Wealthsimple Cash gets even better
May 13, 2024
May 13, 2024 (Toronto, ON) – Wealthsimple, the money management platform on a mission to help Canadians achieve financial freedom, is rolling out a number of exciting upgrades to its Cash account. These improvements will allow Wealthsimple’s clients to better organize their savings across different goals, as well as access even higher deposit coverage for greater peace of mind:
5x deposit insurance: Wealthsimple clients are now eligible for up to $500,000 in Canada Deposit Insurance Corporation deposit coverage through their Cash account. Last year, Wealthsimple was one of the first in Canada to introduce stackable coverage (up to $300,000). Previously, Canadians looking for more than $100,000 in CDIC coverage on their cash would have to open multiple bank accounts with CDIC member institutions. By working with several CDIC member institutions to hold cash deposits in trust, Wealthsimple can spread client funds across multiple Schedule-1 banks to extend coverage. Coverage is free, automatic and available to any Cash client.
Expanded account types:
- Joint accounts: The company is introducing a high-interest joint chequing account. With no monthly fees, two individuals can now save, send money, pay bills and more all from the same Wealthsimple Cash account while earning up to 5 per cent interest on their balance. Joint accounts will automatically earn the highest rate available between two individuals, and can be opened within minutes in the Wealthsimple app.
- Multiple accounts: Clients can also now organize their savings across multiple accounts with Cash. High interest earnings and expanded deposit insurance will apply to all accounts so clients can easily keep their money organized across many different savings goals while benefiting from the convenience and cost-savings of using Wealthsimple Cash.
Since introducing 4 per cent interest for everyone, Wealthsimple clients have earned nearly $90 million dollars in interest saving with a Cash account. Wealthsimple’s Cash clients are disciplined investors who are saving for the long haul. These upgrades are in response to client demand for an even more seamless and personalized banking experience, and reflect what Canadians are looking for from their financial services provider.
You can learn more about all the features of Wealthsimple Cash here.
About Wealthsimple
Wealthsimple is one of Canada’s fastest growing and most trusted money management platforms. The company offers a full suite of simple, sophisticated financial products across managed investing, do-it-yourself trading, cryptocurrency, tax filing, spending and saving. Wealthsimple currently serves 3 million Canadians and holds over $30-billion in assets. The company was founded in 2014 by a team of financial experts and technology entrepreneurs, and is headquartered in Toronto, Canada. To learn more, visit www.wealthsimple.com.
Contact: press@wealthsimple.com