Wealthsimple Cash review 2024 + MORE Jul 16th

Gareth Southgate: Prince William pays tribute to England manager  BBC.comSouthgate leaves England after Euro heartbreak  ESPNLive news: Bank of America profits fall as it pushes up provision for bad loans  Financial TimesLive: Gareth Southgate quits as England manager – reaction  BBC.comPrince William Pens Message as ‘England Fan’ as Soccer Manager Resigns After Euro Final Loss  PEOPLE

Wealthsimple Cash is a high-interest chequing/savings account that offers one of the highest interest rates in Canada. It has appealing yields and includes a prepaid Mastercard with no foreign exchange fee, so many consumers are naturally attracted to the account. Is it any good? The short answer is yes, but there are a few quirks to be aware of.

What is Wealthsimple Cash?

Wealthsimple started as a robo-advisor offering low-cost portfolio management, but it has since expanded to provide more products and services, such as self-directed investing (under Wealthsimple Trade), tax returns, mortgages and savings accounts. 

Wealthsimple describes the Cash account as a high-interest chequing account. That label is important: it’s what allows Wealthsimple to claim it offers the highest interest rate in Canada. (A few high-interest savings accounts, or HISAs, offer similar interest rates.) 

Wealthsimple also incentivizes customers to spend the money in their account by offering rewards on purchases, which is likely another reason it’s referred to as a chequing account instead of a savings account…

Ask MoneySense
I’m the grandfather to two young boys. They are eight and six years old. I opened a joint RESP for both of them after the youngest was born. I will turn 75 years young this year and am in good health. However, I have recognized that one’s health is a fickle thing. The question that I’m debating is whether to transfer the account over to my son sooner rather than later.

—Bill

Opening an RESP for grandchildren

A registered education savings plan (RESP) is a terrific way to save for post-secondary education. Parents can open these accounts for their children, and grandparents can also open them for their grandchildren. In fact, anyone can open an RESP for a child, including other relatives or even family friends.

RESP contributions grow tax-deferred and are eligible for government grants and bonds. Withdrawals are partially taxable and partially tax-free. The taxable portion can be taxed to the post-secondary student, who may pay little to no tax on the income…