I wanted to share with you a finance company I have been using. Truth be told, they were very competitive when I first started, especially on interest rates and features in the past. Although their interest rates have come down quite a bit in comparison to the edge they once had, they are still amongst the highest and continue to innovate. One theme they bave been pushing lately is that because they are not quite a bank, they have been able to implement new features and products compared to some of the more traditional banks.
If you’re looking for a modern method to handle money, invest, and maybe even receive some cashback, Wealthsimple is a great fit—but here is the catch: Technically, it is not a bank. So, what exactly is it, then, and why would you care?
More than Just a Bank and without the Frills: Wealthsimple
This Canadian fintech giant has combined banking, investing, and cashback rewards into one slick app. Since it is not a chartered bank like RBC or TD, it can offer many bank features without the fees, long wait times, or slow outdated systems usually associated with them.
Why choose Wealthsimple?
✅ No-Fee Banking – Free accounts with no minimum balance requirements.
✅ High-Interest Cash Account – Competitive interests, better than a run-of-the-mill bank, mostly.
✅ Investing for You – Portfolios are automated and customized for your needs and targets.
✅ Cashback Card – Up to 5 percent cash back on purchases or so (like a platinum credit card but simplified).
✅ Tax and Crypto Tools – Manage investments, do your taxes, and trade crypto.
“So What If It Is Not a Bank? Are My Funds Really Safe?”
Absolutely! Wealthsimple partners with well-established and trustworthy companies…
Wealthsimple Insures up to $1,000,000 in eligible deposits through its partnerships with CDIC member institutions. This coverage applies to both Cash and Chequing accounts. This is 10x the standard CDIC coverage for chequing accounts in Canada.
Here’s a breakdown:
- Cash and Save Accounts:Wealthsimple holds balances in trust with CDIC member institutions, allowing for combined CDIC coverage of up to $1,000,000.
- Chequing Accounts:The funds in your individual and joint chequing accounts are placed in trust with multiple CDIC-member, regulated Canadian financial institutions.
- CDIC Coverage:CDIC protects eligible deposits held at CDIC member institutions against the failure of those institutions, providing coverage for up to $1,000,000 per deposit insurance category, per depositor.
- Coverage is Automatic and Free:The coverage is automatic and does not require any action from the client
Want to Try It? Use My Invite Code!
If you’re ready to simplify your finances, sign up using [your invite code/link] and get a bonus cash reward when you deposit your first $100!
🚀 Join Wealthsimple Now & Claim Your Bonus
Goodbye, hidden fees. Hello, smart money management. 💸
Would you try Wealthsimple? Drop a comment below! 👇 #SmartMoney #InvestingMadeSimple #Wealthsimple
