Advertiser Disclosure

The content on this website includes links to our partners and we may receive compensation when you sign up, at no cost to you. This may impact which products or services we write about and where and how they appear on the site. It does not affect the objectivity of our evaluations or reviews. Read our disclosure.

Wealthsimple High Interest Savings Account: Earn up to 5%

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:

EQ Bank Savings Plus Account

EQ Bank tfsa.

3.00%* non-promotional interest rate

Unlimited debits and bill payments

Unlimited Interac e-Transfers

No monthly account fees

Simplii High-Interest Savings Account


6.00%* 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

1.40% regular interest rate, plus bonus interest for a limited time

No monthly fees

Big Five Bank account

Access to other products

Neo Money Account

neo logo

2.25% non-promo interest rate

No monthly fees + $20 bonus

Unlimited free transactions

Get a Mastercard for payments online and ATMs

Access to a no-annual-fee credit card

Top Banking Offers in September

Get a top-rated chequing account and up to a $400 bonus

Get up to a $400 cash bonus when you meet minimum requirements.

Unlimited transactions, including debits and Interac e-Transfer transactions.

Monthly account fee is waived if eligible (and 5 ATM fees rebated monthly).

Access to a high-interest savings account.

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

Easy $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 a $100 bonus with the top no-fee cashback credit card

Get a $100 welcome bonus with $1,000 spending in first 2 months.

Earn 2% unlimited cash back in 3 spending categories - no annual fees!

0.5% unlimited cash back on all other purchases.

1.95% low-interest balance transfer rate and free insurance coverage.

Retirement 101 eBook - 3D


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

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in Forbes, The Globe and Mail, Business Insider, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, and many other personal finance publications. You can learn more about him on the About Page.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

Leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

  • Best free chequing account offer in Canada!
  • Get a $400 cash bonus*
  • Unlimited free transactions and no monthly fees.
  • Unlimited free Interac e-Transfers® 
*Terms and conditions apply. Limited time offer.
Get a free chequing account and $400 cash bonus! Unlimited free transactions and no monthly fees!
*Terms and conditions apply. Limited time offer.