This is my first time planning finances, I would really welcome any advice in case I am doing something horribly wrong 😅

hello everyone. I am new to the world of interest rates and saving money, and I have done some math so please help me figure out if this is a good idea...

I am considering keeping rent + groceries + misc amount in one of the big 5 banks, so it is easily accessible.

Then for emergency funds, I am thinking of keeping some amount in wealthsimple cash account which has a 3.5% interest rate.

The rest of my money I was planning to put into EQ's notice account for a rate of 5%. I can only take this money out with a 30-day notice. Is this a good idea? Based on my math this will help me make some money through the interest rate.

I am wondering if there are any drawbacks to the approach I am taking and if there are any caveats i should be on the lookout for. Additionally, is it a bad idea to put most of my savings into EQ's notice account?