Robo-advisor Wealthsimple announced April 5 that it has added a savings account option to its services. Wealthsimple Smart Savings offers a 1.7 per cent interest rate, unlimited and free transactions, and no additional fees, says the company.
Smart Savings is now available to new and existing clients through Wealthsimple's website or mobile app. It has no account minimum and no maximum. Smart Savings, which launched in beta to existing clients in January, is the company’s first financial product outside of investing.
Access to perks
Clients can view and manage their savings and investment accounts from one dashboard. Deposits made into Smart Savings count toward Wealthsimple Black, which gives perks to clients who save or invest $100,000 or more. These perks include VIP airline lounge access, lower fees on investment accounts, and dedicated financial planning.
"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."