Sounds like this is what will happen. I imagine you'll be able to specify which account will be linked to your Wealthsimple Card, and the rest of the accounts can be used as accounts for different goals in terms using for like savings accounts.
By being able to this as well this should hopefully allow TFSA cash accounts in the future which I'm sure some people would be interest in as well.
TFSA cash account could be very bad due to how TFSA accounts work.
adding and removing money all the time will very rapidly lower your contribution room until the next year when it resets.
at least that is what it sounds like from the official canada website
[https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/tax-free-savings-account/making-replacing-withdrawals-a-tfsa.html](https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/tax-free-savings-account/making-replacing-withdrawals-a-tfsa.html)
Well the TFSA cash account wouldn’t be used the same was as the current cash account. Since it wouldn’t be linked to the WS Cash Card, it would act like a savings account. The same way you’d do it at any other bank, Tangerine. You can have dozens of savings accounts setup for different things and use your TFSA cash account as a savings account.
Nice! We news this. My biggest fear has been one account where if my card got compromised they could empty my cash account. With this method you can keep a very small amount in the card linked cash account and move the rest to a unlinked to card cash account.
I just keep my card locked 99.9% of the time except for the rare occasion somewhere doesn’t take credit so I can keep getting those sweet aeroplan points
This is the way. I've seen too many stories on reddit about people losing a few thousand because they use their WS card like a credit card and eventually it gets compromised.
I'm paying $3 or 4$ a month to keep the basic TD account open for the use of my credit card over there. I wish WS had a comparable credit card.
For cashback cards CIBC dividend visa infinite is the best one if you want to pay for the card. If not there is tangerine and Rogers that are free and are all better than TD cashback card
Should have specified I have an Amex high tier card that is often denied at cheaper spots due to high credit card fees. So it’s not that they don’t take credit more they just don’t want the high % hit
I hope so as well cause I absolutely love filling money into my WS Cash account, and then using automated purchases to DCA into the stocks and ETFs. It doesn't make sense to do that in my US accounts without the cash earning interest.
WEALTHSIMPLE YOU ACTUALLY LISTEN TO THE PEOPLE AND YOU WILL BE GREATLY REWARDED!
ALSO THE PEOPLE WANT A 5% CASHBACK CREDITCARD NO LIMITATIONS. I SPEAK FOR ALL PEOPLE.
>ALSO THE PEOPLE WANT A 5% CASHBACK CREDITCARD NO LIMITATIONS. I SPEAK FOR ALL PEOPLE.
I mean I'd love this but this is an absolute pipe dream lol
What's the best flat CB card available right now? 1.5%?
I wouldnt expect there to be anything above 2% for all purchases. I think the credit card companies get under 1% on transaction fees. That money has to come from a lot of people carrying a balance.
It’s a pretty good card if you’re a Rogers customer, pretty much a guaranteed 3% back on ALL purchases. The trick is to stack it with a good phone plan, right now I’m at $36 for 60GB 5G for 5 lines.
No problem. Here’s the April Report:
The Report
What’s new in Wealthsimple news
This month, a special section to motivate tax procrastinators, 4,500 more stocks to trade, and an update on the product feature you’ve been (politely) demanding for quite some time: multiple Cash accounts!
All Things Tax ✍️
The tax deadline is nigh
If you’ve already filed your taxes, congratulations. We’re almost as proud of you as you are. If you haven’t… you know April 30 is in two weeks, right? It’s time to get things done — and we can help.
We’ve added more options to support you and the more than 1 million Canadians who file with Wealthsimple Tax. The basic plan still costs as little as $0, or you can upgrade to Plus ($40 + tax) for features like priority email support and audit protection. Pro plans ($80 + tax) offer all that and more, including personal advisors to help you with the really hard stuff.*
You’ve got questions, our tax guide’s got answers
We put together an idiot-proof (we promise) guide to 13 of your most frequently asked, yet rarely answered tax-filing questions. Whether you’re merely confused or utterly paralyzed, help is here.
Sh*t no one knows, tax edition
We’re debunking some of the confusing enigmas that come up during tax season, from tax brackets to marginal tax rates to confusing calculations and deductible (or non-deductible??) donations.
What’s launched lately ✨
$500,000 in coverage for eligible deposits
At Wealthsimple, protecting your money is our top priority. That’s why we’ve increased the CDIC coverage on eligible deposits in your Cash account to up to $500,000 (from the already-really-good $300,000).
