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Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
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 spend and saving account. 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.
The Wealthsimple Cash account comes with a high-interest rate 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 hybrid of both chequing and savings.
You can use your Wealthsimple Cash Card anywhere that Mastercard is accepted, this includes online and in-store purchases. You can also withdraw cash from ATMs using the prepaid card without incurring a fee from Wealthsimple. However, you may be charged a fee by the ATM itself.
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 these steps:
Wealthsimple Cash has numerous advantages, however, before opening an account it’s important to also consider the drawbacks.
Feature | Wealthsimple Cash Account |
Card Type | Prepaid Mastercard |
Monthly Fee | $0 |
Minimum Balance | None |
Cash Back | Earn 1% in cash back, crypto or stocks |
Interest Rate | 1.5% |
Transactions | Unlimited |
Mobile App Option | Yes |
Apple/Google Pay | Yes |
Wealthsimple does not have the most contact channels. They include the following:
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 consideration.
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Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
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