Canada’s well-known investing platform Wealthsimple has long been popular for its clean interface and zero-fee investing. It has now launched a new personal Savings Account, built for managing everyday “in-between money.”
If you have cash that is not going into higher-risk investments, but you also do not want it sitting at a Big Five bank earning next to nothing, this product is worth a look.
Open a Wealthsimple account with the blog referral code IBVGUG
or click the signup link🔗 for a $25 bonus
What’s New About This Account?
A common question: “Doesn’t Wealthsimple already have a Chequing account? What’s the difference?”
Until now, Chequing interest was tiered by your total assets on the platform (1.25% and 2.25%). The new Savings Account drops that hurdle:
- A flat 2.5% with no balance minimum: New clients and accounts holding as little as $100 CAD all earn 2.5% from day one.
- No promo window and no yield cap: Unlike the typical bank tease of “5% for three months, then 0.5%,” 2.5% is the ongoing base rate.
- No fees and instant transfers: No monthly account fee and no minimum balance. Transfers between Wealthsimple accounts — for example, Savings and Chequing — land instantly.
- Up to $1 million in CIPF protection: Cash is held with Wealthsimple Investments Inc. and is covered by the Canadian Investor Protection Fund (CIPF) for up to $1 million CAD.
How to Use It (vs. Chequing)
In short, Wealthsimple has split everyday spending from pure savings:
| Feature | Chequing (everyday spending) | New Savings (idle cash at 2.5%) |
|---|---|---|
| Base rate | 1.25% – 2.25% | Flat 2.5% |
| Everyday use | e-Transfer, ATM withdrawals, card spending, Direct Deposit | No direct spending or bill pay — cash storage only |
| Access | Withdraw anytime | Instant, free transfers to Chequing |
The combination that works best: Park the bulk of your idle cash in Savings to earn 2.5%, and keep a small float in Chequing for day-to-day spending. When you need to make a large purchase or transfer, move the money from Savings to Chequing in the app. It arrives instantly, at no cost.
Limits to Know Before You Open One
- Individual non-registered accounts only, for now: The first accounts are ordinary Individual Non-registered Accounts. You cannot open this product inside a TFSA, RRSP, or FHSA yet.
- No Direct Deposit setup: It does not have its own routing/transit number, so you cannot use it to pay utilities or receive payroll by Direct Deposit.
The Takeaway
If you do not want to shop GICs with lock-up periods, and you do not want to chase a few extra basis points of bank-tier interest, this 2.5% Savings Account — available anytime, with a solid rate — is a straightforward place to park emergency cash.
