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Wealth One Bank of Canada Review

Have you ever heard of a financial service company established and poised to provide specialized services to a particular community or group in a country? If you haven’t, here’s one.¬†Wealth One Bank of Canada was established as a financial institution to offer banking and other financial services to Chinese-Canadians.

By default, the bank employs Chinese-descent personnel who understand the culture and traditions and interact with customers in Mandarin, Cantonese, and English.

Wealth One Bank of Canada is one of many Schedule 1 banks in Canada providing banking, lending, and investment products and services with online and retail banking services. While the bank is open to all Canadian residents, the founders’ vision is to make the bank a preferred choice among Chinese-Canadians.

Like other digital banks in Canada, Wealth One Bank of Canada is a Canada Deposit Insurance Corporation member providing personal and commercial banking products and services, including Canada’s best high-interest savings accounts.

Overview of Wealth One Bank of Canada

Wealth One Bank of Canada is a Canadian Schedule 1 bank established under the Bank Act in 2016. Like other community-oriented banks, Wealth One Bank of Canada is favourably inclined to focus its banking services on the Chinese-Canadian community.

Wealth One Bank of Canada is a federally regulated chartered bank under the Office of the Superintendent of Financial Institutions (OSFI) and is a member of the CDIC. In 2016, the bank became a chartered Schedule 1 bank sequel to its letter patent from Canada’s Finance Minister in the previous year.

While Wealth One Bank is relatively new in the Canadian financial sector, its attractive online and digital services, interest rates, and face-to-face retail banking transactions have endeared many Canadians to its operations and products.

Wealth One Bank has online and mobile banking that operates nationally and has two retail locations in the Greater Toronto Area (GTA) and Vancouver markets.

Since its inception in banking, lending, and investment operations, it has attracted many individual and commercial customers. Wealth One Bank of Canada specializes in banking and lending solutions to self-employed, investors, and newcomers to Canada.

Wealth One Bank of Canada Products and Services

Wealth One Bank of Canada provides personal and business banking products and services, including deposits, investments, lending, and mortgage solutions.

Wealth One Bank Personal Banking

Wealth One Bank of Canada personal banking products includes a savings account, mortgage, loan and investing solutions.

Wealth One Bank Personal Savings Accounts

1.      Wealth One Personal High-Interest Savings account (HISA)

Like other high-interest savings accounts (HISA), Wealth One bank’s HISA offers personal and individual account holders high interests on their account balance. The high-interest savings account comes with the following features:

  • Account-holders enjoy a 1.25% savings rate.
  • No monthly fee or account maintenance fee.
  • Zero minimum account balance
  • Free account opening, account transfers, and Interac e-Transfers (receive)
  • The account can be integrated with TFSA, RRSP, RIF, etc.
  • Automatic Savings Program
  • Unlimited transactions with linked accounts
  • The account is eligible for CDIC insurance.

2.      Tax-Free Savings Account (TFSA)

Wealth One Bank TFSA is a registered account for saving towards your life goals, such as retirement, investment property, and more. Account-holders enjoy tax-free earnings and withdrawals annually.

Holders of this account can contribute the annual TFSA contribution limit, whether they earn income or not. Wealth One TFSA is available to Canadian residents of the age of majority in their province and with a Social Insurance Number (SIN).

Features:

  • No income requirement to open a tax-free savings account
  • Enjoy tax-exempt income and earnings, including dividends, interests, etc.
  • Enjoy tax-free withdrawal of funds.
  • TFSA can hold multiple investments such as GICs and high-interest savings deposits.
  • Account-holders enjoy a 1.50% savings rate.

3.      Registered Retirement Savings Plan (RRSP)

Wealth One Bank of Canada offers RRSP accounts for customers to contribute and save towards retirement.

The RRSP is a Canadian government initiative designed to help Canadian income earners to have retirement savings that grow tax-free and have an alternative source of retirement income.

You can contribute to the RRSP until the age of 71 years while also filing your annual income tax returns. Holders of Wealth One Bank RRSP enjoy a 1.50% savings rate.

