Looking for a place to put your money for a short time? Try one of these choices:
- Chequing account
- Savings account
- High-interest savings account
- Guaranteed Investment Certificate (GIC)
- Canada Savings Bond (CSB)
Tip: All of these products have fairly low interest rates but they're low risk. This means you know what you'll make and you are not likely to lose money. Make sure you shop around for the best interest rate you can get. The difference between 0.25% and 0.50% may not look like much, but it adds up over time. You can use the Internet to compare interest rates. Or, you can sometimes find this information in your local newspaper.
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.