save account. (You can also have any purchases on the One Finance linked debit card get rounded up and deposited to the 3% account. These roundups have no limit.)
They also offer unlimited account creation which they call Pockets that you can create to separate money for various purposes and even share them with other people.

$50 Referral Bonus

Referral Terms | Referrer Terms

One Finance also has a referral program with the following bonuses:
- Both referrer and referee get a bonus of $50 when the person signing up receives a direct deposit of $250+
- You can refer a maximum of 10 people per year.
We’ve created a page where readers can share their referrals. Do not put your referral links in the comments below.

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Our Verdict

In the current interest-rate environment, even 1% APY on $25,000 is nice, though it probably wouldn’t get me to change my direct deposit. The more interesting part is the ability to get 3% APY which is terrific. It’s also a soft pull to open the account (no Chex either).

Though limited to 10% of paycheck, there’s no stated limit on how much can earn the 3%; if you have $120,000 in paychecks going to One Finance, you can max this out with $12,000/yr going to the 3% Auto-Save account. According to the current rules, that should be able to continue building year over year as you increase the balance – after 2 years you can have $24,000 earning 3%, after 3 years $36,000, etc. (Of course they can always add a limit or change the rate in the future, but for now it sounds good.)

We’ll add this to our list of Best High Yield Savings Accounts.

Thanks to readers Chris R, AA, and Trey for sending this in.
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Chuck

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October 6, 2024
I’m an Average Middle-Class Retiree: Here’s How Much Savings I Have
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CatLane / Getty Images/iStockphoto

Though your pre-retirement income alone isn’t enough to determine if you’ll retire comfortably, it certainly plays a role. For example, if you’re earning a middle-class salary, the amount you allocate toward your nest egg is much lower than someone earning millions a year.

Find Out: I Retired in My 50s: Here’s My Monthly Budget

Try This: 7 Reasons You Should Consider a Financial Advisor — Even If You’re Not Wealthy

In 2024, a middle-class income would be in the $50,000 to $150,000 range. If you’re in this bracket, you might wonder how your savings stack up against the rest of the pack. So, we interviewed a 62-year-old retiree who considers himself middle-class to see how much he’s saved up for his golden years. Since he prefers to remain anonymous, we will refer to him as Lopez.

Here’s what his savings look like as a retiree:

Total Savings as an Average Middle-Class Retiree

“Before retiring, I earned an average middle-class income of around $72,000 yearly. It wasn’t an insanely high salary by any means, but it was enough to cover my expenses and put a little aside for monthly savings,” Lopez said.

He shared that his income mainly came from his full-time job as a sales representative and some side hustles like selling secondhand items on eBay.

Savings, Investment Choices and Asset Allocation

Lopez’s savings are a mix of different accounts.

“I have an emergency fund that I’ve built up over the years, which currently sits at around $9,500, and I have most of it stashed away in my Ally High-Yield Savings Account,” he said.

Besides ensuring he has enough set aside for rainy days, Lopez also diligently contributed to his 401(k) throughout his working years, and it’s now grown to about $250,000.

“A 401(k) is not my only retirement account, though. I also have some in Roth IRAs, totaling around $100,000,” he added.

Alongside these retirement accounts, Lopez has around $110,000 invested in taxable investment accounts, with Vanguard ETFs making up most of his investments.

“Overall, my retirement savings, including these accounts and some other smaller ones, amount to roughly half a million, which I’m pretty happy about since I live a frugal lifestyle and don’t spend that much each month,” he said.

Strategies for Building a Nest Egg

“Building a half-a-million nest egg wasn’t easy, but it was definitely worth it,” Lopez said.

One of the strategies he used to help him stay consistent with saving and investing was taking advantage of his employer-matching contributions.

“Plus, I automated my savings as much as possible by setting up automatic transfers from my checking account to my emergency fund and investment accounts. This way, I’m not tempted to overspend every time I get my paycheck since most of it has already been — or will be — allocated toward my retirement savings.”

“I also tried to live below my means, which wasn’t that difficult for me, to be honest, since I’m naturally a frugal person and have almost no care for materialistic things,” Lopez said.

He believes his frugality is one of the main reasons why he was able to save aggressively for retirement on a middle-class income.

