Andrew Goldman has been writing for over 20 years and investing for the past 10 years. He currently writes about personal finance and investing for Wealthsimple. Andrew's past work has been published in The New York Times Magazine, Bloomberg Businessweek, New York Magazine and Wired. Television appearances include NBC's Today show as well as Fox News. Andrew holds a Bachelor of Arts (English) from the University of Texas. He and his wife Robin live in Westport, Connecticut with their two boys and a Bedlington terrier. In his spare time, he hosts “The Originals" podcast.
Wealthsimple Save is a perfect parking spot for money you’re going to need soon. Every financial toolkit should include retirement investments to provide for stuff way in the future — Disney trips with the grandkids, retirement home shuffleboard dues, etc. You also need a checking account to buy your lunch and pay your electric bill. But where do you put the money that you don’t need to pay bills today, but need soon enough that you don’t want to risk the volatility of investing it?
Money for your epic Africa safari, your big wedding, the down payment on an apartment or any big purchase you’re planning within the next three years. Banks call these cozy little cash safe houses savings accounts, but we’ve named our version Wealthsimple Save, because you’re way too smart to put your money in a bank where it will either earn almost no interest, no interest at all, or even in some egregious cases cost you money. Wealthsimple Save is way better than anything banks offer.
First off, it’s easy to understand — we're currently offering a net interest rate of 1.7%. There are no account minimums, no introductory interest rates that will evaporate after a few months, no transaction fees, and the money you put into Wealthsimple Save is protected by the Canadian Investor Protection Fund (CIPF) up to $1 million — in the unlikely event that Wealthsimple is vaporized by a falling piece of space junk (a.k.a. becomes insolvent). Plus, any amount you put in Wealthsimple Save will count towards the $100,000 account balance required to achieve Wealthsimple Black status, with its reduced management fees on investment accounts as well as cushy perks like entry into 1,000 airport lounges worldwide. It’s easy to open, and just as easy to link to your bank checking account.