On March 29th, 2021, we made some updates to simplify the names of our products and how you see your accounts.
Going forward, you’ll only be able to have one Wealthsimple Cash account. It’s the account connected to the new Wealthsimple Cash app that gives you access to instantly send cash and spending features (coming soon).
Any accounts that are not connected to the Wealthsimple Cash app will now appear as Wealthsimple Save.
Now that these accounts are called Save, have the features changed?
Not one bit! Here are the features you can still expect from your Wealthsimple Save account(s):
- 0.5% interest
- No account minimums
- No fees for deposits or withdrawals
- CDIC insured within specified limits
These features make Save a perfect low-risk place to keep funds you’ll need to spend in the near future, while still earning interest.
For full details on Wealthsimple Cash, sending cash in seconds, and what we have planned next, read our article on product features.
Can I open new Wealthsimple Save accounts?
You sure can! You can open a new Save account through the Wealthsimple Invest app, or on web. There are no limits to how many Save accounts you can open.
How does this impact my Joint or Business accounts?
Since Joint and Business accounts are not eligible for payment or spending features, they’ll appear as Wealthsimple Save.
I haven’t gotten Wealthsimple Cash yet. How does that work?
Wealthsimple Cash is our newest product that lets you send cash to friends and family in seconds (plus more features coming soon!). If you’d like to use it follow these steps:
- Download the Wealthsimple Cash app
- Log in with your existing Wealthsimple email and password
- If you have Save accounts (formerly Cash) you’ll be asked which one you want to connect to the app or you can start fresh with a new account
Can I change which of my accounts is connected to the Wealthsimple Cash app?
No, you can’t. Once you connect an existing account to the Cash app, you can’t connect a different account. But you can move funds between your Save and Cash accounts by setting up a transfer on web.