Trending Now: 5 Places in America To Retire That Are Just as Cheap as Mexico, Portugal and Costa Rica

Lessons Learned From Past Financial Decisions

Looking back, Lopez wishes he had done a few things differently to better prepare for retirement. Here are some of them:
- Started saving earlier: “I didn’t start saving aggressively until I was in my mid-30s. I think if I had started even earlier, I could have taken advantage of compounding interest and built an even larger nest egg,” he said.
- Worked with a financial advisor: Another thing that Lopez regrets now that he’s in his golden years is not having been more proactive about seeking out professional financial advice in his 20s and 30s. “While I did my best to educate myself about personal finance, I think working with a financial advisor earlier could have helped me optimize my savings and investment strategies,” he shared.
- Built enough passive income streams: Lopez also regrets not putting enough time and energy into cultivating passive income streams that could help him make money on autopilot in retirement. While he can still build a business that generates passive income, the results take time.
Overall, though, Lopez said he’s still grateful for his accumulated savings and feels confident that he’ll enjoy a comfortable retirement lifestyle with a half-million dollars in the bank.

How Much Savings Should You Have at Retirement?

While Lopez believes he can stretch $500,000 through his golden years, it may not be possible for most Americans — especially if they live in a more expensive city like Los Angeles or New York. According to Fidelity’s guidelines, you should save 10 times your income by 67. So, assuming you make $100,000 pre-retirement, you’ll need at least $1 million saved by the time you retire.

Another popular rule of thumb to determine how big your nest egg should be is the rule of 25. First, decide how much you’ll need each year for your preferred retirement lifestyle. Then, multiply that number by 25. So, to live on $50,000 a year in retirement, you’ll need at least $1.25 million saved to achieve that goal.

While retiring a millionaire on a middle-class income may sound like a pipe dream, it’s very much doable. The key is investing and saving early to let compound interest work its magic. Use a retirement savings calculator to figure out how much you need to put away each month to retire with seven figures in the bank.

More From GOBankingRates

This article originally appeared on GOBankingRates.com: I’m an Average Middle-Class Retiree: Here’s How Much Savings I Have
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July 27, 2024
I’m 57 and single. I have $630,000 in retirement savings. Should I pay my 3.75% mortgage before retirement?

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“Should I transfer my savings to a high-yield savings account like Vanguard or put it in an ETF like SCHD so I can reap the dividends?” (Photo subject is a model.) – MarketWatch photo illustration/iStockphoto

Dear MarketWatch,

I am 57, single and have a $113,000 mortgage with a 3.75% rate. I have $240,000 in a Roth IRA, $120,000 in deferred-compensation plan and $270,000 in a savings account. The savings give me very little in interest.

At 62, I will receive a pension of $35,0000 a year. I plan on taking Social Security at 67. Should I transfer my savings to a high-yield savings account like Vanguard or put it in an ETF like SCHD so I can reap the dividends?

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Also, should I attempt to pay off the mortgage?

Thank you for the advice.

Readying to Retire

Dear Readying,

You ask an age-old but important question about mortgages and retirement, which I will deal with separately. There are a lot of factors that go into where your savings should be parked, and those include your retirement goals and needs, your expected spending in retirement, estimated inflation and interest rates, and so on.

I don’t recommend specific funds in this column, but I will caution you not to put all of your eggs in the same basket. Having investments that produce dividends are great, of course, but you should still always aim to diversify your assets, which is a much healthier way of investing, especially as you near retirement age.

Think about having a separate savings account that houses six months’ to a year’s worth of expenses as an emergency fund. The typical guideline is three to six month’s worth of expenses, leaning closer to six months for people with one income. If you’re close to retirement, it never hurts to throw a little bit more into that account though.

Categorize your savings into short-, mid- and long-term goals. Keep your short-term money in easily liquidated assets like high-yield savings accounts, which currently offer rates of up to 5.3%. If you invest money, make sure that you have enough time to recover in the event there is a downturn in the market.

Paying off your mortgage

If you can afford to continue paying the mortgage in retirement, it does not hurt to keep it, particularly if the alternative is to drain some of your savings to pay it off. You want to have as much in savings as you can to rely on after you stop working. I gave similar advice to a 67-year-old reader with $57,000 left on her mortgage and $600,000 in savings.

The interest rate on your mortgage is relatively low, especially in today’s environment where rates are hovering at over 7%. What’s more, home loans aren’t considered “bad” debt like credit cards, at least not if you can afford it and you haven’t taken on more than you can afford to pay off.

Emotions play an important role in your decision, of course. You don’t want to get to retirement and be so stressed about a home loan that it’s affecting your quality of life. But if it doesn’t necessarily bother you — and you have the income in retirement to pay it off as part of your other necessary expenses — it’s not the “wrong” move.

One option is to try and pay extra toward your principal. This might still leave you with a mortgage when you retire, but you’ll have lightened the load. And when you get to retirement and pay your final mortgage payment, you’ll have extra money to play with in your golden years — and that’s a goal worth aiming for.

Related: ‘My peers have 10 to 20 times more set aside for retirement’: I’m 67 and have $100K saved. I want to retire in three years. Can I do it?