Wealth One Bank Personal Borrowing

1.      Wealth One Residential Mortgage

Mortgage solutions from Wealth One Bank of Canada are ideal for self-employed individuals, investors with multiple properties, individuals with foreign income, and high net worth individuals.

Wealth One Residential mortgage is available at fixed and variable rates with flexible payment structures. The residential home plan is suitable for first-time home buying, mortgage renewal and mortgage refinancing.

In addition, Wealth One Bank of Canada offers international students, new arrivals to Canada, Permanent Residents and holders of Canadian Work Permit a mortgage solution through the New to Canada Program. The programme is aimed at helping new arrivals to Canada settle well and buy their first home with ease.

Features:

  • Available in fixed rates of one to five years term and variable rates of three and five-year terms.
  • A flexible payment structure of weekly, bi-weekly, monthly, and semi-monthly.
  • A good credit score, income, and good property location are essential.

Variable Rate Mortgage

TypeRates
3 Years2.95%
5 Years2.95%

Fixed Rate Mortgage

TypeRates
1 Year2.99%
2 Years2.99%
3 Years2.99%
4 Years3.09%
5 Years3.19%

Note: Rates are subject to change at the discretion of the lender. Contact the issuer and your mortgage broker for financial guidance.

2.      Wealth One Participating Life Insurance Loan and Line of Credit

Customers with a life insurance policy can use the Cash Surrender Value (CSV) of their insurance policy as collateral for a loan or line of credit. You can access the tax-free funds without affecting the existing insurance policy.

With the Wealth One Bank life insurance loan, you can borrow up to $1,000,000.00 or up to 90% of your life insurance policy’s CSV. These funds can be used for property investment, business development, emergency fund, or any investment of your choice.

Features:

  • The minimum line of credit is $100,000
  • You can access up to $1,000,000 or more
  • You must have an excellent personal credit history to qualify
  • Participating insurance policy must be active for at least 24 months.
  • Forty-eight hours fast processing and approval.
  • You can apply online in English, Mandarin, or Cantonese languages.

Wealth One Bank Personal Investing

1.      Wealth One Personal Guaranteed Investment Certificates (GICs)

Wealth One Bank’s Guaranteed Investment Certificates (GICs) offer guaranteed returns on your principal at competitive interest rates. Wealth One Bank GICs are available in 6 months to 5-year terms with CDIC insurance.

The guaranteed investment certificates are non-redeemable until maturity and are available in non-registered GICs and registered GICs, including TFSA and RRSP.

TypeRates
6 Months1.10%
1 Year1.40%
2 Years1.55%
3 Years1.65%
4 Years1.70%
5 Years1.90%

Note: Rates are subject to change at the discretion of the issuer. Consult the issuing bank for current rates.

2.      Wealth One 3-Year Escalator GIC

The 3-year escalator GIC provides you with the features and benefits of Wealth One Guaranteed investment certificates. The significant difference is that the interest rate on your investment escalates every year. 

  • The 3-Year escalator GIC is redeemable at maturity or on every anniversary date. 
  • Deposits are eligible for CDIC protection
  • The 3-year escalator GIC can be incorporated into TFSA and RRSP accounts.
  • The minimum investment is $1,000.
TypeRates
Year 11.10%
Year 21.55%
Year 31.80%
Average Yield1.51%
Minimum Investment$1,000

Note: Rates are subject to change at the discretion of the issuer. Consult the issuing bank for current rates.

3.      Smart Money Investing

In partnership with Smart Money Invest, Wealth One Bank of Canada offers an online and digital investing service. The bank’s clients can gain access to a diversified portfolio, managed by investment industry professionals, with a user-friendly automated service.

Wealth One Bank of Canada Business Banking

Wealth One Bank’s business banking products and services include savings accounts, business investment solutions, loans and mortgage solutions.

Wealth One Bank’s Business Savings Account (HISA)

The Wealth One Business high-interest savings account (HISA) earns you daily high interest on every dollar in your business account balance. The account is ideal for timely and effortless saving, withdrawal, transfer, and online money management.

