In June 2019, we made some changes to our savings products. Initially, we offered Smart Savings accounts (launched in 2018). Then, we rebranded to Wealthsimple Save while maintaining our legacy Smart Savings accounts. Folks could open new Wealthsimple Save accounts, keep their Smart Savings account, but not open new Smart Savings accounts. In January 2020, Wealthsimple Save became Wealthsimple Cash.
What does this mean? For the most part, these are operational changes to help our savings product grow alongside our business. What hasn't changed? All the important things. Our interest rate is still transparent, there are unlimited free transactions, no low balance fees, and no account minimums.
If you had Smart Savings previously, your account hasn't changed. You'll still see your account listed as Smart Savings when you log in to Wealthsimple, and have all the associated features.
Here's a more detailed comparison:
|Interest rate (first $100k net of fees)||Same as rate posted here||Same as rate posted here|
|Interest rate (after the first $100K)||Same as rate posted here||Varies|
|Interest calculation||Calculated daily, paid monthly||Calculated daily, paid monthly|
|Withdrawal speed||1 business day, or faster (after the 5-day holding period on new deposits)||2-4 business days (after the 5-day holding period on new deposits)|
Additionally, Smart Savings accounts are deposited with a Canada Deposit Insurance Corporation (CDIC) member institution. For more information on how CDIC protection works, click here.
For more information about coverage for your Cash account, please see this article.