What is Wealthsimple’s Roundup feature?

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With Roundup turned on, Wealthsimple becomes an investing service and savings tool rolled into one.

When you make a purchase, Wealthsimple will automatically round the price up to the nearest dollar and place the excess — the coins that would wind up in your pocket if you were paying cash — into a diversified investment portfolio.

Let’s say you purchase a doughnut for $2.30. Before you’re done licking the sugar off your fingers, Wealthsimple will round the amount to $3.00 and invest the 70 cent difference for you. That’s all there is to it.

Saving 70 cents or less at a time may not seem like much, but just remember that $2.50 worth of daily round-ups adds up to $900 per year — and that’s before counting all of the additional gains you could make in the market.

Signing up for Wealthsimple takes about five minutes, and you can choose the level of risk you’re comfortable with.

And with Wealthsimple’s ultra-low annual fee of 0.5%, you’ll be well on your way to meeting your financial goals with minimal effort or expense.

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How does Wealthsimple invest my money?

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When you sign up for your Wealthsimple account, you’ll answer a few questions about your goals and risk tolerance. Based on that, the site will recommend a portfolio that’s right for you.

Then all you need to do is link your bank account, make an initial deposit — even if it’s just $5 — and turn on the Roundup feature.

At the end of every week, Wealthsimple will add up all the roundups from your purchases, withdraw the total from your bank account and invest it.

While you can link as many debit and credit cards as you’d like to the roundup feature, all the funds will be withdrawn from that single linked bank account.

Depending on your goals, you can choose to have your spare change invested through an RRSP for retirement, RESP for education, TFSA for personal savings, a joint account for couples and more.

Just keep using your card like you normally would — and feel good about the fact that your “spare change” is now going toward something more rewarding than your next coffee.

2 million users and counting

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Wealthsimple

If you’ve been thinking about investing but you’re still feeling wary about the state of the stock market, Wealthsimple could be the perfect place to start.

Millions of people have already used the app to turn their spare change into real money-making investment portfolios.

Don’t let them have all the fun — sign up today.

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About the Author

Sigrid Forberg

Sigrid Forberg

Associate Editor

Sigrid’s is Money.ca's associate editor, and she has also worked as a reporter and staff writer on the Money.ca team.

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