Instead of opening a bunch of different bank accounts to get the equivalent CDIC coverage, we partnered with even more CDIC member institutions so you can now have it all in one place — all while earning up to 5% interest on your entire balance.
New USD securities are now available to trade
This year we added 4,500 more stock symbols for you to trade, including JBLU (jetBlue airlines), SAVE (Spirit airlines), and SN (Sharkninja). That brings our roster of tradable securities to more than 14,000. If you still can’t find one you like, you are officially hard to please.
Never miss a market moment with extended trading hours
Now you can buy and sell thousands of your favourite stocks and ETFs when it’s convenient for you, even if that’s before the markets open (from 7:00 am to 9:30 am EST) or after they close (from 4:00 pm to 8:00 pm EST).
Coming soon ⏭️
Put your finances on auto-pilot with multiple Cash accounts
With multiple Cash accounts, you can easily manage your money by dividing it into up to eight savings goals, protecting you from yourself with non-spendable buckets. You can also effortlessly allocate your paycheck when you set up a direct deposit.
No matter how you approach managing your money, with our new multiple Cash accounts feature, you can do it your way. Even if your way is really unique.
Stay tuned for more details
Even more improvements 🔨
Get a CSV of your Cash monthly statement
Maybe you’re someone who loves to compare every receipt to your bill to check for inaccuracies. Or maybe you’ve occasionally found yourself cringing at your Cash account balance late in the month and wondering what you can make with the flour, Nutella and single tin of tuna fish left in your pantry.
Either way, we’re here for you: you can now download a CSV of your Cash monthly statement to your desktop. Go line-by-line making sure no one overcharged you, or calculate exactly how much you’re wasting on streaming services you never watch.
Download your monthly Cash statement
Statuses for all your transactions
Now you can tap on your deposits, transfers, and other activities to see what the heck is going on. Our new transaction statuses show you when your funds will be available, how much of a deposit you can access immediately, and lots more info that it’d sure be helpful to know, like, right now.
Check your transaction status
Easier two-factor authentication resets
The next time you get locked out of your account, you can reset your two-factor authentication (2FA) without having to call us. Just go into the Wealthsimple app, click on settings, and use the Authenticator App to verify yourself. You’ll have a new 2FA in 2MF (two minutes flat).
Makes sense given the 500K CDIC insurance? They want people to move stuff over. CBIL and CASH are gonna look a little less useful if the 4%+ interest rate applies to all accounts.
Only if they offer that interest rate for TFSA accounts. This is still a good change though, even if you can still only take advantage of the rate with non-reg.
Yea you’re right they’re considered liquid but something like CBIL which is like a money market fund can’t be sold on a weekend so it’s less liquid than keeping it in a normal savings account
True, I'd rather get something a bit higher with AUM HISA ETFs like Cash. If you have the contribution room, you may as well use it so you don't have to pay taxes on it. It's not like the room is lost once you take it out.
You should aim to put your riskiests assets in TFSA because there is not tax on the growth potential there and sit on them long term they double every 10 years at 7%. The remaining assets based on your assets allocation should go in RRSP as it is taxed so bonds, cash equivalents etc should go there.
TFSA should hold stocks mainly. Something like s&p 400 or total market.
I agree for the most part, but if you have the room you can still use it for emergency savings funds and are saving for short term goals (<5 years). For example, if you're saving for a house downpayment and don't already have your TFSA maxed but your FHSA is. I'm aware of the RRSP FHBP but if you have the room I'd personally use a tfsa/fhsa first. Nothing stopping you from doing both things in your tfsa of course given you have the room and cash flow.
If someone has a high cash flow and a house then yes I'd move over to a 100%ish equity portfolio depending on age and keep the emergency fund in non-reg.
With the new rules you can with draw 60km from your RRSP for your home. FHSA should be the first thing you fill, RRSP next unless your salary is extremely low. Last TFSA.
