Overview
A registered high-interest savings account (HISA) earns more interest on your money than a regular savings account. Your money is also tax sheltered because it’s held and earns interest in a registered account, like an RRSP, TFSA, or FHSA.
A registered HISA may be a good choice if you’re looking for a no-risk account to save your money in. You can also access your money within 1-3 business days when you need to withdraw it. Wealthsimple also doesn’t charge any fees for this type of account.
You can open a registered HISA as an:
- RRSP
- TFSA
- FHSA
You can open one registered HISA for each type of account.
Registered HISA interest rate
We offer three different annual interest rates on the balance in your registered HISA. The rates are annualized rates, calculated daily, and paid monthly directly into your account:
| Interest rate | How you qualify |
| 2.25% | All clients qualify as soon as they open a registered HISA. |
| 2.75% | Be a qualifying Wealthsimple Premium client. |
| 3.25% | Be a qualifying Wealthsimple Generation client. |
Open a registered HISA
Follow these steps to open an account:
- Sign into the Wealthsimple app on your mobile device
- From the Home tab, scroll down and tap Add an account
- Select Open a new account
- Choose what type of registered account (RRSP, TFSA, or FHSA) you want to open
- Choose High-interest savings as the account type to open
- Follow the prompts to open your registered HISA
- Log in to your Wealthsimple account
- Select + Add an account from the Home page
- Choose what type of registered account (RRSP, TFSA, or FHSA) you want to open
- Choose HISA (High Interest Savings Account) from the options
- Tap Next
- Follow the prompts to open your registered HISA
Frequently asked questions
Can I transfer funds from another Wealthsimple account?
Yes. Once your account is fully open, you can transfer funds from another account. There are no tax implications for transferring tax sheltered accounts (like your RRSP or TFSA).
Can I transfer a registered account at Wealthsimple or at another institution to the registered HISA?
Yes, you can initiate a full or partial transfer of your registered account at Wealthsimple or at another institution as cash to the registered HISA. There are no tax implications for transferring funds between tax sheltered accounts (like your RRSP or TFSA) of the same type. Learn more about initiating a transfer.
How is a registered HISA different from a Cash account?
Review the table below to learn about the differences between registered HISAs and Cash accounts:
| Registered HISA | Cash account |
| What's it good for? | |
|
Registered savings account available as a TFSA, RRSP, or FHSA. They are great for an emergency fund or nest egg for short and medium-term goals. |
An everyday chequing and savings account. They are great for getting paid with direct deposit, paying bills, and sending INTERAC® e-Transfers. |
| What are the benefits? | |
| Tax-sheltered and fully liquid | Fully liquid |
| Minimum 2.25% interest. Learn more. | Minimum 2.25%. Learn more. |
| No fees or risks | No fees or risks |
How much can I contribute to my HISA?
You can contribute up to your available RRSP, TFSA, and FHSA contribution room.
How does Canada Deposit Insurance Corporation coverage work with registered HISAs?
Canada Deposit Insurance Corporation insures cash balances up to $100,000 in all registered HISAs no matter the account type (like TFSA or RRSP). This coverage applies to all registered HISAs you open.
A note from our legal team
Our High-interest Savings Accounts (HISA) are offered by Wealthsimple Investments Inc. (WSII). WSII is a member of the Canadian Investment Regulatory Organization (CIRO). HISA held at WSII are not protected by the Canadian Investor Protection Fund (CIPF). All cash balances from your Wealthsimple HISA(s) are held in trust for you with members of the Canada Deposit Insurance Corporation (CDIC). WSII is not a CDIC member institution. CDIC protects eligible deposits held at CDIC member institutions in case of a member institution’s failure. CDIC is a federal Crown corporation. CDIC is not a bank or a private insurance company. Under the trust framework CDIC insures eligible cash balances up to $100,000 per beneficiary (Wealthsimple HISA customer) per member institution, provided certain disclosure rules are met. Coverage is free and automatic. Learn more about how CDIC protection works.
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