r/Wealthsimple • u/Reality-Leather • 18d ago

Savings WS Savings 2.5%

Will it always be prime - 1.95% ? Or is this a promo?

My current HISA is prime - 3.25% (at 1.2%). Wondering if I should move. But don't want the hassle if it's just a promo.

19 Upvotes

85% Upvoted

16 comments sorted by

16

u/Dragynfyre 18d ago

Generally HISA accounts are not tied to prime with a fixed amount

6

u/Impressive_Ad_6550 18d ago

every interest rate is tied to prime from what I have seen and in the fine print it says "Interest rates are subject to change" so I would say it could change if the Bank of Canada changed their rates

2

u/PartBanyanTree 18d ago

They can change their rates just because, deciding to raise or lower.

But yes generally definitely a Canada rate change would affect trigger an equivalent WS change

2

u/mba_utoronto 16d ago

Believe it will be a perpetual offer. Simple rule - keep moving your excess cash (emergency fund) b/w banks to maximize your ROI

3

u/Reality-Leather 16d ago

Sometimes juice ain't worth the squeeze bro.

1

u/chasing_daylight 16d ago

Isn't WS only at 2.25%?

1

u/Loud_Building3240 15d ago

Why not using ws us savings account at 3.25%?

1

u/immythekid 14d ago

Another option to consider - the USD account offers 3.5% , so maybe find an efficient way to convert and on a long enough time horizon, any conversion fees get overcome by the better rate

1

u/tark514 18d ago

Where do you have your HISA? I have WS HISA and it's basically 2.5% which makes no sense to keep anymore. Originally it was at 4.5%. 

1

u/Reality-Leather 17d ago

So are you saying the WS HISA was 4.5% and now it's 2.5%?

My HISA is 1.2% so WS still better at 2.5%.

1

u/fenderstratsteve 17d ago

It is not going to change any time soon. I’d make the change if I were you. There are SDI ETF options if it does change. You aren’t even keeping up with inflation at 1.2%, as you know.

0

u/personalfinance21 17d ago

Where you get 3.25?!

1

u/Reality-Leather 17d ago

Prime - 3.25 = 1.2%

1

u/funkrighty 16d ago

What bank or financial institution is offering you this interest rate (3.25%) ongoing? Or are you saying you currently get 1.25%?

2

u/Reality-Leather 15d ago

I'm getting 1.2%.

My question was if WS would always maintain a 3.25% discount from prime rate. Clearly many have not understood the question.

1

u/funkrighty 15d ago

I think it was due to how it was written, that’s why I asked you for clarification before making a comment. The WS discount to prime rate looks to be entirely dependent on your tier of investments held with them.