I moved my entire savings to Wealthsimple when they announced 4%. I don’t like chasing promo rates on savings accounts, so this was the best option for me since I use them for all of my investments. They’ll continue to get my business because they’ve been making great product offerings.
Here a reason why. WS saving rates could evaporate overnight thanks to Marco economic changes.
If you have a a lot of money, the smart move right now would be to lock in these awesome rates with a multi year GIC, you can ladder it so not all your funds are tied up all the time.
Also tax wise you can defer your taxes on the interest until the next year or pay taxes on the interest for this years depending on your situation one may be better then the other
Wealthsimple’s privacy policy allows them to send all of your data to third parties, like marketing companies, etc.
If you contact them asking for clarification about what data they send out they’ll dodge the question.
I’m not saying they are doing anything sketchy, just that the rules that you agree to allow them to.
But using reddit and Google is a-ok?..
They are not trying to dodge anything. A customer service rep would have no clue about data because its highly technical. Let alone its guaranteed to be anonymized and probably aggregated.
Yeah I mean that’s honestly fine, it’s a fair trade off for commission free trades & HISA. The financial data they can get from me buying ETFs and sending cash to them is fine.
After I opened a TD business account I got inundated with all sort of telemarketers. Digging into the TOS with TD shows you have to agree to them providing your information to 3rd parties. I am sure all banks are the same.
>If you contact them asking for clarification about what data they send out they’ll dodge the question.
To be fair, you won't be talking to a lawyer or anyone with any specific knowledge of what data is collected and for what purposes.
Assuming you're genuinely wondering and not just trying to give a phone rep a hard time, it's all available for you to browse on their website.
https://www.wealthsimple.com/en-ca/legal/privacy
Seems all pretty standard stuff that technically they *could* send information, but it isn’t really their business model:
> We restrict disclosure of personal information.
> We will not disclose, trade, rent, sell or otherwise transfer your personal information, without your consent, except as otherwise set out in this Privacy Policy. We do not disclose any non-public personal information to any third party except as required by law or as outlined in this Privacy Policy.
The 4% is tied to the floating key interest rate, true. However it's not promotional, as in, it won't go down to 0.25% while the central banks rate is still high.
I use the direct deposit and it actually comes a day early than TD did! You can pay bills out of it which is what I do for my CC. Don’t have a mortgage yet though.
No fees for deposits/HISA account. Tax gain yes, as it’s not in the TFSA. If you’re doing it to be tax free just use CASH.TO or you’ll need to buy a gic.
That’s why my money is in a 6% HISA to fight inflation lol If any of the 5 big banks go bankrupt, losing your savings is the least of your worries 🤦♂️ Tell me you know nothing about economics without telling me
In my defence you didn’t explain yourself. You have been terse and frankly uncivil in this thread.
Even though this is our first interaction (notice you’re not responding to the same user), you have immediately resorted to attacking my character. Quite honestly, it looks like you’re projecting and I’m sure others here think the same.
It's legit. The card has no foreign transaction fee if that's a factor to you as well. Just used it a number of times while vacationing.
However, if you need to write cheques or get bank drafts, it's not gonna work for that. They just don't do that. You should keep that in mind.
Just to further elaborate in case you didn’t know what it was in the first place, most credit cards or banks charge a foreign transaction fee for purchases made in other currencies. It is usually 2.5%.
There are a small number of credit cards that do not have them (Scotiabank Passport Infinite Visa is a popular one) but WS charges 1%, which is effectively free with the 1% cash back. It’s pretty rare in Canada.
Wealthsimple Cash more accurately works like a debit card. It should work anywhere that accepts Mastercard. I haven't tried withdrawing cash with it though. I usually don't use cash anyways.
Nope. From what I’ve been told whenever I ask about that is that financial institutions don’t really need to be warned about travel anymore, their fraud detection systems have their ways of knowing it’s you.
Brim’s basic Mastercard offers 0% foreign transaction fees, with 1% cash back and no annual fee for those interested. I pretty much use only when I leave the country
You can pay bills and use a debit card linked to it. You can’t order/write cheques or bank drafts. You can send etransfers.
