- April 3, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Doubts about opening a WealthSimple cash account
Hey everyone, sorry for bothering you with this silly question, but I can’t shake the feeling that something might be too good to be true.
I don’t have anyone in my circle who uses WealthSimple personally, so I figured turning to Reddit would be the best option for some advice.
I recently signed up for a WealthSimple cash account because of the enticing 4.5% interest rate. However, I haven’t deposited any money yet because I’m apprehensive about how “safe” it really is.
They requested my SIN, which is standard when opening a bank account, but now they’re asking to link my main bank account to it. While I don’t have a problem with this, I am wary of potential scams or financial risks. Is it safe to proceed with this request? Can anyone here vouch for its reliability and security?
I apologize for this seemingly naive question; I’m just feeling a bit anxious.
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****** just grabbed a
I’ve been using it for the past 4 years. Pretty legit. Use a referral if you open an account.
I have a premium account, it’s legit. It’s run by Power Corporation of Canada.. a 22 billion dollar company. Their cash account has CDIC protection for up to 300k.
I use it daily. You’re fine.
I deposited 80K for a 3 month 5% interest promo, at the end of the promo i took the $1000 interest and moved my money to its usual bank. They are very legit.
If you plan on investing they are also a safe cheap option to use
In the future if you are unsure of the legitimacy of a website, I suggest you ask Reddit before inputting your SIN.
Yes it very much is! My only recommendation is to just trade Canadian stocks or index funds on Wealthsimple. It’s $0 fees for Canadian assets, but high fees for US/international stocks
Now you realize how much the Big Banks have been shafting you all these years lol
It’s a big company owned by Power Corp, which is worth billions of dollars. And a lot of people use it, including myself. I really like Wealthsimple because it allows to buy fractional shares of stocks.
I use Wealthsimple to do my taxes for free since they acquired the free service SimpleTax a few years ago.
Yes they are legit, and the Cash accounts in particular are covered by the CIDC, so your money is protected in the unlikely event WealthSimple was to go under.
https://www.wealthsimple.com/en-ca/legal/legal-disclaimers#:~:text=Wealthsimple%20Cash&text=The%20funds%20you%20add%20to,of%20a%20member%20institution's%20failure.
I thought the same thoughts when I signed up. Did a bit of homework to help get me over myself. Good to be skeptical. What stands out now is how we blindly trust the big banks , which is …..not wise either.
They have over 3 million customers. I think you’ll be fine lol
it’s legit, its owned by power Corp of Canada, a publicly traded company owned by the Desmarais family which has majority stake.
One area which I think you should be aware of is that you shouldn’t use wealthsimple as a bank, and only as a stock broker.
Since their cash account is both a checkings/savings account. There is potential to expose your entire net balance everytime you use it; You can search all the horror stories of this happening. With a credit card, you just tell your bank the credit card was hacked and they send you a new one and that’s the end you’ll hear about it. Good luck doing that with a debit card, and you’ll be lucky if you get it back in your cash account.
There is also some security concerns they need to work on like having online documents which show your SIN/name/phone number/address etc. This is a HUGE problem in the event of a data breach/your account being hacked from what I said above. All of this information even if you yourself is using it should be **** out
So in short if you’re just using it as a savings account and broker, you should be fine, but do not use it as a debit/credit card.
Also all the wealthsimple users on here need to help get the word out for them to fix this
Can wealthsimple be used to invest our TFSAs?
I’ve slowly been moving all my accounts to this one.
Legit ?? lol it’s a huge corp that’s officially a bank
I don’t use the cash account. But I moved all my investments over to WS. Use it for crypto. I tranafer funds via bank account or debit … And if it is of any comfort, it is a CRA approved sign in partner to access your CRA account.
Is it legit? I think so
I have my entire high 6 figure portfolio with them. Very legit and nice.
