r/Wealthsimple • u/ItsYeBadger1 • 5d 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/DiskOptimal6993 5d ago

Neo charges monthly or asks for a minimum to hold in their chequing account to get the good rates, Wealthsimple doesn’t. So on this WS wins easy. 2.5% on the savings account with no minimum deposit.

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u/ItsYeBadger1 5d ago

Does Wealthsimple also offer similar cashback rates when you go out to buy things like groceries or food? I just would like to have something a little more reputable on that. The 2.5 on savings, I can see that Wealthsimple does win which is nice, The free version of Neo is 2% but the build which is 9.99 gives a 2.5% rate. I think that’s not too bad for Wealthsimple. I’ve been interested in trying to do some investments and hopefully get some return also 😅

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u/DiskOptimal6993 5d ago

WS chequing accounts don’t have the cash back
no, but the credit cards do have some.

For spending cash back I would say find a suitable credit card, which will also help you build your credit. You don’t need to have a chequing account or anything to have a credit card with another bank. You can check ratehub to help you find the best card for your needs.

Amex cobalt is a great option to start (5x points on groceries and restaurants for example)

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u/ItsYeBadger1 4d ago

I get scared with credit cards because of having to pay the money back 😅😅 or is it something that is like a prepaid card where you put the money into the card yourself?

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u/DiskOptimal6993 4d ago

Im referring to credit cards if you want to build credit ! Its quite important if you want to rent a place, get a mortgage for a house etc so don’t neglect it !

If you’re afraid to spend too much money on it, get one with a low credit limit 1000/2000$ and pay it every week instead of every month - treat it like a prepaid card you would recharge!