What’s up peoples, I’m back. This time I’m coming at you with another Company/Product that personally I think its pretty fantastic and that is Wealthsimple.
So what the hell is Wealthsimple?
Well, its an online banking service. I know what your thinking “Online! Oh my stars, I could never trust that!”
I honestly thought the same, but the fact I could get a straight 2% interest out of Wealthsimple’s savings account intrigued me, so I eventually tested it out – I downloaded the app (which you can find in Google Play) linked up my banking info, made a deposit of $10(which took 2-3 days to process) and then, I waited. After a few days I decided to drop another $40 into the account as $10 really wasn’t going to give me anything in return.
I waited ever so patiently to see what would happen to my money. Would I make any? Would I lose? Would the app be a crashing mess or would the company eat all my money? Only time was gonna tell.
After a month I had my answer; Wealthsimple had kept their side of the bargain and my account saw an increase of $0.07 (2% interest, calculated annually and paid monthly):
$50×0.02(%) = $1
$1/12 = $0.08333
Why did I only get $0.07 I hear some of you asking? Well that’s because the $50 wasn’t invested for the full month, so ya, no interest on something that’s not there right? Oh wells!
So there I had it, it had worked. Not only did I not lose any or all of my investment but I had actually made my 2% of interest off of it. From this moment on I started automatic deposits into this account, as it’s honestly making me more in savings than my tradition bank.
Fast forward some months (actually just over a year now) and I am still using and enjoying Wealthsimple’s products.
I now have money in a Savings Account and a TSFA(Tax Free Savings Account) with them and I have also started looking into stocks using their more recently released app – Wealthsimple Trade.
I have looked into trading stocks and even used a couple of different apps and programs to “practice trade” (specifically BullBear, Sprinklebit, TMX) but after having my success with Wealthsimple, they had obviously won my trust. It also didn’t hurt that I could check my stuff anytime from my phone, not to mention the design of the Apps look and perform great(I’ve had minimal crashes over the year).
So ya, now I have a Savings Account and a TFSA with Wealthsimple and I currently own a few stocks through their Wealthsimple Trade app. Again, both can be found on the Google Play store.
Honestly, if you guys are sick of paying bank fees and want to pay lower or no fees, or, you like to control your money in your hand, and you like clean efficient apps, maybe you should check em out.
I should also mention that if you happen to follow any of the links on this page you may be able to get referral bonus’. Sometimes Wealthsimple gives bonus’s to the people that get referred and not just to the referrer, so keep an eye open for incentives like that if your thinking to sign up.
As always folks – a word of caution – this is your money, so please be extra careful what you are doing. Do not rush into stuff, no matter what you’ve read or been told. Hell don’t even believe me, do your own research first. Playing with money always comes with risk and I can’t say I haven’t lost any (1 of my accounts dipped for a few weeks before recovering) so ya, be extra vigilant when it comes to stuff like this.
But anyways, with that said, this is my endorsement for Wealthsimple as they have, so far, proven to me to be an honest and reliable company.
Alright folks that’s all I got for this one.
Take care,
JAC
