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Wealthsimple is an investment management company founded in 2014 in Canada. It offers five different financial services: Wealthsimple managed investing, Wealthsimple Chequing, Wealthsimple Trade (formerly self-directed investing), Wealthsimple Crypto and Wealthsimple Tax.
Their recently enhanced Wealthsimple Chequing product offers a hybrid between a chequing account, a savings account and a prepaid Mastercard with rewards. Let’s explore its features in detail.
The Wealthsimple chequing account is much more than just a bank account. It’s a comprehensive financial platform designed to simplify and optimize your money management. Whether you are managing your daily expenses, saving for short-term goals, or planning your long-term financial future, the Wealthsimple chequing account has everything you need.
For travellers, this account and its associated prepaid Mastercard represent an excellent option to avoid conversion fees on foreign currency expenses and to withdraw money from international ATMs at a lower cost.
With a Wealthsimple Chequing account, you can:
Plus, there’s no limit to the number of transactions you can make in a month. Deposits are insured by the Canada Deposit Insurance Corporation (CDIC) up to $1,000,000.
In addition to all the functions of a traditional chequing account, the Wealthsimple chequing account is also a high-interest savings account.
The interest rate offered in the Wealthsimple checking account varies between 1.25% and 2.25% annually. All clients receive a minimum of 1.25% interest, then may qualify for higher rates based on their assets under management across all their combined Wealthsimple accounts.
Here are the eligibility requirements for each Wealthsimple tier:
These current rates are not promotional. They will remain as such until Wealthsimple decides to change them, in accordance with the recommendations and policy interest rate of the Bank of Canada.
Interest is calculated daily and deposited monthly (on the first day of the month) into your Wealthsimple Chequing account.
Since 2023, the interest rate is increased by 0.5% (up to a total rate of 2.25%) if you choose the Wealthsimple chequing account as the account for your direct deposits.
The offer is also valid for clients who already use the Wealthsimple chequing account to receive their direct deposits. Upon the next deposit, Wealthsimple will check if you have received more than $2,000 in the last 30 days and will automatically adjust the interest rate.
When travelling outside Canada, the prepaid Mastercard offers valuable benefits.
The Wealthsimple Prepaid Mastercard does not charge any fees for ATM withdrawals worldwide. Fees will be charged by the ATM provider (usually around CAD 3), but Wealthsimple reimburses these fees automatically up to $5 per transaction.
Unlike the Visa Wise prepaid card, there is no monthly limit on free withdrawals. ATM withdrawal limits are set at the equivalent of CAD $3,000 per day and CAD $10,000 per week.
The prepaid Mastercard is accepted worldwide, anywhere Mastercard is accepted. However, restrictions apply in certain countries. You will not be able to use the card in these destinations for either withdrawals or transactions. The full list of excluded countries can be found here.
For these locations, the Wise card is a good alternative for ATM withdrawals. Since both Wise and the Wealthsimple Chequing account are free cards, I signed up for both. In addition, I carry both cards in my travel wallet (in addition to my Scotiabank Passport Visa Infinite) in case I lose one or my account is blocked. The perfect trio for travel!
The features of the Wealthsimple chequing account are available in the mobile app and on the Wealthsimple website.
All account types with Wealthsimple are now unified in the same application with a single username and password. To open an account, you must be a Canadian resident, have reached the age of majority in your province and have a valid Canadian telephone number.
The process is fairly straightforward, and once you’ve created your Wealthsimple login and verified your e-mail address, you can open your first account. Verification of your phone number will also be required.
In summary, the Wealthsimple chequing account offers a complete and convenient financial solution, with a chequing account, a high-interest savings account, and a prepaid Mastercard.
It is a modern and fee-free option, ideal for all-in-one financial management, whether you travel or are looking to simplify your finances!
Terms and conditions apply. For the most up-to-date product details, please visit Wealthsimple.com.
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