1. Make your cash work for you more efficiently
You work hard and save money, but is your bank account doing its job? Transferring cash deposits into a high-interest savings account (HISA) can help maximize your savings. With a HISA, you can earn more interest than with a regular old savings account and still be able to withdraw your funds at any time. HISAs are also very flexible—you can access your funds at any time, just like a regular bank account.
If you’re looking for a high-interest savings account in Canada, the Simplii Financial HISA is an excellent choice. It has no monthly or transaction fees, and no minimum balance. In addition, Simplii offers a generous welcome offer: 3.90% interest for the first 5 months on eligible deposits. (Offer ends March 31, 2025.)
Sponsored
Simplii Financial High Interest Savings Account
Simplii’s HISA has no transaction fees or monthly fees, and no minimum balance requirements.
Welcome offer: Qualifying deposits earn 3.90% interest for the first 153 days. (Restrictions apply. Offer ends March 31, 2025.)
interest rate: 0.30% to 2.00% (depending on your balance)
2. Check and protect your credit score
Data breaches and identity fraud are common these days, so keeping an eye on your credit is a smart habit.
Canada has two credit reporting agencies, Transunion and Equifax, which collect our credit information and calculate our credit scores. When you apply for credit, such as a new credit card, car loan, or line of credit, a lender checks your credit score to see how reliable you are at repaying your debt. Landlords may also check your score to determine if you are a trustworthy tenant who can pay your rent on time.
Lenders aren’t the only ones who should check your credit score, and it’s a good idea to monitor your credit score and credit report at least once a year to look for errors and signs of identity theft or fraud. This may include inquiries from unknown companies, changes of address, and other suspicious details.
Did you know you can get a free credit score check in Canada? You can check on your own through a number of service providers and contact the credit bureaus directly. If you have concerns, you can add a new flag to your credit report with each credit bureau. This will add an extra layer of verification.
If you believe you have been a victim of identity theft, contact your local police immediately and report it to the Canadian Anti-Fraud Centre.
3. Talk to a financial advisor to see if you’re on the right track
It’s also a good idea to do a complete review of your financial health. Things change over time; your income, expenses, and goals may have changed since you created or completed a financial plan for yourself. If you’ve never organized your money through financial planning, now is a good time to start. Creating a roadmap for achieving your financial goals—whether it’s paying off debt, buying a home, or preparing for retirement—can give you peace of mind and help you get there faster.
