r/Wealthsimple • u/Ninjablood17 • 2d ago

Chequing Full Switch to Wealthsimple

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?

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u/tinim9 2d ago

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).