Wealthsimple Accounts Will Transfer to Betterment in June
Betterment, a leading online financial services company, has announced that it has acquired Wealthsimple’s U.S. book of business. In the coming months, Wealthsimple will transfer all of their existing U.S.-based customers to Betterment, and will no longer support accounts based in the U.S.. Wealthsimple has offered big bonuses in the past, so some of you might still have an account with them.
Betterment is an automated investing company that offers everyday services for spending and saving, alongside their core investing and retirement solutions. With Betterment you get personalized, expert advice; automated money management tools; and tax smart strategies that help keep taxes low across accounts.
Here are some important dates and information for current Wealthsimple customers:
- June 4, 2021 is the final day to opt-out of this transfer. If you don’t, your account will be transferred to Betterment on June 12, 2021.
- On June 12, 2021, Wealthsimple will transfer your account to Betterment. Before that happens, you will receive an email on behalf of Betterment welcoming you to their platform and outlining next steps.
- Beginning April 19, 2021, you will no longer be able to access your accounts via the Wealthsimple mobile app. You will still continue to have full access to your account from your phone or computer using a web browser.
- Beginning May 14, 2021, you will no longer be able to open a new Wealthsimple account or initiate internal transfers between accounts.
- May 28, 2021 is the last day to initiate deposits or withdrawals to and from your Wealthsimple account. All recurring deposits will be canceled after this date, including Roundups. It is also the last date to make updates to any account information, including your personal information.
Wealthsimple is no longer supporting new institutional transfers, which means you cannot bring additional assets onto the platform.