I'm on with Mark, and in this video, I'm going to be reviewing over Wealth simple. Wealth simple I've been using them for over eight years now, and they have changed a lot since my last video review. So, let's dive into the pros and cons of Wealth simple. So, you know, if it's the right choice for you. Now, Wealth simple started as just an investment app.
They had two products. They had managed investing where they had a robo investor do it for you or they had self-directed investing and allow you to open up a TFSA, ask P and now an HSA tax advantaged investment investing accounts and also a non-registered one.
And then Wealth simple started expanding their services. They now provide tax filing, my favorite tax filing software. They also provide an actual cash card that you can use to spend on all your transactions.
And they now provide a high interest savings account, too. And they've now also gotten into crypto, allowing you to buy and sell and hold crypto in your Wealth simple account. And when they started this massive expansion into all these different financial products, I didn't really like where they were going because they had a new app for every single feature. But over the last couple of years, Wealth simple has combined all of their apps into one simple app, and that is the Wealth simple app.
Mind you, the taxes are still it's on app, but it's still connected, so it works very seamlessly.
So some of the pros of Wealthsimple, they have no fee self-directed investing accounts. So that means you do not get charged when you buy index funds in your TFSA or RSP or HSA. They also have a high interest savings account and it's one of the highest here says high interest savings accounts that you can get in Canada. And with their cash account, you earn 1% back on all of your spending. And they also have features allowing you to automate your deposits into your retirement accounts and your investment accounts, and also automate the purchasing of your ETFs, index funds or stocks or crypto inside your accounts.
You can even automate your dividend reinvesting. So, whenever you get paid a dividend, it automatically buys more of that index fund.
And of course they allow you to do transfers, direct deposits and bill payments, all for a $0 monthly account fees, which is way better than the big banks, which all charge anywhere between 8 to $25 a month for just basic banking accounts. And if you are ready to sign up for Wealth simple, you can kickstart your account up by getting $25 for free. Using my link down below.
And one thing that as an entrepreneur, I really love a Wealthsimple is they actually allow you as a small business owner or an entrepreneur to set up a corporate high interest savings account or a corporate investment account. Now, you don't you get to do self-directed investing through a corporation with Wealthsimple. But I set this up for my business and it works awesome. I love being able to put my cash in there and put money away into investments and have it just grow automatically. And personally, I've been using Wealthsimple to hold my crypto, which is only a small portion of my total investments, and also to do my self-directed investing because they are a zero fee brokerage.
They're one of my personal favorites and it's a very, very easy to use. And now one of my favorite features of Wealthsimple, which I didn't know in Start until I went traveling down here where I am right now in Mexico, which is Wealthsimple, Tash, which is the card, actually has $0 fees on foreign currency transactions. Now, that's huge because typically when you're traveling or even buying something from the U.S.
In U.S. dollars currency, you are going to be charged anywhere between one and a half to two and a half percent for just exchanging the currency. So it's basically like a two and a half percent tax on all of your spending. But Wealthsimple has eliminated that fee, which has allowed me to save over $300 already in my travels to Mexico here. But of course, there are always some downsides.
So here are the downsides of using Wealthsimple, their saving and spending features where you have your actual card in a high interest savings account. You only have the one high interest savings account where other fintech companies like Cojo or Neo Financial allow you to add and create multiple savings accounts so you can save up for a house in one account and then a car repairs and another account or a vacation in another account. And I really like those features. Wealthsimple does not have that. You only get the one high interest savings account.
So all your money is in one bucket. And in terms of your spending analysis and your actual savings, their features are relatively limited when looking at a comparison like COA. So there's no joint accounts. You can round up your spending to the nearest dollar and put that away in your savings. They don't really have a lot of those features.
And the last con that I have, which is a really small nit picking thing, it's sometimes hard to find certain features like when I want to exchange my Canadian dollars for U.S. dollars in my TFSA. It's actually a pretty lengthy process in order for me to find that where to do that in the app. But overall, Wealthsimple is a pretty awesome app.
I didn't really like them before because they were really complicated to use when they had five different apps going. But now that they've solidified everything into one simple app, it really works well and is quickly becoming my everyday solution for spending, for saving and for investing and of course doing my taxes, which is my favorite tax filing software that I use.
You can watch this video here to actually see where I did a comparison last year when I tried out into my taxes four separate times to find the best tax return in Canada. And if you are ready to sign up for Wealth simple, you can kick start your account off by getting $25 for free using my link down below. So overall, I give Wealth simple a 4.7 out of five stars because I am very quickly falling in love with Wealth simple as my go to app here in Canada to manage all of my finances. And pretty soon I hope to see them do more in the business side of things too, because the Canadian business banking scene is abysmal. And I want to hear what you think about Wealthsimple. Let me know in the comments below this video and subscribe to mine with Mark. If you want more ways to improve your finances, build businesses and work less and live more, so I will see you in the next episode piece.
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J. Amoros
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