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June 1, 2024
Best online banks and credit unions in Canada for 2024 – MoneySense

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1 As a new customer, can I apply for a chequing account digitally? ✔ desktop ✔ desktop ✔ desktop ✘ ✔ desktop ✔ ✔ desktop ✘ ✔ desktop ✔ desktop ✔ desktop ✔ desktop ✔ desktop ✔ desktop ✔ desktop ✔ desktop ✘ ✔ desktop ✔ desktop ✔ desktop ✔ desktop ✔ mobile ✔ desktop ✔ desktop See the full Surviscor review 2 As a new customer, can I apply for an everyday savings account digitally? ✔ desktop ✔ desktop ✔ desktop ✘ ✔ desktop ✔ ✔ desktop ✘ ✔ desktop ✘ ✔ desktop ✔ desktop ✔ desktop ✔ desktop ✔ desktop ✔ desktop ✔ ✔ desktop ✔ desktop ✔ desktop ✔ desktop ✔ mobile ✔ desktop ✔ desktop See the full Surviscor review 3 As a new customer, can I apply for a TFSA, RRSP, or FHSA registered account digitally? ✔ desktopTFSA, RRSP ✘ ✘ ✘ ✘ ✘ ✘ ✘ ✘ ✔ desktopTFSA ✘ ✔ desktopTFSA, RRSP ✔ desktopTFSA, RRSP ✔ desktopTFSA, RRSP ✔ desktopTFSA, RRSP ✘ ✘ ✘ ✘ ✔ desktopTFSA, RRSP ✘ ✔ mobileTFSA, RRSP ✘ ✘ See the full Surviscor review 4 As a new customer, can I apply for a personal loan digitally? ✘ ✘ ✔ desktop ✘ ✘ ✔ desktop ✔ desktop ✘ ✘ ✘ ✘ ✘ ✘ ✘ ✔ desktop ✔ desktop ✘ ✘ ✘ ✔ desktop ✘ ✘ ✘ ✘ See the full Surviscor review 5 As a new customer, can I apply for a pre-approved mortgage digitally? ✔ desktop ✘ ✔ desktop ✘ ✔ desktop ✔ desktop ✘ ✘ ✘ ✘ ✘ ✘ ✘ ✘ ✔ desktop ✔ desktop ✘ ✔ desktop ✘ ✔ desktop ✔ desktop ✔ mobile ✔ desktop ✘ See the full Surviscor review 6 Are unlimited transaction chequing account(s) available? And if so, what is the monthly cost? ✔ Free ✔ $14.00 ✔ $9.95 / $0 if > $1,000 balance ✔ $14.00 / $0 if > $5,000 balance ✔ $16.95 / $0 if > $5,000 balance ✔ $16.95 / $0 if > $5,000 balance ✔ Free ✔ Free ✔ $15.95 / $0 if > $4,000 balance Not Available ✔ $14.75 ✔ $10.00 / $0 if > $4,000 balance ✔ $19.00 / $0 if > $5,000 balance ✔ Free ✔ Free ✔ $15.95 / $0 if > $5,000 balance Not Available ✔ $11.95 ✔ $30.95 / $0 if > $10,000 balance ✔ $25.00 / $0 if > $5,000 balance ✔ Free ✔ Free ✔ $16.95 / $0 if > $4,000 balance ✔ $9.75 / $0 if > $3,000 balance See the full Surviscor review 7 Am I charged for transactions in a non-registered savings account? ✔ 2 free/month, $0.80 per ✔ 2 free/month, $0.90 per ✔ $1.50 per Interac out ✔ 1 free/month, $5.00 per Interac, $0.70 per non-Interac No transactions ✔ $5.00 per ✔ 2 free/month, $1.50 per Interac, $5.00 per non-Interac ✔ $5.00 per ✔ $1.25 per ✘ Free ✔ $1.00 per ✔ $1.00 per, $0 if > $1,000 balance ✔ 1 free/month, $1.00 per Interac ✔ 2 free/month, $1.00 per ✔ $1.25 per Interac out $1.25 per Interac, $5.00 per non-Interac ✘ Free ✔ 1 free/month, $1.00 per Interac, $2.00 per non-Interac $1.00 per Interac, $1.25 non-Interac ✔ 1 free/month, $1.50 per Not Available ✘ Free ✔ 1 free/month, $3.00 per ✔ 1 free/month, $0.90 per Interac, $5.00 per non-Interac See the full Surviscor review 8 Are unlimited transaction savings account(s) available? And if so, what is the monthly cost? ✘ ✘ ✘ ✘ ✘ ✘ ✘ ✘ ✘ ✔ Maximum $250,000 ✘ ✘ ✘ ✘ ✘ ✘ ✔ ✘ ✘ ✘ ✘ ✔ ✘ ✘ See the full Surviscor review 9 Can I receive discounted fees as a student? ✘ ✔ ✔ ✘ ✔ ✔ ✔ ✘ ✔ ✘ ✔ ✘ ✔ ✘ ✘ ✔ ✘ ✔ ✔ ✔ ✔ ✘ ✔ ✔ See the full Surviscor review 10 Can I receive discounted fees as a senior? ✘ ✔ ✔ ✘ ✔ ✔ ✔ ✘ ✔ ✘ ✔ ✘ ✔ ✘ ✘ ✔ ✘ ✔ ✔ ✔ ✘ ✘ ✔ ✔ See the