Compare rates the right way
Focus on the ongoing APY (not just promos), compounding frequency, and minimum balance rules.
Confirm accessibility
- Free ACH transfers in/out
- Reasonable transfer limits & timelines
- No monthly fees or sneaky maintenance charges
Open the account (typical steps)
- Gather ID + SIN/SSN (or equivalent) and address.
- Complete the online application.
- Link your main bank via micro-deposits or instant verification.
- Fund and set nicknames/alerts.
Set your savings system
Automate weekly or payday transfers and separate buckets (emergency, taxes, travel).
Keep your APY competitive
Rates change—review quarterly and switch if your APY lags.
Frequently Asked Questions
Is my money locked?
No—HYSAs are liquid, unlike GICs/CDs.
Will opening affect credit?
Usually a soft pull; impact is minimal to none.