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 us.

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

  • $10,000 in your managed RRSP,
  • $10,000 in your managed non-registered account,
  • $50,000 in your managed Business account,
  • $10,000 in a trading TFSA,
  • $10,000 in a chequing account, and
  • $10,000 in crypto.
Note: If you have any joint accounts, these will also affect your Premium status.

Wealthsimple Premium benefits

  1. Pay lower fees:
    • Your Wealthsimple managed investing management fee drops to 0.4%.

  2. Earn 1.75% interest in your chequing account:

    Tip: Eligible Premium clients can earn up to 2.25% annualized interest with qualifying direct deposits. Learn more.
  3. Free USD accounts:
  4. Access to the Private Market Fund:
  5. Maximize your tax efficiency:
    • You'll get access to tax-efficient features like tax-loss harvesting.
  6. Priority service:
    • Get fast answers to all your Wealthsimple questions. When you contact our support team, we'll prioritize your request and connect you with a specialized agent. They're equipped to handle your questions and requests quickly.
  7. 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 about partner milestone rewards.
  8. 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. Learn more.
    • Get 20% off Medcan's Annual Health Assessment (Ontario only).
    • Get 15% off Medcan's Dedicated Care (Ontario only).
    • Get 15% off Medcan's M Care (Ontario only).
  9. Free access to the Wealthsimple Plus tax plan:

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 contact 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 the Wealthsimple 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'll 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. While it's processing, you may see your status shown as Upgrade in progress.
How are my net deposits calculated?

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, trading, crypto, and chequing accounts). Your net deposits won't decrease if the value of your portfolio decreases due to market fluctuations. However, your net deposits will decrease if you withdraw or transfer out funds from your accounts. Borrowing through a portfolio line of credit doesn't affect your net deposits or total assets; only what you own is counted toward your status.

Does a portfolio line of credit affect my Premium status?

No. Borrowed amounts from a portfolio line of credit are excluded from both your net deposits and your total assets; only the assets you own are counted toward your status.

Do joint accounts count toward my Premium status?

Yes. Your joint accounts count toward your Premium status. If you'd like to learn more about households, please contact our support team. You can also learn how to create a Wealthsimple household.

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, your status will change. Learn more about Premium client status downgrades.

How do I access the Medcan benefit?

Follow the instructions below when you reach Wealthsimple Premium status:

  1. Log in to the Wealthsimple app
  2. Tap the Profile icon in the top-right corner
  3. Tap the Being Premium has earned you card
  4. Scroll down to Partner Perks
  5. Tap Get discounted services from Medcan
  6. Tap Activate your plan

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