Please note, new Smart Savings accounts are no longer available as of February 7, 2020. Please read our FAQ here for more information.
The below applies to existing Smart Savings accounts:
What: Smart Savings accounts are a high interest savings account offered at Wealthsimple.
Interest rate: The interest rate is 0.65% 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 0.65% 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.
Learn more about these account types here.