There are several to choose from—but what’s right for your situation? Short-term investments like bonds and guaranteed investment certificates (GICs) pay interest but may not give you the flexibility you need. Stocks and exchange-traded funds (ETFs) offer potentially high returns but also come with high risk. A simpler and more affordable solution is to use a high-interest savings account (HISA), such as Simplii Financial’s HISA.
Simplii is a Canadian digital bank with over 2 million customers. It offers 24/7 access to online and mobile banking with no monthly fees, as well as access to one of the largest national ATM networks through CIBC. With Simplii’s HISA, you can get high interest, and you don’t need to lock your money for a fixed period of time, like you would with a bond or GIC. And, you already know how to use it—HISA by Simplii works like a regular bank account.
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Simpli Financial High Interest Savings Account
Simplii’s HISA has no transaction fees or monthly fees, and no balance is required.
Welcome offer: Earn 6.00% interest on qualifying deposits for five months. (Limits apply. Offer ends Jan. 31, 2025.)
Interest rate: 0.35% to 3.75% (depending on your balance)
Are you planning to sell your home?
The real estate market has been slow, despite recent cuts in the Bank of Canada’s benchmark interest rate and new consumer-friendly changes to mortgage rules. But economists expect more cuts from the central bank before the end of the year. Considering all these factors, we can see a strong real estate market in the coming months, enticing many buyers and sellers to move back.
If you have been thinking about selling your property, now is a good time to prepare, and make a plan for what you will do with the money while you look for your next property or make other plans. Let’s look at what happens immediately after selling your home.
How are real estate agents paid?
Depending on the closing date, the proceeds from the sale of your home may take some time to reach your bank account. Your attorney will take on the tasks necessary to close the sale of your home, including releasing the mortgage and title, reviewing property tax information, making closing changes and preparing documents. However, when it comes to getting money from a buyer, it will pass through several hands before it reaches your bank.
Your attorney will first take out (refund) your mortgage, if you have any, and then pay any other costs, such as prepayment penalties or other fees. Next, your attorney will deduct his legal fees. Then, the realtors on both the buying and selling sides get their commissions, and the rest is yours.
Your solicitor will give you full details of how they have allocated the funds and what your net profit is. You will receive a certified check, bank draft or wire transfer for your proceeds on or after the closing date. Check with your attorney to find out the exact time.
If you don’t close on a new home right away, you can put the money in a high-interest savings account, where it will grow while you think about your next steps.
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