Unpopular opinion: Wealthsimple Cash is way better than I thought for everyday banking

Honestly, I used to just leave my paycheque sitting in a big bank account doing nothing. Moved over to Wealthsimple Cash about 3 months ago after a buddy in Toronto kept telling me about the 4% interest. Now I get paid and the cash just grows a bit every month without me doing anything. Has anyone else found it simpler than dealing with Tangerine or EQ Bank?

3 comments

3 Comments

miles_roberts26d ago

Are you actually getting 4% though or is that just the promo rate they bait you with? Once you have a decent amount in there the rate drops and suddenly you're getting less than what Tangerine offers on their basic savings account. Plus Wealthsimple Cash doesnt have proper joint accounts or the ability to deposit cash which is a total dealbreaker for anyone who gets paid in tips or cash gifts. I tried moving my emergency fund over last year and realized I couldnt even set up automatic bill payments for rent or my phone plan without jumping through hoops. The app is nice and all but for actual everyday banking like writing cheques or dealing with bank drafts you're out of luck.

the_viola26d ago

Wait, are you saying the rate drops once you cross a certain balance threshold? Like what's the cutoff before they start paying you less?

craig.john26d ago

Miles you're kinda off on the rate thing. The 4% is for balances up to $250k then it drops to like 1.5% or whatever their base is. @the_viola thats the cutoff for the high rate. Not like Tangerine where they drop you after 50k or some random limit. And you can set up bill payments in the app now I do my internet and insurance through it. The no cash deposit thing is real though that part stings if you deal with cash.