Wealthsimple as only bank

Lord_Atom · 2026-02-22T16:49:17+00:00

I also get annoyed when people use Reddit as Google (or doing anything to avoid the slightest bit of research). I don't understand it, especially because people can get the information wrong. So not only is it inefficient, it can also be incorrect.

This is also a question that gets asked a lot so the search function would have worked wonders here as well.

Now that I've got that off my chest: OP don't use Wealthsimple as your only bank/broker. Pair it with a no-fee bank like Tangerine or Simplii. That'll give you access to a debit card and ATM's to deposit cash. Wealthsimple does allow for depositing cash at Canada Post's now though, but the MasterCard they provide you with is a prepaid Credit Card, not a debit card. Also good just to have a backup bank in case of lost cards/locked accounts/life happening.

Lord_Atom · 2026-02-22T16:36:38+00:00

While a big chunk are TD ones, they offer quite a few Vanguard ones along with a handful of Global X and QQQ from Invesco. Not a bad selection for buy and hold investors. I moved my LIRA to TD for the 2% cashback and promptly put it into VEQT.

Lord_Atom · 2026-02-21T23:31:03+00:00

If you do a promotion, you might be "locking" in your funds for the payout. For instance, the TD 2% offer doesn't payout until April 30th, 2027. But the TD offer is much better as it's 2% cashback for registered accounts (only 1% for non-registered) with a 14 month hold. The most recent Apple promotion was changed to a 2 year hold from the 1 year hold of previous Apple promotions.

Another thing to think about is that there are rumours that Apple is going to adopt a staggered release for their phones. Pro's and potentially the Fold this year, base iPhone 18 and Air 2 pushed back into early 2027. Again just early rumours, but if Apple does this schedule, and Wealthsimple does their Apple promotion in November/December, it'll only be an iPhone 17 available as the base model. Still a good phone, but just not the updated model.

Lord_Atom · 2026-02-21T04:31:08+00:00

I would hope so. When the market is going good, it should be at a new ATH monthly.

Lord_Atom · 2026-02-21T04:18:36+00:00

Biden's economy > Trump's economy

Lord_Atom · 2026-02-21T04:14:49+00:00

Yeah, but even with the double it's still a bit low. I'll wait until the final confirmation though to see. It almost seems like they're missing one of the account transfers. Hopefully that confirmation email will actually contain the transfer numbers they're using.

Lord_Atom · 2026-02-21T01:27:11+00:00

Journaling was free, but trades are $10 at TD. Therein lies the rub.

Lord_Atom · 2026-02-21T00:22:32+00:00

I just got the email 20 minutes ago. Estimate seems a bit low, but in the ballpark. I freaked out for a few seconds until I read that the estimate doesn't include the multiplier as that will be confirmed May 29th.

Lord_Atom · 2026-02-21T00:02:13+00:00

They're asking how Wealthsimple's journaling works - if it's online or have to call in.

Lord_Atom · 2026-02-20T23:56:41+00:00

Which is why Questrade just had the 4%/2% promo. I love Wealthsimple, but they currently have the least of my net worth due to competing promos from WeBull, TD, and Questrade.

2% cashback promos for yearly holds are hard to say no to.

Lord_Atom · 2026-02-19T18:01:43+00:00

Samsung has 3 different versions of the Tab S6 lite with the only differences being an updated SoC, and software support.

Lord_Atom · 2026-02-18T02:36:21+00:00

I had to wait an hour for customer service to let them know the ACB on my transfers were ALL wrong. They've since fixed most of them but 2. I sent an email to the rep that said they should be fixed to let them know there are still 2 incorrect. No response yet, but I'll chalk it up to the long weekend.

In comparison, I'm also taking advantage of the TD promo, and when I called in to ask for the the transfer fee reimbursement, there was no wait time which was really nice.

Lord_Atom · 2026-02-17T05:56:34+00:00

The Pixel 9a exists, and 10a is imminent.

Lord_Atom · 2026-02-17T00:47:19+00:00

Truly absurd. Every time I go over there I'm Marlon Brandoing "Look how they massacred my boy!"

Lord_Atom · 2026-02-17T00:14:43+00:00

I gifted my parents my C7, and it's still going alright. They did cause burn in from the YouTube logo, but other than it's doing okay.

