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Wealthsimple cash HISA
June 7, 2023
10:40 pm
Repires
Member
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Forum Posts: 3
Member Since:
March 27, 2019
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Why not list Wealthsimple Cash? Very good rates, no fees, and 300k CDIC insured.

https://help.wealthsimple.com/hc/en-ca/articles/14905388487579-Understand-how-CDIC-coverage-works-in-your-Cash-account-

As a Wealthsimple client, you are entitled to coverage so that your money stays your money. Specifically, the funds in your Cash account are placed in Trust with up to three Schedule 1 Canadian banks. As such, CDIC protection against the failure of these banks extends to Wealthsimple Cash account holders for up to $300,000 CAD.

Note: Applicable coverage varies depending on the type of Wealthsimple account you have. Make sure to check out our article on how we keep your money safe to learn about all the different ways you’re protected.

https://help.wealthsimple.com/hc/en-ca/articles/9730610402075-Learn-about-the-Wealthsimple-Cash-account-interest-rate

Below are the three interest rates offered, along with how you will qualify for each:

Interest rate*

How you qualify

1%

All clients qualify as soon as they open a Cash account.

3%

Enable direct deposit in your Cash account and set up a direct deposit of at least $500 per paycheque.

4%

Have at least $100,000 in net deposits** throughout all of your Wealthsimple accounts (qualifying WS Premium clients).

4.5%

Have at least $500,000 in net deposits** throughout all of your Wealthsimple accounts (qualifying WS Generation clients).

June 8, 2023
3:05 pm
Norman1
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Forum Posts: 6829
Member Since:
April 6, 2013
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Leave the account off the list.

The account pays 1% unless one agrees to add $500+ each month by payroll direct deposit or keep $100,000+ with WealthSimple.

We should leave such accounts with "disingenuous" rates off the chart.

June 8, 2023
3:52 pm
AltaRed
BC Interior
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Forum Posts: 2943
Member Since:
October 27, 2013
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I agree. WS seems to play silly games shifting their product lines on a regular basis to see which mud sticks to the wall. It is not where I would have any confidence and stability in terms and conditions.

June 9, 2023
7:44 am
RetirEd
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Forum Posts: 1034
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November 18, 2017
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I concur. Or at least give the thing an asterisk!
RetirEd

RetirEd

June 9, 2023
11:53 am
savemoresaveoften
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Forum Posts: 2901
Member Since:
March 30, 2017
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same here. Tiered offer like that for cash position is a total waste of my time. The rates offered are not even competitive either.

July 24, 2023
7:07 am
n5
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Forum Posts: 3
Member Since:
April 16, 2023
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They've now changed it to 4% for everyone, 4.5% with $100k, 5% with $500k

September 25, 2023
10:55 am
Peter
Admin
Forum Posts: 1407
Member Since:
May 15, 2007
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I've now added Wealthsimple Cash to the savings account comparison chart: https://www.highinterestsavings.ca/chart/

Please write your comments in the forum.