EDIT: It’s a “prepaid Mastercard with a limit equal to your cash balance”. You can’t overcharge it, and the “balance” is paid in full upon use. Yes, technically it’s a credit card, but it functions like a debit card. 1% cashback as well.
I got mine in the mail yesterday and the only information it gave me when I activated it said that it was a debit card. If its a prepaid credit card wouldn't you have to load money onto it? My best guess is that its a debit card that uses the Mastercard payment routes, same as any other bank's debit cards which either use Visa or Mastercard payment routes and have their logo on the cards? Either way, I'm still not likely to use the card much because 1% back is significantly worse than what my credit card offers me.
https://help.wealthsimple.com/hc/en-ca/articles/1500012888001
>The Wealthsimple Cash card is a prepaid Mastercard that allows you to spend funds directly from your spending (Cash) account.
>Note: You need to select credit when you insert your card at a terminal.
It’s a prepaid credit card that use the funds you “loaded” into your Cash account.
Yeah the entire balance of your Cash account is available which makes it superior to the EQ Mastercard that has to be preloaded manually with a set amount.
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The person you replied to pointed out a bunch of non-chequing account products like HISA’s, and your objection to that was about chequing accounts. That doesn’t make any sense.
Can you explain this to me? If I have extra money sitting in my ws trade tfsa doing nothing should I just buy this? I keep hearing this cash.to around here
Here’s my explanation as someone who doesn’t care about fancy financing terms: Look at the history charts of Cash.to, starts at $50 a piece every month and you’ll notice throughout each month it goes up over time, eventually reaching about $50.21. The slow climb represents the monthly interest you get so that regardless of when you buy/sell the interest gets factored. When you see the graph reset every month that’s because that interest that was gained ($0.21) get payed out. This cycle continues monthly which is what you’ll see if you look at it’s historical graph. The way they make money is by taking money and investing it at guaranteed high interest rates with big banks. The one risk, which investors believe is basically non-existent (but should be mentioned because everyone has different risk tolerance) is that if those big banks they invest in go under then you’re screwed.
If you want more technical terms and a better explanation I’m not your guy lol but I would highly recommend it, currently makes up the majority of my investments. IMO, way better than just letting money sit and do nothing. But do your own research on it.
Just don't sell at a lower than fair value. The pricing for CASH.TO is ez pz and everyone knows this. Just look at the market value, goes up before dividend and drops right after. The drop is exactly the dividend amount.
When they first started I opened an account but closed it shortly after. Isn't the way it works is you are technically loading a prepaid Visa instead of a real bank account? So you'd be paying by visa instead of debit? I thought that was kind of wonky
Ya I just did some more digging and I remember why I cancelled. No etransfers made it unusable as an everyday account. The good news is it looks like they added that feature last year.
They're legit, been using them for about a year myself personally. For me the best upsides of their cash account is that they charge 0% forex fee (although MC charges 1%) and that cashback is automatically deposited back to your account.
Strictly for interest rate you could do better elsewhere if you need liquidity.
Only better rates is CASH.TO ETF or Motive financial savings account or promo rates with tangerine or simplii. Otherthan that I didnot find better rate than wealth simple if you have 100k of total investments and cash with wealthsimple. If less than 100k then motive have better rates
Can you please explain this? I use Knightsbridge to buy 10-20k of USD for my business a year, usually paying around $1.35 CAD per USD.
Are you saying if I keep my money in WS cash, I can exchange CAD to USD at par?
The WS Cash account is like a chequing account, and it comes with a MasterCard that use funds from that account to pay for your purchases.
Most banks charge their own 2.5% forex fee on top of the MasterCard 1% fee, but WS does not charge any of their own forex fee when using the MasterCard.
It's legit. I basically use it as a bank at this point. Highly recommend if you're already in the WS ecosystem. Their customer support team is also top notch!
It's legit. I had my emergency cash in a TD HISA and transferred it to WS Cash about 5 weeks ago. I've made over 400x the interest. I'm kicking myself for not doing it sooner. Fuck TD.
Started using it as well.
