Data in the chart was last updated on May 13, 2025. The chart compares Wealthsimple’s chequing account features to those of Canadian financial institutions as listed under Schedule I of the Bank Act. For easier comparison, we have separated those institutions into ‘Big Banks’ and ‘Digital Banks’. We define ‘Big Banks’ as being those big national banks that have branches that are easily accessible. We have defined ‘Digital Banks’ as online only institutions that do not have in-person branches for a customer to walk into.
All information provided is for illustration purposes only and actual fees from individual financial institutions may vary.
Our chequing product is offered by Wealthsimple Investments Inc. (“WSII”), a member of the Canadian Investment Regulatory Organization, and Wealthsimple Payments Inc., a Financial Transactions and Reports Analysis Centre of Canada registered money services business. The funds added to chequing account(s) (the "Funds") are ultimately held securely in trust in the name of the primary account holder with a single or multiple members of the Canada Deposit Insurance Corporation ("CDIC"). CDIC protects eligible deposits held at CDIC member institutions in case of a member institution’s failure. Wealthsimple Payments Inc. and WSII are not CDIC member institutions. Under the trust framework, CDIC insures eligible cash balances up to $100,000 per beneficiary, per member institution, provided certain disclosure rules are met. Coverage is free and automatic. Learn more about how CDIC protection works. Funds must be spread across at least 10 CDIC member institutions in order for up to $1 million in deposits to benefit from applicable CDIC coverage. The advertised interest rate for the chequing account is derived from interest earned by Wealthsimple on the funds. The Funds are settled with any CDIC member(s) one business day following the date that Funds are reflected in the account.
The Wealthsimple prepaid Mastercard® is issued by KOHO Financial Inc. pursuant to license by Mastercard International Incorporated. All terms applicable to the prepaid Mastercard® and all applicable fees and transaction limits with respect to the prepaid Mastercard® and the services may be found in the Wealthsimple prepaid Mastercard® Cardholder Agreement between you and KOHO Financial Inc.. Mastercard and the circles design are registered trademarks of Mastercard International Incorporated.
Account Fees. Wealthsimple does not charge a monthly fee for its chequing account. For more information, see the Wealthsimple Chequing Account User Agreement.
FX Fees. Foreign transaction (FX) fee is a surcharge typically charged on foreign currency transactions. Wealthsimple does not charge FX fees, but transactions are still subject to currency conversion from credit card issuers, or fees from retailers or financial institutions involved in the transaction.
Interest Rates. We consider many factors when determining our chequing account’s interest rate, the Bank of Canada's benchmark rate is a big one. And that’s not unique to us — you’ll often see savings rates across the industry rise and fall with the benchmark. For more information, see www.wealthsimple.com/pricing.
ATM Fees. While Wealthsimple does not charge additional ATM fees, withdrawals may be subject to a fee charged by ATM providers. Wealthsimple will reimburse chequing clients an unlimited number of Canadian ATM fee reimbursements (up to $5 each). Reimbursements will be made to the account linked to the Wealthsimple prepaid Mastercard® within 4 business days after the ATM transaction settles. Click here for details.
Daily e-transfer Limits. Individual e-transfer limits vary and will depend on various factors including, but not limited to, total assets with Wealthsimple, direct deposit amount, and previous transfer amounts. For more information, contact our Client Success team.
Maximum CDIC Coverage. Our chequing product is offered by Wealthsimple Investments Inc. (“WSII”), a member of the Canadian Investment Regulatory Organization, and Wealthsimple Payments Inc., a Financial Transactions and Reports Analysis Centre of Canada registered money services business. The funds added to chequing account(s) (the "Funds") are ultimately held securely in trust in the name of the primary account holder with a single or multiple members of the Canada Deposit Insurance Corporation ("CDIC"). CDIC protects eligible deposits held at CDIC member institutions in case of a member institution’s failure. Wealthsimple Payments Inc. and WSII are not CDIC member institutions. Under the trust framework, CDIC insures eligible cash balances up to $100,000 per beneficiary, per member institution, provided certain disclosure rules are met. Coverage is free and automatic. Learn more about how CDIC protection works. Funds must be spread across at least 10 CDIC member institutions in order for up to $1 million in deposits to benefit from applicable CDIC coverage. The advertised interest rate for the chequing account is derived from interest earned by Wealthsimple on the funds. The Funds are settled with any CDIC member(s) one business day following the date that Funds are reflected in the account.