Wealthsimple launches its first spending account
Wealthsimple , the Allianz-backed fintech company helping Canadians invest and save money, has launched its first hybrid saving and spending product: Wealthsimple Cash. The new account offers users the ability to save and spend with “one of Canada’s highest non-promotional interest rates” of 2.4% – in addition to a host of features that help people earn more on every dollar in their Cash account.
Wealthsimple Cash combines a saving and spending account, giving Canadians both an account that allows for everyday purchases while also providing a place to grow their money. Cash clients will benefit from no monthly account fees, no low balance fees, no foreign transaction fees worldwide, and ATM fee reimbursements among other things.
Currently, one million Canadians use Wealthsimple products for investing, saving, trading, tax filing. The launch of Wealthsimple Cash brings the company one step closer to being its clients’ “primary financial relationship through a more holistic, end to end financial experience.”
“Canadians are used to the status quo when it comes to everyday banking – multiple accounts, high fees and low interest. With Wealthsimple Cash, users can enjoy the power of a high interest savings account for all of their day-to-day spending needs. And they can do so while enjoying the full benefits of a Wealthsimple account: simple, affordable and transparent.” – Michael Katchen, CEO and cofounder, Wealthsimple.
Bottom Line: They say that less is more but in this case more (bang for your buck) is more.