New Benefits of Wealthsimple Premium Accounts

Updated Oct 30, 2024
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Marie-Ève Leclerc
Marie-Ève Leclerc

Marie-Ève Leclerc

Marie-Ève Leclerc
Marie-Ève, Web Director at Milesopedia, is an expert in budget travel and a slow travel enthusiast. Specializing in Aeroplan, Scene+, and Marriott Bonvoy programs, she spends nearly six months a year abroad, making travel her way of life. Constantly seeking the best waves to surf, excellent coffee, and strategies to extend her travels, she is often found in coworking spaces with fellow digital nomads or by the sea, watching the sunset.
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Wealthsimple
To the point Wealthsimple has just launched a rewards program with new benefits for Premium and Generation accounts.

For several years now, Wealthsimple has been competing with the major Canadian financial institutions with a diversified range of low-cost financial products and services. With over 3 million users and more than $50 billion in assets under management, Wealthsimple is constantly innovating! It recently launched joint and multiple accounts, in addition to announcing two weeks ago that its Cash accounts were now protected up to $1 million.

Just a few days ago, Wealthsimple launched a rewards program, including new benefits for Premium and Generation Wealthsimple accounts. In this article, we explore these new lifestyle benefits: travel, wellness and culture.

Plans for Wealthsimple Customers

Before exploring the new rewards for Wealthsimple Premium and Generation accounts, are you familiar with the different plans? Wealthsimple offers 3 different plans: Core, Premium and Generation.

To move up to the next level, you need to reach the required minimum threshold of net deposits or total assets across all your Wealthsimple accounts. This includes Managed investing, Self-directed investing, Crypto and Cash accounts.

Here are the eligibility requirements for each plan:

  • Core: none
  • Premium: minimum of $100,000 in net deposits or $100,000 in total assets across all your Wealthsimple accounts
  • Generation: minimum of $500,000 in net deposits or $500,000 in total assets across all your Wealthsimple accounts

Each Wealthsimple account plan has its own advantages, for example:

  • Self-directed investing: U.S. dollar accounts are included for “Premium” and “Generation” customers, but are subject to a fee for “Core” customers ($10/month).
  • Managed investing: the 0.5% management fee is reduced to 0.4% for “Premium” and “Generation” customers.
  • Cash: Cash account interest rates are 2.75%, 3.25% or 3.75%, depending on your level (Core, Premium or Generation, respectively).

To find out more about the benefits of each product and level, consult this guide:

New Benefits for Premium and Generation Accounts

For several years now, Wealthsimple customers with assets of $100,000 or more have had access to Premium services. These include reduced management fees, higher interest rates, financial planning services and more.

That said, Wealthsimple keeps innovating! A few months ago, it launched joint and multiple accounts. Then, a few weeks ago, it announced that deposits in its Cash accounts were now protected up to $1 million. That’s 10 times CDIC‘s coverage. That’s something!

Today, Wealthsimple continues with momentum. It has just announced a rewards program with new benefits for Premium and Generation accounts reaching $200,000 or more in assets. Each year, Premium and Generation customers can now choose from a number of exclusive lifestyle rewards: travel, wellness, and culture.

Here’s the list of new benefits for Premium and Generation accounts.

wealthsimple rewards

Travel Rewards

  • DragonPass: 4 airport lounge passes (up to 10 visits for Generation customers)
  • Uber One: free one-year subscription to Uber One (Uber and Uber Eats)
  • Gigs: travel eSIM coverage with 10 GB of international data

Wellness Rewards

  • Strava: free one-year subscription to Strava Premium
  • Headspace: free one-year subscription
  • Maple: a free virtual visit and exclusive prices from specialists with Maple (virtual care platform)
  • Willful: online wills with free modifications for life

Cultural Rewards

  • The Globe and Mail: one-year unlimited digital subscription
  • DINR: priority reservations and exclusive gastronomic experiences with a one-year subscription to DINR Premium
  • Peggy: free art consultation, auction previews and art credits with Peggy (the world’s largest online marketplace for contemporary art)

The more assets you have, the more rewards you earn.

Bottom Line

In short, Wealthsimple has been competing with the major Canadian financial institutions for several years now. Wealthsimple continues to innovate, most recently with Cash accounts, which are now protected up to $1 million, 10 times CDIC’s coverage. Then, just a few days ago, with the launch of a lifestyle rewards program, including new benefits for Premium and Generation accounts.

Frequently Asked Questions

What are Wealthsimple's plans?

Wealthsimple offers 3 plans for its customers: Core, Premium (minimum $100,000) and Generation (minimum $500,000). Each Wealthsimple account level has its own advantages, such as lower management fees and higher interest rates on savings.

What are the new benefits for Premium and Generation accounts?

The rewards program offers new benefits for Premium and Generation accounts. These exclusive rewards are lifestyle-related, such as travel (DragonPass, Uber One and Gigs), wellness (Strava Premium, Headspace, Maple and Willful) and culture (The Globe and Mail, DINR and Peggy). The more assets you have, the more rewards you earn.

How do I get rewards and benefits for Premium and Generation accounts?

Once you reach $200,000 in assets, you can claim your reward directly in the Wealthsimple application. Then you get another reward for every additional $100,000 in assets (until you reach $400,000). These rewards are in addition to Premium and Generation privileges.

Can you lose your Wealthsimple Premium status?

If you withdraw money from your account and the balance of all your Wealthsimple accounts falls below $100,000, you lose your Premium status and the associated benefits.

Come to discuss that topic in our Facebook Group!
Vincent Morin

Vincent Morin

Vincent Morin
My name is Vincent and I've been a stay-at-home parent to two young boys since achieving financial independence in 2021 (FIRE). Previously, I worked for 12 years in financial technology for a major US investment bank (G-SIB). I'm passionate about personal finance, stock market investing, reading, writing, cycling and gardening. I'm also the founder of Retraite 101, a personal finance blog followed by over 30,000 people on social networks and quoted in several media, blogs and finance books. Despite early retirement, I continue to write about personal finance to share my passion with Quebecers and motivate them to take charge of their finances.
All posts by Vincent Morin

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