Global robo adviser Wealthsimple has announced it will be launching a new savings account option for its Canadian users, called Wealthsimple Smart Savings. There will be no additional fees, unlimited free transactions and a non-promotional 1.7 per cent interest rate secured for up to $100,000.
Previously available only through a Beta testing programme to users since January, there is also no minimum or maximum set for the savings accounts, with all funds being fully CDIC-insured. Users with more than $100,000 saved or invested across their accounts will also be eligible for Wealthsimple Black, the wealth manager’s premium offering.
"Savings accounts are an important tool in any good financial plan, and our clients were asking for a saving option with the same simple, intuitive experience as their investment accounts," said Michael Katchen, CEO and co-founder, Wealthsimple.
"Our purpose is to help everyone reach her or his financial goals — no matter what they are. And I'm really happy that now we're able to help clients achieve shorter-term savings goals, just like we've been helping them with longer-term goals through our investing products."
Wealthsimple now manages over $2 billion for over 65,000 clients in Canada, the US, and the UK. Moreover it's now the leading digital investing service in Canada; with more than 80 per cent of people who use digital investing in Canada using Wealthsimple, as measured by Strategic Insight.
Wealthsimple is also currently available to UK consumers through digital bank Monzo’s third-party Marketplace Beta, alongside other investment partners like Scalable Capital,Zopa and RateSetter, and fellow rival Starling Bank’s marketplace.