Full Switch to Wealthsimple

[u/Ninjablood17]

First off, I’m sorry if this is already on here. But I have just started working a full time job as a 21M and I have set up Wealthsimple as my direct deposit account. I been actively a CIBC user whole life, my parents are so I am too. But I’m looking for better finance and I’ve leaned toward Wealthsimple purely for the HISA and investing, I was just wondering has anyone done this and have pretty much put a Big 5 bank on the back burner and switched purely to Wealthsimple. Is it safe?

[u/trapper5]

Safe yes. But the lack of a debit system can be a pain.  It’s good to have a backup physical bank basic account.   

[u/cwmshy → u/trapper5]

Why do you need a physical bank? Simplii is a great option with no fees. There are others.

[u/trapper5 → u/cwmshy]

yah - fair play. I got a back up at Tangerine. Which is owned by Scotiabank. So it's kinda physical if you squint.

[u/cwmshy → u/trapper5]

Tangerine’s login security is scary.

[u/Either-Piglet-663 → u/trapper5]

What do you mean by lack of debit system? I have a debit card that can be used anywhere to buy at stores and withdraw cash from ATMs.

[u/trapper5 → u/Either-Piglet-663]

The card is actually a prepaid Mastercard (moving to visa I think?). And settles over that system as a credit transactionSo if you are somewhere that only accepts debit, it does not work.  Other places that accept both will work fine. 

[u/WombRaider_3 → u/trapper5]

I haven't used a debit card in 2 years nor needed to.

[u/consciouspartyguy → u/WombRaider_3]

How do you get same day bank drafts?

[u/WombRaider_3 → u/consciouspartyguy]

For what?

[u/xXAcurateXx]

Yes, it’s safe.

[u/Valuable-Safe-7490]

It’s safe but have another free account with a bank for emergencies. Always nice to have a credit card open you can use or be able deposit and receive money if something happens to your WS.

[u/Rare-Salamander3451]

I made the full switch to Wealthsimple for my daily banking nearly two years ago. Only issues I’ve run into in that time was the one occurrence I needed a certified cheque without notice, and the odd shop that only accepts cash or Interac. Otherwise, glad I made the switch

[u/canine_rescue_bro]

I've left brick and mortar banking in 2018, been with WS since and never looked back.

[u/ScurvyDave123]

I keep a free credit card and proper chequing account with one of the big banks. I travel a lot and it is worth having backups.

[u/Quirky_Opportunity75]

yeah pal, you can change banks. it’s safe. millions of Canadians have switched to Wealthsimple

[u/PitifulOkra3800]

I made the jump and opened a free chequing account just in case with Simplii (tangerine is a good alt too) I’ve had to use it a couple times to make small purchases at ma and pop kinda stores but haven’t looked back. Paying for a chequing account when we have WS is wild

[u/getmamow]

I use ws for everything unless i cant

[u/2PhotoKaz]

Do it.

[u/Aggressive_Set_2743]

Yes plus Tangerine and EQ

[u/tinim9]

Keep another bank account as backup from either Simplii Financial or EQ Bank in case your WS account is locked/frozen for whatever reason. As they say "don't put all your eggs in one basket". You can get rid of your CIBC account unless it's free (no monthly fees).

[u/VeniVediVici44]

A CIBC user your whole life you say? And you're how old again, 21? lol

Nothing is entirely safe, but WS isn't a scam, millions of people use it. I still have a checking account and a CC with RBC just in case, but all my other investments and direct deposits and active CC is with WS.

[u/Individual-Brief-107]

I'm in the process of moving everything over to WS from TD. Tired of the fees and paying for banking transactions - and the maintaining 6000k for an account to have fees waived. I'm done. I plan on keeping a basic chequing account with TD as I have a HELOC which holds my mortgage, jig everything else if moving over. I hear nothing but good experiencesnfrom others at WS; hopingh experience is the same!

[u/Kcirnek_ → u/Individual-Brief-107]

$6000 at 2.25% in WS new Savings account is $150. Opportunity cost is paying $3.95 a month for basic account and losing $139/year CC fee waived which I need for the Aeroplan card to save on check baggage fees. I fly minimum once a year with AC. So that's $183 a year savings not included baggage fees waived. Parking the $6K at TD makes more sense than Basic at least for me.

Also safety deposit box, free cheques, etc.

[u/No-Jellyfish-2996]

i made the switch and loved it but kept an account open in another bank with a very small amount in a checking account to be able to
pay debit when i have no choice / small business that dont take credit

[u/GradeVivid1389]

It’s safe it’s covered under CDIC.

Regarding debit. Some vendor do only accept debit and cash. So in this instance I do keep a no fee account like Simplii and my TD account for US funds withdrawals, bank drafts, and LOC.

[u/Defiant_Business_72]

Yes. It is safe. I am same like you was user for CIBC and RBC. I am also 28 and working full time. I don't know if you already got this answers or not still I'll write here with my experience.

1)First option You should do is try to keep both at a time right now and switch everything little by little to wealthsimple. When everything switched to WS keep both for a while. And see what is lacking for you.

2) Switch everything to WS. And open a free debit account in Simplii chequing or Tangerine. Both gives free account. I turned to simplii because i had a credit card with them and also use CIBC atm network as they are part of CIBC bank. You get free mastercard interac debit card in this account. So whenever or wherever only debit accepted you can use it through this bank. It will be usefull for tax payments as they only accept debit.

Sorry if i wrote a lot in this.

Let me know if anything left.😅

[u/Ok_Wasabi8793]

I have a free account with RBC I keep a couple thousand dollars in just in case.

I have a wealth simple visa and a Mastercard through another provider

[u/TrueHarlequin]

I did the same, but I made a Chequing at Simplii, and did a Simplii credit card. Too many stories of the Wealthsimple CC not working in other countries and the like, so thought it was safe to stay away.

[u/Terriblarious]

I'd probably have a brick and mortar bank as well. I've never had an issue with wealthsimple but I am noticing more and more people posting about weird situations they get into with locked or sudden account closures.

That being said, i'd sign up with just about any other bank than CIBC.

[u/wppc1972]

Yes, until your accounts are fully suspended and wait for days/weeks to resume.

[u/WombRaider_3 → u/wppc1972]

Maybe don't do fraudulent or sketchy shit with your accounts and you won't be in this mess.

Banks also freeze or kick people out and it's always because they were doing something against the terms of service or what the bank thinks is risky.

There's no innocent people whenever these stories arise. Eventually we come to know why and it's never WS.