Best Places to Park Cash for Canadians in October 2023

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Written By Mr Loonie
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While high interest rates are painful for those paying a mortgage, for those looking to park cash they are a boon. Here we present a round-up of the best high interest savings ways to park your cash in Canada for October 2023. We note that yields have edged up slightly from September on GICs. EQ Bank in particular stands out for GICs with a 5.75% rate for a 1-year!

Whether you want to do that with the security of GICs, the quick access of a HISA account, or within your investment account, we have you covered!

Park Cash in Guaranteed Investment Certificates (GICs)

GICs have been a popular investment vehicle for many years as they offer a high level of security. In return for lending your money out for a fixed amount of time, you’re given a generally favourable interest rate. Generally, up to $100,000 of GICs per holder per institution are insured via CDIC — thus protecting your investment.

For short-term GICs like the ones listed below, you generally get your interest when you get the principal back at the end of the investment rather than in the interim.

Motive Financial


Laurentian Bank


EQ Bank


Park Cash in Traditional High Interest Savings Accounts

A few years back, branchless banks appeared on the Canadian finance scene. One of their differentiators was having High Interest Savings Accounts that paid reasonable amounts of interest.

Today, they continue to do that and generally outperform the “bricks and mortar” major Canadian banks in terms of interest rates.


Tangerine is currently offering a whopping 6.00% introductory rate on their HISA and up to a $500 bonus if you open a new account and use the promo code EARNMORE. Do read the fine print, though: the rate drops to 1% after five months!

Motive Financial

For those wanting no introductory rate gimmicks, Motive offer a 4.10% interest rate as standard on their HISA (up to a $5m balance).

Park Cash In a High Interest Savings Account In Your Investment Account

Most investment brokerage accounts pay little or no interest on cash balances. But with recent market volatility and potential low returns (or even losses) with some stocks, people may want to hold cash.

There is a group of special investments that pay monthly distributions at a high interest rate when you buy. They operate in a similar manner to a savings account within your investment account. Be warned, though: some brokerages block the trading of some of these investments ion favour of their own versions.

Purpose High Interest Savings Fund (PSA.TO)

Current yield (net)5.30%
Management Fee0.15%
Assets Under Management$5.2B
Distribution FrequencyMonthly

This was one of the first ETFs to replicate high interest savings in your investment account.

Purpose High Interest Savings Fund (PFC8501)

Current yield (gross)5.29%
Management Fee0.15%
Assets Under Management$5.2B
Distribution FrequencyMonthly

This is the mutual fund version of Purpose’s HISA fund for those who are prohibited from holding HISA ETFs in their brokerage accounts.

Horizons High Interest Savings ETF (CASH.TO)

Current yield (gross)5.39%
Management Fee0.10%
Assets Under Management$3.25B
Distribution FrequencyMonthly

Horizons Cash Maximizer ETF (HSAV.TO)

Current yield (gross)5.50%
Management Fee0.18%
Assets Under Management$2.2B
Distribution FrequencyMonthly

iShares Premium Money Market ETF (CMR.TO)

Current yield (net)4.55%
Management Fee0.12%
Assets Under Management$577M
Distribution FrequencyMonthly

TD Canadian Money Market Fund (TDB164)

Current yield (net)4.89%
Management Fee
Assets Under Management$2.5B
Distribution FrequencyMonthly

Wrapping Up

As you can see, there are a number of high interest options depending on your circumstances. With inflation so high right now, it’s important to make your cash work hard for you otherwise it will erode over time!

Disclaimer: This blog post is for informational purposes only and should not be considered financial or investment advice. Please consult with a professional investment or tax advisor before making decisions of your own. The author may hold some of the securities mentioned in this article.

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