Wealthsimple Premium Explained – Benefits, Features, and Investment Advantages
Upgrading to Wealthsimple Premium immediately unlocks a powerful perk: you pay zero management fees on your first $100,000 invested. This direct saving boosts your portfolio’s growth from day one, letting you keep more of your investment returns. The value is immediate and substantial, especially when compared to standard account fees.
Beyond the significant fee waiver, Premium grants you access to advanced tax strategies through tax-loss harvesting. This automated service intelligently sells certain investments at a loss to offset capital gains taxes, potentially saving you hundreds of dollars annually. It works continuously in the background to optimize your after-tax returns without any effort on your part.
Your financial picture expands with Premium’s consolidated view feature. It automatically tracks and categorizes your external accounts, from other brokerages to real estate, giving you a single, holistic dashboard. This clarity simplifies tracking your net worth and asset allocation, making informed financial decisions faster and more accurate.
Wealthsimple Premium transforms your relationship with money by pairing sophisticated tools with straightforward savings. The combination of waived fees, automated tax efficiency, and complete financial visibility provides a tangible advantage for growing and protecting your wealth over the long term.
How Premium’s 4.5% cash account and 1.5% cash back card boost your savings
Move your emergency fund or short-term cash into the Wealthsimple Premium Cash account to immediately start earning 4.5% interest with no minimum balance or monthly fees. This rate outperforms most standard savings accounts, turning your idle money into a daily revenue stream.
Pair this high-yield account with the Wealthsimple Cash Card for your routine spending. You automatically earn 1.5% cash back on every purchase, from groceries to subscriptions, with no category restrictions or activation required. The cash back deposits directly into your account, creating a seamless cycle of earning and growth.
This combination accelerates your savings in two ways. The 4.5% interest works on your entire balance, while the 1.5% cash back actively adds more funds to that balance with each transaction. The cash back you earn then itself starts generating interest, compounding your overall financial gains.
Use the Cash Card for all daily expenses to maximize cash back, then let those earnings grow within the high-interest environment of your Cash account. This strategy effectively reduces the net cost of your purchases and builds your savings faster without changing your spending habits.
Maximizing your portfolio with zero-fee trades and advanced tools
Execute your trading strategy without the drag of commission fees on every transaction. Wealthsimple Premium provides unlimited zero-commission trades on US and Canadian stocks and ETFs, allowing you to rebalance positions or dollar-cost average into new ones without calculating the cost-per-trade impact on your returns.
Gain a clearer view of your holdings with advanced data and charting tools. Analyze performance trends, track dividend income, and monitor sector allocation with interactive, professional-grade charts directly within the platform. This level of detail helps you make informed decisions based on real-time market data, not just intuition.
Automate your investment approach using recurring deposits and trades. Set up daily, weekly, or monthly contributions to automatically purchase specific stocks or ETFs, ensuring you consistently invest regardless of market fluctuations. This disciplined tactic removes emotional decision-making and systematically builds your portfolio over time.
Access larger, in-depth research reports and analyst ratings typically reserved for institutional clients. These insights can highlight potential opportunities or risks associated with your current or prospective investments, giving your due diligence process a significant advantage.
Combine these powerful features to actively manage a more sophisticated portfolio. The combination of zero-fee trading, automated investing, and deep analytical resources creates a professional-grade environment for your capital growth. You can review all the specifics and activate these features on the official site.
FAQ:
What are the main benefits of upgrading to Wealthsimple Premium?
Upgrading to Wealthsimple Premium, which requires a minimum account balance of $100,000, provides several core benefits. The most significant is a higher interest rate on your Wealthsimple Cash account, increasing from the standard rate to a more competitive tier. You also gain access to advanced tax optimization strategies, primarily through automated tax-loss harvesting on your managed investment accounts. This feature can help reduce your capital gains tax liability. Furthermore, Premium status unlocks dedicated support from a team of human financial advisors, offering more personalized guidance compared to the standard automated support.
How does the tax-loss harvesting feature work for Premium users?
Wealthsimple’s tax-loss harvesting for Premium clients is an automated process designed to improve investment returns after taxes. The system continuously monitors your portfolio for investments that have decreased in value. When it identifies a loss, it may automatically sell that security and immediately purchase a similar, but not identical, replacement. This action realizes a capital loss, which you can then use to offset capital gains from other investments, thereby reducing your overall tax bill. The key advantage is that your portfolio’s overall investment strategy and market exposure remain largely unchanged while you secure a potential tax benefit.
Is the dedicated financial advice from a real person worth it?
For many investors, the access to a dedicated team of financial advisors is a primary reason to upgrade. This provides a direct line to professionals who can offer personalized advice tailored to your specific financial situation and goals. You can consult with them on various topics, from retirement planning and investment strategy to major financial decisions like buying a house. This human element adds a layer of reassurance and sophisticated planning that purely algorithmic robo-advisors lack, making it valuable for clients who want a blend of automated investing and expert human insight.
What specific perks come with the Premium metal card?
The Wealthsimple Premium metal card functions as your primary debit card for the Wealthsimple Cash account. Beyond its physical weight and design, it offers practical financial advantages. Cardholders receive increased cashback rewards on all purchases made with the card. Additionally, using the card provides fee-free access to a larger network of ATMs both in Canada and internationally. These perks are integrated into the broader Premium experience, which focuses on enhancing the everyday management and growth of your money alongside your long-term investment strategy.
Can I get a fee waiver for Premium if my balance drops below $100K?
Wealthsimple typically requires maintaining a $100,000 balance across your accounts to qualify for and retain the Premium tier. If your total balance falls below this threshold, the company usually provides a grace period. During this time, often several months, you can continue accessing Premium benefits without any management fee on your invested assets. This allows you an opportunity to either contribute more funds to bring your balance back up or to decide if the paid tier remains suitable for you. It’s best to check their current policy for the exact duration of this grace period.
What specific investment products and account types are available to me as a Wealthsimple Premium subscriber?
Wealthsimple Premium grants you access to a wider range of products beyond the standard offering. A key benefit is the ability to open and manage a Registered Retirement Income Fund (RRIF) and a Personal Pension Plan (PPP), which are crucial for retirement planning. You also get access to a higher-yield savings account. For investments, Premium subscribers can trade a broader selection of stocks, including those on foreign exchanges, with a greater number of commission-free trades. The account also provides the option to participate in exclusive pre-IPO investment opportunities that are not available to standard users, allowing for potential investment in companies before they go public.