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 instantly 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.
Open a registered HISA
You can only open a registered HISA on the Wealthsimple mobile app. To open an account, follow these steps:
- 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
Frequently asked questions
What interest rate will I get with a registered HISA?
During beta testing, the interest rate of registered HISAs is 3.75%. This rate will change when we’re ready to release the account to everyone. The interest rate shown is an annualized rate, calculated daily, paid monthly, and is subject to change.
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 tax-sheltered accounts (like your RRSP or TFSA) between the same account types. Learn more about how you can initiate the transfer here.
How is a registered HISA different from Cash?
A cash account is similar to a chequing account which you can pays bills with, for example. A HISA account is a savings account you can use for financial savings goal. Your registered HISA is a tax sheltered account, meaning the gains on your HISA account may be tax free or tax deferred depending on the type of registered HISA you open.
When are the returns paid out?
Your returns are calculated daily at the annual rate of 3.75% and paid out on the first of the month.
What account types are available for a registered HISA?
You can open a registered HISA as a TFSA, RRSP, or FHSA. You can only open one registered HISA for each account type.
How much can I contribute to my HISA?
You can contribute up to your available RRSP, TFSA, and FHSA contribution room.
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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