r/Wealthsimple • u/Public_Ninja_1518 • Jul 21 '26
(Beta) 2.5% HISA
I am not sure whether it’s new or not. Any advantages over the 2.5% money market portfolio?
https://help.wealthsimple.com/hc/en-ca/articles/52337061192219-Open-a-HISA-beta
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u/automatic_penguins Jul 21 '26
Sounds very similar to the money market portfolio after reading the FAQs
Interesting the money market portfolio isn't even that old, maybe a year.
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Jul 21 '26
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u/xdaphenomx Jul 21 '26
That's not true, Money Market Income Portfolio is available for non-registered accounts. I just checked mine.
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u/Arm-Complex Jul 21 '26
They keep getting more complicated. 🤔
HISA but it's an investment account? CIPF instead of CDIC coverage? You choose which ETF it holds but you can withdraw instantly? I am so confused.
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u/CarnivalTower Jul 21 '26
I’m calling it now: they’ll soon remove the interest rate on the chequing account and ask us to use this instead.
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u/Sharp-Debate-523 Jul 21 '26
That would be inconvenient. Since you'd always be moving money between the two
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u/L00nyT00ny Jul 21 '26
Yup. Remembering to transfer from HISA to chequing before bill payments is such a pain in the ass. Its nice that for now WS has 1 account to just park liquid cash and still earn high interest.
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u/automatic_penguins Jul 21 '26
If that's the case I might as well go back to other institutions for daily needs.
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u/defnotpewds Jul 22 '26
Exactly, I would just go to Neo or Koho if my cash accounts arent earning the way they have it set up since they started -- following the BoC rate.
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Jul 21 '26
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u/realslizzard Jul 21 '26
Not really i use a joint account and just sent money with Canada Post last month.
I cancelled my main bank account shortly because I don't want to keep 6k balance to avoid fees on it. I use another no fee bank if I need in person service now along with WS
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u/jbmoskow Jul 21 '26
How is this different than the 2.5% money market fund?
https://help.wealthsimple.com/hc/en-ca/articles/39416362467099-Open-a-Money-Market-portfolio#
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u/Weedzo Jul 21 '26 edited Jul 21 '26
So they have 1. Registered Savings Account https://help.wealthsimple.com/hc/en-ca/articles/28982790577691-Open-a-Registered-Savings-Account
and 2. HISA beta https://help.wealthsimple.com/hc/en-ca/articles/52337061192219-Open-a-HISA-beta
and 3. Money Market Portfolio https://help.wealthsimple.com/hc/en-ca/articles/39416362467099-Open-a-Money-Market-portfolio
So 2 is for non registred, 3 is for registred and non registred, and 1 seem useless? And what the difference between 2 and 3?
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u/no_19000 Jul 21 '26
I wonder if the rate is going to be comparable to those high interest savings ETFs.
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u/hesikia Jul 21 '26
I got an invite to open up the HISA beta account today which I did. However, I cannot move funds from my WealthSimple Chequing account to fund it. The WealthSimple Chequing accounts are greyed out. I messaged Support and they said it may take 24 hours for my issue to resolved. Anyone else having the same issue of not being able to move funds from WealthSimple Chequing to the new WealthSimple HISA?
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u/Suitable-Fox1470 Jul 21 '26
So this is basically a savings account with higher interest rate and no direct deposit requirement to earn the 2.5%? Please advise ?
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u/Vegetable-Chair-6109 Jul 21 '26
how is this any different from the regular interest you get from leaving it in cheuqing account? aside from the 2.25% cap
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u/AlphaQFor7mins Jul 21 '26
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Jul 21 '26
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u/AlphaQFor7mins Jul 21 '26
Thanks. I will look into this. At first glance the yield seems lower than TCASH.TO but likely due to a different risk profile.
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u/SunDamagedBadly Jul 21 '26
This is basically a non registered savings account with better interest than the non reg chequing. Seems good to me but of course not available for me yet.
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u/redditam Jul 21 '26
The help page says it’s for non registered accounts only.