Trying to decide which savings option will work best for your saving goals? The choice depends on your overall financial plan. If you’re looking for a flexible solution that will allow you to access your funds, a Regular Savings Account or Tax-Free Savings Account (TFSA) may be the right choice.
Our Regular Savings account offers some of the highest interest rates in Manitoba, right from dollar one. With no minimum monthly balance required, and tiered rates starting at $100,000, a Regular Savings account combines convenience and great rates to offer a flexible savings option for all your savings needs.
TFSAs were launched in 2009 as a new savings option for Canadians. Like their counterpart, the RRSP, a TFSA is great for retirement saving and growing your wealth through smart investing. All investment growth within a TFSA is tax free, regardless of when or how much you withdraw.
You don’t have to choose between TFSAs and Regular Savings! Consider contributing to your TFSA first, until you reach your annual contribution limit ($5,500 for 2018). Then, any additional savings can be directed to your Regular Savings account. This combination takes full advantage of the TFSA’s tax benefits while still offering you flexibility to opt into other savings options like an RRSP or term deposit whenever you wish.
Whether you choose TFSA or Regular Savings, or both, a great way to make saving even easier is to automate deposits. Pre-authorized debits from your chequing account to a savings account work because you are committing yourself to saving in advance, transferring money before you even have a chance to spend it. Planning ahead means you don’t have to think about it.
Pre-authorized debits only take a few minutes to set up. Choose how much to save and how often, and let us take care of the rest. Get started today from the comfort of your own home with SCU Direct, or call us at 1.800.728.6440.