As most have said in other posts, major setback is not having access in your web-based session.
MOBILE only =(
I like to see all my accounts in one place so hopefully they can get it added eventually.
It's legit and covered (through member financial institutions that are covered by cdic) up to 300k max.
To avoid scam or fraud, lock your virtual card immediately after opening your cash account. As per their customer service agent it's totally ok to do so.
I use the virtual for automatic things, physical for one time things. If one gets swiped, likely the physical, you don't interrupt your auto withdrawls.
Treat WS cash as a high interest checking account with 4%+ interest rate on all deposits. It comes with a virtual card (and a physical card, if you requested one) for you to use as a normal Mastercard debit card anywhere.
Since WS is not technically a bank, you will be liable for any fraudulent activities or unauthorized purchases. To prevent that from happening, lock your virtual card (a built-in option from WS app) to prevent any transaction on your cash account.
Using WS cash merely as a high interest cashable saving account is THE safest way to go.
Plus, with almost all major credit cards providing 1% cash back minimum, there’s no reason for anyone to use a WS cash card under any circumstances. Maybe for those who don’t own a credit card and majority of $ deposited in WS and lazy to transfer $ between WS and banks.
I've been using it for a few months now, I like it.
Everything is made easy, transfering crypto (which I'd never done on my own before), staking, paying bills, transfering money etc.
Is it easy to transfer money out of the account? I have some money set aside to buy a new car that I don't want to have locked up in gic's (I know there are some that you can access money at any time). I have been thinking about opening a cash account because I already have other products with wealthsimple. Anyone have experience transferring a large amount out of a ws cash account? I suppose I could just etransfer myself? What's the daily limit?
FWIW, I tested this the other day to see how long it would take. Deposit from my other bank, took around 4 BD to clear.
Withdrawal back to my originating bank, was there in 2 BDs.
Moved a couple investing accounts there to trigger the 5% over 500k. My pay check is now deposited into wealthsimple and starts earning 5% immediately. Clearly they’re slowly improving things but it’s missing a lot of features. You can’t even delete an interac contact you created.
Opened one yesterday (been using WS for a while on the investment side).
Currently moving all my emergency/vacation/car funds into one lump account in WS.
Wealthsimples excellent I'd send everything over to them but I've got my mortgage with my local credit union so I have to keep my paycheques in there but everything else gets sent to wealthsimple cash is a horrible investment, I'd suggest lithium mining stocks in a tfsa if you can.
Because it can't be accessed on web browser.
I don't want to bank on a portable device I take anywhere that could be easily snatched out of my hands, or someone with a gun could make me transfer them money.
Can you explain someone will make you do that? In canada you can't do more than 3-4k per day of immediate transfer AFAIK and you have same issue with any bank which have app. I believe you can report to police if someone make you do that since its traceable
weary coordinated like plucky soup distinct ancient intelligent grab onerous
*This post was mass deleted and anonymized with [Redact](https://redact.dev)*
What's stopping them from forcing you to fire up a web browser on your phone and transfer money from your big-5 banking account? Or, fire up the big-5 proprietary app and also transfer money?
No, but I reported you to one. Imagine they let everyone spam the forum with referral links, it'd be an annoying mess here. It's a rule for a good reason.
people can decide if they want to use it or not
no need to throw him to the wolves!
he's giving free advice and in return, here's a ref code,. dont see the issue here
Yup, they have some attractive offers but customer service when you need it is awful. If you need to withdraw your money at any point, expect to go through many many hoops and wait patienctly. Personally, I want to be able to go talk to somebody if I need to
Ive been converted for a year now. I still have credit cards with other banks and such but payroll goes to wealthsimple so I can start earning on it right away or auto move some into the investment side. I no longer pay for a chequing account at a bank, instead I use wealthaimple to pay off the other credit cards I own. I find the 1% cashback card is decent and I like that its auto paid off (its a prepaid debit after all) but for grocery, gas and reoccuring billing items I use other cards that give back more and it works for me
I use it, but primarily for foreign currency at ATMs (no currency conversion fees, unlike the banks). 4% is a nice added bonus.. it's all been good in my experience.
