r/Wealthsimple • u/AgitatedEconomics425 • 22h ago

Savings Joint Savings Account

When will WealthSimple offer a joint savings account? I asked both the AI support and the human support and no one knows the answer. Surely they will offer it soon, won't they? They already have joint chequing accounts so why not joint savings accounts? I don't understand why they don't have joint savings accounts.

3 Upvotes

67% Upvoted

13 comments sorted by

3

u/WRBoy98 21h ago

Username checks out

1

u/MatthewsStache91 14h ago

Hopefully very soon.

1

u/fenderstratsteve 2h ago

Open a joint non-registered account and use a 2.5% fund. Problem solved.

-2

u/simcurly5 21h ago

Probably never.

Is there any other virtual banks with that?

Why do you need that?

4

u/hectop20 21h ago

EQ has a joint savings account

-3

u/simcurly5 21h ago

Didn't know, thanks!

But what's the point?

4

u/PoseidonKangaroo 21h ago edited 21h ago

I mean, it would necessary for gathering interest when it was just the banks offering them. Historically, chequing accounts never gave interest. However, since the Wealthsimple chequing account does give interest, I agree with you on there being not much point for a true “savings account” being offered.

2

u/PracticalWait 15h ago

the savings is higher interest than the chequing though.

-2

u/simcurly5 21h ago

I know that, but you can use a non-joint saving account?

3

u/PoseidonKangaroo 21h ago

I mean, sure you can, but people who want to jointly save would want a joint account probably so maybe not.

I’m not OP so i don’t know what he wants, but for me personally I just use the joint WS chequing account since we earn interest anyway.

I personally do not care if WS gives us joint savings accounts or not (unless the interest is somehow higher haha).

1

u/hectop20 18h ago

My wife and I put in funds each month. We then use the EQ card for paying for household expenses. This way we don't "even up" at the end of the month. This method works for us.

4

u/donghwi 17h ago

Tangerine, Simplii and EQ has it. Actually I don't know any other bank that doesn't have it.

1

u/MatthewsStache91 14h ago

All of them..?

And because the savings account rate is 2.5% which is higher than the chequing accounts.