full Surviscor review 11 Can I receive discounted fees as a newcomer to Canada? ✘ ✘ ✘ ✘ ✔ ✔ ✔ ✘ ✔ ✘ ✘ ✘ ✘ ✘ ✘ ✔ ✘ ✔ ✔ ✔ ✔ ✘ ✔ ✘ See the full Surviscor review 12 Can I access my account balances without actually logging in to my account? ✔ mobile ✔ mobile ✔ mobile ✔ mobile ✘ ✘ ✔ mobile ✔ mobile ✔ mobile ✘ ✔ mobile ✘ ✔ mobile ✔ mobile ✔ mobile ✘ ✘ ✔ mobile ✔ mobile ✔ mobile ✘ ✘ ✔ mobile ✔ mobile See the full Surviscor review 13 Can I access my past digital login dates and times, device used, and activities performed? ✔date/timedesktop shows device too ✔date/timedesktop shows device ✘ ✔ date/time/device ✔ date/time/device ✔ date/time ✔ ✔ date/time/device ✔ desktop ✔ date/time ✔ date/time ✘ ✔ desktopdate/time ✔ date/time/device ✘ ✘ ✘ ✘ ✔ desktop ✔ desktop ✘ ✔ date/time ✔ desktop ✔ date/time/device See the full Surviscor review 14 Can I pay multiple bills at once? ✔ ✔ ✔ ✔ desktop ✘ ✔ desktop ✔ ✔ ✔ desktop ✘ ✔ desktop ✔ desktop ✔ desktop ✔ desktop ✔ desktop ✔ desktop ✘ ✔ desktop ✔ desktop ✔ desktop ✔ desktop ✔ desktop ✔ desktop ✔ desktop See the full Surviscor review 15 Can I transfer money to a bank account at another banking institution? ✔ ✔ ✔ desktop ✘ ✘ ✘ ✔ ✘ ✔ desktop ✔ ✔ desktop ✔ mobile ✔ ✔ desktop ✔ ✘ ✘ ✘ ✘ ✘ ✔ ✔ ✘ ✘ See the full Surviscor review 16 Can I wire transfer money to another country? ✘ ✔ desktop ✔ ✘ ✔ desktop ✔ ✘ ✘ ✘ ✔ ✘ ✔ mobile ✘ ✘ ✘ ✔ ✘ ✔ ✔ ✘ ✔ ✘ ✔ ✘ See the full Surviscor review 17 Can I set-up a future-dated Interac transfer? ✘ ✘ ✘ ✘ ✘ ✔ ✘ ✘ ✔ ✘ ✘ ✘ ✘ ✘ ✘ ✔ ✘ ✔ ✘ ✘ ✔ ✔ ✘ ✘ See the full Surviscor review 18 Can I set-up a recurring Interac transfer? ✘ ✘ ✘ ✘ ✘ ✔ if recipient has auto-deposit ✘ ✘ ✔ ✘ ✘ ✘ ✘ ✘ ✘ ✔ ✘ ✔ ✘ ✘ ✔ if recipient has auto-deposit ✘ ✘ ✘ See the full Surviscor review 19 Can I ask for money from a friend using Interac’s Request Money feature? ✔ ✔ ✔ ✘ ✔ ✔ ✔ ✔ ✘ ✘ ✘ ✘ ✔ ✔ mobile ✔ ✘ ✘ ✔ ✔ ✔ desktop ✔ ✘ ✔ ✔ See the full Surviscor review 20 Can I setup and manage alerts to be notified when one of my cards is used? ✔ ✔ ✘ ✘ ✔ ✔ ✘ ✔ ✘ ✔ ✘ ✘ ✔ ✘ ✔ ✘ ✔ ✔ ✔ ✘ ✘ ✘ ✘ ✘ See the full Surviscor review 21 Can I setup and manage alerts to be notified when there is irregular activity in my account? ✘ ✘ ✔ desktop ✘ ✔ ✔ ✘ ✘ ✔ mobile ✘ ✘ ✘ ✔ ✔ desktop ✔ ✘ ✔ ✘ ✔ ✔ desktop ✘ ✘ ✘ ✔ See the full Surviscor review 22 Can I use account analytics and budgeting tools? ✘ ✘ ✔ ✘ ✘ ✔ ✔ ✔ ✔ ✘ ✘ ✘ ✘ ✘ ✘ ✘ ✘ ✔ ✘ ✘ ✘ ✔ ✘ ✘ See the full Surviscor review 23 Can I correspond with the banking institution using a secure two-way messaging centre once I’m loged-in? ✔ ✔ ✘ ✘ ✘ ✘ ✘ ✔ ✔ ✔ ✔ ✘ ✔ ✔ ✔ desktop ✘ ✔ ✘ ✔ desktop ✔ ✘ ✘ ✘ ✔ See the full Surviscor review 24 Can I interact with the banking institution using a non-robot, human-based, chat service once I’m logged-in? ✔ ✔ ✔ desktop ✘ ✘ ✘ ✘ ✘ ✘ ✘ ✘ ✘ ✘ ✘ ✘ ✘ ✘ ✘ ✘ ✘ ✘ ✘ ✘ ✘ See the full Surviscor review 25 Average expected response time to a non-social digital enquiry prior to logging in (1) (2) 98.18 hours 68.63 hours 43.55 hours 115.75 hours No e-service method of contact No e-service method of contact 74.78 hours 6.75 hours 6.12 hours 60.63 hours 75.80 hours 67.37 hours 102.10 hours 82 hours 60.60 hours 39.67 hours No e-service method of contact No e-service method of contact No e-service method of contact 7.32 hours 6.88 hours No e-service method of contact No e-service method of contact 32.32 hours See the full Surviscor review

