Q: Hi 5i,
I accumulate cash in my TFSA until I have enough to purchase a meaningful position in a stock. What are some good options you'd recommend for holding the cash in to generate interest while it accumulates?
Thanks for all you do -
Evan
I accumulate cash in my TFSA until I have enough to purchase a meaningful position in a stock. What are some good options you'd recommend for holding the cash in to generate interest while it accumulates?
Thanks for all you do -
Evan
5i Research Answer:
A cash interest ETF can usually work in such cases. PSA, CASH and HISA we think are good options here. Some brokerages may not offer all products, but most will have access to some and in many instances can be bought with no commission. Short term GICs are also a good option and all brokers will be available to offer these.