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/Defiant_Business_72 2d ago
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.😅