Wealthsimple profile, discussions, and reviews

2 Reviews »

1. Customer service: Rated 5 / 5 stars

   Account features: Rated 5 / 5 stars

   Interest rates (consistency and amount): Rated 1 / 5 stars

   Fees:

   Interface (online, telephone, in-person, etc.): Rated 4 / 5 stars

   How long have you banked with them?: 24months+

   Why do you bank with them?: Inital offers for new accounts have been attractive, easy access to funds, transfering money around is mostly hassle free.

   What do you like about this bank / credit union?: I liked WS's inital agressive and generous incentives to gain new business. The mobile app seems to work almost flawlessly.

   What could be improved about this bank / credit union?: linking to other banks in the past either via mobile/web was glitched but they seemed to have addressed that. Not being able to link/xfer funds to or from paypal kinda blows but im sure theres a good reason for that $$$

   General comments: While most gravitate to WS for access to stocks crypto trading my inital interest with them was just that (interest $$$) Seeing the top tier cash interest rates fall from 5% down to 2.75%, 1.75% depending on your $1, 100k, 500k holdings and 0.5% direct deposit boost has been discouraging. The iphone/iphone pro offer initally seemed pretty sweet then the 2nd time around a slight rug pull where you needed to significantly increase your balance another 100-200k year after year to qualify then remain locked in for the entire promotion which is 12 months plus until the next years promotion period ends while interest earning rates tanked which does not appear to be recovering anytime in the near future. A minimal incentive now are the balance milestones 100k,300k ect where you can redeem for things like digital products/subscriptions/ airport lounge access which are neat but if you're not investing and reaping returns better than the cash interest ceiling offered it seems like peanuts when competing banks are offering 4% or better on cash. Time will tell if WS makes a comeback or if it was just a brief gold rush for early adopters.

   Review by BankoDeEh! — March 30, 2025 @ 1:51 am

2. Customer service: Rated 4 / 5 stars

   Account features: Rated 4 / 5 stars

   Interest rates (consistency and amount):

   Fees:

   Interface (online, telephone, in-person, etc.): Rated 5 / 5 stars

   How long have you banked with them?: 17 Months

   Why do you bank with them?: I like having all my cash central to all my uses. Investing (Non-Reg. & TFSA), Banking, Credit Card (with Cash Back) and Easy access to other financials tools (Income Taxes). Also Easy to use Web Page and Mobile App.

   What do you like about this bank / credit union?: See Above and Low Cost (Virtually No Cost)

   What could be improved about this bank / credit union?: Right Now I can’t think of Anything.

   General comments: This is the Way Banking Should Be. All in One.

   Review by Dan McEachern — March 23, 2025 @ 3:05 pm