Summer is a great time to build confidence with money. Whether you're earning your first paycheque, saving for something special, or just learning a little morea about banking, Bright Start Summer is here to help.
Throughout July and August we'll be sharing:
Follow us on TikTok and Instagram to join the fun!
A Bright Start Account is designed for youth ages 0-24 and gives young savers a great place to start building healthy financial habits.
The monthly maintenance fee is waived, so you can focus on saving, spending, and reaching your goals.
Whether it's your first account or your first paycheque, our team is here to answer questions and help you feel confident managing your money.
Check your balance, transfer money, and manage your account with online and mobile banking. Perfect for busy students and young savers.
Learn more about the topics we have mentioned in our Bright Start Minute videos + more! Check back often as these will be updated throughout the summer.
What is Compound Interest?
Compound interest is when your money earns interest, and then that interest starts earning interest too.
Think back to the marshmallows from our Bright Start Minute. Your first marshmallow represents the money you save. After awhile, you earn another marshmallow, that's your interest. The next time interest is added, you earn it on both marshmallows, not just the first one. Before long, your pile starts growing faster and faster.
It's often called 'interest on your interest', and it's one of the easiest ways to help your savings grow over time.
Why It Matters
The sooner you start saving, the more time compound interest has to work its magic. Even small amounts saved regularly can grow into something much bigger over the years.
