Wealthsimple Cash Review 2021

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Wealthsimple Cash is a relatively new product offered from Wealthsimple; high-interest savings account that you can open without any fees while enjoying a higher than usual interest rate. This new product also features an app that allows users to send money to other people without a fee and may soon include a prepaid credit card that works like a debit card.

It’s a relatively easy account to use, easy to download and use (the Wealthsimple Cash app). This Wealthsimple cash review offers an overall assessment of what to expect when you register for a new high-interest account, what to expect from this product, including pros and cons.

What makes Wealthsimple Cash a good option?

This Wealthsimple Cash review shows how this cash card option provides excellent features for everyday transactions and uses. One of the top features of this card is the ability to send money instantly, just like an e-transfer, only much faster. It’s the perfect way to instantly send funds to a friend or family member without waiting for a specified time frame.

Often, sending money costs a fee, even a small charge, which can prove inconvenient if you make frequent transfers. Wealthsimple Cash offers complimentary transfers, and there’s no minimum account balance required to make the transaction. It’s also a great way to send money without a signature or identifying information, so you can effectively make a transfer anonymously.

Wealthsimple Cash Review: Pros and Cons

Before you consider registering for a Wealthsimple Cash account, you’ll want to review the pros and cons of this product. Overall, it’s a decent option if you’re just getting started or want a new way of saving money and earning some interest.

Pros of Wealthsimple Cash

Overall, it’s an easy product to use, and setting up the app is simple and takes just a few minutes. There are no fees to sign up for the card or use it for transactions, including e-transfers. There are no limits on how many transactions you can use, so you don’t have to monitor your usage with your Wealthsimple Cash card or account with concerns about fees.

The account offers many options without extra fees, including foreign exchange, transfers, and deposits. There is no minimum required in your account, and transfers are instant, without delays like e-transfers. ATM withdrawals are free, including ATMs across Canada. Any fees that incur can be reimbursed by Wealthsimple, to an extent.

Bill payments are another outstanding finding of this Wealthsimple Cash review, an excellent alternative to regular banking. There are no fees for this service, and you can also set up direct deposits for payroll or regular deposits into your account.

This Wealthsimple Cash review offers one of Canada’s largest online banking platforms and features several apps to make it easy to access your funds with your smartphone. The apps are compatible with iPhone and Android). With the same password and username, you can use the same platform online with your desktop and other mobile devices.

Wealthsimple Cash offers a signup bonus of $25, which is a great incentive to get started. The app is also easy to use, so you can access your funds anytime, whether you use Cash or investment options. There is no commitment to lock your funds into an account for a specified time, as you can withdrawal any amount when it’s needed, without penalty.

If you don’t find a perk that you’re looking for with Wealthsimple, it may be on its way! The company is forward-thinking and looking to implement new features. This cash account is also compatible with Apple Pay and Google Pay.

Cons of Wealthsimple Cash

There are a few drawbacks to keep in mind when you consider opening an account. It’s not a long-term savings account, which means it’s best to use as interim savings took until you decide how to invest your funds, whether it’s an RRSP, TFSA, RESP, and other investments. If your plan includes investing your money for growth, this Wealthsimple Cash review is not the best option. Fortunately, Wealthsimple offers excellent trading platform options for your future goals.

Wealthsimple Cash doesn’t offer any rewards or points programs, which may disappoint some account holders looking to earn incentives on frequent spending. Currently, there are no automatic payment options, though this may change in the future. Transactions can take a while to process, though this may increase over time. Currently, one transaction takes roughly two business days.

This Wealthsimple Cash review indicates that the funds in your cash account are protected by the CIPF (Canadian Investor Protection Fund) instead of the CDIC (Canadian Deposit Insurance Corporation). Since the account is digital, no cash deposits are available, and you won’t have access to in-person customer service or tellers at a branch or physical location.

While there are some drawbacks to the Wealthsimple Cash account, the company is innovative and likely to improve service and features shortly.

What are the Wealthsimple Cash Review features?

The Wealthsimpld Cash review features a multipurpose account that provides a competitive interest rate of 0.75% that you earn on your deposits. In addition to no fees, this account offers an app compatible with Apple and Android smartphones. You’ll find this account gives you the best of saving and spending in one place.