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Glenn LaCoste

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March 20, 2024
TFSA vs RRSP: How to decide between the two – MoneySense

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What is a TFSA?

A TFSA (or tax-free savings account) is a registered investment savings account that any Canadian resident, aged 18 or older, can use for straightforward savings or to hold investments. It can store things like exchange-traded funds (ETFs), guaranteed investment certificates (GICs), bonds, stocks and cash.

Any income earned in the account—even when it is withdrawn—is tax-free. This means any interest, stock dividends and capital gains earned in your TFSA aren’t subject to income tax. However, your TFSA contributions won’t reduce your taxable income like RRSP contributions will.

There’s an annual limit to the amount of money you can contribute to your TFSA. However, you can carry forward the unused contribution room to a current lifetime maximum amount. Each year, you get new TFSA room, which means that you can put that amount away, plus any rollover from previous years. To find out how much room you have left, use a TFSA contribution room calculator.

So how is a TFSA tax-free? The money you put into this account has already been taxed—you contribute to a TFSA from your net income—so there’s no tax break at the time of contribution. But, any gains you earn in a TFSA—whether it’s from a savings account, a high-growth index fund or another investment product—aren’t subject to capital gains tax, so you won’t owe any tax on your earnings when you make a withdrawal. Plus, any gains you earn on those investments will not affect your contribution room for the current year or years to come, either. Essentially, you don’t pay tax on the money you make in your TFSA.

What is an RRSP?

A registered retirement savings plan, or RRSP, works similar to a TFSA in that it can hold savings and investments. A significant perk of this account is that it allows you to contribute a large amount of money each year, and it reduces your taxable income based on how much you contribute. In this way, an RRSP allows you to defer your taxes while saving for retirement. For 2024, the RRSP contribution limit is $31,560; for 2023, it was $30,780; and for 2022, it was $29,210.

An important thing to note is that you will pay tax on this money once you withdraw it. When you turn 71, you can no longer contribute to your RRSP and must convert it into a registered retirement income fund (RRIF) that you can withdraw from. This is when you’ll start paying tax on the money you contributed. However, the idea is that, because you will be retired, you will be in a lower tax bracket than during your high-earning years, which means you will have paid less tax overall because you invested in an RRSP.

TFSA vs RRSP: Which is better for you?

The best investment for you is going to depend on your individual financial situation and goals. Remember: With a TFSA, you pay tax on money you’ve earned before you make a contribution, and with an RRSP you get a tax refund now on money you contribute, but will have to pay tax later, when you withdraw money from the plan. This difference, along with your income, your investment timeline, and other factors will all contribute to making the right decision for your investment dollars. You may find that you can use both vehicles simultaneously. So, is it better to max out your TFSA or your RRSP? Read on to learn more.

1. Income and tax bracket

Your income determines your tax bracket—the amount of income tax you have to pay—and these factors will strongly influence which investments work best for you.