Hey,
you are just doing your due diligence, good for you. In this day and age it is always good to look at things with skepticism
[https://help.wealthsimple.com/hc/en-ca/articles/360056590614-How-we-keep-your-money-safe#:~:text=For%20Wealthsimple%20Cash%20and%20Save,of%20a%20member%20institution’s%20failure](https://help.wealthsimple.com/hc/en-ca/articles/360056590614-How-we-keep-your-money-safe#:~:text=For%20Wealthsimple%20Cash%20and%20Save,of%20a%20member%20institution's%20failure).
Wealth simple is CDIC insured so yes
It’s legit, avoid connecting your advice account via plaid or whatever they’re using, there’s a difficult to find method which allows you to use blank cheque or your account info, use that out first their customer support.
Always transfer $1 when setting these things up and after that clears you can transfer real amounts of money.
Too legit to quit
Been using it for 5 years
No issues
I’m a paranoid person and I use Wealthsimple. If it makes u feel better, it’s also listed as one of sign in partners to sign into ur CRA account https://www.canada.ca/en/revenue-agency/services/e-services/digital-services-individuals/account-individuals.html
Yea I’ve used them to buy Stocks, Crypto and do my taxes. They’ve all worked flawlessly so far. Also, i find their customer service [compared to RBC Investing] to be top notch. Most things can be fixed by chatting with their customer rep.
Yea, most dedicated brokers do this.
Banks are not our friends.
Ive been using it since 2021 and have zero issues. Everything has been relatively straightforward, I even used their tax service this year.
I’ve had one instance of fraudulent charges to my card, and CS resolved the issue quite quickly, without hassle.
I use the cash card, and have my TFSA through them.
I can see how you’re worried since their offerings are significantly better when compared to what is offered by the big banks. Wealthsimple and Questrade offer lots of things the banks don’t: fee free trades, high interest rates for cash deposits, access to lots of low fee index funds, etc.
In places like the US, most brokers and even the banks offer this by default so when compared to that, it seems like something that should be normal in Canada too.
It is asking you to link your bank account to make it easy to transfer money to be invested.
I don’t trust any banks. I keep all my money underneath my pillow.
I made the switch last year, haven’t looked back
There’s literally a r/Wealthsimple subreddit lol – as others have said, very legit
I have been using it for several years, everything is good 👍
Yes.
I get my salary on it. I have 6 figure investments on it. It’s a bank. The best in my opinion
It’s as legit as it gets
Wealthsimple is regulated by the industry bodies that other financial institutions are also regulated by. Finally Wealthsimple is owned by Power Corporation. Which has a long history in Canada.
Curious what sort of accounts people run with WS. You still need to meet certain criteria to have your bank fees waived, so how would you juggle that? Mortgage, CC and a Chequing account with a small balance? HISA?
It is safe. They are regulated and registered with IIROC, and your balance is secured via FDIC. If Wealthsimple were to go bankrupt, your balance is fully insured for up to 300k.
100% legit been going on four years lots of money made but I suggest going through your bank for stocks or make you pay extra so you doing get charged for currency conversion and trades I do a lot of day to day it can tap into profits quick so take that into consideration. I have the credit crypto card pretty good you get a good percentage back for what you spend it’s pre loaded though still handy. You can e-transfer send crypto never been questioned about how much money goes through like banks. Remember you have to pay tax on capital gain found that out the hard way one year got damn crooks I tell ya.
I use it a lot, it’s CDIC legit.
Ya it’s fine. I have it.
Yeah they’re legit. Effectiveness is another story, but I have never ever had any trouble accessing my money, withdrawing etc. They’re a legit co.
Was wondering the same thing – Thank you for posting
Auto pilot investments are the main draws of WS. However my account was in the red almost 2 years. Then the markets improved – fast fwd and am breaking even. At least it far surpassed my own stock investments.
Note the fees they charge, as these add up. WS makes money even in downward trending markets. With 3 accounts that’s 3x the monthly fees.
However overall am satisfied. Meets the needs of the lazy investor plus the interest on cash is outstanding.
It’s the most important financial tool I’ve ever laid my dirty fingers on.
I’ve been using it as my main bank now for a couple years. Very happy with WS.
Yes, it is safe. I’ve been using it for almost 5 years now. I like the low trading fees compared to my ScotiaiTrade.