Most people use a savings account of some kind throughout their lives. It may be a good choice for you if:
- You have some money that you don't need for bills or spending right away. You need a place to keep it for awhile, either until you need it for spending, or while you think about how to invest it.
- You want to have some money that is quick and easy to get, in case an emergency comes along. A savings account is a good place to put your money for a short time.
Remember: A savings account is for money you may need quickly
It is not a place where you want to leave a lot of money for a long period of time. If you don?t need the money during the next few months, there are some other options that will give you a higher return.
Content in this section is provided in partnership with the Investor Education Fund, a non-profit organization promoting financial literacy to Canadians. To find out more go to GetSmarterAboutMoney.ca.