How much do you charge for your Smart Savings account?
We only charge on the amount you have in your Smart Savings account. The interest rate you see on your account already has the fee (0.25%) deducted from it, and there are no additional fees. When you're on Boost, we remove the fee for your first $100,000 and pass the extra interest to you.
To be as transparent as possible, you'll be able to keep track of fees charged at the end of every quarter (March, June, September, December) in your account statements. We also don't charge you for withdrawing money from your Smart Savings account - no matter how often you do it.
You can learn more about how much we charge across all our investment and savings products here.
Will I be charged a Smart Savings fee on top of the Wealthsimple management fee?
No, we keep the fees for Smart Savings accounts separate from our investment accounts. To keep things simple, the interest rate you receive already has our Smart Savings fee embedded in it. You can see the fee and interest breakdown in your monthly and annual statements.
Are Smart Savings contributions part of assets managed free or Wealthsimple Black?
Smart Savings accounts don't count towards assets managed free because you are charged a different fee than your investment accounts. That being said, they do count towards Wealthsimple Black status.