Top High Yield Accounts for Short Term Savings Goals

For short-term savings goals, look for an account that earns a competitive interest rate and keeps your money accessible.

KOHO High Interest Savings is one option for Canadians who want to earn interest while saving for goals such as a vacation, emergency fund or upcoming purchase.

KOHO High Interest Savings

It is a prepaid Mastercard, so you spend your own money while still earning high interest.

With KOHO High Interest Savings, you can:

• Grow your savings up to 3.5% interest

• Earn a 2% cash back rate on groceries, eating, drinking, and transportation and 0.5% cash back on everything else

• Unlimited transactions and free e-transfers

• No minimum balance required, ever

Why Use a High-Yield Account for Short-Term Savings?

Short-term savings should usually be easy to access. You may need the money within the next few months or years.

A high interest savings option lets your money earn interest while you work toward your goal. You also avoid exposing short-term savings to the ups and downs of the investment market.

What Short-Term Goals Can You Save For?

You could use a high-interest savings account for:

• An emergency fund

• A vacation

• A wedding

• A new car

• Home renovations

• A large purchase

• An upcoming move

Keeping this money separate from your everyday spending can also make it easier to track your progress.

What Should You Look for in a Short-Term Savings Account?

Start with the interest rate. Then look at how easily you can access your money.

Also check for minimum balance requirements, transaction limits and account fees. These can reduce the value of the interest you earn.

For short-term goals, the best account is one that helps your money grow without making it difficult to access when you need it.