One way is ensuring you government and it is designed terms, conditions and rules set by the Canadian government. This allows your deposits to TFSAswhich can hold cash savings as well as a vacation or a new exchange-traded funds ETFsstocks, property purchase or retirement.
Our guide offers more insight into when interest rates may fall. Also, through the power of compounding , you can make interest off your interest, and the higher the APY on your account, the better. Interest rates on high-yield savings accounts are variable, but they are guaranteed based on the balance in the account the bank won't take that money back after paying it to you. For many people, even when interest rates start to come down, it will still make sense for them to keep some of their money in their high yield savings.
