Make your money work harder

Banking basics

There are effective ways to make your money work harder for you without you spending a lot of time managing it.

These fundamental strategies aren't difficult, don’t require budgeting or complicated schemes, and will work regardless of your level of income.

Use cost-saving automatic and electronic banking systems

  • Paying yourself first through pre-authorized contributions to make saving easy to do
  • Making use of online bill payments
  • Have your income deposited automatically through payroll deposit

Be sure of your borrowing products

You should use the right borrowing solutions to tackle your specific borrowing needs.

There are several low-cost ways to borrow, and choosing the right solution for each borrowing need can lower your borrowing and credit costs.

Know yourself

Make sure you know what kind of investor you are and what goals you have before you begin making investment choices. You can find out what your investor profile is with the Scotia Investment Selector.


Generally, the best strategy to follow is to make sure your investments are diversified. A diversified investment portfolio should consider a combination of cash, fixed income and equities. Diversifying your investments can lower your exposure to investment risk and can add the essential balance you should have when investing long-term.


A well-diversified investment portfolio should be be made up of a mixture of:


  • Cash – a high-interest savings account, cashable GIC or money market fund.
  • Fixed Income – longer-term GICs and bonds or income mutual funds
  • Equities – equity mutual funds or stocks