Wealthsimple is a financial technology company that offers a range of products and services to help individuals manage their money. One of their newest offerings is the Wealthsimple Cash Account, a high-interest savings account with no fees and unlimited withdrawals. In this article, we’ll take a closer look at what the Wealthsimple Cash Account is, its benefits, how to open an account, and how to use it.
What is Wealthsimple Cash Account?
Wealthsimple Cash Account is a digital savings account that provides a high-interest rate on your savings with no fees, no minimum balance, and unlimited withdrawals. It is designed to be a low-risk, high-return option for individuals who want to save money without incurring any fees or restrictions.
Benefits of Wealthsimple Cash Account
Here are some of the benefits of Wealthsimple Cash Account:
- Cash Back – Wealthsimple Cash Account offers a Vaild Card that can be used anywhere and you will get 1% cashback for each and every transaction. Get that amazing card Now!
- High-interest rate: To earn a 3% interest rate on your entire Wealthsimple Cash balance, simply set up a direct deposit of at least $500 from your paycheque. This everyday interest rate is not a promotional offer but a standard feature.
- No fees: There are no monthly fees, no transaction fees, and no minimum balance requirements with Wealthsimple Cash Account.
- Unlimited withdrawals: Unlike traditional savings accounts that limit the number of withdrawals you can make per month, Wealthsimple Cash Account allows unlimited withdrawals.
- Easy access to funds: You can easily access your funds through the Wealthsimple app, making it easy to manage your money on the go.
- Canada Deposit Insurance Corporation (CDIC): According to Wealthsimple, Your money is held at a CDIC member institution, and is protected up to $100,000.
How to Open a Wealthsimple Cash Account?
Opening a Wealthsimple Cash Account is easy and straightforward. Here’s how to do it:
If you’r not a wealthsimple users Yet, means not using their 0% commission investing account or any of their product. Then you need to follow these simple steps-
- Sign Up with Wealthsimple app: Click here to sign up and get chance to win upto $3000 in cash to Invest.
- Create an account: Once you’ve downloaded the app, create an account by providing your name, email address, and phone number.
- Verify your identity: Wealthsimple will need to verify your identity before you can open an account. You can do this by providing your social security number and a government-issued ID.
- Link your bank account: Once your identity is verified, you’ll need to link your bank account to your Wealthsimple Cash Account. This is how you’ll transfer money to and from your account.
- Fund your account: Finally, fund your account by transferring money from your linked bank account to your Wealthsimple Cash Account.
How to Use Wealthsimple Cash Account?
Using Wealthsimple Cash Account is easy and convenient. Here are some tips to get started:
- Deposit money: You can deposit money into your account by transferring funds from your linked bank account. You can also set up automatic deposits to make saving even easier.
- Withdraw money: You can withdraw money from your account at any time with no restrictions. Simply transfer the funds back to your linked bank account.
- Monitor your account: Use the Wealthsimple app to monitor your account balance, track your transactions, and view your interest earnings.
- Save for goals: Use the app’s savings goal feature to set a goal and track your progress towards it. You can even set up automatic deposits to help you reach your goal faster.
Conclusion
The Wealthsimple Cash Account is a great option for individuals who want to save money without incurring any fees or restrictions. With a high-interest rate, unlimited withdrawals, and no fees, it’s a low-risk, high-return option for anyone looking to grow their savings. By following the steps outlined in this guide, you can open and use your Wealthsimple Cash Account in no time.
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