Automatically invest your extra cash
Set a bank balance for the cash you need on-hand and we'll automatically put any extra to work.
Never miss a chance to grow your money
- Decide how much money you want to keep in your bank account for day-to-day expenses
- Once a month we'll move any extra into a Wealthsimple Invest account - whether it's $20 or $200
- Need more cash on hand? We'll send you a reminder so you can skip your deposit
See how your extra cash can add up
Invest in a personalized portfolio
Put your change to work in a portfolio of low-fee funds designed to meet your financial goals with Wealthsimple Invest.
Over $10B and counting - More than 1 million Canadians trust over $10 billion with Wealthsimple companies
Everything is encrypted - We use state-of-the-art data encryption when handling your financial information and two-factor authentication (2FA) protection
Insurance and protection - All of our accounts have standard insolvency and deposit protection
Powerful backing - Wealthsimple is backed by over $1 billion in investment from some of the world's most notable investors
We keep your money safe
Your security and trust are important to us. We're committed to protecting your account with the highest standards of security available.
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Yes! By default, the balance check is set to the 18th of each month. But if you want to change it to a more specific date, you can adjust your settings once you set up Overflow.
We use state of the art security to protect your data. We encrypt all information transmitted between your browser and our web servers. We use it to keep your account information safe including passwords and personal information.
What do you do with my bank information? Your bank login credentials are never stored with us. Using the same encryption as your bank, your transactional and personal data is securely encrypted with both hardware and software encryption.
Why do you need my financial information? We check your balance twice a month to check for any excess above the balance you set. The first check is to send you a reminder email two days before the Overflow deposit, and the second balance check is to ensure that your balance between the email and the scheduled deposit hasn't changed. If your bank account falls under the excess in those two days, we won't make an Overflow deposit.
How do you access and use my bank account balance? Overflow accesses your linked bank account on a monthly basis. We use this information to check if you're over the balance you check and deposit the excess amount into your Wealthsimple account. We do not, and will never, sell your transaction data.
There is no additional cost for Overflow, just Wealthsimple's standard fees. We charge a 0.5% 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 0.4%
Once a month, on the day you select when you're setting up your Overflow (by default, it's the 18th).
We'll check your account on the day of your scheduled deposit and send you an email reminding you. If you don't choose to skip your deposit, your extra cash will be moved over to your Wealthsimple account later that day.
Great question! Absolutely, there are two ways you can limit your monthly Overflow.
You'll be sent an email reminder on your balance check date (by default, it's the 18th of every month). That email will give you the option to skip that month's deposit, if you want to keep more cash on-hand
You can also add a maximum withdrawal amount to Overflow. For example, if you set your maximum deposit to $2,500, we won't move any cash above that limit - even if there's an extra $5,000 in your account.
You can deposit into any of the following Wealthsimple accounts:
- Smart Savings
- Spousal RRSP
- Joint Smart Savings
Right now, you can only enable Overflow on one of your Wealthsimple accounts. Let us know if you'd like that to change!
We currently support TD Canada Trust, RBC, CIBC, Bank of Montreal, Scotiabank and Tangerine. We hope to support more banks soon, so keep an eye out. That said, you can still take advantage of Wealthsimple!