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Wealthsimple launches savings account for mobile and desktop users

The account offers 1.7 percent interest, as well as free, unlimited transactions with zero additional fees

Canadian digital investment service Wealthsimple has launched a savings account for mobile and desktop users.

Wealthsimple’s Smart Savings account offers a 1.7 percent interest rate, as well as free, unlimited transactions. Additionally, users don’t have to maintain a minimum or maximum balance to utilize the platform’s savings account.

“Savings accounts are an important tool in any good financial plan, and our clients were asking for a saving option with the same simple, intuitive experience as their investment accounts,” said Michael Katchen, Wealthsimple’s co-founder and CEO, in an April 5th, 2018 media release.

“Our purpose is to help everyone reach her or his financial goals — no matter what they are. And I’m really happy that now we’re able to help clients achieve shorter-term savings goals, just like we’ve been helping them with longer-term goals through our investing products.”

Wealthsimple users will be able to view their savings account details through a single dashboard.

According to a December 31st, 2017 Strategic Insight study, Wealthsimple manages over $2 billion for over 65,000 clients in Canada, the U.S., and the U.K.

Source: Wealthsimple

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