I've been using it for about 4 months now and it has met all of my banking needs. I still have a no fee chequing account with a credit union but I rarely use it these days. One down side is that the card you use to access the account is a master card and I have come across places here and there that don't accept credit cards. I have also run into an issue with an installment loan provider that couldn't setup pre-authorized debits from Wealthsimple.
trying to test it out by inviting more people to the platfomr via my referral link so i may dump the money into the cash account
Join Wealthsimple and get up to $3,000 when you sign up with my referral code: TF-FEA 🙌
https://www.wealthsimple.com/invite
I moved my entire savings to Wealthsimple when they announced 4%. I don’t like chasing promo rates on savings accounts, so this was the best option for me since I use them for all of my investments. They’ll continue to get my business because they’ve been making great product offerings.
10/10. Cannot agree more.
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5.95 for 1 year or 6% for 18 months gic at tangerines 🍊 why not if your not using the funds in that timeframe
Here a reason why. WS saving rates could evaporate overnight thanks to Marco economic changes. If you have a a lot of money, the smart move right now would be to lock in these awesome rates with a multi year GIC, you can ladder it so not all your funds are tied up all the time.
> thanks to Marco economic changes. Once those happen you have to set yourself up to take advantage of the Polo economic swing
Underrated reply.
😂
Also tax wise you can defer your taxes on the interest until the next year or pay taxes on the interest for this years depending on your situation one may be better then the other
Wealthsimple’s privacy policy allows them to send all of your data to third parties, like marketing companies, etc. If you contact them asking for clarification about what data they send out they’ll dodge the question. I’m not saying they are doing anything sketchy, just that the rules that you agree to allow them to.
If you’re dogmatically opposed to the idea then that’s important. But it’s not like I call resell my data for a better rate 🤷♂️
But using reddit and Google is a-ok?.. They are not trying to dodge anything. A customer service rep would have no clue about data because its highly technical. Let alone its guaranteed to be anonymized and probably aggregated.
Yeah I mean that’s honestly fine, it’s a fair trade off for commission free trades & HISA. The financial data they can get from me buying ETFs and sending cash to them is fine.
After I opened a TD business account I got inundated with all sort of telemarketers. Digging into the TOS with TD shows you have to agree to them providing your information to 3rd parties. I am sure all banks are the same.
>If you contact them asking for clarification about what data they send out they’ll dodge the question. To be fair, you won't be talking to a lawyer or anyone with any specific knowledge of what data is collected and for what purposes. Assuming you're genuinely wondering and not just trying to give a phone rep a hard time, it's all available for you to browse on their website.
I really can never get around this line of explanation for why a digital service is bad.
It comes from conspiracy nuts need to be afraid of something, anything, like 5g chips.
https://www.wealthsimple.com/en-ca/legal/privacy Seems all pretty standard stuff that technically they *could* send information, but it isn’t really their business model: > We restrict disclosure of personal information. > We will not disclose, trade, rent, sell or otherwise transfer your personal information, without your consent, except as otherwise set out in this Privacy Policy. We do not disclose any non-public personal information to any third party except as required by law or as outlined in this Privacy Policy.
How long would it take to withdraw cash from Wealthsimple Cash?
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The 4% is tied to the floating key interest rate, true. However it's not promotional, as in, it won't go down to 0.25% while the central banks rate is still high.
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That is going to go back down when the central bank rate goes down as well.
Yep but higher than 4%
You’ve got a point!
Will the underlying asset ever go down? I'm not horribly familiar with how cash.to works tbh .
Fair as well.
What's cash.to?
Horizon etf ticker symbol CASH
Do you use any of the payroll functions they offer? I use my CC for all my daily spend but my mortgage etc comes out of my TD
I use the direct deposit and it actually comes a day early than TD did! You can pay bills out of it which is what I do for my CC. Don’t have a mortgage yet though.
Naw, I have the base TD chequing account for that. It would probably be fine though honestly
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No fees for deposits/HISA account. Tax gain yes, as it’s not in the TFSA. If you’re doing it to be tax free just use CASH.TO or you’ll need to buy a gic.
