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 and joint non-registered
How to open a Money Market portfolio
Follow these steps to open a Money Market portfolio:
- Log in to the Wealthsimple app
- From the Home tab, scroll down and tap Open or move account
- Tap Open a new account
- Scroll to Income under Wealthsimple portfolios
- Tap Invest in Income
- Tap Money Market portfolio
- Choose an eligible account from the account options menu
- Follow the prompts to open your Money Market portfolio
- Log in to your Wealthsimple profile
- Select + Add an account from the Home page
- Choose the type of account you want to open
- Select Income portfolios
- Select the Money Market portfolio
- Select Invest in this portfolio
- Follow the prompts to open your Money Market portfolio
Earning interest in your Money Market portfolio
You'll receive interest monthly, calculated daily on your Money Market portfolio's closing balance (the balance at 11:59 PM EST each day). Interest accumulates throughout the calendar month and is paid out within 7 business days of the 1st of the following month.
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?
Can I convert my existing High-Interest Savings Portfolio (HISP) to the Money Market portfolio?
Can I open a Money Market portfolio in USD?
How quickly can I access my money in the Money Market portfolio?
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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