Features:

  • Wealth One Business HISA earns you a 0.50% savings interest calculated daily and paid monthly.
  • The minimum deposit amount is $1,000.
  • Automatic Savings Plan
  • Free online inter-bank funds transfer.
  • Online account access and free Interac e-Transfers
  • Free account opening and maintenance.

Wealth One Business Borrowing Solution

1.      Wealth One Commercial Mortgages

With Wealth One Bank’s commercial mortgages, you are one step away from achieving your organization’s mortgage-related needs.

Whether it’s a residential purchase or industrial buildings, the bank’s commercial mortgage solutions are ideal for all commercial and business property needs.

Wealth One Bank’s commercial mortgage is available in fixed-rate and variable rates with flexible payment structures.

2.      Wealth One Participating Life Insurance Loan and Line of Credit Program

By using the Cash Surrender Value (CSV) of your existing life insurance policy as collateral, you can access cash loans or line of credit to fund your business or property investment.

With a minimum loan amount of $100,000, you can get up to CAD 1 million or more to fund your business projects. With a good credit score and an active life insurance policy of at least 24 months, your business can access tax-free loans for business development, property investment, or other projects.

Wealth One Bank Business Investing 

Wealth One Business Guaranteed Investment Certificates (GICs)

The Business Guaranteed Investment Certificates are available for one to five years at fixed rates. Wealth One Business GICs provide a guaranteed return on your investments at a competitive rate. The minimum investment amount is $1,000.

TypeRates
1 Year1.40%
2 Years1.55%
3 Years1.65%
4 Years1.70%
5 Years1.90%

Note: Rates are subject to change at the discretion of the issuer. Consult the issuing bank for current rates.

Ease of Banking

As a full-service digital bank, Wealth One Bank of Canada provides digital and online access to its products and services. Customers of the bank can access their accounts and other banking services via the online banking platform, using their client number and access code to log in.

Wealth One Bank of Canada also has a user-friendly and intuitive mobile app. The bank’s app is available on Google Play Store for Android and the App Store for iOS devices.

With the easy-to-use mobile app, customers can manage their accounts, pay bills, transfer funds, deposit funds, calculate interest rates, and more.

Membership and Registration

Wealth One Bank of Canada is a federally regulated chartered Schedule 1 bank operating under the regulations of the Office of the Superintendent of Financial Institutions (OSFI).

The bank is also a member of the Canada Deposit Insurance Corporation (CDIC). As a result, all eligible deposits and investments are insured up to $100,000 per account.

Wealth One Bank of Canada Contacts

Wealth One Bank of Canada was established to serve as the preferred financial institution among Chinese Canadians. The bank has a customer service team of professionals who understand the Chinese-Canadian community’s culture, tradition, and language.

While the bank is open to all Canadian residents, customers can interact with the customer centre in English, Mandarin, and Cantonese.

For feedback, account opening, and general inquiries, you can reach the customer service team of Wealth One Bank of Canada via:

Phone: 1-866-392-1088

Email: help@Wealth Onebank.ca

Mail:

Wealth One Bank of Canada Head Office

170, Sheppard Avenue East, Suite 500

Toronto, ON

M2N 3A4

Editor’s Review

Wealth One Bank of Canada is an online and digital financial service provider with few retail outlets in Toronto (Ontario) and Vancouver (British Columbia). Unlike the high charges of the big banks, Wealth One Bank of Canada is ideal for earning high interest on savings with no monthly maintenance fees.

The bank might not be suitable for those who prefer face-to-face banking transactions. The bank offers its services majorly via its online and digital platforms. Wealth One Bank of Canada would be an ideal bank for new arrivals in Canada, especially those coming to Canada from Asia. The bank is favourably inclined towards the Chinese-Canadian community.

FAQs

Is Wealth One Bank of Canada safe?

Wealth One Bank of Canada, as a Schedule 1 bank in Canada, has put necessary security measures in place to protect the funds and information of its customers. OSFI and CDIC regulate the bank.

Does Wealth One Bank of Canada offer credit card services?

No. As of the time of writing, Wealth One Bank of Canada does not offer a credit card to its customers.

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