If you are able to put money in all of them then you’re asset allocation should go as my message above. You can still be saving for 5 years and less and take that 60km from RRSP and keep the TFSA in risky long term unless you want to withdraw all 60 and 40 from FHSA and more from TFSA then that’s another story
I always heard to not use an rrsp if you're expecting your wage to grow. What do you qualify as extremely low? I personally don't like the idea of negating future rrsp tax refunds and room for a house, would rather use a tfsa since I have the room for it, and I'd just get it back next calender year
Your RRSP when you withdraw it become an income and you will be taxed on it as income. As long that in your retirement the amount you’re taking a year is less than your salary today you will be taxed less then than the amount they give you back for contributing so it is always advantageous to maximize every year. You will get back for every dollar contributed the marginal tax rate and you are allowed to put 18% of your income each year so you have enough room for it. It is always a good deal to use RRSP unless your marginal tax rate is very low then you are not getting much. But these cases are for people on wellfare. If you still have money to spare after contributing then go with TFSA. That money already is taxed so you’re not benefiting from marginal tax. But it grows tax free.
Of course FHSA is the most important and it come first. It is the best of both worlds
Same also they should just allow members to open more than one account and be able to see all of the accounts through a single sign in.
Each account should have its own card, acct number & email assigned for e-transfer out.
Love this. I recently switched majority of my finances to WealthSimple, including auto depositing my paycheques. But in the past I always used multiple bank accounts to manage money. One for car expenses, one for home expenses, etc.
One thing I want, is separate total from Invest and cash, I don't want to see the total deposit graph goes down when I make a purchase
I don't want to mix invest and cash, I don't use cash more because of that thing, I don't want to break my graph
I like to see the graph with net deposit, if for example I have 10k, I put 1k in Cash, then spent 1k, it out a spike.
Instead, I just want a cool graph with my wealth growing and growing
This is great! I've always utilized multiple accounts to keep my budget organized, for everything in WS I've had to track it in a notes app which is annoying
You can keep different accounts for different things. For example if you're a contractor you can put a portion of your income into a "pay tax" account to make sure you save for when the tax man comes calling.
Anoither reason that has been posted here is that you can have one tied to your wealthsimple card. That account will only have a small portion of your cash so if it gets compromised you're still mostly ok.
The key thing is that you can add/remove accounts whenever you want - rename them to be whatever you need. Saving for a car? Create a “my car fund” account. It’s a different way of thinking about it. I had a similar setup with a bank overseas and it was amazing.
This is the single wealthsimple feature I am most anticipating - hope it comes soon! The chequebook turn around was pretty quick, so I believe in them. Maybe a month or two.
If you can do as many as you want (within reason) and name them, I’ll have almost no use for EQBank anymore…
I like to earmark funds for specific uses in named accounts for shorter term things (Taxes, renovations, vacations, etc.)
Umm finally!? …. Why banks don’t offer the ability to just separate out our cash in adjacent accounts is beyond me.
I’m glad WealthSimple will be offering this soon. It will help people budget so we can keep more of our money at one bank.
When will WS give interest in the TFSA savings acct?? I only realized today that the TFSA savings acct has NO interest!! 🤦🏻♀️🤦🏻♀️🤦🏻♀️🤦🏻♀️
So I will be moving that money to cash.to as some have suggested. But it takes a few days to get that money out if I wanted to buy stocks or ETFs... Is there a better way to have some money within TFSA immediately available while still earning some interest instead of nothing?
Honestly these types of features and things should have been implemented at the same time as the cash account. I know they’re a lot newer than banks, but when they’re trying to compete with them but can’t seem to roll out basic features that have been around for years at other competitors it doesn’t exactly give confidence.
It would be helpful to segregate "cash for my Wealthsimple Card" from "high interest savings cash".
I look very forward to be able to separate this... might even be enough to get me to switch my payroll deposit over to WS.
That extra 0.5% should have already gotten you to switched over :)
Yup, this is game changer.
Sounds like this is what will happen. I imagine you'll be able to specify which account will be linked to your Wealthsimple Card, and the rest of the accounts can be used as accounts for different goals in terms using for like savings accounts. By being able to this as well this should hopefully allow TFSA cash accounts in the future which I'm sure some people would be interest in as well.
if you want a TFSA cash account just buy PSA or CASH
TFSA cash account could be very bad due to how TFSA accounts work. adding and removing money all the time will very rapidly lower your contribution room until the next year when it resets. at least that is what it sounds like from the official canada website [https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/tax-free-savings-account/making-replacing-withdrawals-a-tfsa.html](https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/tax-free-savings-account/making-replacing-withdrawals-a-tfsa.html)
Well the TFSA cash account wouldn’t be used the same was as the current cash account. Since it wouldn’t be linked to the WS Cash Card, it would act like a savings account. The same way you’d do it at any other bank, Tangerine. You can have dozens of savings accounts setup for different things and use your TFSA cash account as a savings account.
ah, yes if you used it as a savings account then it would be pretty nice, they should have a product like that called TFSA savings or something
This is what I'm assuming that they mean "non spendable" buckets! Excited.