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Keph Senett

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January 31, 2024
Your 2024 financial check-in: A step-by-step guide to keeping your finances on track – MoneySense

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A budget can help you plan for expenses and provide insight into your spending habits, making it easier for you to achieve financial goals, such as building an emergency fund, paying down debt or saving for a down payment on a home.

First, make a list of your income and expenses. Determine how much money you have to spend each month and compare it with how much you pay for various bills and items during that same period. In your expenses, be sure to account for paying back any debts. Like many people, you may not know where all your money goes after covering obvious living expenses such as rent or a mortgage, car payments and utilities. It is important to put your income, expenses and debt down in writing to help yourself track your spending behaviour.

Everyone needs a purpose for their personal budget, and if you have unsecured debt, such as loans or outstanding credit card balances, your first priority should be paying it down. If you’re aware of your spending habits, have set your money-saving goals and know how long it will take to pay down any unsecured debts, your short- and long-term financial goals will feel more achievable. There are a lot of online budgeting tools out there to help make this process easier, including Credit Canada’s all-in-one, free Budget Planner + Expense Tracker. This tool will let you know when you are over or under budget, and how your spending compares to general spending guidelines so you can easily make adjustments.

3. Remember to set money aside each month

Whether you’re saving for retirement, an emergency fund or a vacation, putting aside money every month helps you tackle expenses without sacrificing your debt payment obligations.

Every time you get paid, take a small percentage and put that money into a savings account, like a tax-free savings account (TFSA) or high-interest savings account. Aim to set aside between 5% and 10% of your monthly income to put towards savings. However, this number can vary based on individual financial situations. Your bank or financial institution can help you set up automatic withdrawals to take money out of your chequing account and put it into a savings account every time you get paid.

4. Review your credit card and bank statements

Looking to reduce your expenses in 2024? Be sure to review your credit card and bank statements each month. By knowing where your money is going, you’ll be able to recognize where you can cut back.

Auto-payments are a helpful setup for many to stay on top of their bills. However, you may end up paying for something you don’t use anymore, like a streaming service or gym membership. Be sure to evaluate your auto-payments and cancel any services you no longer need. For those services that you’re keeping, give some thought to how much of an increase to expect in 2024. By reducing or decreasing your expenses, you’ll be able to boost your savings and/or pay off debt sooner, which means you have a better plan for your financial goals.

5. Explore debt solutions with Credit Canada

Even if you pay your credit card balances on time or don’t carry a lot of debt to begin with, there are steps you might not have thought about that can help reduce your debt load faster in 2024. For example, if you’re expecting a raise or you received a year-end bonus, consider using that extra income to pay any outstanding balances. Start with those that have the highest interest rates and work your way down. Then, think about consolidating any remaining unsecured debts, which may help you swap varying interest rates on multiple loans, credit lines or cards for a potentially lower rate on a single loan.

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Randolph Taylor

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December 20, 2023
The best way to save for retirement in your 20s – MoneySense

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While saving for retirement is a top priority for half of employed Canadians, many of us (44%) did not actually set aside money for it in the past year, according to the Canadian Retirement Survey from the Healthcare of Ontario Pension Plan (HOOPP). And, nearly half of Canadians (47%) haven’t made or are not planning to make any contributions to their retirement investments, either, a TD retirement survey says.

Younger Canadians especially struggle with this dilemma. Despite nearly 70% of Canadians under 35 worrying about the cost of living, whether their income will keep up with inflation (67%) and housing affordability (65%), we still place a high value on saving for retirement. The HOOPP survey found that half of Canadians (51%) under 35 would give up a higher salary to get a better pension.

How much does the average young Canadian have saved for retirement?

If you’re wondering how your savings stack up, as of 2019, the average Canadian under 35 had $9,905 in RRSPs, locked-in retirement accounts (LIRAs) and other retirement savings plans combined, and $8,395 in tax-free savings accounts (TFSAs), according to Statistics Canada.

It’s important to know the difference between “saving” for retirement and “investing” for retirement. If you simply deposit money into an interest-paying registered account like a TFSA or an RRSP, it will typically earn about 3% to 4% interest. But you can also hold investments in these accounts, if you set them up that way. Investments can increase in value over time, whereas with a savings account, you can benefit from compound interest. A key caveat here is the risk/return trade-off: stocks have higher potential returns, but also higher risk compared to, say, a bond or a guaranteed investment certificate (GIC). So, it’s important to understand your risk tolerance before you start investing.

If you’re just getting started, or your savings are less than the average above, you can still make a plan and catch up. To help you, and myself, I spoke to a few money experts about the best ways to save for retirement in Canada during challenging economic times.

