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Wealthsimple Review 2022: Wealthsimple High Interest Savings Account

December 8, 2021 by Hackett Property

What Exactly is Wealthsimple?

Wealthsimple is a convenient and easy to use Canadian digital investing, securities and crypto trading web app that distinguishes itself from its competitors by charging no fees. 

A leading Canadian fintech company launched in the Autumn 2014 originally as a robo-advisor algorithmic trading platform named Wealthsimple Invest, it has evolved substantially over the past eight years to feature Wealthsimple Trade, a no fee discount brokerage platform.

Does Wealthsimple Trade Charge Fees?

Wealthsimple Trade allows Canadian consumers trade individual stocks and also ETFs without paying any commissions. The exception to this is when trading stocks and ETFs that are denominated in USD currency. In this case, they charge a small currency conversion fee when buying and selling. However, past us are the days of having to pay $7-12 per trade with digital discount brokerages as was common just a couple years past.

Exactly How Much Cash Will I Need to Have in Order to Start Investing With Wealthsimple Trade?

Wealthsimple is special in that they allow new customers to make a minimum deposit of just $1. Most alternative banks and brokerages have quite large min deposit amounts of $1000-$5,000. This makes it impossible for the typical investor to start. With Wealthsimple Trade, you won’t need to be wealthy to begin trading stocks and ETFs.

So Does Wealthsimple Trade Have RRSP Accounts?

It does. Wealthsimple Trade offers both registered and non-CRA-registered account types. You are able to select both RRSP and TFSA account types during the setup wizard. 

So Does Wealthsimple Trade Offer a Mobile Application?

Yes, Wealthsimple Trade offers a modern mobile app available to download on IOS and also Android. The app makes the registration steps and the trading of stocks and ETFs super a breeze.

So Is Wealthsimple Trade Trustworthy?

. Wealthsimple Trade is trustworthy. Wealthsimple has in excess of 15 billion CAD in Assets Under Management (AUM). This company has been in business for more than 7 years and right now employs roughly 600 people. The primary shareholder is the respected public Canadian company Power Corp of Canada. Weapthsimple Trade was the very first no-fee online brokerage operating in Canada.

So How Can I Add Funds to a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it incredibly straight forward to add funds to an account. Just connect to a chequing or savings account with your Trade account, and add funds to your account in just a couple of clicks. Deposits from financial institutions to Wealthsimple normally take a couple of days. Funds can just as easily be moved to your chequing or savings account with the exact same process.

Which Other Benefits and Products Does Wealthsimple Offer?

Wealthsimple Cash – An alternative to Interac E-Transfers that allows one to quickly and efficiently send cash to friends and family in Canada.

Wealthsimple Tax – Everything you require to prepare for this tax year and submit your tax return online free. It’s described as easy, accurate and always free tax return filing.

Wealthsimple Spend – A hybrid prepaid visa and savings product which lets you to recieve 1% cashback on your spending, as well as get a very competitive 1.5% interest rate on savings.

Personal Finance 101 – Wealthsimple’s free personal finance platform which includes a variety of different courses on saving, investing, crypto, real estate and much more. 

Each of the listed products, including Wealthsimple Trade may be accessed within the app or at their site with your Wealthsimple login.

So How Should I Begin Using Wealthsimple Trade?

Click here to register for your Wealthsimple Trade account. As an exclusive signup bonus to our audience you will get the cash value of a random share valued at $25 up to $4,500 Canadian when you fund your account.

So What if I Still Have Questions About Wealthsimple High Interest Savings Account?

If this article hasn’t given you the answers to all of your questions, and you’re searching for more specific facts about Wealthsimple High Interest Savings Account, go to the Wealthsimple website for answers to all your questions.

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