Wealthsimple is a Canadian fintech company that offers low-cost investment options that are as simple to use as they are cheap. The company offers several investment options for every type of investor, including DIY options and a more laid back robo advisor. They even offer crypto trading for Bitcoin and Ethereum. And if you prefer to keep your investments as low risk as possible, Wealthsimple also has a savings account.
Aside from your investment options, you can also complete your tax return with Wealthsimple, thanks to their acquisition of the popular tax software SimpleTax. And yes, it's still completely free to file, but they accept donations.
Overview
- An online investment hub with several products and ultra low fees.
- Make no fee trades through Wealthsimple Trade.
- Enjoy set-it-and-forget-it simplicity for your investments with Wealthsimple Invest.
- Earn interest on your savings with Wealthsimple Cash.
- Even dip your toe in the cryptocurrency world with Wealthsimple Crypto.
Rating methodology
Wealthsimple's overall rating is 3.2 out of a possible 5 stars. This number is an average of all the individual products we've rated so far, which you can find more info on below. Each of these are scored by breaking them down into their main parts, then comparing each feature to similar products on the market.
Wealthsimple banking
Since your bank accounts are the foundation of your personal finance products, it's nice when a company has a good set of chequing and savings accounts to choose from.
Wealthsimple currently only has 1 banking product – Wealthsimple Cash. Though it's a savings account, it actually has free transactions (and no monthly fees) – making it more like a chequing account that earns interest. The best of both worlds, really.
Wealthsimple savings account ratings
Here's our review for the Wealthsimple Cash account.
Wealthsimple Chequing
Earn up to 2.75% interest + Get 1% back in cash, stock, or crypto on your purchases.
Wealthsimple investments
Where Wealthsimple really shines is in its investment offerings. They have a product for both types of investors: a (no fee!) online broker for the DIY traders, and a low fee robo advisors for people who'd rather let the pros handle things.
Both Wealthsimple Invest and Wealthsimple Trade have impressively low fees, but also are lacking a bit in the options department. But if you're not looking for anything fancy with tons of choices, then they can help you save a lot of money along the way. This makes it a good option for someone who's just starting out in the investing world.
Wealthsimple investment accounts ratings
Here are our ratings for Wealthsimple's main investment accounts.
Wealthsimple managed investing
Get Apple Products with transfers in + Set-it-and-forget-it simplicity.
Wealthsimple software and services
On top of their investment and banking products, Wealthsimple has expanded into the realm of personal finance software and services. Right now, they only have the 1 product that fits under this category – but it might not stay that way forever.
After Wealthsimple bought SimpleTax, they thankfully kept much of the features the same – including being 100% free. One of the main things they changed is the name – which is now the slightly cheeky Wealthsimple Tax.
Wealthsimple tax software ratings
Here's our full review of Wealthsimple's tax software.
FAQ
Is Wealthsimple good?
Wealthsimple is an interesting company that offers many different products, mostly investing ones. Each of them offers low fees, which can be very attractive to the Canadian investor. Learn more about our Wealthsimple review here.
Is Wealthsimple safe?
Yes, Wealthsimple is a legit company that has all the proper safety certifications that other companies have. This includes CIPF and CDIC protection.
Are there Wealthsimple Trade fees?
Wealthsimple Trade has no commission on their trades, so most of the time you won't pay a cent for having and using your account. That said, there are of course fees for some specific non-recurring things, like getting a paper account statement or sending a wire transfer.
Is there a Wealthsimple Cash card?
The Wealthsimple Cash card has been "coming soon" for a while now. It'll make your Wealthsimple Cash account much easier to access and will work on the Visa network.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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