Cash Allocation

By Jessica Morgan on November 12, 2024
Estimated reading time: 4 minutes

Sponsored By

Simplii Financial

By Jessica Morgan on November 12, 2024
Estimated reading time: 4 minutes

If you’ve sold your home, putting the money into a Canadian high-interest savings account can help you grow your money while you decide your next move.

If you’ve sold your home or are planning to soon, you may have a large amount of cash that needs a temporary parking spot while you prepare for your next move. A regular savings account pays very little interest—so unless you need the money right away, it makes sense to seek higher returns.

Several options are available—but what is best for your situation? Short-term investments such as bonds and guaranteed investment certificates (GICs) pay interest but might not give you the flexibility you need. Stocks and exchange-traded funds (ETFs) offer potentially higher yields but also come with higher risk. A simpler and more accessible solution is to use a high-interest savings account (HISA), like Simplii Financial’s HISA.

Simplii is a Canadian digital bank with over two million customers. It offers 24/7 access to online and........

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