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 $1,000,000 per client.
Eligible account types
You can open a Money Market portfolio in the following account types:
- RRSP
- TFSA
- FHSA
- LIRA
- LIF
- RRIF
- Spousal RRSP
- RESP
- Spousal RRIF
- 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 to your Accounts
- Tap the add (+) button
- Tap Open a new account
- Tap the Invest tab at the top of the page
- Scroll down and tap Managed portfolios
- Tap Income
- Under Compare portfolios, scroll to Money Market
- Scroll to the bottom of the portfolio details and tap Invest in this portfolio
- On the confirmation screen, tap Invest in this portfolio again
- Choose an eligible account from the account options menu
- Follow the prompts to open your Money Market portfolio
- Log in to your Wealthsimple profile on a laptop or computer.
- Select + Add account from the Home page.
- Select the Invest category.
- Select Let our experts do it, then choose Income.
- Select the Money Market portfolio.
- Select Invest in this portfolio.
- Choose an eligible account type from the account options menu.
- Choose who will use this account, if applicable.
- 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 ET 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
Is the interest rate different if I'm a Premium or Generation client?
No, the interest rate is the same for all clients.
Are there fees associated with the Money Market portfolio?
There are no management fees on the cash and cash-like holdings in a Money Market portfolio.
We do charge a management fee on non-cash investments, such as stocks or ETFs, held in a managed account. If your Money Market portfolio held any of these investments, a fee applies for each day they were in your account.
This most often happens when you transfer stocks or ETFs into the account and they're sold soon after. We add up the daily fees and bill them as one monthly charge, so the fee can appear after those investments were already sold. That's why your account may show a fee even though it holds only cash now.
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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