If you’re looking for a place to stash your cash to help it grow without the roller-coaster volatility of the stock market, your options are a high-interest savings account or a GIC. In Canada, we typically imagine the only banks available are “The Big 5” but truthfully Canadians have dozens of options — if they’re willing to go online. Many people are still wary of online banks even though more likely than not, they already do most of their banking online. Personally, the only thing that ever takes me to a physical bank branch is cashing US cheques, but I’ve since opened a US savings account so maybe that’ll be going by the wayside soon. In any case, a CDIC-insured online bank is as safe as a brick and mortar one, and they typically offer higher-paying products. If you’re wary of switching to an online bank, opening a savings account to […]
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