Youth Monthly Savings Plan (MSP)

A Youth MSP is a plan that was introduced in 2004 as a means of helping youth reach their savings goals.  When signing up for a Youth MSP, he of she chooses a savings goal in multiples of $10.  Each month, he or she then deposits a monthly contribution and it is applied to a MSP account.  Twelve months later, he or she will have met this savings goal and can spend it or deposit it into another account.

Not only is a Youth MSP a more disciplined way to save, it also has an interest rate 1/4% higher than the competitive market.