These days, interest rates are still holding at a low and any of the financial articles you read do not speculate rates increasing anytime soon. This is good news if you are needing to borrow money for a home or a car, but not if you are wanting to invest.
Today we are not talking about investing for retirement, but just simply putting money away in a savings account for a rainy day fund. This can be disheartening when you look at your statement and realize that you haven’t earned any interest on your savings. Interest rates may be low, but something is better than nothing.
This is a good time for people to step outside their comfort zone and look into the different options out there. Traditional banks aren’t the only game in town anymore. There are other options out there and it is time to start comparing interest rates.
Online banks are offering better rates than traditional banks with better perks such as no minimum balance and lower fees. Online banks are CDIC insured the same as traditional banks and offer the same security features.
- CDIC Insured
- Higher Interest Rates
- Lower Fees
- Deposit Options
- Same Security