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Wealthsimple High Interest Savings Account Review

My Honest Wealthsimple HISA Review

I’m Mark, and I test out Canadian financial products to help you make better financial decisions to live happy, healthy, and wealthy lives.

This is my Wealthsimple high interest savings account review where you’ll get the pros and cons of this HISA. I’ve been using Wealthsimple for over 8 years now!

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Find The High Interest Savings Acocunt Features

Wealthsimple Pros

Wealthsimple Cons


High Interest Savings & Card


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The no-fee simple solution to finances in Canada

Wealthsimple High Interest Savings Account Pros

If you have not watched my full Wealthsimple high interest savings account review on YouTube, you should! Wealthsimple might just be the only solution Canadians need for everyday finance needs. These are my favourite features:

No annual or monthly fees

High interest savings account (always one of the highest in Canada)

Earn 1% cash back with all spending

No foreign exchange fees (great for travelling)

Connect bank accounts for easy transfers in and out

E-transfers, direct deposits, auto contribute cash back into your investment accounts, and bill payments all possible!

Your cash is held in trust with a CDIC member institution. Which means you have $300k of deposit insurance on your money.

There are some downsides

Wealthsimple HISA Cons

There are no obvious downsides to this high interest savings account. However it is lacking some features that other companies have. The HISA in wealthsimple is also your spending account… so if you want to separate your everyday spending with your high interest savings then you’re out of luck.

Let’s compare WS to KOHO. KOHO has options like opening multiple high interest savings goals, joint accounts, has savings features like roundups and a vault (which can’t be accessed by your card). Wealthsimple is simply just missing these features.

No way to create multiple savings accounts – you only get 1 high interest savings account.

HISA account is quite limited in terms of features. No spending analysis, no savings accounts, no savings features like round ups, and you can’t even open more than 1 account, so there’s no ability to create “goals”

Wealthsimple referral code for 2 free stocks

High Interest Savings Acocunt FAQ’s

Is Wealthsimple safe?

Using Wealthsimple and having your money with them is safe to do so. Wealthsimple Investments is Canadian Investment Regulatory Organization and their cash / save account is held securely in trust with a single or multiple members of the Canada Deposit Insurance Corporation.

However, it’s important to know that investing your money always comes with some risks, consult a professional financial advisor before investing any of your money.

How does Wealthsimple high interest savings account compare to others?

The amount of interest paid out on HISA accounts in Canada change with Canada’s prime interest rates.
That being said, typically Wealthsimple offers one of the highest returns on savings accounts in Canada. Usually in the top 3.

How do you get $25 for free with Wealthsimple?

By using my referral code KBYLNW you will get $25 when you signup for Wealthsimple.

Wealthsimple High Interest Savings Account Best Features

High Interest

They provide robo investing managed funds for you to invest in. They also have a new product called private equity, however I have not invested in this yet, so can’t speak to it.

Self Directed Investing

My favourite feature, the self-directed investing accounts let you open an TFSA, RRSP, FHSA, and a non registered trading accounts.

Low-Cost Index Funds

Low cost index funds like VOO, VGT, and VTI are some of the best investments you can make. Wealthsimple easily lets you buy these in all your investment accounts.

Auto Invest

One of my favourite features with Wealthsimple is the ability to automatically re-invest your dividends, re-invest your cash back, and setup auto deposits.

Putting your money to work, on autopilot.

High interest savings & debit card for spending

Wealthsimple Cash (Savings & Spending)

Get a debit card and virtual card

Get 1% cashback on all your spending – auto deposit it t

$0 monthly fees

E-transfers & direct deposit available!

High interest savings account (the highest in Canada!)

CDIC protected up to $300,000

No foreign exchange fees

wealthsimple review

Money With Mark’s Final Thoughs:

My Final Thoughts

Investing and banking in Canada have long been plagued by inefficiencies. The traditional big banks have capitalized on the hard work of Canadians, amassing huge profits through excessive fees on almost every transaction. In a market crowded with competitors like KOHO and Neo Financial, Wealthsimple emerges as the closest option to a one-stop solution.

Originally launching as a commission-free investment platform, Wealthsimple has since broadened its services to include tax software, debit cards, high interest savings accounts, and even cryptocurrency options. This makes it perhaps the most comprehensive single fintech solution in Canada. I not only endorse it wholeheartedly but have also made it my primary app for all my financial transactions.

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      Money With Mark is a personal finance speaker, influencer, author and content creator on YouTube, Tik Tok, and Instagram.