A Wealthsimple Save account is a savings account with 1.5% interest. A Save account is a good choice when you need to access your funds quickly. People often use it to save for a near-term purchase or to build an emergency fund.
You can open either a personal or joint Save account with Wealthsimple. To do so, follow these steps —
- Log into my.wealthsimple.com and sign in to your Invest & Save profile
- Scroll down to the Save section of your portfolio
- Select Add an account
- Select Save 1.5% interest
- Follow the prompts to open a Save or Joint Save account
- Sign in to the Wealthsimple mobile app
- Scroll down to My accounts and tap Add an account
- Select Earn interest on savings
- Choose the Savings account and tap Continue
- Review your agreements to open your account
Note: You can currently only open a Joint Save account on the web.
Frequently asked questions
Why is my SIN required to open an account with Wealthsimple?
All registered accounts (such as a TFSA or RRSP) must be registered with the CRA. In order to register these accounts with the CRA, we require your SIN. Additionally, all non-registered accounts require that we verify your identity with a third-party credit reporting agency to follow FINTRAC identity verification rules, which also requires your SIN.
What are the fees in a Save account?
There are no fees in a Save account.
Can I have more than one Save account?
Yes, you can open multiple Save accounts on your Wealthsimple profile.
Can I have multiple Joint Save accounts with different people?
Yes, you can have multiple Joint Wealthsimple Save accounts with different co-owners or multiple accounts with the same co-owner.
Who can deposit and withdraw from Joint Save accounts?
Both co-owners can contribute and withdraw from a Joint Wealthsimple Save account, and both co-owners will be able to see the activity.
Do Joint Wealthsimple Save accounts count towards Wealthsimple Black plan status?
Yes, but for now it only counts towards the status of the primary account holder. Learn more about how our plan status gets calculated for co-owned accounts.
How long does it take to withdraw funds from a Save account?
You can withdraw funds in 1 business day from your Save account. You can also make as many withdrawals as you like and never pay a fee. However, funds must settle for five business days before they can be withdrawn.
How does CDIC deposit insurance work for Joint Save accounts?
You can read more about this on the CDIC website. In short, accounts with more than one name (multiple owners) are insured separately from accounts with one owner.
Who claims the interest earned on their income taxes for a Joint Save account?
Either owner can report on the interest earned or even split the income evenly between the two owners. This is a benefit of the Joint Save account.
Can I add a beneficiary to a Save account?
No, beneficiaries can only be added to registered accounts. Instead, you'd need to manage this through your estate (i.e. through a will).