Wealthsimple Chequing Account review

- Monthly Account Fee
- $0
- Free Transactions
- unlimited
- e-Transfer Fee
- unlimited
Our verdict
Get no-fee everyday banking and a competitive savings interest rate, but take note that you’ll need a large balance to get the highest advertised rate.
The Wealthsimple Chequing Account, formerly Wealthsimple Cash, is a hybrid account that combines the free transactions of a no-fee chequing account with the earning power of a high-interest savings account. It also offers perks like 1% cashback on spending and no foreign transaction fees, and it's quick and easy to manage your money via a user-friendly mobile app.
Some features of the Wealthsimple Chequing Account are yet to be rolled out, and the savings interest rate you get will depend on the size of your balance. But if you're searching for a hybrid account that offers plenty of perks and simple digital banking, there's plenty to like about Wealthsimple.
Best for: People looking for a no-fee account that combines the features of chequing and savings accounts.
Pros
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No-fee banking
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Up to $1 million CDIC coverage
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Competitive savings interest rate
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No foreign transaction fees
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Earn 1% cashback
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User-friendly mobile app
Cons
-
You’ll need a large balance to earn the maximum advertised rate
-
No physical bank branches
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Some features still listed as coming soon
What are the benefits of the Wealthsimple Chequing Account?
- No monthly fees. There is no monthly fee attached to the Wealthsimple Chequing Account.
- No everyday transaction fees. You can pay bills and send e-Transfers from your account for free.
- No minimum balance. You only need to have $1 in assets with Wealthsimple to start earning interest on your account.
- Competitive interest rate. You’ll earn a high rate of interest on your account balance, with the rate determined by the amount of assets you hold with Wealthsimple:
- Core clients with assets of $1 – $99,999.99: 1.75%
- Premium clients with assets of $100,000 – $499,999.99: 2.25%
- Generation clients with assets of $500,000+: 2.75%
- High level of CDIC coverage. The money you deposit in your account is held in trust at federally regulated financial institutions that are CDIC members, allowing you to take advantage of up to $1,000,000 of CDIC insurance coverage. That’s 10 times more protection than you would usually get from a chequing or savings account.
- Prepaid Mastercard. The account comes with both a digital and physical prepaid Mastercard that you can use to pay for purchases.
- Earn cashback. You get 1% cashback on purchases you make with your prepaid Mastercard. Your rewards can be paid in cash or stocks, or you can choose to have Wealthsimple invest it for you.
- No ATM withdrawal fees. Wealthsimple doesn’t charge any ATM withdrawal fees, and you can access an unlimited number of ATM fee reimbursements (up to $5 each) for withdrawals in Canada.
- No foreign transaction fees. There are no foreign transaction fees on the Wealthsimple prepaid Mastercard.
- Wire transfers. A common criticism directed at digital banks and fintechs is that they often don’t allow you to send wire transfers but Wealthsimple now allows you to send domestic wire transfers from your Chequing Account.
- Mobile cheque deposits. You can deposit cheques to your account via the Wealthsimple mobile app.
- Auto investing. You can set up a recurring transfer to automatically move funds from your Chequing Account to your Wealthsimple investing accounts, then set up auto-buy transactions for stocks, ETFs and crypto.
- Order bank drafts. If you need a bank draft, you can order it online and have it delivered to your door the next day.
- User-friendly app. The Wealthsimple mobile app makes it easy to manage your money, pay bills and send transfers.
- 24/7 support. You can access Wealthsimple customer support 24 hours a day, 7 days a week via live chat or phone.
What should I look out for with this account?
- Tiered interest rates. The interest rate you get varies depending on your Wealthsimple balance. If you have less than $100,000 in assets with Wealthsimple, you’ll earn 1.75%, while you’ll need at least $500,000 in assets to earn 2.75% interest on your Chequing Account balance.
- Some features are still coming soon. Some account features — including international wire transfers, cash delivery and digital cheques — are yet to be launched.
- No physical branches. If you like being able to visit a branch to get in-person customer service, you’ll need to consider other options.
- No cash deposits. You can’t deposit cash directly into your Wealthsimple account.
- Wire transfer fees. While Wealthsimple is offering free domestic wire transfers until the end of August, wire transfers after that date will incur a $20 fee.
- No overdraft protection. Wealthsimple does not currently offer overdraft protection for its Chequing Account.