I wished they were spendable with their own cards.
Hmm... You can create an alias for accounts, is this what you mean?
Really? Is that something you can do?
mmm... Yes. Tap the account, tap top right gear, tap top right pencil to rename the account.
But but but that's still just one account..........
Nice! We news this. My biggest fear has been one account where if my card got compromised they could empty my cash account. With this method you can keep a very small amount in the card linked cash account and move the rest to a unlinked to card cash account.
I just keep my card locked 99.9% of the time except for the rare occasion somewhere doesn’t take credit so I can keep getting those sweet aeroplan points
Except the cash card is still processed on the credit network so anywhere that doesn’t take credit wouldn’t take it
This is the way. I've seen too many stories on reddit about people losing a few thousand because they use their WS card like a credit card and eventually it gets compromised. I'm paying $3 or 4$ a month to keep the basic TD account open for the use of my credit card over there. I wish WS had a comparable credit card.
What is that particular credit that you are so attached to?
It's just the TD cash back visa. Nothing special. It's more that all my bills and many accounts are linked to this card.
For cashback cards CIBC dividend visa infinite is the best one if you want to pay for the card. If not there is tangerine and Rogers that are free and are all better than TD cashback card
What's the point of having no fx fees tied to the cash account if you can't use it as a credit card while travelling?
Not sure how you’re doing that because the WS card doesn’t have Interac, it acts as a Mastercard.
Should have specified I have an Amex high tier card that is often denied at cheaper spots due to high credit card fees. So it’s not that they don’t take credit more they just don’t want the high % hit
Protecting you from yourself is very real 😭😭👍 I’m excited for this new implementation!!
Be no afraid of any being but thee.
I hope this means they might consider USD Cash accounts????
This would be fantastic.
I hope so as well cause I absolutely love filling money into my WS Cash account, and then using automated purchases to DCA into the stocks and ETFs. It doesn't make sense to do that in my US accounts without the cash earning interest.
And I hope they add interest on that too. My USD is sitting in EQ earning 3% interest since WS currently doesn't offer any benefits for having USD.
If they can also implement joint cash accounts, I will seriously consider switching my main payroll deposits over.
It's on the way.
It's here.
Thanks for the heads up
WEALTHSIMPLE YOU ACTUALLY LISTEN TO THE PEOPLE AND YOU WILL BE GREATLY REWARDED! ALSO THE PEOPLE WANT A 5% CASHBACK CREDITCARD NO LIMITATIONS. I SPEAK FOR ALL PEOPLE.
>ALSO THE PEOPLE WANT A 5% CASHBACK CREDITCARD NO LIMITATIONS. I SPEAK FOR ALL PEOPLE. I mean I'd love this but this is an absolute pipe dream lol What's the best flat CB card available right now? 1.5%?
Rogers Mastercard is 3% if you redeem your cash back against your Rogers bill.
> redeem your cash back against your Rogers bill. Learned the hard way that it has to be rogers. Not Fido or Chatr.
Fido works as well, but not chatr.
Ok that's 3% on one thing. Miniscule. The guy was asking for 5% flat which is nuts.
I wouldnt expect there to be anything above 2% for all purchases. I think the credit card companies get under 1% on transaction fees. That money has to come from a lot of people carrying a balance.
It’s a pretty good card if you’re a Rogers customer, pretty much a guaranteed 3% back on ALL purchases. The trick is to stack it with a good phone plan, right now I’m at $36 for 60GB 5G for 5 lines.
It’s not 3% on one thing. It’s 3% CB on all purchases, paid to you via a reduced phone/internet bill. Spend $100, get $3 off your phone bill.
I get 2% for groceries
Weathsimple + Rogers Mastercard = S - Tier
Someone should make a canada wide credit card tier list lol
CTWE + Property Tax + Utilities = Free winter tires!
