The 4 High Interest Savings Accounts (HISA) ETFs Every Canadian Should Know About

By Julien Brault, founder of MooseMoney.

Canadian investors looking for a low-risk place to park cash inside a brokerage account should consider those four HISA ETFs in 2026. These funds hold deposits at Canadian banks, earn interest on those deposits, and pass the income to unit holders. 

1. Global X Cash Maximizer ETF (HSAV)

This ETF stands out from the pack because it does not distribute interest income monthly. Instead, it reinvests earnings automatically, which converts what would normally be interest income into capital gains when you sell. For investors holding cash outside a TFSA or RRSP, this structure results in a meaningfully lower tax bill. The MER is 0.20%, and the current gross yield sits around 2.41%. One caveat is that no new units are being created, so the ETF can occasionally trade at a slight premium or discount to its net asset value.

2. Global X High Interest Savings ETF (CASH) 

CASH is one of the largest HISA ETFs in Canada, with net assets exceeding $6.8 billion. It charges an MER of 0.11%, making it one of the cheapest options available. The annual distribution yield currently sits around 2.31%, paid monthly. It can be held in registered accounts and provides daily liquidity.

3. Purpose High Interest Savings ETF (PSA) 

Purpose High Interest Savings ETF allocates assets to high-interest savings accounts at Schedule I banks and may also hold Bank of Canada treasury bills backed by the federal government. It has no lock-up periods or minimum balances. The management fee is 0.15% (with an MER of around 0.17%), the gross yield is approximately 2.56%, and the net yield comes in around 2.33%, distributed monthly.

4. CI High Interest Savings ETF (CSAV)

CI High Interest Savings ETF has been available since 2019 and holds over $5.8 billion in total net assets. The MER is 0.15%, and the net yield currently runs close to 2.05%. Like the others, it pays monthly distributions and targets investors who want a fixed-income-like return with full daily liquidity.

Key Differences Between These Funds

The most important distinctions are cost and tax treatment. HSAV's total-return structure makes it the clear favourite for taxable accounts because you defer tax until you sell, and you pay the lower capital gains rate rather than the full interest income rate. For registered accounts like TFSAs and RRSPs, where tax treatment does not matter, the cheaper MER of CASH (0.11%) gives it a slight edge. PSA and CSAV fall in between on cost and offer straightforward monthly distributions that suit investors who want regular cash flow.

None of these ETFs carry CDIC protection. Your deposits sit at major Canadian banks, which are among the most heavily regulated in the world, but the government guarantee that covers personal savings accounts up to $100,000 does not extend to ETF holdings. For most investors, the credit quality of Schedule I banks provides sufficient comfort.

It is also worth noting that some big bank brokerages, including TD and RBC, do not allow clients to purchase third-party HISA ETFs. Independent online brokerages such as Wealthsimple, Questrade, Qtrade, however, do offer access to all four funds listed above.

Are HISA ETFs Better Than Using a High-Interest Savings Account Directly

HISA ETFs were built for a specific purpose, and that purpose is not to replace your everyday savings account. Tim Morris, Chief Banking Officer at Neo Financial, put it this way: "HISA ETFs are helpful for anybody who has an investment account and wants to hold some kind of cash equivalent in that account. So it's more about convenience and simplicity for this specific use case."

When you compare net yields after fees, the picture becomes even clearer. The four ETFs listed above deliver net yields ranging from roughly 2.05% to 2.41%. The Neo Savings Account currently offers a tiered interest rate of up to 3.00% (paying a base rate of 2.25% on balances under $5,000) with no management fees deducted. That rate applies directly to your deposited cash, and your balance is eligible for CDIC coverage up to the insured limit.

If your money is already sitting inside a brokerage account and you need it to stay there for an upcoming stock purchase or rebalancing event, a HISA ETF is the practical choice. You avoid the hassle of transferring funds out to a savings account and back again. But if you simply want to earn the best risk-free return on cash you do not plan to invest soon, a high-interest savings account like the Neo Savings Account with a competitive rate will often beat a HISA ETF on pure yield because there is no MER eating into your return.