Wealthsimple Premium is a premium service for clients who have net deposits of $100,000 or more in their Wealthsimple accounts. Funds held in any of your Wealthsimple accounts count towards your net deposits (so deposits or transfers to Managed + DIY + Cash + Crypto accounts = your total net deposits).
- Pay lower fees
When you reach Wealthsimple Premium status, your Wealthsimple Managed Investing management fee drops to only 0.4%.
Earn 4% interest in your Cash account
You will earn 4% annualized interest on the balance you hold in your Cash account with Wealthsimple.
- Free USD accounts
You'll get free access to USD accounts as a Premium client. This means that you can opt-in to trade U.S. securities without the conversion fee on every order.
- Access to Private Credit investing
You'll become eligible to start investing in Private Credit.
- Maximize your tax efficiency
You’ll get access to tax-efficient features like tax-loss harvesting and tax-efficient funds.
- Priority service
Get answers to all your questions – fast. When you contact our support team, we’ll redirect you to a dedicated team for our Wealthsimple Premium clients. They’re equipped to handle your questions quickly or connect you with our portfolio managers for more financial support.
- Get access to expert advice
You can set up unlimited sessions with our team of experienced portfolio managers to discuss your financial goals.
- Get six months of medical care for free (Ontario only)
Get quick access to everyday medical care, expert medical advice, and services covered outside of OHIP with Medcan’s Year Round Care plan. As a Wealthsimple Premium client, your first 6 months are free.
- Get a discount on your will preparation
As a Wealthsimple Premium client, you’ll get 15% off your first online will with Willful.
If you're an existing Wealthsimple Premium client and would like help getting set up with any of these benefits, please feel free to reach out to our support team.
Frequently asked questions
How do I check how close I am to Wealthsimple Premium status?
You can view your progress bar by following these steps:
- Log in to your Wealthsimple mobile app
- Tao the Profile icon at the bottom of the screen
- At the top of your profile, tap the progress bar
- Here, you will see how close you are to reaching Premium status
Note: Once you make a deposit that crosses the $100k threshold, the upgrade can take up to 72 hours to process. Keep an eye on the app for when the upgrade is complete
How do you calculate net deposits?
We calculate net deposits by adding up the total amount of money you deposit or transfer into all of your Wealthsimple accounts (including Managed investing, Stocks & ETFs, Crypto, Cash and Save accounts). Your net deposits will not decrease if the value of your portfolio decreases due to market fluctuations. However, your net deposit will decrease if you withdraw or transfer out funds from your accounts.
I have some or all of my $100,000 in a joint account; will I qualify for Wealthsimple Premium status? Does the other account holder?
Any deposits you make to a joint account are only attributed to the primary account owner.
If you are the secondary account owner of a joint account, your net deposits won't be double-counted towards your status.
Both you and the other account holder qualify for Wealthsimple Premium status when each of you has net deposits of $100,000 or more across accounts where you are the primary owner or sole owner. If you and a secondary account holder only have a joint account with Wealthsimple, you would need to each deposit $100,000 for both of you to qualify for Wealthsimple Premium.
What happens if I make a withdrawal that puts my balance under $100,000?
If you withdraw to below $100,000 in net deposits, you may lose your Wealthsimple Premium status.
What happens if the market dips, putting my balance below $100,000?
As long as your net deposits are over $100,000, you'll retain your Wealthsimple Premium status, regardless of what the markets do.
How can I set up a financial planning session?
If your advisor feels you would benefit from a financial planning session, they will help you set one up during your initial call with them. A financial planning session is a conversation with one of our experienced portfolio managers. They might focus on a few different areas, depending on your goals.
- To start, we'll send you a worksheet asking you to share some details about your financial situation. Once completed, we'll be able to speak to the overall health of your financial situation.
- We'll check whether you're on track to achieve your financial goals (and provide some recommendations on how to get back on track if needed). For example, if you're hoping to retire at a certain age, or make a big purchase in the future - we can check whether you're on track and, if required, help you plan for and recommend any adjustments to help you get there.
We can also help you plan a retirement income strategy that will provide you with the most benefit - such as minimizing taxes.
- After the session, we'll send you a financial plan document so you have something to reference both during the session and afterwards. This is a living document and will change and grow along with you.
How do I access the Medcan benefit?
When you hit Wealthsimple Premium status, we'll send you an email with a unique voucher code. You can redeem this code when signing up for Medcan services over the phone.
Please sign in to leave a comment.