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.
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.
