Need to Know
- Wealthsimple has partnered with two major Canadian banks and launched a hybrid savings and spending product: Wealthsimple Cash.
- Wealthsimple Cash, with a “non-promotional” interest rate of 2.4% will feature no monthly account fees, no low balance fees or account minimums, no exchange fees on foreign currency transactions, ATM fee reimbursements at select ATM’s, direct deposit, bill pay and will support Apple Pay and Google Pay.
- The new account will be accessible via app and a physical metal bank card.
- Wealthsimple launched as an industry disruptor in 2014, using technology to provide products and financial advice that was accessible and affordable, recently re-focusing on the evolution of financial services.
- Currently, over one million Canadians use Wealthsimple products for investing, saving, tax filing, and trading.
Wealthsimple continues to make financial freedom accessible for Canadians with its latest product: Wealthsimple Cash. The hybrid savings and spending account, which was announced in partnership with two undisclosed big-six Canadain Banks, brings the Canadian fintech golden child one step closer to becoming a full-stack financial service.
“Canadians are used to the status quo when it comes to everyday banking – multiple accounts, high fees, and low interest,” said Michael Katchen, Wealthsimple CEO and co-founder. “With Wealthsimple Cash, users can enjoy the power of a high-interest savings account for all of their day-to-day spending needs. And they can do so while enjoying the full benefits of a Wealthsimple account: simple, affordable and transparent.”
High interest, indeed. Wealthsimple Cash has one of Canada’s highest non-promotional interest rates of 2.4% and a slew of other features aimed at helping people earn more on every dollar in their Cash accounts. Cash features no monthly account features, no low balance fees or account minimums, no exchange fees on foreign currency transactions, ATM fee reimbursement, direct deposit, and bill payment capabilities, and is supported by both Apple and Google Pay. Account-holders will also receive tungsten metal Wealthsimple Cash cards, designed to make spending responsibly easy.
Wealthsimple entered the industry in 2014, immediately being recognized as an industry disruptor, shifting the way Canadians look at investing. Since then the company has left disrupting behind and expanded its consumer-facing offering to include tax services, a will creation platform, wealth management, and investment services and a high-interest savings only account.
“We’re trying to build a new kind of financial services company that really centers around the needs of our clients,” Katchen told the The Globe and Mail. “We started with investing, and over the last year and a half, we’ve started expanding into a whole new suite of products.”
Canadians can open a Wealthsimple Cash account today to have access to spending features as they become available over the upcoming months.