A savings account is a great place to save up for big purchases or start building up that emergency fund. They offer a lot of liquidity, making them ideal for short-term savings goals. You may not have a very high rate of return compared to other types of investment, but you have much more access to your money than an investment or other savings mechanisms. If you know you won’t need to spend the money in your savings in the short term, consider investing it instead. There are safe savings mechanisms such as high-interest savings accounts or GICs (Guaranteed Investment Certificates) that yield higher interest. Or, there are higher return, but higher risk investments such as mutual funds, ETFs (Exchange Traded Funds), cryptocurrency or stocks. Get tips from our investment experts