Ask yourself: How much am I able to save for retirement?

If you’re paying off student loan debt or working in your first job after graduation, you might wonder whether it’s worth it to start building your retirement savings while you’re still getting your financial footing.

Seun Adeyemi, Certified Financial Planner at True Wealth Advisors in Toronto, says that you should start saving for retirement as soon as possible—preferably, as soon as you have an income. “That makes the journey to retirement a lot easier, because your money has more time to grow,” he says. He does recommend, though, to prioritize paying off any debt besides mortgage debt first—especially if you have high-interest debt like credit cards.

“On credit cards, you’re paying 19% to 24% [interest] on your debt, and even if you have an amazing [investment] portfolio that’s generating 10% to 15% returns, you’re still underwater because you’re paying a higher interest on your credit card,” Adeyemi says. People can usually save for retirement while managing mortgage debt, he says, as long as they are on top of their payments and don’t get further into debt.

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Margaret Montgomery

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December 18, 2023
Apple Offers Exit Ramp to Goldman for Troubled Card Accord

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(Bloomberg) — Goldman Sachs Group Inc., which has been trying to jettison its struggling credit card business, now has a potential way out of its partnership with Apple Inc.

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The iPhone maker, which offers a credit card and savings account with Goldman, recently sent a term sheet to the financial giant that would be a first step toward severing the contract, according to a person familiar with the matter. The process could still take multiple years, said the person, who asked not to be identified because the discussions are private. The partnership had been slated to last at least another five years.

Goldman Sachs has been pulling back from a foray into consumer lending after it proved costlier than expected. The New York-based company has said it pushed too quickly into the effort, contributing to missteps. Goldman also is expected to scrap a credit card partnership with General Motors Co.

For Apple, the partnership was part of a broader push into financial offerings. The company is looking to generate more revenue from services as sales of its hardware products slow. Apple got 22% of its sales from that category last year, up from less than 10% a decade ago.

The iPhone maker remains committed to its Apple Card credit card and savings account and doesn’t plan to discontinue the products — whether or not Goldman is involved — the person familiar with the situation said. Apple hasn’t gotten to the point of talking to firms that could replace Goldman, according to the person.

In a statement, Apple said it was “focused on providing an incredible experience for our customers to help them lead healthier financial lives.”

“The award-winning Apple Card has seen a great reception from consumers, and we will continue to innovate and deliver the best tools and services for them,” the Cupertino, California-based company said in the statement.

Goldman Sachs has been exploring options to get out of its credit card tie-ups for much of this year, people with knowledge of the matter have previously said. Apple’s proposal would give the company a way to do that, but it’s not yet a done deal, according to one of the people.

Goldman Sachs declined to comment. The Wall Street Journal previously reported on the proposal Apple sent to Goldman, saying it could take effect within approximately 12 to 15 months.

Goldman Sachs has held talks with American Express Co. to take over the Apple credit card and other services, but that company expressed concerns about loss rates, the Journal said. Synchrony Financial also broached the idea of taking over the credit card program, according to the newspaper.

Despite the struggles, Apple and Goldman Sachs just introduced a long-promised high-yield savings account in April. And the companies touted in August that the program had reached $10 billion in US deposits.

The savings account drew complaints from some users, who weren’t able to easily withdraw cash. Chief Executive Officer Tim Cook said in a June interview that the problem was caused by a security system designed to prevent fraud.

—With assistance from Sridhar Natarajan and Mark Gurman.

(Updates with chart after fourth paragraph.)

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©2023 Bloomberg L.P.

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November 28, 2023
Is it OK to leave $100,000 in a high-interest savings account? – MoneySense

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Savings versus savings bonds: which is better?

To help you decide, let’s take a historical look at the returns of investments and 30-day Canadian Treasury bills, after inflation. Currently, the 30-day CND T-Bill yield is 5.04%, a little less than your promo rate on the high interest savings.

Historical inflation-adjusted returns from 2003 to 2022

All figures are in Canadian dollars, even the S&P 500 Index, and are adjusted for inflation.

1 year 5 years 10 years 20 years

S&P 500 -17.4% 7.7% 13.4% 6.7%

TSX -11.4% 3.5% 5.2% 6.2%

30 Day T-Bill -4.4% -2.1% -1.4% -0.6%

Inflation 6.3% 3.2% 2.4% 2.1%

Source: Dimensional Fund Advisors matrix book 2023

Building a portfolio

The main purpose of investing in equities is to grow your money faster than the rate of inflation. And the reason you want to do this is to protect your purchasing power. That’s so what you can purchase today you could purchase in the future for the same inflation-adjusted dollar.

