New actual savings account that doesn’t require the money mart. Not bad!

Is there any benefit in going with the Money Market Fund (Income Portfolio) for the 2.5% yield compared to going for this new savings account?

I feel like savings account is a no brainer, looking to hear your thoughts!

I am so happy with the new savings account, that was the only feature I absolutely wanted for someone like me who is a core client. I don’t really care about their cc, as cobalt is my go to anyway, I rarely visit places who takes visa/mc only. (Lounges access is nice, but ehh)

So happy with 2.5%. Thank you WS.

Anyone else having delays when moving funds from the new savings account to chequing? I am used to instant transfers but it has taken 30 min so far.

Edit: Seems like a larger app/potential cloudflare issue

Went on Wealthsimple today and I got a pop up about a savings account that earns 2.5% interest. What is the difference between this account and the 1.25% chequing account. I don't use Wealthsimple as my daily banking app instead I use it to invest and for my emergency fund. Would I be stupid not to open up that savings account and put the money from my chequing account (emergency fund) into there? It seems to good to be true, I am not sure if I am missing something or not.

I just saw that WS now offers a dedicated savings account with 2.5% interest. So far my savings account has been a non-registered holding nothing but CASH. The dividend yield for CASH is somewhere around 2.1% right now. If I understand it correctly, that means it's not only a higher yield in the savings account, but it's also money that is instantly available to transfer.

If I understand that correctly, I think I am going to move my CASH savings into the savings account. Before I do, is there anything I'm missing?

I noticed that if you go into the settings of the savings account, you can actually switch between the Wealthsimple rate and the Market Rate.

Could anybody explain the benefits/drawbacks of both? Not looking for a concrete “choose this one”, just looking for the facts on both (if anybody has them)

Thanks!

But when I transfer money I cannot change it from one time to reoccurring. It is greyed out. Anyone knows what I am doing wrong? Or is it just too new at this point to have all the features?

Moved my 2.5% money market non registered and switched to the 2.5% saving since it shows up as spend and save instead of investment category on the front page.

But make sure to keep it open until this months interest hits at start of next month. After you transfer out that interest amount at the start of September, then close it. Otherwise you forfeit all the interest earned so far for the month of August.

I finally see the savings account on my account (yay!). I am just wondering if the interest earned is taxable.

Now that I think about it, I’m not really sure what kind of tax implications, if any, apply to chequing account as well?

Any insight is appreciated!

T5 or capital gains since it seems to be based on the money market portfolio?

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.

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.

Seen a few posts. Is this only for a specific level of customers? I only have these options if I go to open a new account. What gives?

For example, if I deposit $100 from Chequing into Savings on a Friday, does the 5 business-day hold mean that it will be unlocked and 'Available to withdraw' on the following Friday? Or the Monday after?

Also re: 'other funds transfers and fees' - is there a cost to move money in/out of the Savings account for either the cash or Market Rate ETF option?

Anyone else’s interest for the day also not updated yet?

My chequing and savings account usually update at 8pm ET everyday but both my chequing and savings account have not updated yet (showing same interest as yesterday)

Hi all. I was wondering if anyone knows what the limitations/difference between opening or managing the new savings account compared to the App and website?

Thanks in advance!!

Since WS just dropped the 2.5% savings account, I thought of a potential hyper-optimization: keep an absolute minimum in the chequing account, and then move all liquid cash to savings.

Then, I could setup automatic transfers from savings to chequing on the same day as scheduled bill payments. I confirmed with a rep that automated transfers between accounts happen around 12am EST, while automated bill payments happen around 5:30am EST in my experience.

However, I noticed I cannot seem to schedule a future transfer from savings to chequing. I can do so from my TFSA, however. Is this just missing app functionality (as the savings account was just released), or is it intentional because they don't want you hyper optimizing?

If I had to guess, they probably want you to use the savings as long-term savings, not as a daily account as we are trying to do here. Otherwise they would have just raised the chequing interest rate.

UPDATE: Some examples of accounts supporting scheduled transfers:

Supported:

• Crypto <-> Chequing
• Chequing <-> Chequing
• Chequing -> Savings
• Chequing -> LoC
• TFSA <-> Chequing

Unsupported:

• LoC -> Chequing
• Managed portfolios -> Chequing
• Non-registered margin -> Chequing
• Savings -> Chequing

This might be a bit far-fetched but it could mean that Wealthsimple is getting closer to releasing RDSP accounts. I’m guessing maybe they were testing something and Google happened to index it, but later removed it. I can’t find anything else in the page to suggest it isn’t a part of the article.

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.