What is the interest for a typical savings account on $5,000?

Edit I just called the bank. It is $3.50 a month. $42 a year.

Bank interest rates have been very low since about 2009. they are in the 0.5% per year range with some banks offering introductory rates like 1.0% . At 1% that means you would have about 5050 in your account at the end of a year. That comes to about $4 per month – almost 1 roasted chicken.

In the US, it’s lousy – like less than a percent. I don’t know about Canada.

You will do better in a mutual fund or the stock market.