How the managed High-Interest Savings Portfolio works

Managed Wealthsimple accounts are designed to automatically invest any funds you add to an investment account. However, there may be times when you want to reduce your exposure to market forces and avoid any losses. In this case, moving your funds to a High-Interest Savings Portfolio (HISP) might be a good choice.

A HISP is a low-risk, interest yielding portfolio designed to protect you from market volatility. Unlike guaranteed investment certificates (GICs), there is no minimum holding period and you can access your funds at any time.

Wealthsimple clients earn interest on cash invested in a HISP, however we may use alternative savings funds in some cases.

Tip: This option is ideal for emergency funds or for clients who plan to withdraw the majority of their funds from a particular account in the near term - generally within the next 3 years. For example, if you're planning to use your RRSP for a homebuyer's plan or need the funds in your RESP to fund your children's education in the short term, this may be a good option.

Move a managed account to a High-Interest Savings Portfolio

When you're ready to move a managed account to a HISP, contact our support team. One of our Portfolio Managers will help make this change for you after we ask you a few questions. 

Moving a managed account to a HISP can take 7-10 business days. 

Note: You can't open a HISP in your Wealthsimple account yourself. You must have a managed account open before you can move it to a HISP. 

Frequently asked questions

What are the fees for investing in a High-Interest Savings Portfolio?

Our standard fees apply. Wealthsimple’s standard management fee is 0.5%. For accounts over $100,000, this fee drops down to 0.4%. To learn more about fees, click here.

What kind of interest will I earn?

The current interest rate is 3.55%. Note that interest rates can fluctuate alongside bank lending rates and are subject to change at any time.

Can I also invest in this Portfolio in a non-registered (personal) account?

Yes, you can invest in the High-Interest Savings Portfolio in a non-registered account (or any other account type).

How will I receive interest in my account?

Interest is calculated based on a daily closing balance, the value in the account at 11:59 PM EST each day. It is then paid out monthly, with interest accumulated in each calendar month to be paid out within 7 business days of the 1st of the following month. Interest on new deposits to your account starts accruing 1 business day after the deposit is made.

Was this article helpful?

Have more questions? Submit a request

Comments

0 comments

Article is closed for comments.

Wealthsimple's managed portfolios

See more

Want to talk to a human?

Our Client Success team is here to help.