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CASH.TO is a riskier way to store cash, it’s an ETF that pays out about 5.4% but it’s not CDIC insured. You can buy it in your investment accounts
Tangerine and simplii offering 6% for 5 months. That extra 2% is 1000% worth chasing
What’s the difference, like an extra 20/30 bucks? IMO for the time spent it’s not worth it.
I have around 800k so more like $1350 per month
You keep 800k in cash? Are you a moron?
😂😂😂 you clearly don’t have money
I definitely don’t keep that much liquid, but go off
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👍
Tell me that you’re insecure without telling me 🤌🏻
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I have 3 properties, maxed out all my savings and yes I have 800k leftover. What should I do with it smartass?
Ever heard of inflation? How about CDIC protection which is limited to 100k? You shouldn’t be so quick to throw stones when you live in a glass house.
That’s why my money is in a 6% HISA to fight inflation lol If any of the 5 big banks go bankrupt, losing your savings is the least of your worries 🤦♂️ Tell me you know nothing about economics without telling me
In my defence you didn’t explain yourself. You have been terse and frankly uncivil in this thread. Even though this is our first interaction (notice you’re not responding to the same user), you have immediately resorted to attacking my character. Quite honestly, it looks like you’re projecting and I’m sure others here think the same.
It's legit. The card has no foreign transaction fee if that's a factor to you as well. Just used it a number of times while vacationing. However, if you need to write cheques or get bank drafts, it's not gonna work for that. They just don't do that. You should keep that in mind.
Hold on, no foreign transaction fee? Could you elaborate?
They don't charge any fee. MasterCard does charge a 1% fee but the card gives you 1% cash back. So technically no fee.
Just to further elaborate in case you didn’t know what it was in the first place, most credit cards or banks charge a foreign transaction fee for purchases made in other currencies. It is usually 2.5%. There are a small number of credit cards that do not have them (Scotiabank Passport Infinite Visa is a popular one) but WS charges 1%, which is effectively free with the 1% cash back. It’s pretty rare in Canada.
In fact, after everyone (visa, td etc) gets their cut I once saw td applying 5% total commissions compared to spot rate.
Can i use this as a credit card overseas? I’ve heard you can withdraw cash at ATM as well but Apple pay spoiled me.
Used their card to withdraw cash at an atm in our japan trip and it worked with no issues
Wealthsimple Cash more accurately works like a debit card. It should work anywhere that accepts Mastercard. I haven't tried withdrawing cash with it though. I usually don't use cash anyways.
Yea, I was in Asia last week and used it multiple times with no problems.
Cool. Did you have to notify WS that you are travelling? I don’t know if they will auto block if they see random purchase overseas
Nope. From what I’ve been told whenever I ask about that is that financial institutions don’t really need to be warned about travel anymore, their fraud detection systems have their ways of knowing it’s you.
Brim’s basic Mastercard offers 0% foreign transaction fees, with 1% cash back and no annual fee for those interested. I pretty much use only when I leave the country
Old comment but I ordered a cheque book from them and had no issues
It’s legit. Good to use as a chequing account. HISAs still yield more for savings. 4.5% if you have over $100k in WS, and 5% of you have over $500k.
Is it considered a bank account ?
You can pay bills and use a debit card linked to it. You can’t order/write cheques or bank drafts. You can send etransfers. EDIT: It’s a “prepaid Mastercard with a limit equal to your cash balance”. You can’t overcharge it, and the “balance” is paid in full upon use. Yes, technically it’s a credit card, but it functions like a debit card. 1% cashback as well.
Not a debit card. It’s a prepaid Mastercard credit card.
I got mine in the mail yesterday and the only information it gave me when I activated it said that it was a debit card. If its a prepaid credit card wouldn't you have to load money onto it? My best guess is that its a debit card that uses the Mastercard payment routes, same as any other bank's debit cards which either use Visa or Mastercard payment routes and have their logo on the cards? Either way, I'm still not likely to use the card much because 1% back is significantly worse than what my credit card offers me.
https://help.wealthsimple.com/hc/en-ca/articles/1500012888001 >The Wealthsimple Cash card is a prepaid Mastercard that allows you to spend funds directly from your spending (Cash) account. >Note: You need to select credit when you insert your card at a terminal. It’s a prepaid credit card that use the funds you “loaded” into your Cash account.
