Open a Money Market portfolio

In this article:

Overview

The Money Market portfolio is a flexible way to earn more on your cash without market risk or management fees. It's a zero market risk investment option that allows you to earn 2.50% interest on your cash holdings while keeping your funds accessible to you at any time.

The Money Market portfolio holds high-interest deposits at trusted Canadian banks, designed to offer stable returns with daily access. Your money is held in Canadian Investor Protection Fund-covered Wealthsimple accounts, protected up to $1 million per client.

Eligible account types

You can open a Money Market portfolio in the following account types:

  • RRSP
  • TFSA
  • FHSA
  • LIRA
  • LIF
  • Individual non-registered
Note: Joint non-registered accounts will be supported soon.

How to open a Money Market portfolio

Follow these steps to open a Money Market portfolio:

Wealthsimple app Web
  1. Log in to the Wealthsimple app
  2. From the Home tab, scroll down and tap Open or move account
  3. Tap Open a new account
  4. Choose the type of account you want to open
  5. Tap Portfolios from the investment options menu
  6. Tap Income
  7. Select the Money Market portfolio
  8. Tap Invest in Income
  9. Tap Choose Money Market
  10. Follow the prompts to open your Money Market portfolio
  1. Log in to your Wealthsimple profile
  2. Select + Add an account from the Home page
  3. Choose the type of account you want to open
  4. Select Income portfolios
  5. Select the Money Market portfolio
  6. Select Invest in this portfolio
  7. Follow the prompts to open your Money Market portfolio

Frequently asked questions

Does the interest rate change for Premium or Generation clients?

No, the interest rate is the same for all clients.

Are there fees associated with the Money Market portfolio?

No, there are no management fees for the Money Market portfolio.

Can I convert my existing High-Interest Savings Portfolio (HISP) to the Money Market portfolio?

No. You can keep your existing HISP or open a new Money Market portfolio account and transfer your assets if you prefer.

Can I open a Money Market portfolio in USD?

No, the Money Market portfolio is only available in CAD.

How quickly can I access my money in the Money Market portfolio?

You can withdraw your funds at any time. Keep in mind that they'll take 1-3 business days to settle.

How will I receive interest in my account?

We calculate your interest daily and pay it out monthly. Here's how it works:

  • We use your account's closing balance at 11:59 pm ET each day to calculate your interest.
  • You'll get paid within the first 7 business days of the following month.
  • New deposits start earning interest 1 business day after you make them.

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