Need an emergency fund? Waiting on a market moment? Park your savings in an account that grows your cash faster than at any of the big banks.
Grow your savings by 2.5% without the monthly fees, transfer fees, or fees-for-the-sake-of-fees-fees
A view of an empty Rainy Day savings account, with a prompt to add money.
Free means free. Open and fund an account in minutes, with no paperwork or surprise costs — only savings that grow from day 1.
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Free means free. Open and fund an account in minutes, with no paperwork or surprise costs — only savings that grow from day 1.
A view of an empty Rainy Day savings account, with a prompt to add money.
A view of an empty Rainy Day savings account, with a prompt to add money.
Earn steady interest on your cash at a non-promotional rate
A view of a savings account balance and of the monthly interest earned on it, at a rate of 1.3%.
Grow your savings at a market-beating interest rate — one that doesn’t drop to almost nothing after six months. Just smooth, consistent growth over time.
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Grow your savings at a market-beating interest rate — one that doesn’t drop to almost nothing after six months. Just smooth, consistent growth over time.
A view of a savings account balance and of the monthly interest earned on it, at a rate of 1.3%.
A view of a savings account balance and of the monthly interest earned on it, at a rate of 1.3%.
Access your cash savings with anytime withdrawals
A view of a $10 transfer being moved from a savings account to a spending account
No lock-in periods (like GICs), and no withdrawal limits or notice periods (like other savings accounts). Perfect for big purchases, emergencies, and anything unexpected.
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No lock-in periods (like GICs), and no withdrawal limits or notice periods (like other savings accounts). Perfect for big purchases, emergencies, and anything unexpected.
A view of a $10 transfer being moved from a savings account to a spending account
A view of a $10 transfer being moved from a savings account to a spending account
Move it in to grow it, move it out anytime. Because moving your money shouldn't cost you money.
| Wealthsimple | Big banks | Digital banks | |
|---|---|---|---|
| Interest rate | 2.5% — simple, with no catch | 0.55% — once their too-short promo period ends | 2.35% — if you give 240 hours notice before withdrawals |
| Rate type | Non-promotional, with no fine print | Decent rates for a few months (if you're lucky) | Good rates, until you try withdrawing money |
| Fees | $0 | No monthly fee, but per-transaction fees apply | $0 |
| Account minimums | None | None, but higher rates may require minimum balances | None |
| Withdrawal notices and lock-in periods | None — instant withdraw | None, but 1–2 business days to settle | 10-30 days notice |
| Deposit protection | $1M CIPF | $100K CDIC | $100K CDIC |
Earn more, pay zero. That's what savings accounts are all about.
FAQs
How is this different than a chequing account?
How is this different than a chequing account?
Great question. Our chequing account earns 1.25%–2.25% interest depending on the total value of your assets at Wealthsimple (more on that here), while our savings account earns 2.5% interest for everyone from day 1.
There are a few other differences, too: With a chequing account, you can send and receive e-Transfers, make ATM withdrawals, deposit cash, pay bills, make purchases using your prepaid Mastercard, and generally do more with your money. A savings account, meanwhile, is a great place to park your money so that it can earn high interest with virtually zero risk. Then, whenever you need it, you can move your cash over to your chequing account — instantly.
Can I open a savings account in my TFSA, RRSP, or FHSA?
Can I open a savings account in my TFSA, RRSP, or FHSA?
It's individual non-registered accounts only for now, with more account types to come!
How do I fund this account?
How do I fund this account?
There are three ways to fund your savings account, all of them easy:
- Transfer funds internally from another Wealthsimple account (e.g., chequing)
- Deposit funds from an externally linked bank account
- Set up automatic transfers from your chequing account using automate your pay
Your savings account doesn’t have an account or transit number, so you won’t be able to direct deposit your paycheque into it. You can, however, direct deposit your pay into a chequing account and set up an automatic transfer of some (or all!) of those funds — gotta love automate your pay.
Who’s eligible for 2.5% interest?
Who’s eligible for 2.5% interest?
You are! Our 2.5% interest rate is available to everyone at Wealthsimple, regardless of the total value of their assets — no tiers, no promos, just everyday interest on your savings.