Wealthsimple launches its first spending account

January 22, 2020 Digital, NEO, Open Banking, Open Finance, Entrepreneurs, Start-ups, Small Businesses, FinTech and Alternative Finance, Fintech Services, Innovation and Resources, Press Releases No comments

Wealthsimple | Press Release | Jan 21, 2020

Wealthsimple Cash offers 2.4% interest rate and lets Canadians save and spend through a mobile app and metal card

TORONTO, Jan. 21, 2020 /CNW/ - Wealthsimple 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 to give Canadians the power to have both an account that allows for everyday purchases while also providing a safe 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 - all through a sleek, metal card designed to make spending responsibly easy.

"Canadians are used to the status quo when it comes to everyday banking - multiple accounts, high fees and low interest," said Michael Katchen, CEO and co-founder, Wealthsimple. "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."

Today, one million Canadians use Wealthsimple products for investing, saving, trading, tax filing, and now spending. 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.

See: Wealthsimple to spin out advisory service into separate company

Wealthsimple Cash will have the following features:

2.4% interest rate (non-promotional)
No monthly account fees
No low balance fees or account minimums
No exchange fees on foreign currency transactions worldwide
ATM fee reimbursements at Visa ATMs in Canada
Tungsten metal Wealthsimple Cash card
Direct deposits
Bill pay
Apple Pay and Google Pay support

Canadians can open a Wealthsimple Cash account today to start saving and be first to access spending features as they are rolled out over the coming months, including the Wealthsimple Cash card.

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