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Whether saving for a short or long term goal, or building up an emergency fund, aim to contribute 10 per cent of total gross income into a high-interest savings account to boost your savings potential.
“Canadians should be mindful of their spending and savings habits and make use of high-interest savings vehicles to boost their savings funds,” said Christine Canning, Senior Manager Everyday Banking, BMO Bank of Montreal. “Starting early, even with small, regular amounts, can greatly contribute to your savings in the long run.”
For instance, based on an annual household income of $70,000, transferring 10 per cent of each pay cheque into a higher interest savings account could add up to total savings of $7,000 + interest each year.
Ms. Canning added that BMO offers the BMO Smart Saver Account, a high-interest savings account that allows for unlimited deposits and transfers into the account, one free self-serve debit transfer each month via online, ABM or phone, and free access to BMO MoneyLogic - an online personal financial management tool to help track everyday expenses.