Unlocking the Secrets of AI Legalese Decoder: How It Can Help You Navigate Wealthsimple’s Cash Acct $500K at 5% a Year Feature and Find Better Alternatives
- May 16, 2024
- Posted by: legaleseblogger
- Category: Related News
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****** just grabbed a
I got to the 4.5% threshold at >$100k and then to 5.0% because of direct deposit. Later i hit the $500k threshold.
Note that this threshold isn’t for the Cash Account balance by itself, it’s the sum of all the money you have with Wealthsimple: Cash, RRSP, TFSA, Taxable, etc. In my case my Cash account balance isn’t particularly large, it’s mostly the sum of all the investment accounts that did the heavy lifting.
WealthSimple is unique where because they’re not a bank, credit union or trust company, they cannot legally hold deposits. The way WealthSimple does it is that they spread your funds across 5 CDIC members to offer you $500k coverage.
Now, what isn’t said is, if WealthSimple itself fails, how you’re gonna access the money since the underlying institution may still be standing. Also, if one of the underlying FI fails, can WealthSimple automatically shift the cash elsewhere or is it through CDIC’s automatic fund dispersement mechanism if CDIC decides to pay out?
There’s quite a bit of unknowns here. Doesn’t help that WealthSimple no longer lists who the underlying CDIC members they keep your funds at. At least all other fintechs do state who is the underlying CDIC member who ultimately holds your funds. WealthSimple is quite opaque that way.
Why do you need $500k in your cash account at 5%? In order to get the 5%, you don’t need to have $500k in your cash account, but $500k in all of your accounts combined.
Majority of my money is in the stock market at WS either in my RRSP or TFSA, with a good portion in Non-registered accounts.
If you’re keeping $500k in your cash account, you’re not doing investing right and should speak to someone at WS or someone else for assistance (unless you’re going to spend that $500k relatively soon in real-estate).
It all depends on what the money is saved for, but that money is better growing in a market ETF at a return way higher than 5%, and keep anything for emergency funds in your account Cash account.
Wealthsimple just holds the assets. CDIC insurance is applicable to financial institution that holds the CD/GIC.
Honestly, put it into cash.to and the end of the month and set up a drip for the income, then bless you need it.
I had my money at WS at 5%, then last week I got a 5.75% promo till end of Sept from Tangerine, so moving monies there now, $30k a day.