Checks more boxes than a chequing account
The must-haves of a chequing account with the payoff of a high-interest savings account.
Earn more interest as your money grows
4%
interest with no minimum balance
4.5%
interest for Premium clients
5%
interest for Generation clients
Spend your money, reinvest your rewards
Instantly earn 1% back in stock, crypto, or cash, every time you spend with your Wealthsimple card. Have your rewards automatically reinvested for you — no need to lift a finger.
Designed for investors
Earnings on every dollar
The money in your Cash account is always working hard for you — whether it’s earning interest, or being reinvested in your other Wealthsimple accounts.
Faster access to your funds
Get paid up to a full day early. Sign up for direct deposit with your employer, and your pay will land earlier than it would with any of the big banks.
Increased deposit coverage
Money in your Cash account is placed in trust with up to 3 CDIC member institutions to extend CDIC deposit protection for a combined $300,000. Your money is better protected, and you can access it when you need it.
$0 account fees
Why pay a monthly fee for a chequing account? Your Wealthsimple Cash account has no monthly fees, $0 minimum, and no overdraft penalties, either.
Auto-invest your pay
Direct deposit into your Cash account, and automatically buy stocks, ETFs, or crypto. As soon as your pay hits, the money will be invested.
Send and receive e‑transfers
Send up to $5,000 per day or $10,000 per week to anyone, anywhere with Interac e-Transfer®.
Pay bills
Pay your credit card, mortgage, hydro, and more with pre-authorized debit or one-time bill pay.
No foreign exchange fees
Now you can spend like a local while travelling abroad. Aside from the currency conversion rate applied by the payment network, your Cash card has no FX fees.
Earn more interest when you consolidate your assets
Core
Get started with simple, low-fee financial tools.
Earn 1% back on spending
4%
Cash account interest
Premium
Make the most of your investments with lower fees and tailored advice.
20% lower management fee on your managed investments
Financial goal setting with an advisor
4.5%
Cash account interest
Generation
Build your legacy with expert guidance from your dedicated team of advisors.
All Core and Premium benefits
Dedicated team of advisors
5%
Cash account interest
Ready to break up with your bank?
Open an account in minutes. You can start spending, saving, and earning right away — no visit to a branch required.
FAQs
Unlike some high interest rate offers you might see out there, ours don't end after a limited promotional period. There’s always a chance the Bank of Canada makes a move and we follow suit, but we have no set end date for these great rates. See here for details.
First off: there are no annual fees! And unlike credit cards, the Wealthsimple card doesn’t require a credit check or any other qualifications.
And no, you’ll never need to worry about this card impacting your credit score.
We don't charge any monthly account fees or minimum balance fees.
We also don't charge a foreign transaction (FX) fee. Usually, banks charge you around 3% to use your Canadian credit card in another country. We, on the other hand, don't do that. There is still a currency conversion rate charged by the payment network (not us!) when you make a purchase in another currency.
We don't charge ATM fees. The ATM might though, so make sure you check the number on the screen (and do the currency conversion) before withdrawing.
No, but we are a FINTRAC-registered money services business, and we work closely with banking partners to keep deposits safe. This means we can offer a lot of the same perks and conveniences of traditional chequing and savings accounts.
Your everyday spending account comes with both a digital and physical card that you can manage right from the Wealthsimple app.
The app lets you manage your rewards and spending preferences, or lock your card if something happens to it. Your balances are all updated in real time, too — even if you’re using the physical card.
The balance in your Wealthsimple Cash account is held in trust for you with members of the Canada Deposit Insurance Corporation (CDIC), a federal Crown corporation. CDIC protects eligible deposits held at CDIC member institutions in case of a member institution’s failure.
Note: Wealthsimple isn’t a bank, and we are not a CDIC member. That said, we’ve partnered with a number of CDIC-member, federally regulated Canadian Financial Institutions to effectively extend CDIC deposit protection to WS Cash account holders for a combined amount (up to $300,000 CAD) in the unlikely event the CDIC members were to fail.
Coverage is free and automatic. Learn more here.
For crypto, you’ll be able to choose any of our 40+ coins that we offer as your reward. Whenever you spend, you’ll automatically earn 1% back in your chosen coin. If you don’t want to auto-buy a specific coin, your rewards balance is deposited to your Crypto account as cash.
Stock rewards are a little different: your 1% back will be awarded as a cash balance into your Stock & ETFs account, and from there you can buy whichever stock you like.
And don’t worry — you can change your mind any time and update your reward preferences right in the app. More details here.
You can use your card online and in-store everywhere Mastercard® is accepted.
And since Mastercard is accepted all over the world, you can use your Wealthsimple card while traveling (with a few exceptions and fees from Mastercard).
You can also use the physical card to withdraw cash at ATMs Canada-wide. While we don’t charge any fees for withdrawing cash, you still might see a standard ATM fee (usually about $3.00) when you make a withdrawal at an ATM.
Right now, we have just about everything you'd need from a chequing account – but there's still more on the way. Soon you'll be able to: open joint accounts, send cheques, schedule recurring payments, schedule Interac e-transfers®, and more. Stay tuned!