Wealthsimple Cash Review

Wealthsimple Cash provides Canadians with high-interest savings accounts as well as a free peer-to-peer payment platform that makes sending money to friends and family more convenient than ever before.

Wealthsimple Cash will be even more adaptable in the future, with features like free bill payments, Apple/Google Pay, no FX fees on foreign transactions, and a tungsten metal card, in addition to its present capabilities.

What is Wealthsimple Cash?

Wealthsimple Cash is a peer-to-peer payment network that allows you to send money in seconds to anyone on your contact list. All you have to do using the app is connect your contacts and send money to them instantaneously. Money can also be sent to you by your contacts.

Benefits of Wealthsimple Cash

The benefits of the account currently include:

1. High-interest rate: At 0.50 percent (non-promotional), it offers one of the finest savings rates in Canada, beating many of the top rates offered by the big banks.
2. There are no monthly fees for your account: When compared to a comparable chequing account with a typical bank, account maintenance costs can add up to a couple of hundred dollars per year. There is no minimum deposit amount with Wealthsimple Cash.
3. Easy P2P Payments: It’s never been easier to send money to people on your contact list. You may connect your contacts to see who else is using Cash, and you can look through your history to see what payments you’ve made and received.
4. Free ATM withdrawals: You can make free bill payments and e-Transfers using your account. Furthermore, you will be able to withdraw cash for free from ATMs across Canada. Up to a certain amount, Wealthsimple will reimburse ATM fees.

How To Open a Wealthsimple Cash Account

The great thing about a Wealthsimple account is that you can manage a variety of accounts using the same login and account details.

The accounts are also available via dedicated apps that make it easy to perform transactions using your smartphone (Android and iPhone).

To open a Wealthsimple Cash account, you can signup (includes a $25 bonus). The online account opening process takes only a few minutes.

With your account, you can invite as many friends as you want to join and when they sign up, you both get $25.

While Wealthsimple Cash beats many of the offers from the big banks, you may be able to earn even more on your savings with an online bank like EQ Bank.