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Wealthsimple High Interest Savings Account: Earn up to 5%


Fact Checked

Wealthsimple is more than a robo-advisor. It also offers savings accounts, a stock and crypto brokerage account, tax software, and a cashback prepaid card.

Using a Wealthsimple high-interest savings portfolio or Cash account, you can earn up to 5% interest on your deposits.

This review covers how the company’s HISA works, fees to watch for, and their pros and cons.

For a limited time, you earn four times the regular bonus when you sign up for a Wealthsimple Cash account (use code E0U3RG).

Wealthsimple High Interest Saving Account

You can use any of the three Wealthsimple savings accounts below to earn competitive interest rates:

  • Wealthsimple Save
  • Wealthsimple High Interest Savings Portfolio (managed)
  • Wealthsimple Cash

How much you earn with the managed Wealthsimple HISA varies based on the performance of the Purpose High Interest Savings Fund (PSA).

For Wealthsimple Cash accounts, your rate depends on your account balance.

Wealthsimple Save (1.5% Interest rate)

Wealthsimple Save is the standard savings account offered by Wealthsimple. It pays 1.50% (or 1.10% for business accounts).

Interest is calculated daily and is paid on the 5th business day of each month.

Related: Wealthsimple Save review.

Wealthsimple High-Interest Savings Portfolio

This Wealthsimple account invests your fund in the Purpose High Interest Savings Fund (PSA) which is a HISA ETF.

You earn a much higher interest rate on your deposits and can cash out anytime without the lockup period associated with non-redeemable GICs.

As of this writing, the PSA had a 5.30% net yield. That said, you pay Wealthsimple a 0.40% to 0.50% management fee:

  • Account less than $100,000: 0.50%
  • Account over $100,000: 0.40%

You can invest in the high-interest savings portfolio using a registered (RRSP, TFSA, or RESP) or non-registered investment account.

Visit Wealthsimple to open a managed account here.

Wealthsimple Cash Account (Up to 5% Interest)

Wealthsimple Cash is a hybrid account, i.e. similar to a chequing account that pays interest.

You earn 4% to 5%, depending on your account level.

  • Standard Wealthsimple account with no minimum balance: 4% interest
  • Premium Wealthsimple account: 4.5% interest (requires a Wealthsimple asset balance of at least $100,000).
  • Wealthsimple Generation: 5% interest (requires a Wealthsimple asset balance of at least $500,000).

A Wealthsimple Cash account comes with a prepaid Mastercard you can use for online and in-person transactions. You can also use it for Interac e-transfers, direct deposits, and bill payments.

Wealthsimple Savings Account Fees

There are no monthly fees for Cash and Save.

If you have a managed HISA, you pay 0.40% to 0.50% management fee annually. Your returns are also net of the ETF management expense ratio.

Wealthsimple CDIC Coverage

The balance in your Wealthsimple Cash account is eligible for CDIC deposit insurance coverage up to $300,000. This is possible because your money is held at multiple CDIC member institutions.

Managed accounts are protected by the Canadian Investor Protection Fund within specified limits if the company becomes insolvent.

Wealthsimple Save accounts are also eligible for CDIC insurance up to $100,000.

Wealthsimple High Interest Savings Alternatives

You can also consider the following banks for high interest savings rates:

Neo Savings Account

neo logo

4.00% non-promo interest rate

No monthly fees

Unlimited free transactions

Access to a no-annual-fee credit card

EQ Bank Personal Account


Earn up to 4.00% interest

No monthly account fees or minimum balance

Unlimited debit transactions and e-Transfers

Free cashback card & no ATM fees

Supports mobile cheque deposits

Simplii High-Interest Savings Account


5.90%* rate for 5 months

Unlimited debits and bill payments

Unlimited Interac e-Transfers

$400 cash bonus offer with a free chequing account

Scotiabank MomentumPLUS Savings

scotiabank logo2

1.30% regular interest rate, plus bonus interest for a limited time

No monthly fees

Big Five Bank account

Access to other products

Top Banking Offers for June

Stop paying monthly fees with a free chequing account + $400 bonus

Get $400 cash bonus when you direct deposit $100 for three months.

Unlimited debits, online bill payments and Interac e-Transfer transactions.

No monthly account or transaction fees.

Get a high interest rate on your savings (6.00% interest rate offer).

Get the TOP spending and savings account with 5% rewards and $20 bonus

Instant approval and a $20 welcome bonus when you make your first purchase.

Earn up to 5% unlimited cashback on purchases while paying no fees!*

Earn 5.00% interest on your entire account balance.

Free debits, e-Transfers, bill payments, budgeting app, and access to credit building.

Earn a regular 4.00% interest on your savings account

Earn up to 4.00% interest on every dollar when you set up a direct deposit.

Free access to a hybrid account with unlimited transactions & e-transfers.

Access to a prepaid card that pays 0.5% cashback on all purchases.

No monthly or annual account fees; free ATMs in Canada.


Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

About Savvy New Canadians

Savvy New Canadians is one of Canada's top personal finance platforms. Millions of Canadians use our site each year to learn how to save for retirement, invest smartly, maximize rewards, and earn extra cash. We have been featured in prominent finance media, including Forbes, Globe and Mail, Business Insider, CBC, MSN, Wealthsimple, and TD Direct Investing. Learn more about Savvy New Canadians.

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