When you look at the chart above you can see that both the S&P 500 and TSX had positive, after inflation returns over the last 5-, 10-, and 20-year time frames. Both, however, have a big negative return in 2022, and that is the risk part you are concerned about.

Look at the T-Bill returns after inflation. They are all negative, and that is before adjusting for tax, which would make the returns even lower. What’s not shown in the table, though, is that if you invested the $100,000 in the T-Bills, you would not have seen it drop in value. You would always have, at a minimum, $100,000.

No risk, right? Not exactly.

Are there any risks with interest income? Is inflation a risk?

The risk with holding T-Bills, and I would add HISAs and guaranteed investment certificates (GICs), too, is that the rate of growth may not keep pace with inflation. So, although it seems you’re not taking a risk, you do risk purchasing power. That’s a different type of risk than what you mentioned. In cases where inflation is not a big concern, a HISA or a GIC can make sense. Examples of such situations may include saving for a near term purchase, transitioning from accumulation to decumulation, or as you age and get closer to death.

The other reason you may want to include savings in your portfolio is because there’s no way to know for sure when equity investments will be positive. The table above shows equities were positive over the last 5, 10 and 20 years. But that’s not always the case.

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Allan Norman, MSc, CFP, CIM

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November 16, 2023
Travel hacks to help you save money on your next trip – MoneySense

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Many of us are also making sacrifices to afford our vacation plans. Forty one per cent of Canadians cut back on their grocery spending to afford travel, according to a survey by FlightHub Group. Plus, over one in four (28%) Canadians who can’t afford travel have taken on credit card debt to finance their trips, the survey found.

Nobody wants to come home from a relaxing holiday only to face a sizable credit card bill. (Yup, I’ve been there myself, and while I’m not proud, I’m not afraid to admit it.) Instead of taking on debt to pay for travel, try a combination of money-saving strategies and clever travel hacks from the experts. Here’s how to get started.

3 ways to save money on travel for Canadians

1. Choose an affordable destination

Where you go can make a big difference in cost. Danica Nelson is a personal finance influencer and avid traveller who’s visited 25 countries. When she’s not border-hopping, she maintains a home base in Toronto. Nelson says that choosing affordable destinations where she can stretch her Canadian dollar further—like Indonesia, Thailand and Vietnam, to name a few—has been key.

“In Vietnam, I could stay in a five-star hotel for as low as $55 Canadian per night. In Da Nang, you could get the freshest seafood available and a beer for $5 Canadian, or a banh mi sandwich for about $1 Canadian,” Nelson says. She’s even gotten a flower bath and one-hour massage for $60 Canadian in Bali. (FOMO-inducing, I know.) For more inspiration, check out four Canadian digital nomads who travel to, or live year-round in, affordable destinations like Panama, Costa Rica, Greece and more.

2. Use a travel credit card to save money and earn more travel points

Booking with a travel credit card can be a cheaper way to travel, since you may be able to get cheaper pricing on flights, hotels and rental cars through your credit card’s rewards program. With my co-branded CIBC Aeroplan Visa card, for example, I earn Aeroplan points on my purchases, and I can get preferred pricing on Air Canada flights. This means I can use fewer Aeroplan rewards points than the amount typically required to book flights.

Nelson adds that using a travel card can also help you avoid foreign transaction fees (typically around 2% to 3%) while you’re abroad, and earn more points to redeem towards hotels or flights for future trips.

Danica Nelson is pictured in Paris in front of the Eiffel Tower. Photo courtesy of Danica Nelson

3. Switch to carry-on luggage

Switching out your suitcase for a carry-on bag can help you save money and time at the airport. “Travelling with only a carry-on- has been a way that people have learned to save a lot of money by not having to pay for checked baggage fees,” Nelson says. She recommends investing in a small suitcase that fits the airline carry-on baggage size requirements and one personal item like a backpack, purse or tote bag. Check ahead of time whether your flight carrier charges for checked baggage, as in some cases, you could get a stowed suitcase for free with your ticket.

Personally, I’ve changed over to a small carry-on suitcase, and it’s saved me the hassle and cost of checked baggage. Some other hacks I use to save money on travel: I buy groceries for lunches and breakfasts. I also budget for dinners out ahead of time, and any other costs like coffees or treats here and there.

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Margaret Montgomery

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November 2, 2023
Apple focuses on payments services | Bank Automation News

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Apple increased revenue in its payment services in the second quarter ending April 1 as the tech giant focused on its savings account; buy-now, pay-later service; and payments software offerings. Apple tallied record Q2 revenue across its services, including App Store, Apple Music, iCloud and payment services, Chief Executive Tim Cook said during Apple’s Q2 […]

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Whitney McDonald

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May 5, 2023