Wealthsimple has released a new feature that allows people to save or invest their spare change from everyday purchases.
With Roundup, when a Wealthsimple 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.