Wealthsimple introduces feature to help clients invest spare change
Wealthsimple has introduced “Roundup,” a new feature that allows people to save or invest their spare change from daily 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,” said the company in an announcement Sept. 18. For example, a client might buy a cappuccino for $3.30, and Wealthsimple would automatically invest $0.70 into an investment or 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, says the company.