My HONEST Wealthsimple Review [Pros & Cons]
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- เผยแพร่เมื่อ 31 ก.ค. 2024
- I've been using Wealthsimple for over 8 years! Here is my top pros & cons on all of Wealthsimple's products; investing accounts (TFSA, RSP, FHSA), high interest savings account, crypto 🪙, credit card 💳, and tax filing software.
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Wealthsimple is a Canadian fintech company based out of Toronto, ON. They have one of the highest interest savings account, no-fee cash back pre paid credit cards (with no foreign transaction fees), managed investment accounts, and self-directed investment accounts (TFSA, RSP, RESP, FHSA and non-registered investment accounts). AND they have the best tax filing software in Canada.
Wealthsimple Pros:
- No-fee self directed investing accounts with TFSA, RRSP, and FHSA account types
- High interest savings accounts & the best tax filing software in Canada!
- Earn 1% cash back with all spending
- $0 account fees & $0 trading fees
- No foreign exchange fees (great for travelling)
- Corporate / small business savings & managed investing accounts available
- E-transfers, direct deposits, auto contribute cash back into your investment accounts, and bill payments all possible!
- Your cash is held in trust with a CDIC member institution. Which means you have $300k of deposit insurance on your money.
Wealthsimple Cons:
- No way to create multiple savings accounts - you only get 1 high interest savings account.
- Cash account is quite limited in terms of features. No spending analysis, no savings accounts, no savings features like round ups, and you can’t even open more than 1 account, so there’s no ability to create “goals”
- Remarkably complex to use - for an app that has “simple” in the name.
- Trying to be the “go to” finance app for Canadians, but lacking in the spending & insights
My IG:
@MoneyWithMark
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Chapters:
0:00 What is Wealthsimple
1:21 Pros of Neo
2:25 Get $25 Bonus
3:50 More Features
4:02 Cons of Wealthsimple
5:50 My Review Rating
#wealthsimple #wealthsimplereview #wealthsimpletrade
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*I may earn a commission if you buy any products or services via the links in this video's description. This video is not investment, financial, or legal advice. It may be incorrect, outdated, inaccurate, or reflect personal opinions. This video is for entertainment purposes only. - แนวปฏิบัติและการใช้ชีวิต
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Hi mark, would you recommend wealthsimple or neo to invest my cash in HISA/TFSA? What about the cards? I have cobalt for food purchases and pc for gas and groceries at no frills/loblaws. Wealthsimple I feel like has a nicer card 😅
great video! super concise.
Thanks for the feedback! 👊🏼
There is a joint account now!!! 🎉🎉
Mark, thanks for the review. The link in the top right for your review of the WS tax-filing software disappears waaaay to fast. Even set at 75% speed it has proved impossible for me after eight tries to start and pause in order to catch it. I also tried manually looking up the tax filing video among your videos. Fail!
Dang! Thanks for letting me know! I can't actually extend out that link any longer 😕 but here's the tax video th-cam.com/video/si8__86mBec/w-d-xo.htmlsi=aw-oeQWHreZE147Y
Is anyone having an issue with wealthsimple tax? It doesnt save the return
Mutiple accounts now Mark ! They keep improving the system and software which is great.
I saw that! Such a huge upgrade. I selfishly think that they watched this video and realized it 😂
Is it the right place to hold crypto?
It all changed now. WS offers now multiple cash accounts
Yes they do!!! So exciting
Can you transfer cash from this app to my regular canadian banking account? Thanks
Yes you can! You can connect your bank and withdraw immediately 👊🏼
Would you say Cash Account card is better than Wise for traveling? In termes of conversion/overall fees
Yes for traveling it's the best card in Canada in my opinion
My friend set up his account and it didn’t ask for his I.D is it normal?
He might be prompted to before he can move money... Because that is not normal
Thank you, have a good day
If I recall correctly, you can make a savings account of 1.5% interest, but you can open it in the website. It does suck that you cannot make it 4% interest like the cash account.
You also do get round up to the dollar, but it’s in the card settings and in the beta stages.
I’d also like to add on some cons, like some stocks have delayed distribution payouts, as well as some unavailable stocks which can be annoying.
Those are some great added cons!
I would also add to the pros:
You can stake some crypto & stocks to earn even extra income!
@@MoneyWithMark69 Oh yes, as well as the 0.5% extra interest on payroll. There is a certain limit, but that does come in handy. I don’t know if that’s a limited time offer
It's actually not a promotional offer! But they say if they do change it they'll give you 60 days notice... SOOO kinda like a promotional offer 🤣
i'd be very afraid of moving everything from my current back to WS. i have a WS account for my investing but thats it...
What are you scared of?
@MoneyWithMark69 Used Scotiabank for so long its routine. Also when I need something fixed or have any problem I can go get it fixed or call someone, WS I don't think it's that easy..LOVE WS for investing but anything else I don't have the confidence yet. Maybe one day
@@MoneyWithMark69 how is wealthsimple for withdrawing your money? i heard they can be sketchy
Do I need a social security number to make an account
They are asking for it, I'm not sure is secure
It is secure yes. All Canadian banks require this type of information as the report activity to the credit bureauz
How is your money protected like if they go bankrupt or whatever. I have been looking for this information and it seems like you are only covered for the first 100k invested
So each of Wealthsimple's products have different protection.
So any cash is CDIC insured up to $300k your stock investments are CIRO regulated. And crypto is essentially not protected.
Wealthsimple is not CDIC secured even if hundred people say it is. A bit of research and it easy to find out.
The guy making video is a promoter, he make money out of you when you register so he is bias.
The guy making this video is me - and unfortunately I was not paid to create this video 😔 Canada's banking regulations are very tight so Wealthsimple uses a tier 1 bank for their services which are CDIC insured. All of this is easily verifiable but if you would like to check call the CDIC
@@user-po2jf8xl4sit literally says it’s CDIC on its website lol…Although Wealthsimple is not a bank, we are partnering with a number of tier 1, CDIC-member, regulated Canadian regulated financial institutions to take advantage of a combined CDIC-eligible coverage amount (up to $500,000) which can be enjoyed by Wealthsimple Cash clients.
For Wealthsimple investing clients, our affiliated custodial broker, Wealthsimple Investments Inc., is a member of the Canadian Investment Regulatory Organization (CIRO) and customer accounts are protected by the Canadian Investor Protection Fund within specified limits.