The Wealthsimple savings account pays a flat 2.5% annual interest rate to every client, on every dollar — no tiers, no minimums, no monthly fees. Your money starts earning from day one, and you can withdraw anytime, instantly, to any Wealthsimple account. It's the highest-interest you’ll earn on cash compared to any big bank everyday savings account in Canada*, with no promotional expiry and no notice periods. Just a strong rate on cash you want to keep safe and reachable.
What is the Wealthsimple savings account?
The Wealthsimple savings account is a place to park cash you're not ready to spend or invest, and earn 2.5% interest while it sits there. It's fully liquid, which means you can move your money out whenever you want, instantly, with no penalty. Interest is annualized, calculated daily and paid monthly, the same way it works on your chequing account, and your cash starts growing from the day you fund the account.
And it's not a teaser. This is a market-beating rate that doesn't drop to almost nothing after six months — just steady, consistent growth over time. You don't have to give "notice" before touching your own money to qualify, and there's no fine print waiting to reset the rate. The rate is the rate.
Think of it as the home a lot of savers are missing. A chequing account is for spending. Investing is for money you can leave alone and let grow (with the risk that comes with it). But cash you might need soon — for an emergency fund, a move, a tax bill, or a market moment you're waiting on — needs somewhere that's safe, reachable, and still working for you. That's what this is for.
What this means for you
Here's the difference in practice. Say you're setting aside $10,000 for a trip you're taking in eight months. Left in a typical big-bank chequing account, it earns close to nothing. In the Wealthsimple savings account at 2.5%, that same $10,000 earns roughly $167 over those eight months — for doing exactly what it was already doing: waiting.
No lock-up. If the trip moves up, or the car breaks down, or you spot a better use for the money, you can pull it out instantly and move on. You earned interest for the time it was there, and you gave up nothing to get it.
This account is a good fit if you:
Want to earn real interest on cash you'll need in the short or medium term, without locking it away
Are saving toward a specific goal — a vacation, a down payment, a wedding, an emergency fund
Have savings sitting at another bank earning less, and want a better home for it
Want the growth of a high rate without taking on market risk
How Wealthsimple's savings account compares
Most "high" savings rates come with a catch — a promo clock, a notice period, or per-transaction fees. Here's how the Wealthsimple savings account stacks up against the everyday savings accounts at Canada's big banks and digital banks.
Wealthsimple savings | Big banks | Digital banks | |
|---|---|---|---|
| Interest rate | 2.5%, no catch | 0.55% once the short promo ends | 2.35% if you give 240 hours notice before withdrawing |
| Rate type | Non-promotional, no fine print | Decent for a few months, if you're lucky | Good, until you try to withdraw |
| Fees | $0 | No monthly fee, but per-transaction fees apply | $0 |
| Account minimums | None | None, but higher rates may need minimum balances | None |
| Withdrawals | Instant, anytime | 1–2 business days to settle | 10–30 days notice |
| Deposit protection | $1M CIPF | $100K CDIC | $100K CDIC |
Data collected as of August 19, 2026. For more information on how we collected the information included in this chart, visit here.
Access your money anytime
There are no lock-in periods like a GIC, and no withdrawal limits or notice periods like some other savings accounts. Whenever you need your cash, you can move it — instantly — to your chequing account or another Wealthsimple account. That makes it well suited to big purchases, emergencies, and anything unexpected.
How to open a Wealthsimple savings account
You can set it up in the app in a few taps — no paperwork, no minimum deposit, no fee to open, and no surprise costs. There are three easy ways to fund it:
Transfer funds internally from another Wealthsimple account, like your chequing account.
Deposit funds from an externally linked bank account.
Set up automatic transfers from your chequing account using automate your pay.
One note: your savings account doesn't have an account or transit number, so you can't direct-deposit your paycheque straight into it. Instead, you can direct-deposit your pay into your chequing account and set up an automatic transfer of some (or all) of it. Your cash balance starts earning 2.5% right away, and interest lands monthly.
Move your savings somewhere they'll actually earn
If your cash is sitting somewhere earning next to nothing, this is an easy fix. Open a Wealthsimple savings account, move your money over, and start earning 2.5% from day one — with the freedom to take it back out the second you need it. Earn more, pay zero. That's what savings accounts are all about.
*As of July 2026. Based on the cash option rate of interest of 2.5% only, and not the market rate option. As compared to all savings account rates offered by the five biggest Canadian financial institutions as listed under Schedule I under the Bank Act.