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). With deposit insurance, you can free yourself of worry with the knowledge that your money is backed up by a Federal Crown corporation whose mission is the stability of Canadian financial system.
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).