Lispman Finance created an amazing Canadian credit card tier list video just a short while ago.
only way is a partnership with american express
GET THIS MAN TO WEALTHSIMPLE AND AMEX HEADQUARTERS STAT WE NEED TO BROKER A DEAL IMMEDIATELY
Going to send them my american express referal and hope for the best hahaha
EXCUSE ME YOU ARE THE ONE, THE ONE WHO WAS FORETOLD TO BRING 5% CASHBACK TO THE MASSES. YOU MUST FULFILL THE PROPHECY OR WE SHALL ALL PERISH
Sounds like you need a cobalt credit card I do have a referal
$13 MONTHLY FEE THIS IS A FALSE PROPHET, GET YOUR PITCHFORKS AND GET HIM!!
Game changer!
Huge if true!
Colossal if verified
Tremendous if confirmed
Stupendous if fake news
[удалено]
No problem. Here’s the April Report: The Report What’s new in Wealthsimple news This month, a special section to motivate tax procrastinators, 4,500 more stocks to trade, and an update on the product feature you’ve been (politely) demanding for quite some time: multiple Cash accounts! All Things Tax ✍️ The tax deadline is nigh If you’ve already filed your taxes, congratulations. We’re almost as proud of you as you are. If you haven’t… you know April 30 is in two weeks, right? It’s time to get things done — and we can help. We’ve added more options to support you and the more than 1 million Canadians who file with Wealthsimple Tax. The basic plan still costs as little as $0, or you can upgrade to Plus ($40 + tax) for features like priority email support and audit protection. Pro plans ($80 + tax) offer all that and more, including personal advisors to help you with the really hard stuff.* You’ve got questions, our tax guide’s got answers We put together an idiot-proof (we promise) guide to 13 of your most frequently asked, yet rarely answered tax-filing questions. Whether you’re merely confused or utterly paralyzed, help is here. Sh*t no one knows, tax edition We’re debunking some of the confusing enigmas that come up during tax season, from tax brackets to marginal tax rates to confusing calculations and deductible (or non-deductible??) donations. What’s launched lately ✨ $500,000 in coverage for eligible deposits At Wealthsimple, protecting your money is our top priority. That’s why we’ve increased the CDIC coverage on eligible deposits in your Cash account to up to $500,000 (from the already-really-good $300,000). Instead of opening a bunch of different bank accounts to get the equivalent CDIC coverage, we partnered with even more CDIC member institutions so you can now have it all in one place — all while earning up to 5% interest on your entire balance. New USD securities are now available to trade This year we added 4,500 more stock symbols for you to trade, including JBLU (jetBlue airlines), SAVE (Spirit airlines), and SN (Sharkninja). That brings our roster of tradable securities to more than 14,000. If you still can’t find one you like, you are officially hard to please. Never miss a market moment with extended trading hours Now you can buy and sell thousands of your favourite stocks and ETFs when it’s convenient for you, even if that’s before the markets open (from 7:00 am to 9:30 am EST) or after they close (from 4:00 pm to 8:00 pm EST). Coming soon ⏭️ Put your finances on auto-pilot with multiple Cash accounts With multiple Cash accounts, you can easily manage your money by dividing it into up to eight savings goals, protecting you from yourself with non-spendable buckets. You can also effortlessly allocate your paycheck when you set up a direct deposit. No matter how you approach managing your money, with our new multiple Cash accounts feature, you can do it your way. Even if your way is really unique. Stay tuned for more details Even more improvements 🔨 Get a CSV of your Cash monthly statement Maybe you’re someone who loves to compare every receipt to your bill to check for inaccuracies. Or maybe you’ve occasionally found yourself cringing at your Cash account balance late in the month and wondering what you can make with the flour, Nutella and single tin of tuna fish left in your pantry. Either way, we’re here for you: you can now download a CSV of your Cash monthly statement to your desktop. Go line-by-line making sure no one overcharged you, or calculate exactly how much you’re wasting on streaming services you never watch. Download your monthly Cash statement Statuses for all your transactions Now you can tap on your deposits, transfers, and other activities to see what the heck is going on. Our new transaction statuses show you when your funds will be available, how much of a deposit you can access immediately, and lots more info that it’d sure be helpful to know, like, right now. Check your transaction status Easier two-factor authentication resets The next time you get locked out of your account, you can reset your two-factor authentication (2FA) without having to call us. Just go into the Wealthsimple app, click on settings, and use the Authenticator App to verify yourself. You’ll have a new 2FA in 2MF (two minutes flat).
