On July 12 we released a new version of Wealthsimple Cash, in this article you’ll find all the information you need about this update and what it means for you.
What is the latest version of Cash?
The new version of Wealthsimple Cash supports new payment features (to make sending cash simpler!) and new spending features (like the Wealthsimple Cash card!). In order to access these types of features going forward, you’ll need to update to the latest version of Cash.
To do so:
- Go to the Wealthsimple Cash app
- Click accept & update on the prompt you see on screen
- It’s that simple
Please note: If you have pending transactions (like a deposit, or referral bonuses) those funds will not be moved to the latest version of Cash. Instead, they’ll be added to a Save account. To access these funds you can log in to Wealthsimple on web and go to the “Invest & Save” tab.
Does the new version of Wealthsimple Cash offer interest?
No, the latest version of Wealthsimple Cash does not offer interest. But that’s what our Save account is for — you can find it through the Wealthsimple Invest product. It’s basically a savings account — so it gives you a safe place to keep money you need in the short term while earning a little extra with 0.5% interest.
How does the Save account’s interest compare to Cash?
It’s the same! As of June 1, 2021 Save offers 0.5% interest. You can find more information on interest rate changes here.
What happens if I don’t update to the latest version of Cash?
If you don’t update, you won’t be able to use Wealthsimple Cash any longer to spend and send cash, instead you’ll have a Save account, where your money will earn interest.
I didn’t update — what happened to my account?
Rest assured, your account is safe and sound, but you won’t be able to access it using the Wealthsimple Cash app anymore. Instead, log in to Wealthsimple on the web and click on the ‘Invest & Save’ tab – from there you’ll see your Save account. If you wish to withdraw your funds, go to the Move Funds tab.
Where is my money stored with Wealthsimple Cash?
Absolutely! Your funds are held securely in an omnibus custodial account with Canadian Western Trust Company, a federal trust company regulated by the Office of the Superintendent of Financial Institutions under the Trust and Loan Companies Act. Wealthsimple Cash account are held in trust at a Canada Deposit Insurance Corporation (CDIC) member institution. CDIC is a federal Crown corporation. CDIC is not a bank or a private insurance company. CDIC protects eligible deposits held at CDIC member institutions (List of Members - cdic.ca ) in case of a member’s failure. For eligible deposits held in trust at a CDIC member institution, CDIC insures up to $100,000 for each beneficiary named in a trust, provided certain disclosure rules are met. Coverage is free and automatic. For more information on how CDIC trust protection works, click here.