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SAVINGS ADVICE

Save on autopilot.

With our automatic savings options, setting aside even a small amount regularly is an efficient and effortless way to build your wealth. Check out our tips to find out how.

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4 benefits of saving regularly.

Create a habit of saving.

By setting up automatic savings, you create the routine of putting money aside. It's easy to work into your budget and you can build up funds by saving a small amount regularly.

Set it and forget it.

With automatic savings, you’ll have one less thing to worry about. Because it’s taken care of, you can focus on other things in life and still reach your financial goals.

Save your way.

You’re in complete control of how much you want to save, where you want to invest it based on your short- or long-term goals, how often and for how long. It doesn’t get more flexible than that.

Grow your savings.

You’re not just saving, you’re investing too. Choose from a wide range of mutual funds or a High Interest Savings Account (HISA) to suit your needs. Either way, your funds can benefit from attractive returns.

Our automatic savings solutions.

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MUTUAL FUNDS

Why choose the Investment Plan

Reach your savings goals sooner with the flexibility of mutual funds.1 With a wide range of funds to choose from, our advisors can help you choose the portfolio that’s right for you.

Pre-authorized withdrawals are debited from your account and automatically invested in your mutual fund portfolio. You specify how much and how often you want to save.

How it works:2

  • Contribute weekly, bi-weekly, semi-monthly or monthly

  • Minimum investment: $25/week or $50/month

  • Eligible for registered plans such as RRSP and TFSA. The income earned is tax-sheltered.

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HIGH INTEREST SAVINGS ACCOUNT (HISA)

Earn interest on every dollar

Grow your money risk-free with no management fees. Plus, with regular automatic transfers to the HISA, saving doesn’t get any easier than this.

How it works:

  • Earn a competitive interest rate.3

  • No minimum balance. Earn interest on every dollar.

  • Set up automatic transfers from your chequing account or transfer funds with Interac e-Transfer®.

  • Withdraw money anytime, it’s always available.4

  • Simple interest is calculated on the daily minimum balance and is paid monthly.

  • Eligible for deposit insurance from the Canada Deposit Insurance Corporation (CDIC).

More ways to save.

Security Plan

An easy way to save for:

  • Medium-term projects

  • Building an emergency fund

  • 5-year investment period

How it works:

  • Contribute weekly or monthly

  • Minimum investment: $25/week or $100/month

  • Earn a small return on investment

  • Fees apply if you withdraw funds, suspend payments or cancel the plan early.

Budget Plan

Be prepared with some extra cash on hand for:

  • Short-term projects

  • Unexpected expenses

  • 1-year investment period

How it works:

  • Contribute weekly or monthly

  • Minimum investment: $10/week or $50/month

  • Fees apply if you withdraw funds or suspend payments.

Are these plans right for me?

The Security Plan or Budget Plan may be right for you if:

  • You want to save easily and efficiently

  • You’re looking to develop good savings habits

These plans may not be suited for you if:

  • You find it easy to save on your own

Compare automatic savings every 2 weeks with saving once a year.

Note: This chart represents a fictitious example based on an investment in mutual funds at a 5% rate of return.

Investment returns by decade.

Investment amount

10 years

20 years

30 years

$1,300 once per year

10 years

$16,351

20 years

$42,986

30 years

$86,371

$50 every two weeks totalling $1,300

10 years

$16,955

20 years

$45,234

30 years

$92,395

Difference in return

10 years

$604

20 years

$2,248

30 years

$6,024

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MY ADVICE

Investment Series - Have any goals? Think about saving on an ongoing basis.

See the positive impact of periodic savings on your nest egg.

2-minute read

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Tax-Free Savings Account.

Whether you’re saving for a project, a big trip or want to boost your retirement savings, a Tax-Free Savings Account (TFSA) can help you get there.