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Wealthsimple Increases Smart Savings Rate to 1.95%

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Wealthsimple launched their Smart Savings account earlier this spring, offering Canadians their first financial product outside of investment accounts.

At the time, the debut interest rate was 1.7%, but now that has increased to 1.95% on your first $100,000, which most likely reflects the recent rate hike by the Bank of Canada. There are no account minimums and includes unlimited transactions.

Wealthsimple smart savings hike

According to Wealthsimple, funds part of a Smart Savings account counts towards Wealthsimple Black, the company’s reward program which offers free access to VIP airline lounges and other perks, for those with at least $100,000 invested.

Wealthsimple manage over $2 billion in assets for customers in Canada, the US and UK, and allows anyone to sign up easily to set up automatic investments in low-fee exchange-traded funds (ETFs), which are becoming popular compared to more expensive mutual funds. Investments have automatic rebalancing, automatic dividend reinvesting and auto-depositing.

Click here to sign up for Wealthsimple—and get a bonus of $10,000 in free managed investments for a year. Account management can be easily managed by the company’s iOS app.

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

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