Savings account
Wealthsimple
Wealthsimple Savings
4.6/5 our rating
Opens Wealthsimple's website
- Interest rate
- Up to 2.25%
- Interest in a year
- $63
- on $5,000, estimated
- Minimum to earn
- None
- Monthly fee
- $0
Overview
Wealthsimple doesn't keep a separate savings account. Its chequing account earns interest on every dollar, so your spending and savings sit in one place. There are no fees, and the rate goes up with Premium or Generation status or $2,000 a month in direct deposits. Simple if you like one account for everything, less so if you'd rather keep savings out of sight.
Interest rates
Core Clients
1.25%
Premium Clients or Core Clients with $2,000+ Monthly Direct Deposits
1.75%
Generation Clients or Premium Clients with $2,000+ Monthly Direct Deposits
2.25%
What you could earn in a year
$63
in interest on $5,000 over 12 months
An estimate: it assumes today's rates hold for the year, interest compounds monthly, and any fee that can be waived is waived.
Welcome offer
New to Wealthsimple? We'll give you a $25 cash bonus when you open your first Wealthsimple account through this page and fund at least $1 within 30 days*
Fees
Account fees
Monthly fee
$0
eStatement
Included
Transactions
Transactions
Unlimited free
Interac e-Transfers
Unlimited free
Highlights
CHEQUING & SAVINGS:
For everyday spending and saving
Some accounts are good for parking and growing your money, while others are good for avoiding fees and restrictions. Wealthsimple chequing accounts are great for all of those things.
- Interest rates starting at 1.25% (up to 2.25%)2
- No minimums, monthly fees, or overdraft penalties
- No ATM fees or Foreign Transaction (FX) fees4,5
- Access to 60,000 ATMs across the country
- Third-party ATM fee reimbursements without limits4
- Unlimited free Interac e-Transfers®, bill payments, and debit transaction
- 0.5% interest boost (up to 2.25% total) when you set up eligible direct deposits6
- Up to $1 million in CDIC deposit insurance coverage on eligible CAD deposits7
- Up to eight individual and eight joint accounts to help organize your money for different goals like vacations, emergency fund, etc.
Legal
*This offer is only available to new Wealthsimple clients.
21.25% interest rate is available to Wealthsimple Core clients; 1.75% interest rate is available to Wealthsimple Premium clients; and 2.25% interest rate is available to Wealthsimple Generation clients. Annualized rate, calculated daily, paid monthly. Subject to change. For more information, visit wsim.co/rates.
4While Wealthsimple does not charge additional ATM fees, withdrawals may be subject to a fee charged by ATM providers. Wealthsimple will reimburse Cash clients an unlimited number of ATM fee reimbursement globally. Reimbursements will be made to the account linked to the prepaid card within 4 business days after the ATM transaction settles. For more information, visit wsim.co/atm-reimbursement.
5Foreign transaction (FX) fees are surcharges typically applied by financial institutions to foreign currency purchases. Foreign currency transactions are still subject to a currency conversion fee from credit card issuers.
6Wealthsimple Core and Premium users who set up automated direct deposits totalling at least CAD $2,000 a month to their Wealthsimple chequing will earn a boosted interest rate of 0.5% (“Boosted Rate”) on top of their current interest rate towards their chequing account balance, up to a maximum of 2.25% total interest rate for CAD Cash accounts. Boosted Rate is an annualized rate, calculated daily, paid monthly, and is subject to change. Must be residents of Canada and age of majority. Max 1 Boosted Rate per eligible client per currency account. Full details at wsim.co/dd-boosted-interest.
7For more information about CDIC coverage, visit wsim.co/legal.
Wealthsimple is not responsible for maintaining accuracy of content on this site. Please refer to Wealthsimple's site for the latest product details.