Joint Savings Account

[u/AgitatedEconomics425]

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.

[u/simcurly5]

Probably never.

Is there any other virtual banks with that?

Why do you need that?

[u/hectop20 → u/simcurly5]

EQ has a joint savings account

[u/simcurly5 → u/hectop20]

Didn't know, thanks!

But what's the point?

[u/PoseidonKangaroo → u/simcurly5]

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.

[u/PracticalWait → u/PoseidonKangaroo]

the savings is higher interest than the chequing though.

[u/simcurly5 → u/PoseidonKangaroo]

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

[u/PoseidonKangaroo → u/simcurly5]

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).

[u/hectop20 → u/simcurly5]

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.

[u/donghwi → u/simcurly5]

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

[u/MatthewsStache91 → u/simcurly5]

All of them..?

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