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Ten lucky winners will win $10,000 when they open a chequing account. See how to enter.

The recap: Wealthsimple Presents

Old-school banking is over

We’ve created a better alternative to your bank. Check out the exciting new chequing features and credit card we announced at our first-ever Wealthsimple Presents.

Everything your bank does, but better

Chequing

The chequing account that grows your money

By switching, clients have earned over $350 on average to date — thanks to no everyday fees, up to 2.75% interest, and getting paid up to a day early.

Read transcript

A video introducing Wealthsimple’s new and improved chequing account, highlighting its key benefits.

  1. Skip the fees. Skip the monthly fees. Skip the ATM fees. Skip the FX fees.

  2. Earn up to 2.75% interest. Rates depend on your tier. Annualized rate, calculated daily, paid monthly. Subject to change. For more info visit wsim.co/rates.

  3. Put the branch in your pocket. Deposit cheques in a snap, e-Transfer up to $25,000 per day, get bank drafts delivered to your door, send and receive wire transfers from your couch.

  4. Get paid a day earlier.

  5. Invest your paycheque automatically.

The incredible chequing account with the incredibly boring name — Wealthsimple chequing.

A snapshot of the chequing features in the Wealthsimple app.

Put the branch in your pocket

Send and deposit money from wherever you are with in-app wire transfers, mobile cheque deposits, and bank drafts delivered right to your door.

A snapshot of the auto-investing features in the Wealthsimple app.

Automatically invest every payday

Set your pay to auto-invest from your chequing account into any of your investing accounts. You choose the amount and schedule, so you never miss a chance to grow your wealth.

An in-app visual of funds being covered by CDIC.

Get better protection than at your bank

Up to $1 million of your eligible funds are covered by CDIC — that’s 10 times more than any chequing account in Canada. And if you need our help, we have 24/7 support, too.

Plus, even more coming soon:
C
Cash delivery
Line of credit
Digital cheques
Trusted places
Verified contacts
International transfers
Cash delivery
Line of credit
Digital cheques
A series of Wealthsimple credit cards move in unison before one card slots into a wallet.

Credit card

Get 2% back on everything

We’ve cut out the complicated spending categories and high fees to give you a credit card that couldn’t get much simpler, really.

No annual fee

We’ll waive your fees (charged monthly) if you’ve got $100,000+ with us, or if you switch your pay of at least $4,000 per month to Wealthsimple.

No FX fees

Other banks charge up to 2.5% on your spending abroad. We don’t charge a thing. Not even on your third round of French fries in France.

Make it metal

If you’ve got over $100,000 with us, Premium clients get an exclusive metal card that you’ll actually want to take out of your wallet.

Ready to get more?

It only takes a few minutes to open your free account. Or, if you want to
 hear more about what makes it great, check out our livestream replay.

FAQs

We've collected data as of May 13, 2025 and calculated the average chequing account interest based on the total interest paid to clients and the number of active chequing account holders.

The fact that we don't charge any monthly or everyday fees, and that client's get their paycheques up to a day early when they direct deposit, means they have more money, and more time, to earn more interest.

Keep in mind, your actual interest earnings may differ.

To be eligible for zero monthly fees, you'll need to either have $100,000 with us or set up a monthly direct deposit of $4,000 or more to your Wealthsimple chequing account (switching your paycheque is usually the easiest way to do it).

First you'll need to have an open Wealthsimple chequing account, then copy your account details including our institution number (703), transit (or branch) number (00001), and your personal account number.

After that, go to your employers payroll platform and update your direct deposit account information. You can find more details here.

The annual interest rate for purchases is 20.99%, and for cash advances or cash-like transactions, it's 22.99%. This rate comes into effect on the day the account is opened (whether or not a card is activated).

Your annual interest rates will increase to 25.99% on purchases and 27.99% on cash advances and cash-like transactions if we do not receive your minimum payment by the payment due date for 2 consecutive months. The increased annual interest rates will apply in the third statement period following the second missed payment that caused the rates to increase. The increased rates will continue to apply until we receive your minimum payments by the payment due date.

Foreign transaction (FX) fees, these are surcharges typically charged on foreign currency transactions. Wealthsimple does not charge FX fees, but transactions are still subject to currency conversion from credit card networks, or fees from merchants or financial institutions involved in the transaction.