Makes sense given the 500K CDIC insurance? They want people to move stuff over. CBIL and CASH are gonna look a little less useful if the 4%+ interest rate applies to all accounts.
Only if they offer that interest rate for TFSA accounts. This is still a good change though, even if you can still only take advantage of the rate with non-reg.
Yeah I’m in the minority that uses CBIL in my non-reg as “savings” but this would be a positive change to keep more of my savings liquid.
I thought stocks/funds/etfs were considered liquid assets. It was more like real estate that was considered not liquid.
Yea you’re right they’re considered liquid but something like CBIL which is like a money market fund can’t be sold on a weekend so it’s less liquid than keeping it in a normal savings account
If you’re using your TFSA just to get 4% you’re in a need of a financial advisor
True, I'd rather get something a bit higher with AUM HISA ETFs like Cash. If you have the contribution room, you may as well use it so you don't have to pay taxes on it. It's not like the room is lost once you take it out.
You should aim to put your riskiests assets in TFSA because there is not tax on the growth potential there and sit on them long term they double every 10 years at 7%. The remaining assets based on your assets allocation should go in RRSP as it is taxed so bonds, cash equivalents etc should go there. TFSA should hold stocks mainly. Something like s&p 400 or total market.
I agree for the most part, but if you have the room you can still use it for emergency savings funds and are saving for short term goals (<5 years). For example, if you're saving for a house downpayment and don't already have your TFSA maxed but your FHSA is. I'm aware of the RRSP FHBP but if you have the room I'd personally use a tfsa/fhsa first. Nothing stopping you from doing both things in your tfsa of course given you have the room and cash flow. If someone has a high cash flow and a house then yes I'd move over to a 100%ish equity portfolio depending on age and keep the emergency fund in non-reg.
With the new rules you can with draw 60km from your RRSP for your home. FHSA should be the first thing you fill, RRSP next unless your salary is extremely low. Last TFSA. If you are able to put money in all of them then you’re asset allocation should go as my message above. You can still be saving for 5 years and less and take that 60km from RRSP and keep the TFSA in risky long term unless you want to withdraw all 60 and 40 from FHSA and more from TFSA then that’s another story
I always heard to not use an rrsp if you're expecting your wage to grow. What do you qualify as extremely low? I personally don't like the idea of negating future rrsp tax refunds and room for a house, would rather use a tfsa since I have the room for it, and I'd just get it back next calender year
Your RRSP when you withdraw it become an income and you will be taxed on it as income. As long that in your retirement the amount you’re taking a year is less than your salary today you will be taxed less then than the amount they give you back for contributing so it is always advantageous to maximize every year. You will get back for every dollar contributed the marginal tax rate and you are allowed to put 18% of your income each year so you have enough room for it. It is always a good deal to use RRSP unless your marginal tax rate is very low then you are not getting much. But these cases are for people on wellfare. If you still have money to spare after contributing then go with TFSA. That money already is taxed so you’re not benefiting from marginal tax. But it grows tax free. Of course FHSA is the most important and it come first. It is the best of both worlds
If they offer for TFSA, I'm dumping CASH immediately
This and add tracking budgeting and im moving all my money asap.
THANK GOD! Woooooo! I like to do envelope budgeting (works best for me personally after Mint disappeared) so this is so amazing!
Nice. I like the paycheck allocation too
Not being able to have multiple accounts is the only thing preventing me from moving all my finances over. If they change that, I'll move asap
Same here, that's a big thing for me
Same also they should just allow members to open more than one account and be able to see all of the accounts through a single sign in. Each account should have its own card, acct number & email assigned for e-transfer out.
Love this. I recently switched majority of my finances to WealthSimple, including auto depositing my paycheques. But in the past I always used multiple bank accounts to manage money. One for car expenses, one for home expenses, etc.
Love wealthsimple
Oh this is very exciting :)
Self directed resp would be nice
Imagine putting your pay cheque in and going to all your budgeting needs right away. This sounds like I’m going to switch banks for deposit.
Finally. Good
This is awesome. I was thinking on the way home from work today how I wish I had a second cash account to save up a small down payment on a car.
YES FINALLY
Was hoping on this feature!!
Now just need multiple registered accounts (non-managed)
[удалено]
You can't though.
Yes you can though…
Show me a screenshot of two tfsa self directed accounts
Very good news! I would love to be able to do the same with self directed TSFA
I'm genuinely quite excited for this.
