Wealthsimple Cash review
The new version of Wealthsimple Cash supports new payment and spending features (like the Wealthsimple Cash card), all for free.
If you’re looking for a free spending account, you might like to check out Wealthsimple Cash.
No-fee money transfers. This innovative new product, Wealthsimple Cash, also comes with competitive fees and a laundry list of other top-notch benefits. Just be aware that some key features are still in production.
- Fee: $0 per month
- Minimum balance: $0
- Automatic savings option: Not yet
- Deposit insurance: Deposits are protected by the Canadian Investor Protection Fund (CIPF)
What is Wealthsimple Cash?
Wealthsimple Cash is a spending account that allows you to deposit, transfer and spend funds in the account for free.
Account perks include $0 fees and a $0 minimum balance. Unlimited, free cash transfers between accounts are also supported.
You can also keep your eyes peeled for some exciting new features that Wealthsimple Cash plans to unveil in the coming months. Among these you’ll find no additional foreign transaction fees, ATM reimbursements, automatic bill payments, direct deposit and much more.
What are the benefits of a Wealthsimple Cash account?
Wealthsimple Cash promises a plethora of benefits to help you reach your savings goals without locking your money in over the long term.
Benefits coming soon: In addition to the benefits currently on offer, Wealthsimple Cash has a few more tricks up its sleeve. You can expect to see the following benefits crop up in the next few months:
- Tungsten cash card. The new-and-improved cash card comes with a sleek design and lustrous finish, so that every purchase you make feels like a special occasion.
- ATM fee reimbursements. It will also be free to use ATMs, and you'll even be reimbursed when an ATM automatically charges you a fee (up to a limited number of reimbursements).
- Direct deposit. You can get your funds deposited directly into your Wealthsimple Cash account as soon as you get paid.
- Automatic bill payments. It’s possible to set up automatic withdrawals so you know that your bills will be paid on time, every time.
- Interac e-transfers. You’ll be able to send money to friends and family with one easy click of your mouse.
- No foreign transaction fees. You will not be charged foreign exchange transaction fees or declined transaction fees. However, you will be charged Visa’s conversion fee on purchases made in a currency that isn’t CAD. Plus, the standard ATM withdrawal fee still applies (usually about $3) when you withdraw from an ATM.
- Use with Apple Pay or Google Pay. It’s easy to pair your Wealthsimple Cash account with your mobile wallet so you can make purchases with a wave of your phone.
What should I watch out for?
While Wealthsimple accounts are known for offering a wealth of benefits, there are also a couple of potential drawbacks you should be aware of:
- Some benefits aren’t currently available. Wealthsimple Cash is working to unveil a number of its key benefits, but they’re not currently accessible to cardholders.
- Cash card not yet released. There’s no cash card for this account at this time, so you won’t be able to access your funds via ATM until it comes out.
- Transfers may take longer. You might have to wait two or more business days for any transfer you make to process into your accounts.
- No cash deposits. You won’t be able to make deposits in cash since Wealthsimple is an online-only investment company.
- No in-person service. You won’t be able to visit a branch to speak to an agent if you’re having issues with your account.
- No CDIC insurance. The money in your Cash account won’t be protected under CDIC insurance. Deposits are protected by the Canadian Investor Protection Fund (CIPF) instead.
What should I know before I apply?
To apply for a Wealthsimple Cash account, you’ll need to meet the following criteria:
- Be a resident of Canada
- Be 18 or older with a valid social insurance number
- Have an email account
How do I open an account?
To open a Wealthsimple Cash account, you’ll need to fill out a quick and easy online application. Follow these steps to get started:
- Navigate to the Wealthsimple Cash online application.
- Create an account by filling in your email and the password of your choice.
- Answer a few personal information questions to verify your identity and submit documents as necessary.
- Connect your Wealthsimple Cash account to your bank account to make your first contribution.
How do I deposit or withdraw money?
You can deposit money by sending it to your Wealthsimple account via e-transfer from another financial institution. Any funds you deposit will go straight into your Wealthsimple Cash account. Once the client card launches, you’ll be able to deposit money into your account using your client card at a participating bank machine.
You can withdraw money to your connected bank account using your Wealthsimple online profile. Once the card launches, you can also withdraw it from any ATM using your cash card.
How can I get in touch with customer service?
Wealthsimple‘s customer service team works throughout the week to answer any questions you might have about your account. You can reach it at 1-855-255-9038 between the hours of 8am and 8pm EST from Monday to Thursday and from 8am to 5:30pm EST on Fridays.
If you’re not a fan of talking on the phone, you can also submit an online request outlining the details of your question or concern so that an agent can get back to you.
Compare other savings accounts
Wealthsimple is a trusted online investment institution in Canada, offering a full suite of financial products to millions of clients each year. Wealthsimple Cash is a spending account that makes sending money simple and free. Find out what you need to qualify for this type of account and learn how you can apply online today.