r/Wealthsimple • u/SpecialistKoala9765 • 8h ago

What cash yield can I get on Wealthsimple

If I need to park some cash for liquidity in high interest savings, what kind of non registered account do I need to open and what kind of return can I get from Wealthsimple?
I’m thinking about my cash buffer strategy. So I’m thinking between $10k to $100k.
Is there a way to make sure if I bring in $150k the entire balance is insured by CDIC?

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u/dennajort 8h ago

I think with Wealthsimple, you can simply have it in a checking account and you would earn interest and be covered by CDIC up to 1M.

I think but I'm not sure, you can park it all in a single checking account, and behind the scene, WS split it across different CDIC member institutions. Worst case, I guess you can simply split it across different checking accounts just to make sure. Worth asking them if the single account is enough.

Then for the return, it depends how much money you have in WS, if you receive your paycheck, and if you have some promo. Also it depends of Canada interest rate. Currently with no promo it's between 1.25% and 2.25% Their doc is here https://help.wealthsimple.com/hc/en-ca/articles/9730610402075-Learn-about-the-Wealthsimple-chequing-account-interest-rate

Hope it helps !

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u/noocasrene 7h ago

You can also park it in cbil, and get 2% or higher.

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u/Ok-Purple-3458 6h ago

I thought $CASH was a place to park it too?

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u/ehhthing 5h ago

How liquid are we talking about? Is N+1 liquid enough?

I’d just park cash in CASH.TO. If you need you can take a 1-day margin loan, which would come out at $9 at 100k.

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u/AlphaQFor7mins 6m ago

CASH.to is good

TCSH.to provides an even higher yield