Planning holiday spending and gift giving? Here’s how to improve your budget
In addition, three of the busiest shopping days of the year are coming up: Black Friday, Cyber Monday and Boxing Day. In the meantime, whether you’re waiting for the lowest prices on big-ticket items or you’re preparing to give a big holiday gift, putting your cash into a high-interest savings account (HISA) can help those funds grow until you’re ready to use them.
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Simplii Financial High Interest Savings Account
Simplii’s HISA has no transaction fees or monthly fees, and no balance is required.
Welcome offer: Earn 4.60% interest on eligible deposits for the first 153 days. (Limits apply. Offer ends Feb. 28, 2025.)
Interest rate: 0.35% to 3.75% (depending on your balance)
Where to save money for gifts this holiday season
Using a HISA is an easy way to increase your cash savings. Moving your money from a regular savings account to a high-interest savings account will earn you more interest. It’s like getting a bonus while you wait.
HISAs also provide easy access and flexibility that fixed-term options such as guaranteed investment certificates (GICs) and bonds do not, making a HISA an excellent place to store savings that you may need to access soon. (Learn more about comparing HISAs, bonds and GICs.) Simplii Financial’s High Interest Savings Account offers a flexible way to earn interest on your money. The account has no operating fees or monthly fees, and no minimum balance is required. You’ll be able to easily access your account through Simplii’s online and mobile platforms, as well as one of the largest national ATM networks in Canada through CIBC. Plus, your savings are protected by the Canada Deposit Insurance Corporation (CDIC), subject to maximum payout limits.
For a limited time, earn bonus interest on your savings
This will put you in the holiday spirit: Simplii Financial has a promotional HISA interest rate of 4.60% on qualifying deposits of up to $1 million for the first 153 days. (Promotion ends Feb. 28, 2025.) If you’re thinking of making a significant cash gift to family or friends, this extra interest can be a meaningful upgrade—whether you pass it on or keep it as a bonus. How is interest calculated on your HISA? Interest is calculated by multiplying the daily interest rate (based on the applicable annual rate) by the daily closing balance of your account and is paid into your account monthly. Prices are subject to change without notice. Visit the Simplii Financial website for current rates.
HISA is not just for holidays
While it can be a powerful tool to boost your holiday budget, a HISA is also a great place to park money whenever you want to keep cash accessible while earning a higher rate than a traditional savings account. For example, if you’ve just downsized your home and are looking at your next real estate move, or are saving for a new car or dream vacation, a HISA gives you the flexibility and power to grow as you plan.
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This article is sponsored.
These are paid informational posts but may include a client’s product or service. This post is written, edited and produced by MoneySense and freelancers.
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