High Interest Savings Accounts
At Peoples Trust, you have two excellent options when it comes to choosing a High Interest Savings Account.
Both offer competitive interest rates, and are eligible for deposit insurance provided by the Canada Deposit Insurance Corporation (CDIC).
Three Differences between the TFSA and the e-Savings Accounts:
- All income earned within a TFSA is tax free whereas interest earned within an e-Savings account is taxable.
- A TFSA has a contribution limit, and re-contribution limits as well, whereas the e-Savings account has none.
- A TFSA is a registered account (with tax benefits) whereas an e-Savings account is an online savings account (with no contribution limits).