Online investment manager Wealthsimple has introduced new service called Wealthsimple Smart Savings that will enable the customers to achieve their short and medium-term goals.
First launched in beta in January, the new service is now available to its new and existing clients through the website or app.
Smart Savings comes with no minimum or maximum limit and has a 1% interest rate that doesn’t expire.
It also offers the customers unlimited free transactions with zero additional fees.
The customers can view their Wealthsimple Smart Savings account and their investment accounts through the same dashboard in the app.
Wealthsimple CEO and co-founder Michael Katchen said: “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.
“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.”
Additionally, customers who save or invest $100,000 or more will receive multiple other benefits including VIP airline lounge access, lower fees on investment accounts and dedicated financial planning.
Serving across the US, the UK and Canada, Wealthsimple manages more than $1.5bn for more than 65,000 clients.