What is a Savings Account?

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A savings account is an account that financial institutions such as banks or credit unions offer people to help them save money over a period of time. Savings accounts usually include the following features: • They pay you interest on the money you save. • There is no set monthly fee. Instead, you pay a fee for every transaction you make. • They are a safe place to keep your money. The amount of interest you will earn on the money in your savings account will vary — depending on the financial institution, the type of savings account you have and the amount of money you keep in your account. • Some accounts do not require you to keep a minimum balance, and will pay you interest regardless of how much money you have in your account. Also, you earn interest on every dollar you save. • With some accounts, the interest rate may increase, once your savings go above a certain amount, for example, $1,000. • With some institutions, you must keep a minimum amount in your account — this is called

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A Savings Account is an interest bearing account with interest paid every six months.

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Basically a savings account is somewhere that you can store your savings. You’ll earn interest on the money you put into your account, so just by leaving the money in your account your savings will grow.

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Savings accounts are a safe place to keep money for short periods of time. You can open one at most banks, trust companies, and credit unions. There is no risk that you will lose money. Your money is protected through the Canada Deposit Insurance Corporation.

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