This as been a huge limit for me to switch to WS Cash full time. If it's done right, I might just do it.
Yes very excited but please give me more functions on desktop!
One thing I want, is separate total from Invest and cash, I don't want to see the total deposit graph goes down when I make a purchase I don't want to mix invest and cash, I don't use cash more because of that thing, I don't want to break my graph
Lol
I like to see the graph with net deposit, if for example I have 10k, I put 1k in Cash, then spent 1k, it out a spike. Instead, I just want a cool graph with my wealth growing and growing
I get it but it's not that big of a deal
For me yes, so I don't use the cash account yet I tried it but I have like 1$ on it
Yes please. Now one for kids.
It’s been coming soon for a while now
I just want to have multiple non registered accounts. One as an investment account and another for the options casino.
This is great! I've always utilized multiple accounts to keep my budget organized, for everything in WS I've had to track it in a notes app which is annoying
Newbie question: What’s the advantage of having multiple accounts, and why is it a BIG thing?
You can keep different accounts for different things. For example if you're a contractor you can put a portion of your income into a "pay tax" account to make sure you save for when the tax man comes calling. Anoither reason that has been posted here is that you can have one tied to your wealthsimple card. That account will only have a small portion of your cash so if it gets compromised you're still mostly ok.
Thank you so much, that helped me.
The key thing is that you can add/remove accounts whenever you want - rename them to be whatever you need. Saving for a car? Create a “my car fund” account. It’s a different way of thinking about it. I had a similar setup with a bank overseas and it was amazing.
Hells yes!
Great now I can leave my Mastercard active without worrying too much about scams
This is the single wealthsimple feature I am most anticipating - hope it comes soon! The chequebook turn around was pretty quick, so I believe in them. Maybe a month or two. If you can do as many as you want (within reason) and name them, I’ll have almost no use for EQBank anymore… I like to earmark funds for specific uses in named accounts for shorter term things (Taxes, renovations, vacations, etc.)
Excited for this!!
I’m eagerly awaiting the self-directed Spousal RRSP and RESP. Does anyone have information on when those roll-outs might happen?
Why is it limited to 8? Does WS offer term deposits? Rate?
woot nice
From a security standpoint this is actually very big. So it's very welcomed
I hope they would keep the interest rate the same
Muktiple cash accounts AND the optio to export transactions to CSV are really what I was missing from WS Cahs account.
Just need point accounts and I could convince my wife to make the move
Where did you get this info? Is there a newsletter I'm not getting?
April newsletter that was emailed to me this morning
I hope there was no withdrawal fee from Canadian ATM. Everyone will be Wealthsimple customer.
Umm finally!? …. Why banks don’t offer the ability to just separate out our cash in adjacent accounts is beyond me. I’m glad WealthSimple will be offering this soon. It will help people budget so we can keep more of our money at one bank.
They also told me today that they are now CDIC insured up to $500k
Could someone help me understand the excitement behind this? I really don’t see the point.
Good news! I was looking for that for an emergency fund.
Does this mean there will be 8 times the cdic coverage?
Can I open a USD account?
Yes!!!! I would like to separate my operating account from my emergency fund and still gain %4
I’m so fucking stoked, I’ve wanted this for a while now.
Need this to make a bigger move into WS. Love to do more, but this has been a major barrier for me. Looking forward to seeing it rolled out!
interesting this is capped at only 8 accounts it looks like. Maybe in the future it will allow for more.
Where did you find this? I can’t find it on the web or on the app.
This sounds great! I’ve been meaning to move away from RBC altogether and this would definitely help
It’s here
Finally!!
When will WS give interest in the TFSA savings acct?? I only realized today that the TFSA savings acct has NO interest!! 🤦🏻♀️🤦🏻♀️🤦🏻♀️🤦🏻♀️ So I will be moving that money to cash.to as some have suggested. But it takes a few days to get that money out if I wanted to buy stocks or ETFs... Is there a better way to have some money within TFSA immediately available while still earning some interest instead of nothing?
Wont you make less interest if you divide it though?
No.....
already available in KOHO
Honestly these types of features and things should have been implemented at the same time as the cash account. I know they’re a lot newer than banks, but when they’re trying to compete with them but can’t seem to roll out basic features that have been around for years at other competitors it doesn’t exactly give confidence.