What would you do if you had more money saved? It’s a simple question, but your mind probably takes off in so many different directions at the thought of it.

Maybe you’d tackle your home improvement projects or book a flight for the once-in-a-lifetime trip you've dreamed of. Perhaps you’d even change someone’s life with a gift that means the world to them. Whatever it is that having more savings would allow you to do, it matters a lot to you.

Let’s introduce you to a high interest savings account—or HISA for short. Here are all the benefits of having a HISA, and how it can give you the boost you need to reach your goals.

Why choose a high interest savings account?

You may have guessed from the name that a HISA pays a higher interest rate than other everyday account options. HISA interest rates depend on market conditions, promotions, and other factors.

This might not sound like much, but those differences in interest add up as your savings compound. To put it in perspective, your run-of-the-mill chequing and savings accounts pay little to no interest on your contributions.

Let’s take a look at two different scenarios where a sum of $10,000 earns interest over the course of a year. In one scenario, the account earned just a dollar. In the other? Just over $200.

Even a difference of 2.00% adds up after only a year. The more you add to your HISA, the more interest you’ll earn back.

The benefits don’t stop there; let’s go deeper into what a HISA allows you to do with your savings.

1. You get more out of your money

Everyone wants to save more wherever they can. Now, imagine saving more and not having to think about it. One of the best features of a HISA is that it earns higher interest on each dollar you save and doesn’t ask for any extra effort on your part.

HISAs allow you to save for your future without having to put your life on pause. Your savings will grow at a faster rate just carrying a balance in your account. (Not bad, right?)

Another plus: Many HISAs don’t have a monthly fee and include some free transactions each month. That means more money back in your pocket, where it should be. Not to mention, holding onto more of your savings is a great perk when it means you can access them anytime.

2. You always have access to your money

Next, a HISA is an all-around simple, safe, and straight-forward saving option. Setting one up couldn’t be easier, either. It only takes a few minutes to open one online, especially if you’re already a member where you want to open it.

Market downturns won’t put your HISA savings at risk the same way other investments can. Everything you add to your HISA stays in your account, and only grows with interest.

Here’s another bonus: You can save for long-term goals with a HISA if you want to, but your savings are also easily accessible whenever you need them. Whether you need it for a last-minute birthday gift for your friend, a leaky roof, or an unexpected vet visit, your HISA has you covered.

This kind of flexibility makes it a great option, as opposed to other investments that tie up your savings with fixed terms. Saving for short-term goals faster with a HISA means you can leave your bigger investments alone and get one step closer to achieving your dreams.

3. You reach your goals faster

Finally, you've worked hard to secure your financial future, and your bank account should return the favour. If you've been a one-account-fits-all type of saver, it’s time to consider how different options can help you save smarter.

As the saying goes, ‘seeing is believing’—and that’s especially true with savings accounts. You can easily get into the saving mindset by renaming your account, so you can remind yourself what you’re saving for.

It could be a more practical goal, like “Property Tax Savings” or “Basement Renovation”. Or it could be something just for fun, like “Christmas in Vienna”. Whatever it is, having a constant reminder of your goals can help you stay motivated.

Quick tip: We know how time-consuming it is to remember all the places you need to transfer money. Instead, setting up automatic transfers to go into your HISA, like $50 each payday, can make it easier. It’s one less thing to worry about, and one more reason a HISA is worth considering.

The bottom line about HISAs

A high interest savings account pays you higher interest on your hard-earned savings than chequing accounts do, while also giving you the flexibility to access your funds when needed. All you need to do is deposit your money, sit back, and watch it grow.

When you’re equipped with powerful saving tools, and a financial roadmap that’s one step ahead, you’re well on your way to realizing your goals faster.

We’re here to help—connect with a financial advisor to start your savings plan.