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.
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