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Canadian investors hold cash in their portfolios for several reasons: It’s a safe way to cushion against market volatility. It provides easy access to funds in case of an emergency or unexpected expense. And it means you’ll have liquid assets in case of a market downturn—or the arrival of a compelling investment opportunity.

Until now, though, options for holding and growing cash in Canada have been limited to high-interest savings accounts (HISAs), guaranteed investment certificates (GICs) and money market funds (MMFs). So, the arrival of an accessible notice savings account (NSA) is great news for those seeking an alternative.

Read on to learn all about EQ Bank’s brand-new Notice Savings Account, which offers 3.00% or 3.05% interest, depending on which option you choose. See why it’s a great option for short-term and medium-term savings goals. 

sponsoredEQ Bank Notice Savings Accountgo to site

Monthly fee: $0

Interest rates: 3.00% for 10-day notice, 3.05% for 30-day notice…

So, you’re in your 30s and pretty happy about what you’ve achieved in life so far, whether that’s a promotion at work or owning your first home. But at this stage of life, you might also feel financially pinched. Maybe you’ve got a kid or two and are staring down serious daycare fees—on top of the ever-increasing cost of living, a daunting mortgage rate and student loan payments. Or maybe you’re stuck in a rut at work—but a career change could set back your savings and retirement plan contributions.

All the while, you’ve got a serious case of FOMO every time you check social media—all those friends who are jetting off on lavish vacations, buying new cars and splurging on cottages. How are ordinary Canadians actually doing this? And how can you get ahead and save more?

What’s the average savings for Canadians in their 30s? How much should they have saved?

A lot of Canadians are managing to save, despite the above financial challenges and obligations. According to Statistics Canada’s 2019 figures (the most recent available), the average person under age 35 had saved $9,905 towards retirement (RRSPs only) and held $27,425 in non-pension financial assets…

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Are you saving up to buy your first home? The Home Buyers’ Plan (HBP) can help you get there. This government program enables first-time buyers to borrow money from their registered retirement savings plan (RRSP) to purchase or build a property.

Earlier this year, the HBP got a significant makeover. Here’s what’s new about the HBP, plus how you can use it together with other savings tools: a first home savings account (FHSA), a tax-free savings account (TFSA) and—recently introduced in Canada—EQ Bank’s Notice Savings Account. Read on for more details.

How has the Home Buyers’ Plan changed?

Home buyers should know about two major changes to the HBP. First, you can take out more money from your RRSP to buy or build a home—the maximum withdrawal amount has increased from $35,000 to $60,000, as of mid-April 2024. Couples can withdraw up to $120,000.

Second, you have more time to pay back your RRSP. As a temporary relief measure, home buyers who make an HBP withdrawal between Jan…

With the high cost of living taking a big bite out of Canadians’ disposable income, it can seem challenging to put away any savings. But the right financial tools—such as a high-interest savings account (HISA) and tax-sheltered registered accounts—can help you keep working toward your financial goals and even grow your money, whatever stage of life you’re in.

Average savings by age in Canada 

Canadians aren’t doing too badly when it comes to average savings, socking away funds both inside and outside of registered retirement savings plans (RRSPs). According to Statistics Canada data from 2019 (the most recent information available), we’ve saved this much on average, not including private pensions and non-financial assets like real estate:

Under age 35: $27,425 in non-pension financial assets and $9,905 in RRSPs

Ages 35 to 44: $23,743 in non-pension financial assets and $15,993 in RRSPs

Ages 45 to 54: $39,831 in non-pension financial assets and $41,998 in RRSPs

That was a few years ago…