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The fact that Canadians continue to stash money in savings accounts paying next to nothing has to be heartening
The fact that Canadians continue to stash money in savings accounts paying next to nothing has to be heartening
(iStockphoto)

Canadians sticking to last year's save-more resolution

New Year's resolution to save more? You're not alone, and banks will thank you for it.

Low interest rates are not deterring saving in Canada, as bank deposits keep building up and offering cheap funding for lenders.

Through November, 2013, Bank of Canada figures show that personal deposits in Canadian chartered banks have risen by roughly $40-billion over the past 12 months to about $783-billion. That's an increase of better than 5 per cent.