Canadians from coast to coast share common financial dreams, both large and small, whether it’s saving for a vacation, home renovations, or building a personal emergency fund. Having short-term savings goals are essential for financial planning and peace of mind, but actually saving for these goals can be a frustrating experience and often feel much harder to achieve than we’d like.
A recent Angus Reid study revealed that while 88 per cent* of Canadians surveyed are working toward at least one savings goal, nearly 40 per cent* feel uncertain about their ability to save. Even more troubling, fewer than one in five* feel confident, in control, or motivated about their savings.
So, why are so many struggling? The challenges aren’t just about making ends meet. While the unexpected emergencies, shifting priorities, and broader economic pressures play a huge role, your bank might also be part of the problem.
The study found that 70 per cent* of Canadians surveyed are frustrated with banks’ promotional interest rates, especially when those rates drop after the initial offer ends. And 57 per cent* feel that banks don’t offer fair or transparent savings options, leaving them feeling disillusioned.
So how can you work towards achieving your short-term financial goals with greater ease and more confidence? It’s time to modernize your approach to saving. Say goodbye to limitations, and hello to these saving strategies that will allow you to save your savings and reach your goals with confidence.
1. Look for a competitive everyday interest rate, with no catches: An everyday interest rate is a consistent, reliable rate that helps your savings grow over time without unexpected drops. A great option for an everyday interest rate is the PC Moneyâ„¢ Account because it has a high interest savings feature with an everyday interest rate of 3.5 per cent**, so you can consistently grow your savings without the fear of sudden promotional rate cuts.
2. Watch Out for Promotional Gimmicks: Promotional rates that sound too good to be true often are. While high interest rates might seem appealing, they often drop significantly once the promotional period ends, leaving you with less-than-ideal returns.
As an example, a 4.5 per cent rate on a $10,000 deposit would earn you around $37.50 a month. But once the promo ends after a few months and the rate drops to 0.30 per cent, your monthly earnings would shrink to just $2.50 - highlighting the significant drop-off.
3. Uncover added benefits with a loyalty program: A great savings account should not only help you grow your money, but also offer additional perks like loyalty programs. The PC Moneyâ„¢ Account offers PC Optimumâ„¢ points1 on everyday purchases, in addition to bonus points for banking activities such as payroll direct deposits and bill payments, potentially adding up to $700 annually in value2 while you save.
4. Find an account with no monthly fee, no minimum balance, and no time commitment: You might question why this is even important, but ensuring your account has these elements means you have more control of your funds. Having no minimum balance means you access the best rate, regardless of your account balance, while no monthly fee means you get to watch your savings grow without fees eating into your balance, and finally, no time commitments give you the freedom to access your funds anytime, with no restrictions. Ultimately, flexible, no monthly fee banking, without catches, helps you stay in control of your savings and access your funds when you need it the most.
Don’t let financial frustrations hold you back from reaching your savings goals. Take control of your financial future today with a few smart strategies, and watch your savings grow and your money work for you.
For more details or to sign up for a PC Moneyâ„¢ Account, please visit . Start saving smarter today.