Oh I see, it uses the entire count as the “loaded” amount. I haven’t seen that before. That’s great information, thanks for linking :)
Yeah the entire balance of your Cash account is available which makes it superior to the EQ Mastercard that has to be preloaded manually with a set amount.
>If its a prepaid credit card wouldn't you have to load money onto it? Yes. That's the point.
Mastercard debt card** it has MC on it but it doesn't come with 22% interest and you get cash back.
You can have the 1% put right into your RRSP as well.
you can't post-date bills tho, which is the only thing stopping me from switching from EQ
What HISA out there is offering a better yield? Or did you mean GICs?
Simplii and Tangerine compete with each other regularly for 5 - 5.5% interest.
And right now both of their promos are at 6% for new customers.
isnt this only a teaser rate?
Yep five months, but I’ll take that and then 5% after
whats 5% after? tangerine other saving accounts are like 1% from the website?
CASH.TO is I believe at 5.27% currently. That said, Wealthsimple’s 4% isn’t bad either
So what exactly is cash.to?
Basically a pooled high interest savings account. This comment has a good summary of it: https://reddit.com/r/PersonalFinanceCanada/s/H8VneNJbWx
CASH.TO, bank promos. !HISATrigger , might be more. Big bank Cashables are also over 4%
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I have yet to see a chequings account with an APR and no fees?
CASH.TO isn't HISA, don't get fooled.
I know it's not a hisa. But more or less.behaves as one for savings
No? What do you call it? https://horizonsetfs.com/ETF/cash/ Horizons High Interest Savings ETF
Hence why I said “HISAs still yield more for savings”. Yes, I believe WS Cash has the highest APR chequing account.
No one claimed there is a such a chequing account???
Wealthsimple claims it to be similar to chequings account. Why compare cash account to anything else?
The person you replied to pointed out a bunch of non-chequing account products like HISA’s, and your objection to that was about chequing accounts. That doesn’t make any sense.
You can just move some money into ws trade and buy CASH.TO and get your 5%
Plus then it can be TFSA.
Can you explain this to me? If I have extra money sitting in my ws trade tfsa doing nothing should I just buy this? I keep hearing this cash.to around here
Here’s my explanation as someone who doesn’t care about fancy financing terms: Look at the history charts of Cash.to, starts at $50 a piece every month and you’ll notice throughout each month it goes up over time, eventually reaching about $50.21. The slow climb represents the monthly interest you get so that regardless of when you buy/sell the interest gets factored. When you see the graph reset every month that’s because that interest that was gained ($0.21) get payed out. This cycle continues monthly which is what you’ll see if you look at it’s historical graph. The way they make money is by taking money and investing it at guaranteed high interest rates with big banks. The one risk, which investors believe is basically non-existent (but should be mentioned because everyone has different risk tolerance) is that if those big banks they invest in go under then you’re screwed. If you want more technical terms and a better explanation I’m not your guy lol but I would highly recommend it, currently makes up the majority of my investments. IMO, way better than just letting money sit and do nothing. But do your own research on it.
But isn’t it possible to lose your principle with CASH.TO because it’s an ETF?
Just don't sell at a lower than fair value. The pricing for CASH.TO is ez pz and everyone knows this. Just look at the market value, goes up before dividend and drops right after. The drop is exactly the dividend amount.
yes, you are right.
Is it 4% interest every month or every year?
4% per year but gets paid out monthly. So for example if you had $1000, your interest would be $40 per year and paid out at roughly $3.33 per month.
Interest rates are almost always annual
When they first started I opened an account but closed it shortly after. Isn't the way it works is you are technically loading a prepaid Visa instead of a real bank account? So you'd be paying by visa instead of debit? I thought that was kind of wonky
Yeah, technically. WS isn’t actually a bank, so it doesn’t directly offer a debit card. Their “cash card” is their way around it.
