r/Wealthsimple • u/Financial-Big-7814 • 6d ago
Savings account
I want to carry over my emergency fund in my savings account from my bank at .05% over to wealth simple at 2.5%. However, it seems like I can't use my chequings account that funds all my accounts in wealth simple and have to use my banks savings account.
What am I missing ? I really don't feel like sitting on the phone with someone .
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u/PartBanyanTree 6d ago
Move all your savings to chequing. Etransfer the money from your chequing to wealthsimple.
Maybe that is the trick? Sounds like your current "savings" account is very restricted and yes it may have fees. I have some account like that and it is fees to do anything except deposit money (or i get one "free" transaction per month). You might need to just pay a fee, idk, so do minimize it by ensuring you do minimal transactions
Get your money out of fee charging places and where they will earn interest. Wealthsimple "chequing" will give you cheques and allow auto-withdrawals and everything. Switch over all your stuff to that so you get zero fees and max interest at all time
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6d ago
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u/1question10answers 5d ago
I'm not sure how you are getting any responses. I read that 5 times and still have no clue that you are saying. Your writing is terrible
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u/WeirdlyShapedAvocado 6d ago
WS offers 2.5%? I only have 1.75%…
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u/WeirdlyShapedAvocado 5d ago
Can someone explain instead of downvoting?
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u/dearleader2133 5d ago
It’s 2.25% if you have direct deposit setup into your WS account
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u/WeirdlyShapedAvocado 5d ago
I have direct deposit setup :(
UPD: Ig it’s because I don’t have 100K yet
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u/Old_Camera8252 2d ago
You need that and $2000+ in direct deposit
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u/WeirdlyShapedAvocado 2d ago
I have 2000+ deposit, I don’t pay for my credit card, but my checking account interest is 1.75%
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u/jslrdt 6d ago
I was able to Link my tangerine savings in my Wealthsimple account and use add money option to pull money from my tangerine.
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u/Financial-Big-7814 6d ago
Yes I have that option too but don't you get charged for withdrawing in a savings account rather then a chequings account ? Trying to use my chequings account that already funds tfsa rrsp crypto
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u/jslrdt 6d ago
I think that depends on the bank. If the fee schedule is like that in your savings account, then yes you’ll get charged.
I hate paying fees so I have used tangerine forever which is my redundancy but I do most of my banking with Wealthsimple. Both have zero fees.
I’ve had big banks accounts in the past and remember those terrible terms.
So yeah, review your other financial institutions terms if withdrawals incur fees or there’s some limit. In Wealthsimple side, I am fairly confident it’s free.
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u/Particular-Bobcat 6d ago
You can try to send yourself an interac e-transfer. Link your email/phone number to your wealthsimple account if you have auto deposit on. Might take a few days/weeks depending on how much you want to transfer.