New Wealthsimple feature makes it easy for Canadians to invest spare change
18 Sep, 2018, 08:00 ET
Roundup lets people round up purchases and invests the difference in a smart, low-fee portfolio
TORONTO, Sept. 18, 2018 /CNW/ - Roundup is a new feature on Wealthsimple accounts that allows people to save or invest their spare change from everyday purchases. When a user makes a purchase on their credit or debit card, the amount is rounded up to the nearest dollar, and the difference is deposited into an investment or savings account — making it really, really easy to start investing without making a big lifestyle change.
Roundup is a simple, approachable way to get into the habit of putting money away regularly. It takes the intimidation out of investing by starting with small, regular contributions — buy a cappuccino for $3.30, and Wealthsimple automatically invests $0.70 into a diversified, low-fee investment account, or a high-interest savings account.
"Good habits — starting early, contributing regularly — are what make investors successful over the long term. We see Roundup as a way to encourage people to get into the habit of putting money aside for the future," said Mike Katchen, CEO and co-founder, Wealthsimple. "We hope this feature will inspire Canadians who've been considering investing to get started, and be a fun, easy way for those who are already investing to put away a little bit more."
Roundup is available through Wealthsimple's mobile app, and is compatible with most Canadian credit and debit cards. It's a new feature that's part of Wealthsimple's automated investing service, which also includes:
- Low 0.4-0.5% management fee
- A personalized investment portfolio
- On-demand financial advice from experienced portfolio managers
- Auto-deposits, portfolio rebalancing and dividend reinvestment
- Beautiful, intuitive app
New clients can download the iOS or Android app to get started, and existing Wealthsimple clients can enable Roundup from the funding screen in their mobile app.
Wealthsimple is the leading automated investing service in Canada, managing over $3 billion for more than 100,000 clients.
For more information, visit wealthsimple.com/roundup.
Wealthsimple is a financial company that provides advice and services that are accessible, affordable, and human. Wealthsimple currently offers services in the U.S., the U.K., and Canada. The company was founded by a team of financial experts and technology entrepreneurs, and is backed by the Power Financial group of companies. Power Financial Corporation (TSX: PWF) is a diversified management and holding company that has interests, directly or indirectly, in companies in the financial services sector in Canada, the United States and Europe. To learn more, visit www.wealthsimple.com.
For further information: Rachael Factor, [email protected]
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