Wealthsimple’s version of the First Home Savings Account (FHSA) is a solid option that lets you hold stocks and ETFs in a single account. Wealthsimple will even cover the cost of transferring money from another institution into your new account.
If you don't want to buy your investments yourself, you can also opt for a managed portfolio that's customized to your personal risk level. Here's what you need to know if you're considering choosing a Wealthsimple FHSA.
Wealthsimple FHSA features
Here are the main selling points for you to consider:
Why You Want It
Choose between self-directed or robo investing + Low fees and easy to use.
Eligibility
- Canadian resident
- 18 years old (no older than 71)
- Be a first-time home buyer
Provinces
ALL
Features
Self-Directed Available
Self-Directed Platform
Wealthsimple
Self-Directed Base Fee
$0
GICs Available
Types of GICs
See Issuer for Details
Mutual Funds Available
Average Mutual Fund MER
N/A
Investment PortfoliosAvailable
Investment Portfolio Fees
0.5%
Savings Account Available
Minimum Savings Account Rate
N/A
Maximum Savings Account Rate
N/A
Promotion
N/A
Promotion End Date
N/A
Wealthsimple FHSA product rating: 2.9 stars
If you have more faith in the performance of your asset portfolio than in the returns from a savings account, you should really consider this FHSA. As part of the larger Wealthsimple experience, you have the option to personally manage your investments, or have an expert do it for you.
But if you do prefer self-directed investing, just note that your investment options will be limited to stocks and ETFs. That said, they're commission free – and that's hard to beat.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of the Wealthsimple FHSA
Here are a few reasons why Wealthsimple is worth checking out if you’re looking to sign up for an FHSA.
Pros
Self-directed and managed investment options
Whether you prefer to take a direct approach to your investments, or prefer to have an expert managing your portfolio, the Wealthsimple FHSA gives you both options.
No commission fees on stocks and ETFs
While you're limited to only trading stocks and ETFs, the fact that you don't have to worry about a commission fee is a winning asset for this account.
You can transfer funds from a 3rd party for free
If you’re transferring funds from your current brokerage to Wealthsimple, you can have the transfer fees reimbursed if you transfer at least $25,000.
The cons of the Wealthsimple FHSA
Now that we’ve seen its main strengths, here’s where the Wealthsimple FHSA comes up a little short.
Cons
Your cash doesn’t earn interest
While you can keep cash in your FHSA account, it won’t earn any interest. If that’s a feature that’s absolutely essential to you, you would have to look elsewhere.
Limited number of investment options
Though investing in stocks and ETFs is extremely popular, you'll be out of luck if you're looking for an option like mutual funds.
Wealthsimple FHSAalternatives
The Wealthsimple FHSA is a solid FHSA product. But if you’re looking for the ability to earn interest on your cash, or want to see what Wealthsimple’s competitors have to offer, here are some alternatives for you:
 |  |  | |
|---|---|---|---|
| Account | Questrade FHSA | Qtrade FHSA | EQ Bank FHSA Savings Account |
| Genius Rating | |||
| Why You Want It | Choose between self-directed or managed investments + ETFs are always free to buy. | Trade over 100 ETFs for free. | Easily earn 1.5% on your first home savings + Benefit from tax deductions and tax-free growth. |
See Issuer for Details | Non-Cashable
Savings
| ||
| Self-Directed Available | | | |
| Self-Directed Platform | Questrade | Qtrade | N/A |
| Self-Directed Base Fee | $0 | $0 | N/A |
| GICs Available | | | |
| Types of GICs | N/A | N/A |
|
Show More | |||
| Open an account See more Questrade products Compare | Open an account See more Qtrade products Compare | Open an account See more EQ Bank products Compare |
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FAQ
Is the Wealthsimple FHSA tax free?
Yes, as an FHSA account, the Wealthsimple FHSA allows your money to grow tax free. You also won't be taxed on withdrawal, as long as you're cashing out in order to buy a new home.
Is the Wealthsimple FHSA safe?
Your invested funds within your Wealthsimple FHSA are protected by the Canadian Investor Protection Fund (CIPF) up to certain limits.
Are you expected to buy a home with your Wealthsimple FHSA?
While the main purpose of any FHSA is to help you save for your home, you're not obligated to buy a home using your FHSA funds. You can move your funds to an RRSP, or withdraw them. But if you cash it out without buying a home, you'll be taxed on it as income.
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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