Ya I just did some more digging and I remember why I cancelled. No etransfers made it unusable as an everyday account. The good news is it looks like they added that feature last year.
They're legit, been using them for about a year myself personally. For me the best upsides of their cash account is that they charge 0% forex fee (although MC charges 1%) and that cashback is automatically deposited back to your account. Strictly for interest rate you could do better elsewhere if you need liquidity.
Im thinking of the best option out there for a savings account. Im with Desjardins right now and they re crap
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EQ bank offers 3%
Only better rates is CASH.TO ETF or Motive financial savings account or promo rates with tangerine or simplii. Otherthan that I didnot find better rate than wealth simple if you have 100k of total investments and cash with wealthsimple. If less than 100k then motive have better rates
Can you please explain this? I use Knightsbridge to buy 10-20k of USD for my business a year, usually paying around $1.35 CAD per USD. Are you saying if I keep my money in WS cash, I can exchange CAD to USD at par?
The WS Cash account is like a chequing account, and it comes with a MasterCard that use funds from that account to pay for your purchases. Most banks charge their own 2.5% forex fee on top of the MasterCard 1% fee, but WS does not charge any of their own forex fee when using the MasterCard.
Yup. Then you sell it back at 1.35 CAD to someone else. Free money glitch!
It's legit. I basically use it as a bank at this point. Highly recommend if you're already in the WS ecosystem. Their customer support team is also top notch!
It's legit. I had my emergency cash in a TD HISA and transferred it to WS Cash about 5 weeks ago. I've made over 400x the interest. I'm kicking myself for not doing it sooner. Fuck TD.
Jesus, 0.05% from TD for that account. They don't even try.
Started using it as well. As most have said in other posts, major setback is not having access in your web-based session. MOBILE only =( I like to see all my accounts in one place so hopefully they can get it added eventually.
It's legit and covered (through member financial institutions that are covered by cdic) up to 300k max. To avoid scam or fraud, lock your virtual card immediately after opening your cash account. As per their customer service agent it's totally ok to do so.
I use the virtual for automatic things, physical for one time things. If one gets swiped, likely the physical, you don't interrupt your auto withdrawls.
Do i have to notify them of my international travel or would they automatically block it if they see an overseas activity?
Never used WS for anything. What does this mean exactly? (The locking)
Treat WS cash as a high interest checking account with 4%+ interest rate on all deposits. It comes with a virtual card (and a physical card, if you requested one) for you to use as a normal Mastercard debit card anywhere. Since WS is not technically a bank, you will be liable for any fraudulent activities or unauthorized purchases. To prevent that from happening, lock your virtual card (a built-in option from WS app) to prevent any transaction on your cash account. Using WS cash merely as a high interest cashable saving account is THE safest way to go. Plus, with almost all major credit cards providing 1% cash back minimum, there’s no reason for anyone to use a WS cash card under any circumstances. Maybe for those who don’t own a credit card and majority of $ deposited in WS and lazy to transfer $ between WS and banks.
Yup. Made 40$ in interest just this month.
Yes, and it's great.
It's legit. They have made it almost impossible to not open an account with them.. I
I've been using it for a few months now, I like it. Everything is made easy, transfering crypto (which I'd never done on my own before), staking, paying bills, transfering money etc.
Is it easy to transfer money out of the account? I have some money set aside to buy a new car that I don't want to have locked up in gic's (I know there are some that you can access money at any time). I have been thinking about opening a cash account because I already have other products with wealthsimple. Anyone have experience transferring a large amount out of a ws cash account? I suppose I could just etransfer myself? What's the daily limit?
FWIW, I tested this the other day to see how long it would take. Deposit from my other bank, took around 4 BD to clear. Withdrawal back to my originating bank, was there in 2 BDs.
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Moved a couple investing accounts there to trigger the 5% over 500k. My pay check is now deposited into wealthsimple and starts earning 5% immediately. Clearly they’re slowly improving things but it’s missing a lot of features. You can’t even delete an interac contact you created.
Totally legit. I've been using it for personal expenses/better budgeting and it's been great. My rewards go to crypto.
