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Save faster with pre-authorized contributions




Ever heard the saying “pay yourself first”? It means that before you spend lots of money on non-essentials, you pay some to yourself by adding it to your savings. That way, you earn interest on money that you can use for future plans or unexpected expenses. But remembering to add to your savings on a regular basis can be hard when you have so many other things on your mind.

That’s the beauty of pre-authorized contributions (PACs). With a PAC, you choose an amount and a frequency (weekly, bi-weekly, monthly, etc.) and the contributions happen automatically.

Reach your savings goal, faster

PACs help you plan out your savings. You know how much you’re contributing, and when, so it’s easy to calculate how long it will take you to reach your savings goal. Do the math with our High Interest Savings Calculator.

Plus, PACs help your savings grow faster. When you contribute regularly, even if it’s just a little at a time, you’ll earn compound interest throughout the year (this means that you earn interest on your initial deposit and on the interest you’ve earned).

Save without stress

With a PAC you save automatically, without even thinking about it. Just a few minutes to set it up, and then you’re set to add to your savings throughout the year.

Plus, if you use a PAC to contribute to your RRSP you won’t have to worry about coming up with a lump sum payment before the contribution deadline.

Take control

When you set up a PAC you choose how much you put in your savings, and how often. And you’re not locked-in to any kind of commitment — you can change your PAC settings any time.

This means that you can start small and increase your PAC later if you find that your budget allows you set aside more, or decrease your PAC if money’s tight.

Get started

It just takes a few minutes to set up a PAC in Meridian Online Banking.

Learn more about how to set up a PAC online

Not sure how well you're saving? See how you measure up by getting your Financial Resilience Score.

 

Looking for the perfect savings account?

Why you should choose Meridian’s High Interest Savings Account:

  • It’s flexible — you get easy access to your cash whenever you need it, no penalty fees.

  • It’s easy to get started — there’s no minimum deposit requirement.

  • It’s available for your TFSA — any interest you earn is tax-free.

Check out our High Interest Savings Account

 

Learn more about saving

Six ways to add money to your RRSP
Four reasons to get a TFSA 
What is financial wellness?

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