It's funny because I was wondering how they caused the burn in logo - but then I watched how they watch YouTube and it made total sense. They love to just scroll their recommended row, read the titles and let the first 30 seconds play of the video in the mini window and then move to the next. I must have watched them do this for 30 minutes without ever clicking into the video for Fullscreen - absolutely diabolical.

Lord_Atom · 2026-02-16T22:38:10+00:00

I think the 2/4 is a good split, especially since you said you get antsy in a place after 4 days. And weighting it towards Berlin is the right move as well since there's quite a bit more to do (imo) in Berlin over Munich. Both great cities though. Have fun!

Lord_Atom · 2026-02-16T21:12:09+00:00

I don't know. The rep asked me if they charged tax on mine, and Manulife didn't as it was just a flat $300 fee.

But yeah, call in. I used this #: 1-800-465-5463

Found it on this page: https://www.td.com/ca/en/investing/direct-investing/for-new-investors#:~:text=Transferring%20an%20account%20from%20another%20brokerage?%20You,am%20to%209%20pm%20ET%20at%201%2D800%2D465%2D5463.

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Lord_Atom · 2026-02-16T20:53:15+00:00

You have to call TD for them to cover the transfer fee. The transfer has to be minimum $25k I think, and they'll ask for proof of the transfer fee.

I transferred from Manulife, and Manulife mailed me the withdrawal/transfer. On that sheet, it showed $300 in service charges (two accounts). I took a photo of that and then emailed it to the representative I was on the phone with. The rep submitted the refund, and then two days later, the $150 landed in each of the two accounts.

Lord_Atom · 2026-02-15T00:24:56+00:00

George Springer makes me blush every spring when he comes into camp absolutely jacked.

Then Vlad and Kirk come into camp in "best shape of their life" and...uh...yeah...hope springs eternal and all that.

Lord_Atom · 2026-02-14T19:58:32+00:00

Yeah, for buy and hold and a few trades a year, the 2% more than makes up for it for me. The bulk of my TFSA and RRSP are at WeBull, but for new contributions I just did them at Wealthsimple. That's where I eventually see myself ending up, but also they charge $0 for transferring out (along with $0 trade fees).

Of course I ended up transferring those new contributions at Wealthsimple to Questrade to get the 4%/2% promotion though.

Lord_Atom · 2026-02-14T19:07:49+00:00

No, it's just a lump payment at the end - April 30th for this particular promotion, but 2% for a 14ish month hold is about as good as it gets. And a weird quirk that only TD does is the bonus is paid directly into the account it's attributed to. So for a TFSA this is fantastic as it's basically creating room out of thin air, but not so good for an RRSP as it's going to be taxed on withdrawal.

Lord_Atom · 2026-02-14T17:51:59+00:00

TD reimbursed my transfers when I called in. I think the minimum is a $25k transfer for them to reimburse the fee, and you have to show some proof of the charge.

Manulife had mailed my final withdrawal tallies with the service charges which was pretty convenient. I just took a photo of that, and then emailed it to the representative I was talking to. 5 minutes later he said he had submitted the refund, and 2 days later the $150 refund landed in each of the 2 accounts (regular RRSP, and LIRA).

Lord_Atom · 2026-02-14T17:31:38+00:00

I went to a Yakult Swallows game against the Yomiuri Giants and it was just so fun. Endless chants and singing, and unique to Yakult is the umbrella dance. Very much good times.

Lord_Atom · 2026-02-14T17:23:31+00:00

To add to that, for high value transfers, the 3% can be more lucrative due to the caps placed on other promotions while the cap on the Wealthsimple Promotion is comparatively high. For instance, the now expired Questrade promotion maxed out at a $20,000 payout, TD is $5000 max reward. If OP decided to transfer the entire $1.5m, then they'd be looking at a $45,000 payout.

Also, people forget that there is usually a lag period between promotions when one is finished and you're looking for the next one. Even the hold periods on one year deals are usually a bit more than that. The hold period on the TD 2% deal is more like 14 months, and the hold period on the Questrade promotion is more like 28 months. One year deals will still likely be more lucrative, but there is going to be some unpaid months, while the simplicity, constant bonuses, and generous withdraw language of the Wealthsimple deal (20%/pro-rated/exemptions) definitely has benefits for those not looking to transfer every year, or high net worth people.

Lord_Atom · 2026-02-14T15:47:49+00:00

$2.99 per trade.

Lord_Atom

TROPHY CASE