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Set up direct deposit to make every payday even better

Get up to 3.75% interest when you switch your direct deposit to Wealthsimple Cash — and get paid up to a day earlier.

Switch nowOpen a Cash account
White paycheque with colourful coins floating around it.

Get your money, faster

And other great reasons that make payday at Wealthsimple even better.

Get paid sooner

Get your paycheque up to a full day earlier.

0.5% interest rate boost

Earn an extra 0.5% interest on all your Cash account balances when you direct deposit $2,000 or more each month. T&Cs apply.

Automate your pay

Pay yourself first by automating part of your paycheque to your investments or other Cash accounts.

Move your direct deposit in minutes

Open a Wealthsimple Cash account and copy your account details including our institution number (703), transit (or branch) number (00001), and your personal account number.

Then, go into your payroll platform to update your direct deposit account information to your Wealthsimple Cash account.

Get detailed steps

Wealthsimple Cash

Get 10x the coverage of a regular chequing account

Get up to $1,000,000 in CDIC coverage on eligible deposits in your Cash accounts.

Read more
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How to switch your direct deposit

Get quick instructions on how to update your direct deposit information in your company’s payroll system.

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One-time switch. Big-time benefits.

Taking the time to switch today can add up to long-term financial gain. High interest, fast pay, and easier investing with Wealthsimple are all just a few clicks away.

Switch now

FAQs

After your employer has confirmed your new direct deposit info is set up, you should receive your first deposit on your next payday. Turn notifications on and we’ll update you whenever funds land in your Wealthsimple Cash account. Even better, they’ll be available instantly in the Wealthsimple app.

There are a few reasons why your employer can’t set up direct deposit to your Wealthsimple Cash account:

  • You might have shared incorrect direct deposit information. Double-check that the direct deposit details you shared with your employer match the information for your Wealthsimple Cash account.

  • Your employer’s payroll system might need to be updated if it doesn’t accept Wealthsimple’s institution number. If that’s the issue, you can send an email using this template to your payroll team.

On the mobile app:

  1. Log in to the Wealthsimple app

  2. Tap the “Home” tab at the bottom of the screen

  3. Select your Cash account

  4. Tap “More”

  5. Tap “Direct deposit info”

  6. Select “Download void cheque”

  7. Download and/or email the PDF void cheque to yourself

On desktop:

  1. Log in to your Wealthsimple account

  2. Under “Accounts” select your Cash account

  3. Select “Download void cheque” on the right side of the page under your direct deposit information

  4. Your void check will open in a new tab. You can download and/or email the PDF void cheque to yourself

If you need to enter a branch address, you can use: 201 - 80 Spadina Ave, Toronto, ON M5V 2J4, Canada.

Double-check that your Wealthsimple Cash account information has been correctly added to your employer’s payroll system.

After verifying that your account info is correct, reach out to our support team, and we’ll help you out ASAP.

Right now, we only support direct deposit from Canadian payrolls.

In the mobile app, you can find your account number by selecting your account, going to “More,” and clicking “Direct deposit info.”

If you’re on desktop, you’ll see your account number on the right-hand side.