High Interest Savings accounts are a great way to have someplace to stash your money so it can be readily accessible. These days, their rates are pretty much the same as GIC’s so might as well keep them here to avoid a penalty if you withdraw a GIC too early.
Some people keep loads of money in their chequing account or “savings” account at the bank so they feel good when they withdraw money from the ATM and it tells you your large balance. The savings accounts at the bank offers what, 0.3%?? AND they make you have a minimum balance and ‘ding’ you for using too many transactions. These are not savings accounts. You want a real one that gives you some substance.
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