"I originally opened a Wealthsimple account to buy and sell stocks and cryptocurrency, however I started to do some of my banking with them after discovering the up to 5% interest rate offered on the Wealthsimple Cash account. This is probably one of my favourite accounts I’ve ever had for a few reasons. I love that Wealthsimple Cash offers a tiered interest rate depending on how much savings you have and whether you deposit your paycheque direct, as well as the user interface on the Wealthsimple mobile app. This is my go-to savings account for earning a high on-going interest rate."
Summary of Wealthsimple Chequing Account fees and features
Feature | Rate or fee |
---|---|
Monthly fee | $0 |
ATM withdrawal fee | $0 |
e-Transfer fee | $0 |
Wire transfer fee | Free until August 31, then $20 per transfer |
Minimum balance | $0 |
Savings interest rate |
|
Cashback rate | 1% cashback |
CDIC coverage | Up to $1,000,000 |
How do I open a Wealthsimple Chequing Account?
If you’d like to open a Wealthsimple Chequing Account, here’s what you need to do.
- Visit the Wealthsimple Chequing Account page and click “Open a free account”.
- Enter your preferred name (optional) and then enter your email address and create a password.
- Enter your phone number.
- Follow the prompts to open your account.
Eligibility
To open a Chequing Account you will need to:
- Be a resident of Canada.
- Have a valid Canadian phone number.
- Have a valid Social Insurance Number (SIN).
- Be the age of majority in your province or territory.
Compare with other chequing accounts

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EQ Bank Personal Account
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Tangerine No-Fee Daily Chequing Account
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e-Transfer Fee
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BMO Performance Chequing Account
- Earn up to a $750 bonus
- Exclusive: Get an extra $150 gift card from Finder
- Enjoy 4.75% promo interest
How do I deposit money to and withdraw money from my Wealthsimple Chequing Account?
You can deposit money by linking a bank account to your Wealthsimple Chequing Account. You can also send funds by e-Transfer, wire transfer or by linking a Mastercard or Visa debit card, while you can also deposit cheques via the Wealthsimple mobile app.
You can withdraw money from the account using any ATM. You can also transfer money out of your account to your connected bank account for free at any time.
What other products does Wealthsimple offer?
Other personal banking products available from Wealthsimple include:
- Credit card. Wealthsimple’s newly launched credit card pays 2% cashback with no FX fees and a waivable annual fee.
- USD Savings Account. This account has no monthly fees or minimum balance requirements and pays up to 4% interest on your USD balance.
- Registered savings account. This account pays between 1.75% and 2.75% interest like the Chequing Account, but with added tax benefits.
- Investing. Wealthsimple offers managed and self-directed investing services, allowing you to trade stocks, ETFs and crypto.
- Mortgages. You can also access fixed or variable rate mortgages through Wealthsimple’s partner, Pine.
How does Wealthsimple compare to other banks?
Wealthsimple isn’t actually a bank, but it is a FINTRAC-registered money services business. It doesn’t operate any physical branches, so you can’t pop into your nearest location if you want to access in-person customer service.
Wealthsimple also doesn’t offer the same broad range of financial products and services as a traditional bank, so you’ll need to look elsewhere if you need something like a personal loan or car loan.
But it does offer some products you wouldn’t usually get from a major bank, like crypto trading and this Chequing Account. Not having a branch network makes it easier for Wealthsimple to offer no account fees and competitive interest rates, and the hybrid nature of the Chequing Account is the sort of thing you wouldn’t get from a traditional bank.
Bottom line on the Wealthsimple Chequing Account
With free daily banking, competitive savings interest and cashback, there’s a lot to like about the Wealthsimple Chequing Account. If you’re searching for a hybrid bank account and you’re comfortable doing all your banking digitally, compare Wealthsimple’s offering against other hybrid accounts before deciding on the right solution for your needs.