In today’s world, when you tell friends or family that you’re interested in making money, the typical response often suggests finding a job or working harder. But, making money isn’t just about earning from work—it’s also about finding ways to let your money work for you. And, believe it or not, this can start with something as simple as a bank account.
The Basics: Checking and Savings Accounts
Most of us need a bank account to receive money from jobs, payments, or even just to handle day-to-day expenses. Traditionally, we open a checking or savings account to hold and access our funds. But here’s the catch: while these accounts offer basic banking functions, they often come with monthly fees for transactions or services, and many don’t offer interest that helps your balance grow. You end up paying for access to your own money, without the benefit of any substantial return.
A New Approach: Wealthsimple’s No-Fee, Interest-Earning Account
What if you could skip the monthly fees and actually earn interest on your balance? This is where Wealthsimple comes in. Wealthsimple offers an account with no monthly fees and a 2.75% interest rate based on your daily balance. Here’s a quick look at what Wealthsimple provides:
- 2.75% Interest on Daily Balance: Unlike many traditional accounts, Wealthsimple rewards you with interest on your daily balance. Instead of earning close to nothing, you get a return that can add up over time.
- 1% Cash Back on Spending: Wealthsimple also offers 1% cash back on your spending, adding another way to increase your balance by simply using the account.
- Comprehensive Banking Features: You can pay bills, make transfers, and even receive wire or Interac transfers.
Plus, Wealthsimple is regulated by the Autorité des marchés financiers in Quebec, meaning it’s recognized and secure for use anywhere in Canada.
Real-Life Example: Interest Earnings Comparison
Take my son, for example. He has a student account where he deposited $750 for a year—and his interest earnings amounted to just $0.01. By comparison, I opened a Wealthsimple account with $500, and within the first month, I earned $1.10 in interest. In the second month, that interest increased to $1.35. It’s a small but clear illustration of how a higher interest rate can have a noticeable impact over time.
For parents, it’s worth noting that minors can’t open an account in their own name until they reach the legal adult age in Canada. However, parents or guardians can open and manage accounts for their children to help them start saving early.
Get a Head Start with a $25 Referral Bonus
Wealthsimple also offers a referral bonus, giving both you and the person who referred you $25 when you fund a new account (Terms & Conditions apply). This is a great incentive to try out a new way of managing money that not only saves on fees but actually helps you earn more.
If you’re interested in opening a Wealthsimple account, you can use my referral code: Z1M2XW. Just remember, if the code isn’t used, you won’t receive your bonus!
Start Making Your Money Work for You
Managing a bank account doesn’t have to mean settling for low interest and high fees. With Wealthsimple’s high-interest, no-fee option, you have the chance to save on costs and earn from your balance. Why not give it a try and start letting your money work for you?
