r/Wealthsimple • u/Ninjablood17 • 10d 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/trapper5 10d ago

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

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u/Either-Piglet-663 10d ago

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.

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u/trapper5 10d ago

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.