Roundup

How does it work?

When you link a credit or debit card to your Wealthsimple account, we track the spare change from your regular purchases and automatically invest it for you.

If you spend $4.25 on a coffee using a linked credit or debit card, we automatically round up your purchase to $5.00 and put 75 cents in your Wealthsimple account. Every week, we add up all the roundups from the previous week, withdraw the total from your funding source (typically your checking account) and invest it in your Wealthsimple account.

Where does the money for my rounded up purchases come from?

Round ups are transferred from the bank account you link to Wealthsimple. Even if you link multiple credit or debit cards, all of your roundups will still come from only the linked bank account.

What accounts can I put my spare change in?

You can deposit your spare change into any of the following accounts:

• Traditional IRA
• Roth IRA
• SEP IRA
• Personal
• Savings
• Joint
• UTMA/UGMA

What country is Roundup available in?

Roundup is available to our Canadian and US clients.

How do I enable it?

Download the Wealthsimple mobile app (you must have version 4.23.0 or greater) and head over to the "Add Funds" tab. There, you'll be prompted to enable Roundup.

Soon, you'll be able to enable Roundup on a web browser.

How do you access and use my transaction data?

Roundup accesses your linked accounts(s) on a weekly basis. We use this information to round up your transactions to the nearest dollar and transfer this amount into your Wealthsimple account. We do not, and will never, sell your transaction data.

How much does it cost?

There is no additional cost for Roundup, just Wealthsimple's standard fees. We charge a 0.50% management fee on accounts below $100,000. If you deposit $100,000 or more, you'll be upgraded to Wealthsimple Black and pay a management fee of 0.40%.

How do I make a withdrawal?

Withdrawing funds is just as simple as adding them. To withdraw funds from your Wealthsimple account:

1. Log into your Wealthsimple account through a web browser such as Chrome or Safari.
2. Click on your name in the top right of the screen and navigate to the 'Withdrawals' tab
3. Complete the account you'd like to withdraw from and the withdrawal amount, and click 'Set withdrawal'

Please note that it can take up to five business days for the money to arrive in your bank account from the time the withdrawal is initiated. The time lag is caused by regulatory requirements and the processes used by banking institutions.

Withdrawals may take slightly longer than five business days if you are withdrawing funds that you recently deposited to your Wealthsimple account. For more information, please click here.

Is there a limit on the number of cards I can use?

No. You can link as many cards as you like!

How many investment accounts can I enable Roundup on?

You can enable Roundup on 1 investment account at this time.

Is there a minimum rounded up amount required for a deposit to be made?

Your total rounded up amount over the course of the week must add up to at least $5 in order for the deposit to be made.

What if my linked bank account doesn't have enough money available for my Roundup deposit?

Before your weekly deposit is taken from your linked bank account, we'll automatically check its balance and cancel your deposit if it would result in you incurring an insufficient funds charge.

How often do my transactions update?

We check your tracked cards for new transaction activity once per day.

What if I make a purchase that is already a round number?

If a purchase is already a round number, it won't be rounded up.

How do I cancel a deposit?

You can cancel an upcoming deposit from the “Upcoming Contributions & Transfers” page in the mobile app.

How do I disable Roundup?

You can disable Roundup by deselecting any of the cards or accounts you're tracking purchases from.

What if I don't use online banking or don't know my online banking login information?

You'll need to be able to log in to your online bank to enable Roundup. If you're having trouble logging in, contact your financial institution.

What if my banking institution isn't listed?

We try to support as many banks as possible, but some aren't While we try to support all banks, our provider adds support based on consumer demand. That said, you can still take advantage of Wealthsimple!

I made a purchase yesterday but it isn't showing up in the app?

We only track posted transactions. An authorized transaction is a debit or credit card purchase for which the merchant has received approval from the bank. A posted transaction means that the debit – or credit – is applied to your account balance, and the transaction is complete.