Great video… I use my Wealthsimple save for my emergency fund, keeps my savings safely out my daily spending account and my money makes decent interest for just sitting there. I also have a TFSA with them that I use to buy etf’s… so far happy with both!
Does the cash card act as a saving account? Like can i count that ammount in my tfsa on the 100k to have the 4% interest? Im not sure understand the use of it 😅
Hey Mark, really enjoying your videos so far because as you say there is a lack of good content for Canadian finance. I think if you were to use the keywords “newcomer to Canada” “new PR” “new permanent resident” that you would get way more views. I’ve just moved to Canada from England and this is the info we need! Canada is expecting millions of newcomers in the coming years! Keep up the good work, mate.
That’s a great idea!! 1/3 of Canadians are first generation. Please feel free to dm me more ideas / questions that new comers have with finances. @moneywithmark on instagram
Is an update to this video in order? It seems like this product has been updated recently (4% interest earnings, etc). Would that change your assessment? Thank you for the useful review!
It has been updated! And yes I'll be releasing a new review next year. I now store all my emergency fund with WS cash because of that awesome interest rate that they pay out!
They had initially said that everyone would get one. Now I think that’s just for the same type of rich folk who have a 100k lying around to dump into a Fintech App.
Only thing that is incorrect is that Wealthsimple and Wealthsimple Cash ARE NOT CDIC members. The funds are held in trust in other CDIC members. However, Wealthsimple and CDIC do not reveal who these members are, so you cannot cross-check it. Although unlikely, your funds could be in someone's savings account and you don't know. One very big downside.
Of course there is a down side. WS claims the funds is held in trust with CDIC member but we cannot verify if this is true. It would be like me claiming you can bank with me, I'm not a cdic member but trust me I put your money in trust with a cdic member but you trust me right ?????
Yeah I agree that's the biggest downside which makes it risky. You can trust them for investment accounts since they are a CIPF member. But Cash accounts are risky.
Thank you Mark! Silly question but can I just use this as a high interest savings account without actually spending any money/using the credit card? 👀 like I just keep adding money to the account every month and collect the 4% interest?
Anyone actually use this card and account consistently? I want to start using it because I have TFSA investments with wealthsimple and really like the cashback auto invest option and better guaranteed 4% on balance than my current HISA. Are people putting all of their savings/regular income into this cash account, is that unreasonable or unsafe to use it as basically a high interest savings account mixed with a chequing account? If there is no hidden risk, fees or headaches I see no reason why I won't swap the majority of my chequing activity to here
@@MoneyWithMark69 Thank you for the video! I think thats the plan. Reccuring payments on basic credit for travel rewards, dailys on wealthsimple cash card to earn reinvested cashback for spending, maintaining a certain balance to earn well on that 4%, funnel it into my TFSA.
The opposite! If you earn high interest in a savings account the banks and fintech like Wealthsimple will report it as income to the CRA so you will actually pay tax on that. HOWEVER if you're investing inside accounts like the TFSA or RRSP within Wealthsimple your investments and interest earned is tax free or tax deferred until you withdraw from an rsp
Hey Mark, do you know whether Wealthsimple Cash card now has the deposit feature and whether there are fees associated with the deposit feature? Thank youuu
I love the content in your videos, thank you for making them. Pleeeease quiet the constant beeping noise in the background. Turning the volume down on that would be excellent, its quite distracting
Great video Mark! Hey I'm Looking for help on the next 3 things: -Options for an investing account (Wealth Simple seems the way to go) -My first credit card (yes, I've always been afraid of them). -Best bank account for foreigners - I spend half of the year in Canada and the other half in Spain because of work so looking at the best way to save money on exchange fees, etc. Any advice on any of these? Thanks for all your work
No doubts , a good way of growing and saving your money is through investing . You don't need to have much before you can invest. That little money you have now can make you millions if you invest it wisely. I wasnt financial free until my 40’s and I’m still in my 40’s, bought my second house already, earn on a monthly through passive income and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing is a grand choice I made
Hey ugojaxx I was struggling to decide what to do with a good amount of money in the bank doing nothing. I would be happy if you could advise me, as I am ready to go the passive income path
Hey Alex , I wholeheartedly recommend Regina Louise Collaro, a distinguished financial advisor based in the US. Her collaboration with an international organization has been pivotal in my financial success. Regina's expert guidance has not only supported me consistently from educational investments to planning for retirement, but it has also played a critical role in significantly enhancing my wealth. Finding the right financial consultant is as vital as choosing the right life partner-both decisions shape your future profoundly. I feel incredibly fortunate to have Regina as my financial consultant, who has truly transformed my financial landscape and helped me thrive financially
That's great; your investment advisor must be really effective! I've heard from others how helpful investment advisors can be in improving financial stability. Could you share more information about this advisor?
