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Wealthsimple is an online investment company that introduced passive investing with digital advisors and is now known as Canada’s largest “robo” advisor. Since launching in 2014, Wealthsimple now boasts over 5 billion dollars in assets that it manages while providing a host of other services, including tax preparation and cash accounts.
This year, Wealthsimple launched “Wealthsimple Cash,” a high-interest savings account (HISA) that allows Canadians to slowly grow their savings in an online account without having to deal with the slim interest rates and high banking fees that the average big bank offers. Consumers also have the benefit of using their cash accounts as chequing accounts for spending, making this account a mix of both chequing and savings. You can use your account as a spending account that also allows you to earn interest on your deposits.
Let’s dive deeper into this interesting and innovative banking option to help you make an informed decision about whether or not to park your capital with Wealthsimple.
Wealthsimple Cash offers a cash account, but investment and trade accounts are also available through Wealthsimple and can be linked.
Feature | Wealthsimple Cash Cash Accounts |
Monthly Fee | $0 |
Minimum Balance | None |
Interest Rate | 0.90% |
Transactions | Unlimited |
Foreign Exchange Transaction Fees | None (coming soon) |
Mobile App Option | Yes |
Debit Card Option | Yes |
Joint Account Option | Yes |
Apple/Google Pay | Yes |
Special Features | -Encryption and two-factor authentication -Accounts are held with Canadian ShareOwner -Accounts are protected CIPF (within certain limits) -Robo advisors |
Roundup | Overflow |
Purchase with your debit or credit card totals will be rounded up to the nearest dollar | -Automatically invest extra cash -Keep as much in your account as you need -Move extra funds into an investment account -Get reminders sent to skip your deposit when you need extra cash in your account |
Feature | Details |
Commissions to trade stocks | None |
Account Minimum | None |
Mobile App Option | Yes |
Watchlist For Stocks Option | Yes |
Wealthsimple does not have the most contact channels. They include the following:
Signing up for an account with Wealthsimple Cash is simple and only takes a few minutes. It can be done either online or via the Wealthsimple mobile app. Just follow the prompts and input pieces of your personal information, like your name, birth date, address, and SIN to help verify your identity. You’ll also have to input your banking information from an outside bank that will be used to link to your Wealthsimple Cash account to fund it.
Your account will be active within a few days after submitting your application. You’ll also receive a metal credit-debit card that you can use to make purchases anywhere that Visa is accepted and withdraw cash at ATMs.
The funds in your Wealthsimple Cash account are held by Canadian ShareOwner Investments, a custodian institution that is insured by the Canada Investor Protection Fund (CIPF). That means up to $1 million in funds held in Wealthsimple Cash accounts are protected by CIPF insurance.
Wealthsimple Cash is great for those who:
Wealthsimple Cash truly is a unique and innovative banking platform that also allows you to invest your hard-earned capital with just a few clicks on your mobile phone. It employs the use of robo advisors to help you make the right banking and investing decisions and offers a unique spending-saving hybrid account. There are also a few “coming soon” features that should make the platform even more convenient and worth the consideration.
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