What: In addition to providing investment accounts to you and your clients, we are now able to offer Savings Accounts as well.
Interest rate: The interest rate is 1.95% for the first $100,000, and a varied rate for accounts over the limit.
What happens to the rate after $100,000: To protect your clients' money with us, we split deposits with other CDIC member institutions every $100,000 increment, up to $900,000. After the first $100,000, you'll see a weighted average that makes the varied interest rate. Your clients will see the exact interest rate in their Wealthsimple account.
No hidden fees: Clients are charged 0.25% of their Smart Savings AUM, which are net of fees. This means your client still receives a 1.95% interest after fees have been taken. 0.10% goes to you as the Advisor and 0.15% is paid to Wealthsimple.
Withdrawals & Transactions: Unlimited and free with no lock in periods. Withdrawals take 1 to 3 days.
Safety and security: Through our partners, your client's money is insured. Learn more about CDIC deposit insurance.
Open these accounts online and learn more about these account types here.