3 financial goals to start the new year

You work hard and save money, but is your bank account doing its part? Moving your savings into a high-interest savings account (HISA) can help increase your savings. With a HISA, you can earn more interest than you could with a regular old savings account and have access to your funds anytime. A HISA is also very flexible—you can access your money anytime, just like using a regular bank account.

If you are looking for a high interest savings account in Canada, Simplii Financial HISA is a great option. It has no monthly fees or transaction fees and no minimum balance. Also, Simplii has a generous welcome offer: 3.90% interest on eligible deposits for the first five months. (Offer ends March 31, 2025.)

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Simpli Financial High Interest Savings Account

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Simplii’s HISA has no operating fees or monthly fees, and no minimum balance is required.

Welcome offer: Earn 3.90% interest on qualifying deposits for the first 153 days. (Limits apply. Offer ends March 31, 2025.)
Interest rate: 0.30% to 2.00% (depending on your balance)

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2. Check and protect your credit score

Data breaches and identity fraud are common these days, so keeping an eye on your credit is a smart practice.

Canada has two credit reporting agencies, Transunion and Equifax, that collect our credit information and calculate our credit scores. When you apply for credit, such as a new credit card, car loan or line of credit, lenders check your credit score to see how faithfully you pay your debts. Landlords may check your credit score to determine whether you are likely to be a reliable tenant who will pay rent on time.

Lenders aren’t the only ones who should check your score—it’s good practice to monitor your credit score and credit report at least once a year to look for errors and signs of identity theft or fraud. That may include inquiries from unknown companies, address changes and other suspicious information.

Did you know you can get a free credit check in Canada? You can check for yourself by using 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 authentication.

If you believe you are a victim of identity theft, contact your local police immediately and report it to the Canadian Anti-Fraud Center.

Doing a general check on your financial health is also a good idea. Things change over time; Your income, expenses and goals may have changed since you created your financial plan. And if you’ve never put your money in financial order, now is a good time to start. Having a road map to reach your financial goals—whether it’s paying off debt, buying a home or getting ready for retirement—can give you peace of mind and help you get there faster.