Topic: Personal finance 4 great reasons to set up automatic transfers
Choose your savings account
You need to have Desjardins everyday account before you can open a registered or non-registered savings account.
- With a non-registered account, earn interest and make unlimited deposits and withdrawals.
- With a registered account, earn interest and set money aside tax-free. Depending on what your goals and needs are, you can choose from a variety of registered savings plans. Note that you must open a registered plan before opening a savings account.
Non-registered savings account
Goal
Save for a big purchase or build an emergency fund
Interest rate
0.75%
Key features
- Easy access to your money
- Taxable returns
- Transfer between your Desjardins accounts and receive transfers from another financial institution
TFSA – Savings Account
Goal
Save for a big purchase or build an emergency fund
Interest rate
0.45%
Key features
- Easy access to your money
- Tax-sheltered savings
- Contributions are not tax deductible and withdrawals are tax-free
- Maximum contribution is limited to the individual's contribution room
Go to note 2 - Authorized transactions include deposits and withdrawals
FHSA – Savings Account
Goal
Save to buy your first home
Interest rate
2.50%
Key features
- Tax-sheltered savings
- Tax-deductible contributions and tax-free withdrawals to purchase a first home under certain conditions
- Maximum contribution is limited to the individual's contribution room
Go to note 2 - Authorized transactions include deposits and withdrawals
RRSP – Savings Account
Goal
Save for your retirement, buy a home (HBP) or go back to school (LLP)
Interest rate
0.75%
Key features
- Tax-sheltered savings
- Contributions are tax deductible and withdrawals are taxed
Go to note 3 - Maximum contribution is limited to the individual's contribution room
Go to note 2 - Authorized transactions include deposits and withdrawals
Go to note 4
Features
- No service fees
- No minimum balance required
- Interest earned monthly
- Account eligible for member dividends
Go to note 5 if your caisse or credit union distributes them - Option to set up automatic transfers to save at your own pace
- Deposits eligible for deposit insurance within set limits
- Account statement included in your everyday account statement
Tools to level up your savings
My savings goals
Create a savings project on AccèsD based on your situation and objective, like building an emergency fund or saving for a trip.
Savings calculator
Use the calculator to see how much you can save when you make regular deposits into your savings account.
Retirement calculator
Calculate and compare different scenarios to see if your retirement goal is realistic.
Advice to help you save
- Topic: Investment Surviving the unexpected: How to create an emergency fund
FAQ
What is a savings account?
A savings account helps you set money aside for a specific goal. Use it to grow your savings, build an emergency fund, plan for a trip or make a big purchase. There are no service fees for this account.
Registered vs non-registered savings accounts: What is the difference?
A registered savings account (TFSA, FHSA and RRSP) is registered with the government and offers numerous tax benefits. Depending on the plan you choose, you can invest tax-free or lower your taxable income. Certain conditions may apply, such as age or contribution limits.
A non-registered savings account has no tax benefits, meaning the investment income in them is taxed. You can make unlimited deposits and withdrawals. No conditions apply.
Open a savings account
By phone
1-800-224-7737 Phone number of customer service for Canada and the US. This link opens your phone app. (1 800 CAISSES)
We can also call you when it's convenient.
Even though your file indicates a limit, the system also takes into account the limit imposed by the destination country or territory and security limit determined by Desjardins.
Back to note reference Go to note [ 1 ]Make sure you have enough contribution room available before contributing to your TFSA, FHSA or RRSP. To find out your available contribution room, visit My Account at the Canada Revenue Agency (CRA) or contact the CRA.
Back to note reference Go to note [ 2 ]Excludes HBP and LLP withdrawals, under certain conditions.
Back to note reference Go to note [ 3 ]RRSP, HBP and LLP withdrawals are taxed.
Back to note reference Go to note [ 4 ]The payment of a member dividend is subject to certain conditions, such as the caisse's financial capacity and the vote by members on the distribution of surplus earnings.
Back to note reference Go to note [ 5 ]