Smart Savings is the leading digital investing brand's first non-investment product
TORONTO, April 5, 2018 /CNW/ - Canada's leading digital investing service has launched a new saving option for Canadians: Wealthsimple Smart Savings. It offers a host of advantages: a 1.7% interest rate that doesn't expire, unlimited and free transactions, and zero additional fees. Wealthsimple Smart Savings is now available to new and existing clients through Wealthsimple's website or mobile app.
Like Wealthsimple's investment accounts, Smart Savings has no account minimum and no maximum — savers can get started with as little as $1, and accounts of any size can be fully insured. And Wealthsimple continuously optimizes for a great interest rate — it's what makes it smart.
"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."
Smart Savings launched in beta to existing clients in January. Based on the nicknames clients give their accounts (which can include emojis, naturally), there are three main ways people have been using Wealthsimple Smart Savings: for emergency savings, for big life expenses like daycare and down payments, and for those personal, unique goals — from "Chanel double flap" to "Audi S5"— that make saving money feel exciting.
Overview of Wealthsimple Smart Savings:
- 1.7% interest rate. A non-promotional rate for accounts up to $100,000.
- No additional fees. The rate is the rate, period.
- Free withdrawals. No lock-in periods. Unlimited transactions. Transfers in and out are free and unlimited.
- Seamless integration with Wealthsimple's investment accounts. Clients can view and manage their savings and investment accounts from one simple dashboard.
- Deposits count toward Wealthsimple Black. Clients who save or invest $100,000 or more get VIP airline lounge access, lower fees on investment accounts, and dedicated financial planning.
In Canada, 35 per cent of all financial assets, or $1.1 trillion, are held in savings, based on data from Investor Economics.
Wealthsimple now manages over $2 billion for over 65,000 clients in Canada, the US, and the UK. It's the leading digital investing service in Canada; more than 80 per cent of people who use digital investing in Canada use Wealthsimple.* Wealthsimple Smart Savings is the company's first financial product outside of investing.
*As of Dec. 31, 2017, as measured by Strategic Insight.
About Wealthsimple
Wealthsimple is an online investment manager that combines user-friendly digital tools and personal financial advice to make smart, automated investing available to everyone. With no minimum account size and low fees, Wealthsimple makes investing simple, accessible, affordable and personalized. Available in the U.S., the U.K., and Canada, Wealthsimple was founded by a team of financial experts and technology entrepreneurs, and is backed by the Power Financial group of companies. Power Financial Corporation (TSX: PWF) is a diversified management and holding company that has interests, directly or indirectly, in companies in the financial services sector in Canada, the United States and Europe. To learn more, visit www.wealthsimple.com.
SOURCE Wealthsimple
Rachael Factor, [email protected], 647-802-6751
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