Open a HISA (beta)

In this article:

Note: The High Interest Savings Account (HISA) is in beta and isn't available to all clients yet. In the meantime, you can contact our support team to request access.

Overview

The High Interest Savings Account (HISA) is a non-registered investment account that earns a 2.5% interest rate on your cash.

Eligibility and limitations

Anyone eligible to open a Wealthsimple account can open a HISA. Consider the following before opening an account:

  • HISAs are only available as a non-registered account.
  • You can only open an individual HISA. We don't support joint HISAs yet.
  • We don't support business or USD HISAs yet.
  • You can't use a HISA as a collateral source for the portfolio line of credit yet.
Note: Account transfers (in-kind or cash from external institutions) into a HISA aren't supported at launch. You can fund your HISA through an internal transfer from another Wealthsimple account or through the automate your pay feature.

Open a HISA

Follow these steps to open a HISA in the Wealthsimple app (not available on the web).

  1. Log in to the Wealthsimple app
  2. Tap Add account
  3. Tap the Spend & Save tab
  4. Select High interest savings
  5. Tap Get started
  6. Review and confirm your details to open the account
Note: You can find your open high interest savings account(s) under the Home and Invest tabs during beta.

Interest rate and payout schedule

Interest on your HISA is calculated daily and paid out monthly. You can see your accruing interest and your next payout date on your account home screen.

There are no MER fees on cash held in your HISA. Interest rates are subject to change.

Moving money in and out

Transferring money to your HISA

You can fund your HISA through the following options:

  • Internal transfer from another Wealthsimple account, such as your chequing account
  • Deposit from a linked bank account
  • Automatic transfer triggered by the automate your pay feature
Note: HISA doesn't have an account number, transit number, or cheque support. You can't set up a payroll direct deposit to your HISA.

Withdrawing from your HISA

In the standard Wealthsimple rate mode, internal transfers out of your HISA are instant. Withdrawals through an electronic funds transfer (EFT) to an external bank account take 1–3 business days.

Note: If you have a market rate HISA, withdrawals typically take 1 business day to settle first before funds are transferred.

Understand CIPF coverage on your HISA

Your Wealthsimple HISA is held through Wealthsimple Investments Inc., a member of the Canadian Investment Regulatory Organization (CIRO). As a result, cash balances in your HISA are protected by the Canadian Investor Protection Fund (CIPF) for up to $1,000,000.

Coverage is automatic. You don't need to register or apply.

Frequently asked questions

Is my money protected?

Yes. CIPF (Canadian Investor Protection Fund) protects client assets held at CIRO member firms in the event of firm insolvency. At Wealthsimple, this applies to your investing accounts, including your HISA (up to $1,000,000). A brochure describing the nature and limits of coverage is available upon request or at CIPF.

Please check out our resource, How we keep your money safe, for more information.

Can I open more than one HISA?

You can open up to 10 HISAs.

What's the market rate option for the HISA?

The market rate lets you choose one of five cash-equivalent ETFs (PSA, ZMMK, HISA, CSAV, or CASH) and allocates your full balance to that ETF. The market rate shown in the app isn't a guaranteed interest rate. It's an estimated yield based on the ETF, so it can move up and down with markets.

Keep in mind that your interest rate may be lower than the default cash option. In market rate mode, withdrawals also take longer because the ETF has to sell and settle first. Withdrawals typically take 1 business day to settle instead of instant internal transfers with the standard account mode.

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