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Wealthsimple Save account
February 8, 2023
6:32 pm
suburbs4life
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I received an email today advertising for a wealthsimple save account with a 4% annual rate targeted to only “5000” select wealthsimple clients. (i find this hard to believe)

My reason for posting is as follows; has anyone else received this targeted offer? How do people feel about this 4% savings account that's not cdic insured…
Would it be hard to remove money from this account? This would serve as a holding account for spare cash.

They say it's not a temporary offer but is subject to change in future. Also says one has to open the account by Feb 28th.

Thoughts?

February 9, 2023
12:06 pm
co
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suburbs4life said
that's not cdic insured…

https://www.wealthsimple.com/en-ca/legal/legal-disclaimers

Wealthsimple Save
...
All cash balances from your Wealthsimple Save account(s) are held in trust for you with members of the Canada Deposit Insurance Corporation (CDIC). WSII is not a CDIC member institution.

February 10, 2023
12:00 am
Nirvana7734
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I haven't had any issues moving money around with Wealthsimple Trade; thus, I've had an excellent experience it. If Wealthsimple's Save product is as good as Trade, I'd definitely be making use of that 4% account for my HISA needs right now if it was offered to me (as I have not been selected for any of the current targeted 5% HISA promotions from other institutions).

February 10, 2023
3:53 pm
suburbs4life
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Thanks for your responses guys.

Nirvana, ive also had no problem moving money INTO wealth simple trade but have yet to remove any.

February 11, 2023
10:49 am
Nirvana7734
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Unless things have changed in the past year since I pulled out of the stock market (and, by extension, WS Trade), I found the withdrawal time to be fairly comparable to other financial institutions.

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