Wealthsimple launches Smart Savings accounts

Smart Savings offers a 1% interest rate, unlimited transactions, and no account minimums

NEW YORK, April 5, 2018 /PRNewswire/ - Wealthsimple has launched Wealthsimple Smart Savings to help savers reach their short- and medium-term goals. It offers a host of advantages: a 1% interest rate that doesn't expire, unlimited and free transaction, and zero additional fees. Smart Savings is now available to new and existing clients through Wealthsimple's website or app. 

Like Wealthsimple's investment products, Smart Savings has no account minimum — savers can get started with as little as $1 — and no maximum.

"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 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% interest rate. A non-promotional rate that doesn't expire.
• No additional fees. The rate is the rate, period.
• Free withdrawals. Unlimited transactions. Transfers in and out of Wealthsimple Smart Savings 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.

Wealthsimple now manages over $1.5 billion for over 65,000 clients in the US, the UK, and Canada. 

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

Related Links

https://www.wealthsimple.com/