Please note, 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 2% 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 2% 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.