The card does have a pin. Pre paid means it works like a debit card so you can only spend the money you actually have. And yes there's no FX fees when using this travelling!
@@MoneyWithMark69 I just figured it out. You get 4 percent if you get your employer to send money directly into the account, and 3.5 if you don’t. I’ll go with the latter
They currently have a 4% monthly interest rate. I'm curious about it because if I have 10000 dollars in there I will get 400 a month. And that grows and grows and grows. I wanna deposit 552 a month and crunched the math in 5 years with 4% I would have north of 135000. But my question is, what's the catch?
I'm fairly sure it's 4% annual, but paid out in monthly intervals and compounded. I wish it was 4% a month, haha. I just opened a cash account with $10,000 at the 4.5% interest rate and after the first month I seem to be on track to get around $38 (or $450/yr), not including the monthly compounding. I'm waiting to see the cash interest deposited after the month and once that happens I'll start getting my work paycheck sent to WS Cash.
Your calculating it wrong. The 4% is an annual rate which is calculated daily and paid monthly. Your monthly interest would be (4%*$10000)/12 which comes out to $33.33 a month and that compounds of course.
So this is basically just a glorified chequing account. Not hating but that’s the idea I’m grasping. I wanna make the switch but also don’t see a point as I just use my credit card for all my main purchases
I like the W Card its fast, like 3 seconds to transfer from my bank to spendable on card. Ive gotten 38$ back plus roughly same in round up in maybe 2 months. 35$ a month well invested RRSPs can kickstart a college/university students retirement. 420$ invested at 18 years old could be easily be 75 000$ by the time your 55 and 1/4 million$ by 65.
I like the wealthsimple cash card because its simple. No fee 1% cash back on everything and/or anything. No categories or special requirements. Like koho, neo financial.
💰Get $25 FREE when you use my code KBYLNW www.moneywithmark.ca/go/wealthsimplecash/
Cool link bro. I’ll use it.
@@MoneyWithMark69 it doesnt work
@suito.poteto the code? It seems to work. If you're waiting for the deposit to settle it takes 5 business days
Great video… I use my Wealthsimple save for my emergency fund, keeps my savings safely out my daily spending account and my money makes decent interest for just sitting there. I also have a TFSA with them that I use to buy etf’s… so far happy with both!
That’s what I do too! Although I use KOHO for my savings. Really like the savings feature with it
@@MoneyWithMark69 how is it better
Does the cash card act as a saving account? Like can i count that ammount in my tfsa on the 100k to have the 4% interest? Im not sure understand the use of it 😅
Hey Mark, really enjoying your videos so far because as you say there is a lack of good content for Canadian finance. I think if you were to use the keywords “newcomer to Canada” “new PR” “new permanent resident” that you would get way more views. I’ve just moved to Canada from England and this is the info we need! Canada is expecting millions of newcomers in the coming years! Keep up the good work, mate.
I meant use the keywords in your video titles, video descriptions by the way!
That’s a great idea!! 1/3 of Canadians are first generation. Please feel free to dm me more ideas / questions that new comers have with finances. @moneywithmark on instagram
Is an update to this video in order? It seems like this product has been updated recently (4% interest earnings, etc). Would that change your assessment? Thank you for the useful review!
It has been updated! And yes I'll be releasing a new review next year. I now store all my emergency fund with WS cash because of that awesome interest rate that they pay out!
Lol yeah was really looking forward to that metal card
I’m so shallow but god dang I want something to be flashy!! 😮🤑
They had initially said that everyone would get one. Now I think that’s just for the same type of rich folk who have a 100k lying around to dump into a Fintech App.
Only thing that is incorrect is that Wealthsimple and Wealthsimple Cash ARE NOT CDIC members. The funds are held in trust in other CDIC members. However, Wealthsimple and CDIC do not reveal who these members are, so you cannot cross-check it. Although unlikely, your funds could be in someone's savings account and you don't know. One very big downside.
