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Purpose High Interest Savings Fund (PSA)
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Global X High Interest Savings ETF (CASH)
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High Interest Savings Account ETF (HISA)
Q: Is there a cash holding to invest in that is not locked into a term (like a GIC but with no term), so, with full liquidity? I'm thinking of a high-interest type account within an RRSP so I can go to cash a few months in advance of need for the cash, but still incur interest on the cash as I wait to make a monthly withdrawal. I invest with RBC Direct Investing in case that's helpful - perhaps there is an RBC product that suits my needs.
5i Research Answer:
We would suggest money market funds or government T-bills here. They have one-day liquidity and offer competitive rates. Another option is a 'cash' ETF such as PSA, CASH or HISA. These trade and settle like stocks (one day settlement) and offer good yields and a high degree of safety (not guaranteed).