3.2 Savings vehicles

In this section:

• 3.2.1 Savings accounts
• 3.2.2 Term deposits and guaranteed investment certificates
• 3.2.3 Government savings bonds
• 3.2.4 Registered savings plans
• 3.2.5 Video: Saving with registered plans
• 3.2.6 What's the best choice?
• 3.2.7 Summary of key messages

Introduction

Registered Retirement Savings Plan (RRSP)? Guaranteed Investment Certificate (GIC)? Government bonds? Investment fund? Plain old bank deposit? Piggy bank? You know you can save at least a little every month. What should you do with your savings to keep them safe and get the best return? There are many options, and often it's not clear which is best for you.

In this section, you will learn:

• the main ways that people use to keep their savings secure
• how to choose the savings vehicle that is best for you
• how to get the best return on your savings.

A savings vehicle is just a way to hold your savings. A savings vehicle can be as simple as a savings account at your financial institution. It can be a term deposit or a bond, or it can be a sophisticated investment. There are many to choose from, each with different features that make them more or less suitable for your needs.

For more information about earning money with your savings, see the Investing module.