A Wealthsimple Save account is a savings account that earns 0.50% interest. A Save account is a non-registered account, which means you'll need to pay tax on any interest you earn.
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.
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 Premium plan status?
Yes, but it only counts towards the status of the primary account holder.
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 However, funds must settle for five business days before they can be withdrawn.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. Learn more about tax implications for joint accounts.
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).
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