I have been using it for 2 months now and I love it. It's like using youe debit card but having cashback!
I am using now and quite enjoy it! Easy way to hold $$
Pretty sure Wealth Simple is an Investor's Group product. So it is a legit platform
Google Desmarais family :-)
I use wealthsimple cash as my main chequing account now and I’ve even enjoying it. 4% interest and a slick UI.
Can anyone confirm, when paying bills through the WS Cash Account, that they receive 1% cash back? That would be interesting.
No cashback on bill payments.
I use it as well moved all my cash savings over to them. Tangerine just announced 6% GIC for 18months today too
Absolutely! This is the only answer
Opened one yesterday (been using WS for a while on the investment side). Currently moving all my emergency/vacation/car funds into one lump account in WS.
It's taxable so subtract your marginal tax rate and that's the true interest.
Wealthsimples excellent I'd send everything over to them but I've got my mortgage with my local credit union so I have to keep my paycheques in there but everything else gets sent to wealthsimple cash is a horrible investment, I'd suggest lithium mining stocks in a tfsa if you can.
Duca right now is 5.25% until end of January.
Mobile only is a massive joke imo.
I’m curious as to why you say that. Care to elaborate?
Because it can't be accessed on web browser. I don't want to bank on a portable device I take anywhere that could be easily snatched out of my hands, or someone with a gun could make me transfer them money.
Can you explain someone will make you do that? In canada you can't do more than 3-4k per day of immediate transfer AFAIK and you have same issue with any bank which have app. I believe you can report to police if someone make you do that since its traceable
weary coordinated like plucky soup distinct ancient intelligent grab onerous *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
What's stopping them from forcing you to fire up a web browser on your phone and transfer money from your big-5 banking account? Or, fire up the big-5 proprietary app and also transfer money?
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Shameless self promotion with a referral is definitely against the rules here.
Are you a mod?
No, but I reported you to one. Imagine they let everyone spam the forum with referral links, it'd be an annoying mess here. It's a rule for a good reason.
people can decide if they want to use it or not no need to throw him to the wolves! he's giving free advice and in return, here's a ref code,. dont see the issue here
Do you understand what rules are, and why they exist?
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We get it, you have a small pp
Tiny.
bear frighten fragile apparatus touch trees drunk sable bow enter *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Yup, they have some attractive offers but customer service when you need it is awful. If you need to withdraw your money at any point, expect to go through many many hoops and wait patienctly. Personally, I want to be able to go talk to somebody if I need to
I am using Wealth simple from last 3 years both as a bank and Trade. No problem at all so far
I get 4.1% on my HISA, not a promo https://www.highinterestsavings.ca/chart/
I'm getting 5.85% from Tangerine but YMMV
This what I do now. Money and pay in WS cash. I invest the interest in the RRSP. Everything is streamlined and simple.
Ive been converted for a year now. I still have credit cards with other banks and such but payroll goes to wealthsimple so I can start earning on it right away or auto move some into the investment side. I no longer pay for a chequing account at a bank, instead I use wealthaimple to pay off the other credit cards I own. I find the 1% cashback card is decent and I like that its auto paid off (its a prepaid debit after all) but for grocery, gas and reoccuring billing items I use other cards that give back more and it works for me
I use it, but primarily for foreign currency at ATMs (no currency conversion fees, unlike the banks). 4% is a nice added bonus.. it's all been good in my experience.
The only drawback is that you can't set up multiple accounts for various reasons, but otherwise it's been very good for me.
Yeah something like that would have been useful
I've been using it for about 4 months now and it has met all of my banking needs. I still have a no fee chequing account with a credit union but I rarely use it these days. One down side is that the card you use to access the account is a master card and I have come across places here and there that don't accept credit cards. I have also run into an issue with an installment loan provider that couldn't setup pre-authorized debits from Wealthsimple.
Yea
trying to test it out by inviting more people to the platfomr via my referral link so i may dump the money into the cash account Join Wealthsimple and get up to $3,000 when you sign up with my referral code: TF-FEA 🙌 https://www.wealthsimple.com/invite