March 27, 2019
Why not list Wealthsimple Cash? Very good rates, no fees, and 300k CDIC insured.
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.
Below are the three interest rates offered, along with how you will qualify for each:
How you qualify
All clients qualify as soon as they open a Cash account.
Enable direct deposit in your Cash account and set up a direct deposit of at least $500 per paycheque.
Have at least $100,000 in net deposits** throughout all of your Wealthsimple accounts (qualifying WS Premium clients).
Have at least $500,000 in net deposits** throughout all of your Wealthsimple accounts (qualifying WS Generation clients).
April 6, 2013
October 27, 2013
November 18, 2017
March 30, 2017
April 16, 2023
I've now added Wealthsimple Cash to the savings account comparison chart: https://www.highinterestsavings.ca/chart/