Please note that this product is no longer offered for new clients. Our new high-interest savings account is called Wealthsimple Save.
What is the Smart Savings account?
The Smart Savings account is a low-risk, fixed-income investment portfolio built for today. It offers a fixed interest rate. This product is no longer offered - if you are interested in a newer version of this product, check out Wealthsimple Save.
Is there an account balance limit for Smart Savings?
For an individual Smart Savings, you can have a balance of up to $1,000,000. If you would like a larger limit, contact our support team for more details.
What fees are associated with your Smart Savings accounts?
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.
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.
Can I withdraw from my Smart Savings at any time?
Yes and we won't charge you for any withdrawals.
It can take up to four business days to withdraw your Smart Savings contributions back to your bank account. We're constantly working on improving the speed of withdraws so you can have access to your money faster.
Is the money in my Wealthsimple Smart Savings CDIC insured?
Yes, your Wealthsimple Smart Savings account is deposited with a Canada Deposit Insurance Corporation (CDIC) member institution.
CDIC insures up to $100,000 of eligible deposits per client per member institution within each insured category. We automatically split your money between multiple CDIC member institutions, giving you up to $1,000,000 of CDIC insurance coverage for Smart Savings, and $500,000 for Joint Smart Savings through these members.
For more information on what’s covered visit the CDIC website. Their website also has more information on how deposit insurance works for individual and joint accounts.
Are contributions to Smart Savings 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.
Why did I receive a tax slip in the mail?