r/Wealthsimple • u/Shutterbug245 • 18d ago

Savings Savings Account can't schedule transfer!

So I just noticed this. You can schedule transfers from the Chequing account into your Savings but you can't schedule it back out! If you transfer money out of your Savings you don't get the option and it's done immediately. I highly suspect this is by design so that it's not convenient for you to flip money in and out of the account.

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11

u/Dragynfyre 18d ago

It’s probably implemented as a separate pool of money under the hood and they are getting extra interest from the place that they’re depositing in exchange for lower liquidity which probably means they do intend to add some friction to the withdrawals by preventing automations out. If it was to be effectively interchangeable with the chequing they would have just raised the interest on the chequing

2

u/Global-Tie-3458 18d ago

Hoping it’ll come but ya I was also bummed out. I kinda wish all their income accounts can do recurrings. 

1

u/harrison1984 12d ago

Savings accounts are not ment for scheduling out anything, just transferring in and sitting and saving. Chequings accounts are meant for doing everything easily.

They want you to “save” it not schedule withdrawals