My Wealthsimple Cash & Save Review | Pros & Cons After 3 years!

I've been using Wealthsimple Cash since it launched. In this video I'll show you the pros and cons of Wealthsimple Cash (pre-paid) credit card 💳, and high interest savings account.

Read my full Wealthsimple Cash and leave your review here:

Wealthsimple Cash is a pre paid credit card with no annual fee, no account minimums, and a high interest savings account. Plus they offer a minimum 1% cash back on all your spending. Which you can receive in cash, or directly into your Wealthsimple trade, or crypto investing accounts.

Wealthsimple Cash & Save Pros:
- Great cash back at local stores – surprised me!
- Send and receive e-transfers from anyone
- Earn high interest on all your savings
- Earn minimum 1% cash back on all your spending

Wealthsimple Cash & Save Cons:
- No mobile cheque deposit
- App features suck. There’s barely any features – especially when compared to how incredible KOHO helps you save.
- No credit available (as it's a pre-paid card) so this won't help your credit score if you're trying to improve it

My IG:
@MoneyWithMark

TikTok:
@MoneyWithMark

Chapters:
0:00 What is Wealthsimple Cash & Save?
0:44 Pros of Wealthsimple Cash
1:32 Free $10 Bonus!
1:53 Cons of Wealthsimple Cash & Save
3:25 Is it safe to use?
3:47 App features
4:09 Why I'm not using it
5:05 Tell me your thoughts

#wealthsimplecash #topcanadiancreditcards #wealthsimplecashreview #wealthsimple

Music:

*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 It may be incorrect, outdated, inaccurate, or reflect personal opinions.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.

[ohthejoyy]

Great video… I use my Wealthsimple save for my emergency fund, keeps my savings safely out my daily spending account and my money makes decent interest for just sitting there. I also have a TFSA with them that I use to buy etf’s… so far happy with both!

[ExNihilo]

Hey Mark, really enjoying your videos so far because as you say there is a lack of good content for Canadian finance. I think if you were to use the keywords “newcomer to Canada” “new PR” “new permanent resident” that you would get way more views. I’ve just moved to Canada from England and this is the info we need! Canada is expecting millions of newcomers in the coming years! Keep up the good work, mate.

[legranddam]

Is an update to this video in order? It seems like this product has been updated recently (4% interest earnings, etc). Would that change your assessment? Thank you for the useful review!

[qpalzmsk]

Big plus for wealthsimple cash card is they don't have foreign transaction fee vs koho you need $9 a month subscription to have that feature.

[CanadianSon]

Lol yeah was really looking forward to that metal card

[monishparwani]

Killer video Mark, was looking for this kinda info. Keep the videos coming 👍🏾

[DylanY]

I love the content in your videos, thank you for making them. Pleeeease quiet the constant beeping noise in the background. Turning the volume down on that would be excellent, its quite distracting

[bobho]

Only thing that is incorrect is that Wealthsimple and Wealthsimple Cash ARE NOT CDIC members. The funds are held in trust in other CDIC members. However, Wealthsimple and CDIC do not reveal who these members are, so you cannot cross-check it. Although unlikely, your funds could be in someone's savings account and you don't know. One very big downside.

[kirstenbeyoncepadthai]

Thank you Mark! Silly question but can I just use this as a high interest savings account without actually spending any money/using the credit card? 👀 like I just keep adding money to the account every month and collect the 4% interest?

[ugojazzy]

No doubts, a good way of growing and saving your money is through investing . You don't need to have much before you can invest. That little money you have now can make you millions if you invest it wisely. I wasnt financial free until my 40’s and I’m still in my 40’s, bought my second house already, earn on a monthly through passive income and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing is a grand choice I made

[ehfins]

Anyone actually use this card and account consistently? I want to start using it because I have TFSA investments with wealthsimple and really like the cashback auto invest option and better guaranteed 4% on balance than my current HISA. Are people putting all of their savings/regular income into this cash account, is that unreasonable or unsafe to use it as basically a high interest savings account mixed with a chequing account? If there is no hidden risk, fees or headaches I see no reason why I won't swap the majority of my chequing activity to here

[aswathysagar]

Is there tax deduction on the interest earned? How much is it?

[imkriswithak]

I like the wealthsimple cash card because its simple. No fee 1% cash back on everything and/or anything. No categories or special requirements. Like koho, neo financial.

[jaimenavarrogutierrez]

Great video Mark!
Hey I'm Looking for help on the next 3 things:
-Options for an investing account (Wealth Simple seems the way to go)
-My first credit card (yes, I've always been afraid of them).
-Best bank account for foreigners - I spend half of the year in Canada and the other half in Spain because of work so looking at the best way to save money on exchange fees, etc.

Any advice on any of these?

Thanks for all your work

[browntank]

Can you pay bills or have PAD with the cash account?

[sarahcampbell]

Hey Mark, do you know whether Wealthsimple Cash card now has the deposit feature and whether there are fees associated with the deposit feature? Thank youuu

[xxgg]

How is this to use outside of North Amera? fees, etc... ? You said prepaid basically, does that mean card does NOT have a pin?

[changchengxue]

I would say the cash back is not competitive. The the interest rate is good.

[umojah]

4% interest - up to 5 in you have 100k
thats 5 g a year more then my bank gives me.

[imkriswithak]

If you send your cash back into the tfsa is it still taxable income at the end of the year or is it protected since it’s in a tfsa?