$CASH for savings?

I have a chunk of money that will be used this year (hopefully) for home renovations, I’ve seen posts that suggest keeping something like this in a non-registered account (I know I’d ultimately have to pay taxes due to the account type, I don’t want to use up TFSA space for this) and putting it into something like CASH and take advantage of the dividends. Essentially, over the next few months I plan on still contributing to this savings account for said renovation until there is what I believe will be enough and then some to cover the cost. I was just going to sit it in a HISA, but seeing as how I won’t need instant access to it, I’m curious as to it doing better elsewhere while still remaining relatively low risk. If it helps, I use Wealthsimple for my investing.

Thank you!