Wealthsimple Premium overview

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Overview

Wealthsimple Premium is a premium status for clients who have net deposits of at least $100,000 or have total assets of at least $100,000 across all their Wealthsimple accounts, whichever is higher.

You can qualify for Premium status whether you're a long-time client whose portfolio value has increased over time, or a new client transferring to Wealthsimple.

For example, you would meet the $100,000 threshold for Premium if you have:  

  • $10,000 in your managed RRSP,
  • $10,000 in your managed Personal,
  • $50,000 in your managed Corporate account,
  • $10,000 in self-directed TFSA,
  • $10,000 in a chequing account, and
  • $10,000 in crypto.

Wealthsimple Premium benefits

Here are the benefits of Wealthsimple Premium:

  1. Pay lower fees:

    • Your Wealthsimple managed investing management fee drops to 0.4%

  2. Earn 2.25% interest in your chequing account:
    • You'll earn 2.25% annualized interest on the balance in your chequing account with Wealthsimple.
      Tip: Eligible Premium clients can earn up to 2.75% annualized interest with qualifying direct deposits. Learn more. 

  3. Free USD accounts:

  4. Access to Private Credit and Private Equity investing:

  5. Tax-loss harvesting:
    • Harvest investment losses to get tax savings.
  6. Priority services:
    • You'll get faster answers to your questions. 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.
  7. Personalized financial planning:

    • You can set up unlimited sessions with our team of experienced portfolio managers to discuss your financial goals.

  8. Partner milestone rewards:
    • Unlock a reward of your choice with one of our partners once you reach $200,000 in assets and at every $100,000 milestone after that. Learn more. 
  9. Medcan benefits:

    • Get 30% off Medcan’s Year-Round Care plan, which provides members with urgent medical care for everyday health concerns. The annual membership fee covers all uninsured services related to Year-Round care. View the full list of services. 

    • Get 20% off Medcan's Annual Health Assessment (Ontario only). Learn more about Medcan's Annual Health Assessment. 
  10. Free access to Wealthsimple Plus tax plan:
    • Get bonus features like audit protection and priority email support for free. Learn more.

See a full list of our benefits.

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:

  1. Log in to your Wealthsimple mobile app
  2. Tap the Profile icon at the top-right of the screen
  3. At the top of your profile, tap the progress bar
  4. Here, you will see how close you are to reaching Premium status

Note: It can take at least one business day to process your upgrade after you make a deposit that crosses the $100,000 threshold. We'll notify you when your upgrade is complete and you can access your new benefits.

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, self-directed, crypto, chequing and save accounts). Your net deposits won't 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.

What happens if my net deposits and total assets go below $100,000?

If both your net deposits and total assets with Wealthsimple fall and stay below the $100,000 minimum, you will be subject to a change in status. Learn more about Premium client status downgrades.

You must have $100,000 in net deposits or total assets across all of your Wealthsimple accounts to keep your Premium client status. 

What's involved in a 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.

  1. To start, we'll send you a worksheet to gather details about your financial situation. Once you complete it, we can discuss the overall health of your finances.

  2. We'll check if you're on track to achieve your financial goals and provide recommendations if needed. For example, if you want to retire at a certain age or make a big purchase, we can assess your progress and help you plan.

  3. After the session, we'll send you a financial plan document for your reference. This is a dynamic document that will evolve with you.

How do I access the Medcan benefit?

Follow the instructions below when you reach Wealthsimple Premium status:

  1. Open your Wealthsimple mobile app.
  2. Tap your Profile icon in the top right corner.
  3. Scroll down to Claim your benefits. 
  4. Find the Medcan card by scrolling left. 
  5. Tap the arrow to continue to activate your plan.

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