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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