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.
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Skip the fees. Skip the monthly fees. Skip the ATM fees. Skip the FX fees.
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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.
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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.
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Get paid a day earlier.
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Invest your paycheque automatically.
The incredible chequing account with the incredibly boring name — Wealthsimple chequing.
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.
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.
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.
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.