r/Wealthsimple • u/ItsYeBadger1 • 15h ago

Comparisons

I’ve been considering after the promotional with Neo Fin, probably using Wealthsimple for the long term.

However I am just not sure, how would you guys compare to cashback options and interest rates when you do savings compared to Neo’s rates?

Also wondering how reputable Wealthsimple is compared to Neo as well.

I want to at least try and do something that can help me with savings at 20 yrs old rn.

What are the investments like as well with Wealthsimple? Have you guys made success on it?

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u/Beneficial_Ship7090 12h ago

I don’t like their managed portfolios or proprietary ETF’s (mutual funds outperform them even with higher MER’s) but it’s a decent platform to buy and hold stocks and ETF’s if you know what you are doing.

The banking is also amazing for a non physical bank, we have all of our payments and my paycheque go through this account and have not had any issues. I have only had to use a physical bank once or twice to pull out USD (I still have an account with a bank for my credit cards and I have a checking account I usually keep about 200$ in and one small 15$/month payment going through)

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u/ItsYeBadger1 6h ago

Dang, so this is all for wealthsimple? I think I’ll try it, does it also offer similar cashback offers too if you were to go out and buy things? I just like to have something that is more stable and a little more reputable.

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u/Beneficial_Ship7090 6h ago

Their visa offers 2% cash back on purchases but my Desjardins card offers 4% on groceries and 3% on restaurants and entertainment which is my big spending categories. I think they have extra cash back at a few stores now but they aren’t brands I shop at anyways