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Everything you need to know about high-interest savings accounts and GICs

In this episode of Business Matters, presented by Valley First, a division of First West Credit Union, host Rob Cupello is joined by Karl Reddick, a Wealth Advisor for Valley First in Kamloops.

The topics at hand today are high-interest savings accounts, GICs and interest rates.

With a high-interest savings account, you get a better interest rate compared to other savings accounts.

“That higher interest rate may come with some restrictions around the number of withdrawals you can do in a month without paying any service fees,” explains Reddick.

“But it’s going to be a better interest rate than a traditional savings account would be and you still have the complete flexibility to access the money.”

GICs (guaranteed investments certificates) offer a higher interest rate as well.

“GICs are investments where you’re parking it and giving up your access to it for a higher interest rate than a savings account would offer,” says Reddick.

To learn more about these accounts and why interest rates are skyrocketing, watch the full episode below.

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