My HONEST Wealthsimple Review [Pros & Cons]

I've been using Wealthsimple for over 8 years! Here is my top pros & cons on all of Wealthsimple's products; investing accounts (TFSA, RSP, FHSA), high interest savings account, crypto 🪙, credit card 💳, and tax filing software.

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👇 Read my full Wealthsimple review and leave your review here 👇

Wealthsimple is a Canadian fintech company based out of Toronto, ON. They have one of the highest interest savings account, no-fee cash back pre paid credit cards (with no foreign transaction fees), managed investment accounts, and self-directed investment accounts (TFSA, RSP, RESP, FHSA and non-registered investment accounts). AND they have the best tax filing software in Canada.

Wealthsimple Pros:
- No-fee self directed investing accounts with TFSA, RRSP, and FHSA account types
- High interest savings accounts & the best tax filing software in Canada!
- Earn 1% cash back with all spending
- $0 account fees & $0 trading fees
- No foreign exchange fees (great for travelling)
- Corporate / small business savings & managed investing accounts available
- 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.

Wealthsimple Cons:
- No way to create multiple savings accounts – you only get 1 high interest savings account.
- Cash 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”
- Remarkably complex to use – for an app that has “simple” in the name.
- Trying to be the “go to” finance app for Canadians, but lacking in the spending & insights

My IG:
@MoneyWithMark

TikTok:
@MoneyWithMark

Chapters:
0:00 What is Wealthsimple
1:21 Pros of Wealthsimple
2:25 Get $25 Bonus
3:50 More Features
4:02 Cons of Wealthsimple
5:50 My Review Rating

#wealthsimple #wealthsimplereview #wealthsimpletrade

*I may earn a commission if you buy any products or services via the links in this video's description. This video is not investment, financial, or legal advice. It may be incorrect, outdated, inaccurate, or reflect personal opinions. This video is for entertainment purposes only.

[MoneyWithMark]

🚀 Boost Your Credit Score by 100 points here 👇

[brandenbarnes]

I'm very happy to see they have addressed all of your 'Cons' :)

[jp]

Can you transfer cash from this app to my regular canadian banking account? Thanks

[CanucksLionsJays]

Mutiple accounts now Mark ! They keep improving the system and software which is great.

[hermes]

Mark, thanks for the review. The link in the top right for your review of the WS tax-filing software disappears waaaay to fast. Even set at 75% speed it has proved impossible for me after eight tries to start and pause in order to catch it. I also tried manually looking up the tax filing video among your videos. Fail!

[Zacwillms]

Thanks for the video Mark I am going to use your link to sign up. One question do you know if I can transfer my TFSA from the big banks to Wealthsimple? Or would I have to sell the stocks first then transfer the cash?

[Ibrahimk.]

Hi mark, would you recommend wealthsimple or neo to invest my cash in HISA/TFSA? What about the cards? I have cobalt for food purchases and pc for gas and groceries at no frills/loblaws. Wealthsimple I feel like has a nicer card 😅

[MartinMcClellanGT]

It all changed now. WS offers now multiple cash accounts

[droteo]

My friend set up his account and it didn’t ask for his I.D is it normal?

[jonathonlilbourne]

This is my 1st time wanting to invest and I’m on the fence because I am having a hard time understanding the concept of share investments and worried that I’ll end up owing money rather than saving it

[mohaklondhe]

How much are fees for buying and selling canadian ETFs from WS?

[marciopaulo]

On their website they say they pay 3.25% interest. But is this value per year or per month?

[aquamarine]

Is it safe to buy and sell crypto currency in wealthsimplex ?

[Mitzknowschampagne]

Happy always with Wealthsimple I hate banks too greedy 🙄

[Rootadventure]

Would you say Cash Account card is better than Wise for traveling? In termes of conversion/overall fees

[Gemiiniimusic]

What is a Non-registered account in WealthSimple.. im just starting my journey into this and i am very confused.

[chrisbradley]

Are these investments in WealthSimple covered (insured) the same way they are in bank?

[YasinBakhtyar]

Can you built credit score with Wealthsimple?

[TicklePickleLover]

Is anyone having an issue with wealthsimple tax? It doesnt save the return

[CallMeDrewChristian]

If I recall correctly, you can make a savings account of 1.5% interest, but you can open it in the website. It does suck that you cannot make it 4% interest like the cash account.

You also do get round up to the dollar, but it’s in the card settings and in the beta stages.

I’d also like to add on some cons, like some stocks have delayed distribution payouts, as well as some unavailable stocks which can be annoying.