Make Your Savings Account More than a Place to Keep Your Money Modest Money2 Comments

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Savings accounts are useful, in that you need to keep your money somewhere and you can’t just sew cash into your mattress. But while savings accounts have always kept your money safe, they haven’t paid much out lately. Most savings accounts provide you less than 0.5% interest, meaning that even if you kept your money in the bank for 50 years, it would grow so slowly during this time that it wouldn’t outpace inflation, leaving you poorer for having saved. I’m always going on about how important it is to have an emergency savings account. But how can I justify putting lots of money into a savings account when those funds are just losing buying power? Thinking about it this way, some people might think it’d be better to just invest and not “save” at all. But, then, investments are inherently riskyand you may not be able to access them quickly when you really need them. What is a saver to do?

Enter Scotiabank’s Momentum Savings Account. Scotiabank understands that if you are going to be saving up large amounts of money – money that you want to remain liquid in the case of an emergency or short-term savings – then you really need to see some meaningful returns for…

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