In today’s low interest rate environments, 0.05% interest is considered as a high-interest by big banks. But let's be real here. That’s not high interest because 0.05% interest on a $10,000 balance equals to $5 per year.

Another thing to note: some high interest savings accounts will require you to have a minimum balance to earn interest. For example, sometimes you'll need a minimum amount of $5000 first in order to earn interest.

So next time, if you open a high interest savings account, make sure that it’s actually high interest and doesn't require a minimum balance. (There are institutions such as EQ bank that provide 1.25% interest in Canada).