There is a difference, a big one between SAVING & INVESTING!

Savings would be accounts in financial institutions normally called banks or credit unions.

Investing comes in many forms with more risk but with more possible growth.


Savings may be used for an EMERGENCY FUND Dave Ramsey-style …. the immediate saving of $1000 however you can do it for emergencies that occur so that you will NOT have to use CREDIT!

Savings may also be for future purchases and trips.

And of course there are many other kinds of savings.

In Canada, all banks and credit unions offer savings accounts.

However for some of the so-called savings accounts, a better name would be LOSING ACCOUNTS. For several years many of these accounts have been well below 1% in interest. Does that keep up with the rate of inflation? Does it keep pace with your expenses and grocery bill? Of course, YOU could be SPENDING TOO MUCH!

But barring that, I recommend savings in what we call HIGH INTEREST SAVINGS ACCOUNTS.

Over time, these change. However right after I list these one or more of them can change in either direction, lower or higher! :”)

Savings Accounts

My favorite high interest savings accounts are found in Achieva bank and Meridian Credit Union. Achieva Bank is an online bank that can deal with Canadians right across the country. It is run by Cambrian Credit Union in Manitoba. You see, credit unions are provincially chartered. Their charter states that they can only deal with people who live or work in their area or province.

Banks are federally chartered and can deal with the whole country and in some cases, the whole world!



Achieva has a reward system going that can give you a free $25 and can give me a free $25 for referring you to their plan. If you open an account and and deposit $250 or more and mention my
“petal” number, YOU WILL GET $25 and I WILL GET $25! 
Use Your Referral Petal to Earn $100! Share your Referral Petal with your friends and family and earn up to $100! Every time someone opens an Achieva Daily Interest Savings Account with $250 or more and uses your Referral Petal, you’ll both receive $25.

My referral petal is at the left V336405388

Their current High Interest Savings Account makes 1.70% interest compounded. That can change at any time with Bank of Canada rates and other factors. But Achieva has always been in the top 1 or 2 banks to have the highest interest rates available in Canada. (As of January 2017). I like Achieva because of the higher rate but also because it is harder to spend because there are a few more steps to withdraw money which will give you a chance to re-think whether you actually need that money or not right now! 🙂

Meridian Credit Union has a Online High Interest Savings Account giving 1.50%. I have money in both places. 

Hopefully you will be smart enough to start depositing some money in High Interest Savings Account somewhere!

That is savings but not really investing. Investing allows for some very high percentage growth but in some cases very low returns on your money.

If the above are not investing then What is Investing?
Investing allows for more growth than 1.5 or 1.7% but it also allows in bad times to temporarily less growth even than a savings account!

A TFSA (Tax-Free Savings Account can be called an investment because you can put a high interest savings account, ETF or Index Funds, Stocks, Bonds, Mutual Funds or any other form of money which allows for growth and also possibly loss. 

The biggest thing NOT TO DO is if your money loses value, suddenly go and take it out! Every time a financial crisis has occurred, investments have bounced back in a few weeks or months, usually to even higher levels than before. If you suddenly take it out when it has already lost value, then you are locking in the losses. The money you took out can never bounce back because it is NOT invested any more!