Wealthsimple launches savings account

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Robo-advisor Wealthsimple has launched a high-interest savings account, its first non-investment product.

Digital investing service Wealthsimple launches Wealthsimple Smart Savings. (CNW Group/Wealthsimple)

Wealthsimple Smart Savings has an interest rate of 1.7%, unlimited and free transactions, and no fees. There’s also no account minimum and no maximum.

“Savings accounts are an important tool in any good financial plan, and our clients were asking for a saving option with the same simple, intuitive experience as their investment accounts,” says Michael Katchen, CEO and co-founder, Wealthsimple.

The rate is lower than EQ Bank’s 2.3%, but it’s not promotional and much higher than what most banks are offering.

The account is available to both new and existing clients.

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