As inflation has increased the cost of everyday products and services, the banks have also increased their interest rates. As terrible as it may seem to borrow money, it’s actually a great time to save money because the rates are so high. Take a look at what the banks are currently offering for their savings accounts:

The interest rates above are great but there’s an even better option you can take advantage of:

Introducing the: High Interest Savings Account (HISA) ETF

These funds are traded on the stock market so anyone can invest in them, and they are managed by financial institutions. The goal for these funds are to maintain it’s stock price at $50CAD with minimal fluctuation, as if it were a savings account. This concept makes the investment a very safe way for storing your cash. As a result, the institution will use the cash to invest in other products and paying you, the customer, a small interest in return for depositing your money. This transaction is exactly how major banks generate more money. Here’s a list of the highest paying HISA ETFs that are offered on the Canadian market:

To purchase one of these ETFs:

1. Login to your brokerage account between 9am to 4pm (markets are open at this time)
2. Transfer cash into your brokerage to buy the ETFs
3. Pick one of the ETFs and buy as many as you can afford, be mindful of brokerage fees.
4. Get Paid! Your monthly dividends will be deposited into your brokerage account which you can then use to purchase more of these ETFs.
5. Withdrawing cash will require you to sell the ETFs and transfering that money back into your bank account.

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**If you would like to earn some interest off your american dollars, each of the companies listed above also provides a USD version of this ETF.

Before buying, I highly recommend you do your own research and see which product fits your need the most. I’m not a financial advisor so please do your due diligence.