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Wealthsimple Launches Smart Savings Account with 1.7% Interest Rate

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After launching in beta last December for existing members, Wealthsimple announced today their new Smart Savings accounts are available for all Canadians, their first financial product outside of investing.

Wealthsimple smart savings

The new savings option comes with a 1.7% interest rate “that doesn’t expire” and continuously optimizes, plus it includes unlimited and free transactions, along with no additional fees. There are no account minimums and the company says accounts of any size can be fully insured. When the Smart Savings beta launch back in December, interest rates were at 1.1%.

“Savings accounts are an important tool in any good financial plan, and our clients were asking for a saving option with the same simple, intuitive experience as their investment accounts,” said Michael Katchen, CEO and co-founder, Wealthsimple, in a press release. “Our purpose is to help everyone reach her or his financial goals — no matter what they are. And I’m really happy that now we’re able to help clients achieve shorter-term savings goals, just like we’ve been helping them with longer-term goals through our investing products.”

Wealthsimple says the Smart Savings accounts integrate into the company’s existing dashboard for investment accounts and deposits also count towards Wealthsimple Black, which offers VIP airline lounge access and other perks for those with over $100,000 invested.

According to Strategic Insight data as of December 31, 2017, “more than 80 per cent of people who use digital investing in Canada use Wealthsimple.”

New and existing Wealthsimple users can sign up for a Smart Savings account on their website or through the Wealthsimple iOS app. The company now manages over $2 billion in assets for customers in Canada, the U.S. and the UK.

Click here to sign up for Wealthsimple—and get a bonus of $10,000 in investments managed free for a year, in addition to the standard $5,000 managed free, for $15,000 total.

Disclosure: this post contains affiliate links which allows readers to support iPhone in Canada and help keep the lights on.

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  • Amber

    EQ Bank has a interest rate of 2.3%

  • iverge

    Tangerine has a higher rate.

  • Kevin

    Tangerine is at 1.10%

  • Joe

    Tangerine’s rate is only like 1.3 isn’t it? I’m a customer so I should know but currently I have a promo on my account.

  • Kevin

    Current rate is 1.1%, promo for new clients, 2.5% for 6 months.

  • iverge

    I’m a current customer and I get 2.3% looks to be targeted for existing clients.

  • Alexis T
  • Amber

    Promotional rate. Ends May 31 then drops to reg rate of 1.5% EQ’s rate of 2.3% is a standard rate

  • Tim

    The financially savvy people in r/personalfinancecanada seem to use tangerine promos indefinitely by removing their money from their savings accounts and placing it into chequing a few days before the promo ends and then they get offered the promo rate again and again on “new” money from the chequing account. Just have to be careful if you’re using tfsa’s as withdrawals will count against your annual contribution limits (though you get it back the next year).

  • raslucas

    All the below example are temporary promotional rates, while WealthSimple’s is relatively fixed ( it’ll still change with the prime rate, though that may actually be a good thing these days ).

    Sure you can figure out ways to get the promo rate back and all that, but wouldn’t you rather just have a good rate and not have to do a bunch of work all the time?

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