Open a Savings Account (beta)

In this article:

Note: The Savings Account is in beta and isn't available to all clients yet. In the meantime, you can submit a request form to request beta access.

Overview

The Savings Account 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 Savings Account. Consider the following before opening an account:

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

Open a Savings Account

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

  1. Log in to the Wealthsimple app
  2. From the Home tab, scroll down to your Accounts
  3. Tap the add (+) button
  4. Select Open a new account
  5. Tap the Spend & Save tab
  6. Select Savings
  7. Tap Get started
  8. Review and confirm your details to open the account
Note: You can find your open Savings Account(s) under the Home and Invest tabs during beta.

Interest rate and payout schedule

Interest on your Savings Account 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 Savings Account. Interest rates are subject to change.

Moving money in and out

Transferring money to your Savings Account

You can fund your Savings Account 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: The Savings Account doesn't have an account number, transit number, or cheque support. You can't set up a payroll direct deposit to your Savings Account.

Withdrawing from your Savings Account

In the standard Wealthsimple rate mode, internal transfers out of your Savings Account 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 Savings Account, withdrawals typically take 1 business day to settle first before funds are transferred.

Understand CIPF coverage on your Savings Account

Your Wealthsimple Savings Account is held through Wealthsimple Investments Inc., a member of the Canadian Investment Regulatory Organization (CIRO). As a result, cash balances in your Savings Account 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 Savings Account (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 Savings Account?

You can open up to 10 Savings Accounts.

What's the market rate option for the Savings Account?

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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