A Registered Retirement Savings Plan (RRSP) is a saving and investing account explicitly purposed to help make retirement planning and saving easier for Canadians of all ages and financial backgrounds.
Not only do RRSPs grant tax benefits, they also provide Canadians with immense flexibility when it comes to saving and investing their money. That said, it’s never too early (or late) to start thinking about retirement.
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This account is a winner of the Personal Finance Awards in the Top Savings Account product category. Learn more about our yearly Personal Finance Awards here.
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Alberta Treasury Branches, doing business as ATB Financial, is an alternative to chartered banking institutions. As a crown corporation and financial institution, ATB Financial currently operates only in Alberta. In Alberta, ATB Financial has more than 170 branches in addition to 135 agencies. ATB Financial offers banking services to individual clients and businesses in Alberta.
The ATB Financial Springboard Savings Account has a tiered interest rate. Although there’s no minimum deposit for this savings account, the interest rate you’ll earn increases for balances of $5,000 or more. The interest rate for balances of $5,000 or more is competitive when compared to the rates offered by Canada’s major banks. If you make transactions through this account, you’ll need to pay fees after your first free withdrawal or transfer. The ATB Financial Springboard Savings Account is provincially insured.
While the ATB Financial Generation Account has a lower interest rate than the ATB Financial Springboard Savings Account, the Financial Generation Account is designed for clients under the age of 19. This account features no monthly fee. Also, transactions and internal transfers between other ATB Financial accounts under the same client are free. Charges on e-transfers will apply.
ATB Financial offers a range of personal banking services, including savings and chequing accounts, credit cards, and investment options. ATB Financial offers a variety of investment products such as GICs and mutual funds, as well as a variety of tax-sheltered accounts including registered retirement savings plans, registered retirement income funds, registered education savings plans, and tax-free savings accounts.
If you’re looking for an alternative to traditional banking, ATB Financial may have the savings accounts that suit your needs. However, ATB Financial currently only provides its personal banking services for those located in Alberta. To continue your search for the right savings account, you can use our savings account comparison tool to compare savings accounts from banks and financial institutions across Canada.