In June 2019, we made some changes to our Smart Savings product, including relaunching it under the name Wealthsimple Save.
What does this mean? For the most part, these are operational changes to help our savings product grow alongside our business. What hasn't changed? All the important things. Our interest rate is still transparent, there are unlimited free transactions, no low balance fees, and no account minimums.
If you had Smart Savings previously, your account hasn't changed. You'll still see your account listed as Smart Savings when you log in to Wealthsimple, and have all the associated features.
Here's a more detailed comparison:
|Interest rate (first $100k net of fees)||Same as rate posted here||Same as rate posted here|
|Interest rate (after the first $100K)||Same as rate posted here||Varies|
|Interest calculation||Calculated daily, paid monthly||Calculated daily, paid monthly|
|CDIC insurance||None||Up to $1M|
|Withdrawal speed||1 business day, or faster (after the 5-day holding period on new deposits)||2-4 business days (after the 5-day holding period on new deposits)|
For more information about coverage for your Save account, please see this article.
As for the name — that's simple. We chose to rebrand to make Save more consistent with our other products (Wealthsimple Invest and Wealthsimple Trade) and to make it easy to understand what financial services we offer.