What is a tiered investment savings account in Canada?
A tiered investment savings account (TISA) in Canada is a type of savings account that offers different interest rates based on the balance tiers within the account. The primary benefit of a TISA is that it rewards higher account balances with higher interest rates, making it an attractive option for those looking to maximize their interest earnings as their savings grow.
You can also place free funds on a savings account.
Calculate your future income on a savings account (example):
| Amount, $ | Rate, % | Accrued %, $ |
| 25,000 | 3.20% | 800 |
| 25,000 | 3.30% | 825 |
| 25,000 | 3.40% | 850 |
| 60,000 | 3.70% | 2,220 |
| 60,000 | 3.80% | 2,280 |
| 60,000 | 3.90% | 2,340 |
| 140,000 | 4.20% | 5,880 |
| 140,000 | 4.30% | 6,020 |
| 140,000 | 4.40% | 6,160 |
| 340,000 | 4.70% | 15,980 |
| 340,000 | 4.80% | 16,320 |
| 340,000 | 4.90% | 16,660 |
What are savings builder accounts?
Savings Builder account is a type of savings account designed to encourage regular saving habits by offering higher interest rates or other incentives for consistent deposits. These accounts typically reward account holders who make regular contributions and maintain or grow their balance each month.
Savings Builder accounts often offer higher interest rates compared to standard savings accounts. The enhanced rates are typically conditional upon meeting specific criteria, such as making regular monthly deposits or maintaining a minimum balance.
To qualify for the higher interest rate, account holders usually need to make regular monthly deposits. The required deposit amount varies by institution but is often around $100 or more per month.
Some accounts may require the account balance to grow each month or maintain a minimum monthly balance to earn the higher interest rate. This encourages continuous saving and reduces withdrawals.
Many Savings Builder accounts have no monthly maintenance fees, making them cost-effective for savers who meet the deposit requirements.
You can also see the similar FAQ about Canadian banks at the link:
- B2B bank complaints
- BMO Aggregate Bond Index ETF
- BMO Canadian Equity ETF fund
- BMO Canadian Equity fund
- BMO Canadian dividend ETF
Details of companies offering the financial services:
Bank Of Montreal
Head office’s address: 119, rue Saint-Jacques Montreal, Quebec H2Y 1L6
Contact center: 877-225-5266
Phone: 416-867-5000
Web-site: http://www.bmo.com/main/personal
Swift code: BOFMCAM2
Stock code: BMO
BSB: 001
Manulife Bank of Canada
Head office’s address: 500 King Street North Waterloo
Phone: 877-765-2265
Mail address: Manulife Bank of Canada 500 King Street North Suite 500-MA P.O. Box 1602 STN Waterloo Waterloo, ON N2J 4C6
Web-site: http://www.manulifebank.ca/
Swift code: MCBTCA2W
BSB: 540
RBC Royal Bank
Head office’s address: 200 Bay St, 9th Floor South Tower, Toronto
Contact center: 800-769-2511
Web-site: http://www.rbc.com/canada.html
Swift code: ROYCCAT2
Stock code: RY
BSB: 003
TD Bank
Head office’s address: Toronto-Dominion Centre, Po Box 1 Stn Toronto Dom, Toronto
Contact center: 866-222-3456
Web-site: https://www.td.com/about-tdbfg/our-business/index.jsp
Swift code: TDOMCATTTOR
Stock code: TD
BSB: 004