Just trying to understand your thoughts on this.
why is this a downside?
Eventually, the funds are CDIC protected right?
Of course there is a down side. WS claims the funds is held in trust with CDIC member but we cannot verify if this is true. It would be like me claiming you can bank with me, I'm not a cdic member but trust me I put your money in trust with a cdic member but you trust me right ?????
@jsks76905 true
Yeah I agree that's the biggest downside which makes it risky. You can trust them for investment accounts since they are a CIPF member. But Cash accounts are risky.
Thank you Mark! Silly question but can I just use this as a high interest savings account without actually spending any money/using the credit card? 👀 like I just keep adding money to the account every month and collect the 4% interest?
Yes you can!!
@@MoneyWithMark69 thank you!! 🙏
Big plus for wealthsimple cash card is they don't have foreign transaction fee vs koho you need $9 a month subscription to have that feature.
Wow! That’s actually amazing!!
Correct - so this card isn't useless as OP states. No FX fee is the primary reason I go with this card.
@JTTechie me too. Plus the high interest savings
Anyone actually use this card and account consistently? I want to start using it because I have TFSA investments with wealthsimple and really like the cashback auto invest option and better guaranteed 4% on balance than my current HISA. Are people putting all of their savings/regular income into this cash account, is that unreasonable or unsafe to use it as basically a high interest savings account mixed with a chequing account? If there is no hidden risk, fees or headaches I see no reason why I won't swap the majority of my chequing activity to here
You definitely can! All your money is insured with Wealthsimple up to $300k with CDIC
@@MoneyWithMark69 Thank you for the video! I think thats the plan. Reccuring payments on basic credit for travel rewards, dailys on wealthsimple cash card to earn reinvested cashback for spending, maintaining a certain balance to earn well on that 4%, funnel it into my TFSA.
4% right now and 4.5% over $100,000
I know!!! They're the top HISA in Canada now 🤩
Hi Mark, I just opened this account primarily for the 4% interest rate. Is it compulsory to have my paycheck going into it?
Nope!
Is there tax deduction on the interest earned? How much is it?
The opposite! If you earn high interest in a savings account the banks and fintech like Wealthsimple will report it as income to the CRA so you will actually pay tax on that. HOWEVER if you're investing inside accounts like the TFSA or RRSP within Wealthsimple your investments and interest earned is tax free or tax deferred until you withdraw from an rsp
Hey Mark, do you know whether Wealthsimple Cash card now has the deposit feature and whether there are fees associated with the deposit feature? Thank youuu
Yes I heard! I believe there are no fees to deposit as they only take money at Canada post locations
I love the content in your videos, thank you for making them. Pleeeease quiet the constant beeping noise in the background. Turning the volume down on that would be excellent, its quite distracting
Thanks for the support! Yes I have killed the background noise my newer videos 😁
Great video Mark!
Hey I'm Looking for help on the next 3 things:
-Options for an investing account (Wealth Simple seems the way to go)
-My first credit card (yes, I've always been afraid of them).
-Best bank account for foreigners - I spend half of the year in Canada and the other half in Spain because of work so looking at the best way to save money on exchange fees, etc.
Any advice on any of these?
Thanks for all your work
Investing account = Wealthsimple
First credit card = Neo financial
Best bank account for foreigners = KOHO or Tangerine
☺️
No doubts , a good way of growing and saving your money is through investing . You don't need to have much before you can invest. That little money you have now can make you millions if you invest it wisely. I wasnt financial free until my 40’s and I’m still in my 40’s, bought my second house already, earn on a monthly through passive income and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing is a grand choice I made
ABSOLUTELY 👏🏼 A house is built 1 brick at a time. You'll never be a millionaire without having $700 first.
Hey ugojaxx I was struggling to decide what to do with a good amount of money in the bank doing nothing. I would be happy if you could advise me, as I am ready to go the passive income path
@Alexedmartin buy low cost index funds and wait decades.
