Wealthsimple offers an annual 1.0% interest rate for Save accounts. We don’t believe in promotional rates and will always give you the best rate we can.
How and when is interest paid?
Interest is paid on the 5th day of each month. If the 5th day is a weekend, it will be paid on the next business day. Interest is calculated daily and paid monthly. For example, let’s say you deposit $1,000 into a Save account and leave it there for 365 days. You’ll receive around $10.00 for the year (1.0%*1000). Since interest is calculated daily and paid out monthly, you’ll receive around $0.85 each month, which is expressed as the following (using May as an example): (31/365)*10 = 0.85. Each month you will receive slightly more interest, thanks to the monthly compounding.
Will my interest rate change?
It’s possible. Your interest rates are subject to change at any time. We won’t change the interest rate unless our bank partners change the rate we receive, which is usually impacted by updates to the benchmark rate set by the Bank of Canada.
What is the interest rate for Save for Business accounts?
The interest rate for Save for Business accounts is 0.60%.