Article header

News

Wealthsimple Cash Is Here!

Yep, the new Wealthsimple do-everything cash account comes with a 0.9% savings rate, a nifty new cash card, and no account fees. And that’s just the beginning.

Ask your dad, who has all the worst jokes, where birds keep their cash. Loons, he’ll tell you, keep their loonies in river banks, while penguins stash their dollars in snow banks. Rare is the duck with a buck, because they’re dealing with so many bills. (Funny, right? No? Well, that’s why they call them dad jokes.) But maybe don’t ask your dad where to keep your cash, because he’ll probably say the chequing account at the bank. And here at Wealthsimple we’re proud to announce there’s now a way better place. We have created what will undoubtedly be hailed by all humans as the best savings and spending account in Canada. It works kind of like a high-interest savings account, and kind of like a no-fee chequing account, with 100% simplicity.

What’s it called? After months of work by our crack team of naming gurus, we decided on… Cash. As in money. As in the outlaw country singer. As in the thing you get out of bank machines that normally charge fees but won’t any more. It’s a whole new type of account (and will replace the heretofore named Wealthsimple Save accounts).

So what exactly is Wealthsimple Cash? First, it’s a way to earn interest on money you’re not investing; second, it means you can now spend money directly from your Wealthsimple account (that’s what you’ll be able to use that nifty-looking card for) without transferring it somewhere else first. But it’s way better than that. Why? Well there are a lot of reasons, and the list will grow as we roll out features.

Let’s start with what you’ll get right away:

0.9% interest. That’s what you’re going to earn on every dollar deposited in a Wealthsimple Cash account (and the money in what used to be called your Save account) It’s among the very best savings rates in Canada. And that’s the real rate, not a “teaser.” Remember that the average interest rate for Canadian chequing accounts is approximately zero percent.

No account fees. That’s the other banner percentage here. Unlike most chequing accounts, Wealthsimple Cash has no account minimums, maintenance fees, or any other devious schemes to separate you from your money.

No “minimum deposit period.” A deposit period is the term banks use to say that in order to get their high interest rate, you have to leave a whole bunch of your money alone for a period of months or years. If you have a term deposit account or a GIC, it’ll likely have a requirement like that.

Unlimited free transfers. Moving money from Wealthsimple Cash to outside accounts is easy.

Seamlessly integrated. Cash will be connected beautifully with your Wealthsimple Invest accounts on our sexy-by-financial-standards app.

And for the even more exciting part, here’s what’s coming very soon:

The (also sexy-by-financial-standards) Wealthsimple Cash Card. It’s made of tungsten, which is very heavy, very handsome and, we’ve been assured, is different than Kryptonite. Once it arrives in the coming months, you’ll be able to use it to buy anything imaginable and withdraw money from ATMs across Canada.

ATM fee reimbursements. We won't charge you to use your card at ATMs, and when someone else charges you to use your cash card at their ATM, we'll even reimburse that fee (up to a limit — don't go doing it 20 times a month!). The card can also be used for other off-label duties, such as all-in-one banjo pick and cupcake splitter, though regulations bar us from recommending splitting cupcakes into more than two parts.

Direct deposit. Now you can start earning interest the day you get paid — you can simply have your paycheque deposited right into your Wealthsimple Cash account.

Bill pay. This feature will make it easier to keep track of monthly payments and may even ensure your electricity stays on, because unlike some of us, it’ll never forget to pay on time.

Interac e-transfers. You’ll also be able to send money to friends, family, and the guy who details your car with just a few taps.

No foreign exchange transaction fees. Banks make big bucks with the fees you pay when you use your card to buy stuff in other countries. Not Wealthsimple. You’ll save enough on your trip to have a crème brûlée, baklava, or mochi on us.

Apple Pay and Google Pay compatible. Wealthsimple Cash will pair with your mobile wallet so you’ll be able to buy just about everything with the wave of your phone.

If that isn’t the best cash account you can imagine, send us a message. Maybe we’ll hire you to come up with new features. But until then:

Get Cash-ing

Wealthsimple uses technology and smart, friendly humans to help you grow and manage your money. Invest, save, trade, and even do your taxes in a better, simpler way.

Money Diaries

"I DON’T KNEEL DOWN AT THE ALTAR OF THE ALMIGHTY DOLLAR. THAT’S NOT FOR ME."

Spike Lee Tells Us Why He Never Feels Bad Asking for Money

subscribe

Get the best stories from our magazine every month

Sign up for our email newsletter

  • News

    'Tomorrow Begins Today' is Not Just an Ad Campaign

    We partnered with Jonathan Alric from the French electronic duo The Blaze to make a series of ads about the big, small, beautiful, life-changing moments that define our lives in 2019, and our futures.

  • News

    Introducing Overflow: Put Your Extra Cash to Work Automatically.

    Overflow invests excess money from your bank account. You tell us how much you want to keep in there and we'll put the rest of it to work automatically.

  • News

    We Made Sweatshirts!

    Our collaboration with superstar designer Jed Heuer might have produced the coolest sweatshirt ever (and probably the best brand swag in the universe)

  • News

    NBA Rookie Mikal Bridges Didn’t Want an Endorsement. He Wanted a Future.

    Careers in professional sports are notoriously uncertain. That's why NBA rookie Mikal Bridges got a long-term investment portfolio instead of a regular endorsement.

  • News

    We Published Our Own Print Magazine

    Yes! A real print magazine. To touch, smell, and use to both entertain yourself and become a bona fide financial genius. Why did we do it? We're so glad you asked.

  • News

    We Studied Ourselves: Wealthsimple’s First Diversity Report

    We wanted to measure diversity and inclusivity so we anonymously asked Wealthsimple employees about it. The results weren’t what we hoped for, but that’s not why we did it.

  • News

    Introducing Roundup. Automatically Invest Your Spare Change.

    We've created a new way to turn spending your money into investing your money. Roundup lets you — you guessed it — round up your credit and debit card purchases, so your spare change works harder.

  • News

    Wealthsimple Trade Is Here — Meet Canada’s $0 Commission Stock Trading App

    You’ll be able to trade stocks and ETFs with no commissions, on your phone, all with a beautifully intuitive app. Sign up now so you’re first in line when we launch.

Meet Wealthsimple

Get rich slow

Powerful financial tools to help you grow and manage your money. Get started now.

Learn moreright arrow icon

Our best stories, once a month.

Sign up for our newsletter

browse by category

Wealthsimple Magazine tells compelling, thoughtful, and unique stories about money through the lens of local, creative, and influential people.

The content on this site is produced by Wealthsimple Technologies Inc. and is for informational purposes only. The content is not intended to be investment advice or any other kind of professional advice. Before taking any action based on this content you should consult a professional. We do not endorse any third parties referenced on this site. When you invest, your money is at risk and it is possible that you may lose some or all of your investment. Past performance is not a guarantee of future results. Historical returns, hypothetical returns, expected returns and images included in this content are for illustrative purposes only. By using this website, you accept our (Terms of Use) and (Privacy Policy). Copyright 2020 Wealthsimple Technologies Inc.

;