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Wealthsimple Save review

Get a 0.5% interest rate and keep your money liquid with this savings account.

There is no monthly fee or other hidden costs to using the Wealthsimple savings account.

0.50%

Interest Rate

$0

Minimum Balance

Please note: All information about Wealthsimple Save has been collected independently by Finder and this product is not available through this site.

30-second take

Wealthsimple Save is an easy-to-use savings account with a 0.5% interest rate. There are no additional fees to use the account. The account also allows for joint ownership if you want to share it with someone else.

Features

  • Fee: $0 per month
  • Minimum balance: $0
  • Automatic savings option: Yes
  • Deposit insurance: Your funds are insured by the Canada Deposit Insurance Corporation (CDIC) up to $100,000.

What are the benefits of the Wealthsimple savings account?

  • No fees. There is no monthly fee or other hidden costs to using the Wealthsimple savings account.
  • Deposit insurance. The Wealthsimple savings account is insured by the Canada Deposit Insurance Corporation (CDIC) up to $100,000.
  • Automatic savings. You can set up automatic savings deposits using the Wealthsimple Overflow feature. It’s up to you how often and how much you want to automatically save.
  • App option. You can easily view your Save account alongside your Invest or Trade accounts on the Wealthsimple app.
  • Wealthsimple Black benefits. If your assets with Wealthsimple exceed $100,000 (between the investment and savings accounts), you are eligible for premium benefits under Wealthsimple Black. This includes lower fees on your investment account (0.4% versus 0.5%), plus provides free tax-loss harvesting services and free financial planning services.

What should I watch out for?

  • Limited in-person interaction. Wealthsimple is an online brokerage, which means face-to-face interactions are limited. If you prefer in-person service, this could be frustrating.
  • Transfer time. Moving money to a Wealthsimple Save account from an external account currently takes up to 3 days. Withdrawing funds only takes 1 business day.

Compare Wealthsimple Save with other savings accounts

Name Product Interest Rate Promotional Interest Rate Min. Bal / Min. Deposit Account Fee
Simplii High Interest Savings Account
Simplii High Interest Savings Account
0.10%
2.20%
$0 / $0
$0
Earn 2.20% interest on eligible deposits until April 30, 2022. Conditions Apply.
EQ Bank Savings Plus Account
1.25%
N/A
$0 / $0
$0
Enjoy zero everyday banking fees, free transactions and no minimum balance with a Savings Plus Account from EQ Bank.
Neo Financial High Interest Savings Account
1.30%
N/A
$0 / $0
$0
Get a competitive interest rate and unlimited free transactions with no monthly fees or minimum balances.
KOHO Earn Interest
1.20%
N/A
$0 / $0
$0
Opt into earning interest for free and earn 1.2% on your entire balance in KOHO plus an additional 0.5% in cash back on every purchase you make.
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Compare up to 4 providers

How to apply for a Wealthsimple Save account

In order to apply, you must satisfy the eligibility criteria and provide the necessary documentation.

Eligibility criteria

  • Reside in Canada
  • Be a Canadian citizen or hold a valid Canadian visa
  • Be the age of majority in your province or territory
  • Have a valid Social Insurance Number (SIN)

Required documents

  • Personal information, such as full name, email address, contact information and so on
  • Social Insurance Number card
  • T4, utility bill or Notice of Assessment to verify identity for non-registered accounts

How do I open a Wealthsimple savings account?

To open a Wealthsimple Save account, you’ll need to fill out a quick online application. Follow these steps to get started:

  1. Navigate to the Wealthsimple Save online application.
  2. Create an account by filling in your email and the password of your choice.
  3. Answer a few personal information questions to verify your identity and submit documents as necessary.
  4. Connect your Wealthsimple Save account to your bank account to make your first deposit.

How do I deposit or withdraw money?

You can deposit and withdraw money by linking an external bank account. From there, you can make contributions and withdraw money. Note that deposits to Wealthsimple Save accounts take up to 3 business days and withdrawals take up to 1 business day.

At the moment, Wealthsimple doesn’t seem to have ATMs or a physical card. Therefore withdrawing and depositing physical cash isn’t possible through the Wealthsimple Save account directly.

How do I get in touch with customer service?

Wealthsimple’s customer service team can be reached at 1-855-255-9038 between the hours of 8am and 8pm EST from Monday to Thursday and from 8am to 5:30pm EST on Fridays.

You can also submit an online request outlining the details of your concern so that an agent can get back to you.

Bottom line

The Wealthsimple Save account keeps your money highly liquid if you have a short-term goal or are looking to build an emergency fund. Plus, you can access the account alongside your other Wealthsimple Invest and Trade accounts. If you prefer in-person service, you might want to consider another savings account as Wealthsimple is entirely digital.

Frequently asked questions

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