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Start the year off right with these three financial goals: grow your savings, protect your credit, and plan for the future with expert advice.
Over the holidays, many Canadians made new year’s resolutions related to their career, health and family. If you haven’t added any financial goals to your list, now is the perfect time. Let’s look at three things you can do that could significantly impact your financial well-being this year—and beyond.
You work hard and save money, but is your bank account doing its part? Moving your cash deposits to a high-interest savings account (HISA) can help maximize your savings. With a HISA, you can earn more interest than you would with a regular old savings account and still access your funds anytime. A HISA is also very flexible—you can access your money anytime, just like using a regular bank account.
If you’re looking for a high-interest savings account in Canada, the Simplii Financial HISA is an excellent option. It has no monthly fees or transaction fees and no minimum balance. Plus, Simplii has a generous welcome offer: 3.90% interest on eligible deposits for the first five months. (Offer ends March 31, 2025.)
Simplii’s HISA has no transaction fees or monthly fees, and no required minimum balance.
Welcome offer: Earn 3.90% interest on eligible deposits for the first 153 days. (Limits apply. Offer ends March 31, 2025.)
Interest rate: 0.30% to 2.00% (depending on your balance)
Data breaches and identity fraud are common these days, so keeping an eye on your credit is a wise habit.
Canada has two credit reporting agencies, Transunion and Equifax, which collect our credit information and calculate our credit score. When you apply for credit, such as a new credit card, a car loan or a line of credit, lenders check your credit score to see how reliably you repay your debts. Landlords may also check your score to determine whether you’d likely be a trustworthy tenant who would pay rent on time.
Lenders aren’t the only ones who should check your score—it’s a good practice to monitor your credit score and credit report at least once a year to look for mistakes and signs of identity theft or fraud. That could include inquiries from unknown companies, address changes and other suspicious details.
Did you know you can get a free credit score check in Canada? You can check it yourself through several service providers and by contacting the credit bureaus directly. If you have concerns, you can add a flag to your credit report with each credit agency. This will add an extra layer of verification.
If you believe you’re a victim of identity theft, immediately contact your local police and report it to the Canadian Anti-Fraud Centre.
Conducting an overall check on your financial health is also a good idea. Things change over time; your income, expenses and goals may have evolved since you created a financial plan for yourself or had one done. And if you’ve never put your money in order with financial planning, now’s a great time to start. Having a road map to reach your financial goals—whether it’s repaying debt, buying a home or getting ready for retirement—can provide peace of mind and help you get there faster.
The new year is a great time to connect with a financial advisor (also called a financial planner) to help ensure you’re on track. Don’t know where to begin? Look for a Certified Financial Planner (CFP) in Canada. (MoneySense’s Find a Qualified Advisor tool can help you get started.) A CFP can help you do a full financial review, assess your insurance needs, minimize your taxes, plan for retirement and more.
You can work with a financial advisor once or on an ongoing basis. Canada has various types of advisors, with different qualifications and fee structures. It’s a good idea to meet with a few advisors to find one who fits your needs.
When you interview potential advisors, ask how they earn their income. It’s not a personal question. Some are “fee-only planners” or “advice-only planners,” meaning they don’t earn commissions from selling products. Others charge a percentage of your assets under management. Ask whether the advisor offers only financial planning advice or full-service planning and investment management. Also check their credentials and designations, and confirm they are in good standing with their accrediting body.
Taking care of your financial health should not be overlooked when setting goals for the new year. Following these three steps, you can grow your savings with a Simplii Financial High Interest Savings Account, safeguard your credit score, and get help with a plan to build a strong financial future.
This is a paid post that is informative but also may feature a client’s product or service. These posts are written, edited and produced by MoneySense with assigned freelancers.
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