Canada’s highest-interest chequing account

It’s the extra earnings you want from a savings account with the flexibility you need in a chequing account — all in one place.

Interest rates that grow with your wealth


Interest for Core clients


Interest for Premium clients


Interest for Generation clients

Trusted protection for your money

The funds in your Cash account are placed in trust with up to 5 CDIC member institutions. That's almost 5x the peace of mind and up to $500,000 in coverage on all eligible deposits.

Better than a bank? You decide.

Rewards designed for investors

Instantly earn 1% back in stock, crypto, or cash, every time you spend with your Cash card. And no need to lift a finger: we’ll automatically reinvest them for you.

Direct deposit perks

Get extra perks — like auto-investing, faster access to your paycheque, and 0.5% more interest (up to 5%) — with qualifying direct deposits.

Steadfast interest rates

Our rates aren’t promotional or subject to opening additional accounts. Instead, we follow the Bank of Canada’s rate. If it rises, we rise too (and vice versa).

Ready to break up with your bank?

Open an account in minutes. You can start spending, saving, and earning right away — no branch visits required.


That's right. Our data was collected as of November 15, 2023. Average includes all posted rates of chequing accounts from Canadian financial institutions as listed under Schedule I under the Bank Act. This excludes limited-time and promotional offers, and products that do not offer cheques.

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. Your interest is an annualized rate, calculated daily and paid out monthly. 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 $500,000 CAD) in the unlikely event the CDIC members were to fail.

Coverage is free and automatic. Learn more here.

You'll earn 1% back pretty much every time you use your Wealthsimple card to make a purchase — except cash-like transactions such as refunds, bill payments, or adjustments. The 1% back is automatically added to your balance.

For crypto, you’ll be able to choose any of our 60+ coins that we offer as your reward. You can either auto-buy your chosen coin once you have $1 back in rewards, or the cash equivalent will be deposited into your Crypto account for you to trade however you like.

Stock rewards are a little different: your 1% back will be awarded as a cash balance into your self-directed account, and from there you can buy whichever stock you like.

And don’t worry — you can update your reward preferences any time 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.

Nope, any direct deposit type will count towards the $2,000/month minimum. This includes payroll, pension, social assistance, and insurance direct deposits.

All Core and Premium clients are eligible to earn an increased rate of up to 5% interest with direct deposits. To qualify and continue earning the 0.5% boost, you’ll need to direct deposit at least $2,000 into your Cash account within a 30-day period. Generation clients won’t be eligible for an additional 0.5% boost since they're already earning our highest interest rate of 5%.