During this Wealthsimple Cash review, I found the security features impressive, with biometrics and fingerprint ID options, so you can skip the security question and other steps that take longer.

When you interact on your app with others, you can maintain your privacy without releasing your name or other details. You can assign a handle that conceals your identity while connecting with others on your app. It’s ideal if you’re going to send money so that you can stay anonymous. This key feature is one of the unique options you’ll find with Wealthsimple, where privacy is highly protected and builds confidence with account holders.

Cost of using Wealthsimple Cash

This Wealthsimple Cash review doesn’t require start-up fees or charges for every transaction. The overall cost is relatively low, and the account is easy to use frequently without numerous fees that add up over time.

Who is Wealthsimple Cash for?

When considering this Wealthsimple Cash review, it’s overall an excellent option for anyone who wants to simplify banking and open an alternative account from regular banking. It’s an unintimidating product that offers a one-stop option for multiple account functions without opening several accounts in more than one bank or financial institution for all your banking needs.

Unlike other banking alternatives, Wealthsimple offers customer service, which some account holders may prefer overusing online chat or form options for contacting support. You’ll also have access to advisors when you’re ready to invest.

Is Wealthsimple Cash a good fit for you? Alternatives to Wealthsimple Cash

Overall Wealthsimple Cash is an excellent alternative to regular banking, which offers many of the same features without the high fees. If you find that Wealthsimple Cash isn’t the best option for you, consider some alternatives. While this Wealthsimple Cash review offers some great benefits, there are similar products you may want to consider.

EQ Bank offers a similar cash account with free EFT (electronic funds transfers), interact transfers, bill payments, and no banking fees. When you send money internationally, the fees are nominal, and there is no minimum balance required. You can also earn a high interest rate from your balance. You’ll also have options for further investing, such as RRSPs and TFSAs.

Some people may prefer EQ bank due to its trademark, Equitable Bank, a more traditional bank with a strong presence in the financial industry. EQ Bank is a successful digital bank established in 2016 and offers many of the same features as Wealthsimple Cash. The company offers a solid foundation and reliable products.

Koho is another alternative to consider if you’re open to using a prepaid Visa card. While Koho doesn’t work like a bank, the company offers great options for saving future investments. Koho features three main savings accounts: no-free options, cashback rewards, and accessing your funds through a convenient app.

One of the significant advantages of Koho is the ability to improve your credit rating through their prepaid Visa card product and other financial tools that offer benefits for your future. You don’t need much to get started, and you can open a joint account. Koho’s website features regular specials, including signup bonuses for referrals.

Conclusion

In general, this Wealthsimple Cash review reveals a great product that’s easy to use for anyone, whether you’re new to banking and saving funds or looking for a viable alternative to a traditional financial account. To open an account, all you need is a valid email address, Canadian resident, and a social insurance number. You’ll also need to be 18 or older to open an account and register for financial products. Everything is done online, so you don’t have to walk into a store or physical location to process your application.

Overall, this Wealthsimple Cash review highlights a great product, offering an online selection of account options and investment products to consider for future growth. It’s an easy card to use and offers an alternative to traditional banking companies.

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FAQs about WealthSimple Cash

What is WealthSimple Cash?

WealthSimple Cash is another product from WealthSimple that allows you to open savings account with high-interest rate. They provide services so that you can send money to other people without a fee.

What makes Wealthsimple Cash a good option?

One of the benefits is that it’s simple to use for everyday transactions, for example you can send money instantly. Wealthsimple Cash offers complementary transfers and there’s no minimum balance required.

What's an advantage of WealthSimple Cash?

The one of the many benefits of Wealth Simple Cash is that your account can have as many options without extra fees, including foreign exchange, transfers, and deposits There is no minimum required to put in your account and money transfers are simple and instant.

Who is Wealthsimple Cash for?

Wealthsimple Cash is for anyone that wants simple and ease-free banking, as it offers one-stop option for multiple account functions without having to open multiple accounts in more than one financial institution. Wealthsimple Cash is suitable for those who want an alternative account from regular banking.

Is WealthSimple Cash Safe?

Yes. It has the same security as the big banks and is regulated by the Investment Industry Regulatory Organization of Canada. This means that privacy is highly protected and builds confidence for those wanting to open up an account.

August 30, 2021
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