Hey Alex , I wholeheartedly recommend Regina Louise Collaro, a distinguished financial advisor based in the US. Her collaboration with an international organization has been pivotal in my financial success. Regina's expert guidance has not only supported me consistently from educational investments to planning for retirement, but it has also played a critical role in significantly enhancing my wealth. Finding the right financial consultant is as vital as choosing the right life partner-both decisions shape your future profoundly. I feel incredibly fortunate to have Regina as my financial consultant, who has truly transformed my financial landscape and helped me thrive financially
That's great; your investment advisor must be really effective! I've heard from others how helpful investment advisors can be in improving financial stability. Could you share more information about this advisor?
Can you pay bills or have PAD with the cash account?
Yes you can!
I would say the cash back is not competitive. The the interest rate is good.
For a no annual fee card, I would say it's on par with the rest of the market for cash back. But yes interest rate is great!
How is this to use outside of North Amera? fees, etc... ? You said prepaid basically, does that mean card does NOT have a pin?
The card does have a pin. Pre paid means it works like a debit card so you can only spend the money you actually have. And yes there's no FX fees when using this travelling!
Killer video Mark, was looking for this kinda info. Keep the videos coming 👍🏾
Appreciate the feedback! Welcome to the channel
I’m so confused- I thought I had to get my employer to send money directly into my l account
Or just $2,000 in monthly deposits (I believe it that stipulation still applies)
@@MoneyWithMark69 I just figured it out. You get 4 percent if you get your employer to send money directly into the account, and 3.5 if you don’t. I’ll go with the latter
@@MoneyWithMark69 I believe you don’t need to put 2000 in every month, but you give up the 4 percent
Really good video, but that loud beeping sound is really annoying
Oh like when a screen capture goes up?
I think it’s in the music 🙉
They currently have a 4% monthly interest rate. I'm curious about it because if I have 10000 dollars in there I will get 400 a month. And that grows and grows and grows. I wanna deposit 552 a month and crunched the math in 5 years with 4% I would have north of 135000. But my question is, what's the catch?
have to save
I'm fairly sure it's 4% annual, but paid out in monthly intervals and compounded. I wish it was 4% a month, haha.
I just opened a cash account with $10,000 at the 4.5% interest rate and after the first month I seem to be on track to get around $38 (or $450/yr), not including the monthly compounding.
I'm waiting to see the cash interest deposited after the month and once that happens I'll start getting my work paycheck sent to WS Cash.
@@jacquesplays6542 okay that's seems to make sense I've already started to deposit my work checks lol I was positive it was 4% a month Lmao bummer
@@martybardawill9136 still better than nothing
Your calculating it wrong. The 4% is an annual rate which is calculated daily and paid monthly. Your monthly interest would be (4%*$10000)/12 which comes out to $33.33 a month and that compounds of course.
4% interest - up to 5 in you have 100k
thats 5 g a year more then my bank gives me.
Unreal!!! What bank do you use?
@@MoneyWithMark69WealthSimple Cash account
If you send your cash back into the tfsa is it still taxable income at the end of the year or is it protected since it’s in a tfsa?
It’ll be taxable still
So this is basically just a glorified chequing account. Not hating but that’s the idea I’m grasping. I wanna make the switch but also don’t see a point as I just use my credit card for all my main purchases
It's got a lot better since this video!
Great video Mark, thanks for sharing man!
Thank you very much! I’m trying to get better at these videos. Tough gig though 🥸
I like the W Card its fast, like 3 seconds to transfer from my bank to spendable on card. Ive gotten 38$ back plus roughly same in round up in maybe 2 months. 35$ a month well invested RRSPs can kickstart a college/university students retirement. 420$ invested at 18 years old could be easily be 75 000$ by the time your 55 and 1/4 million$ by 65.
Absolutely! Only thing I need to figure out still is withdrawal fees / alternatives
@@MoneyWithMark69 get the premium if you buy or sell more then what is it 600$/month in USD. Gets rids of 1.5% fee
Can you send e-transfers?
Yes you can!
It’s amazing wtfffff
It is now! I definitely agree. They've come a long way
I like the wealthsimple cash card because its simple. No fee 1% cash back on everything and/or anything. No categories or special requirements. Like koho, neo financial.
Ya the simplicity is fantastic!!
Now you also get 4% interest without minimum balance
Cash account now pays 4% you might want to review again
REALLY!? That’s awesome 🤩
Thats only if you have a net deposit of $100k
Now you just need to add a direct deposit over $500 for 4%
Hi , do you think the government can see my money on wealthsimple ?
Not by default. But with a court order they can.