Wealthsimple Cash

High-interest chequing account

Website: https://www.wealthsimple.com/en-ca/spend

Last Updated:  April 23 2024. (information subject to change, so please go to Wealthsimple’s Website  for current information).

Wealthsimple offers an online-only high-interest chequing account for Canadians. Digital banking is available by downloading the mobile app, or at https://my.wealthsimple.com/app/login?locale=en-ca

How to open a bank account

You must be a Canadian resident, 18 years of age or over, and have your SIN number. Click the orange “Get Started” Button or download the mobile app.

Service Charges

No monthly fees with no minimum balance required.

Wealthsimple charges no Foreign Exchange fees of their own, but MasterCard charges 1%. That’s offset by the 1% cash back, so it’s still less expensive than most other banks (which usually charges 2.5%)

Services Offered

• High-interest chequing Account
• 4% interest (subject to change)
• no monthly fees or minimum balance
• 4.5% interest (subject to change) if you set up a direct deposit of $2000/month or more
• free bill payments and Interac e-transfers
• Reloadable prepaid MasterCard – accessible through a physical card and a digital wallet
• Earn 1% cash back in your choice of cash, stocks, or cryptocurrency (may require additional savings account setup)
• Earn 4.00% interest right up until you spend
• No FX fees, monthly fees, or other hidden fees
• NOTE: You cannot deposit cheques to a Wealthsimple account (so if you are paid by cheque, Wealthsimple may not be the bank account for you)

Services NOT Offered

• You cannot deposit cheques to a Wealthsimple account (so if you are paid by cheque, Wealthsimple may not be the bank account for you)

Bill Payments

Select your Cash account, and select “Pay a bill,” where you can add payee information to be saved

Transfers

To send or request an E transfer, Select “Move”, “Send or request”, and select “Interac e-Transfer”, then you can fill in the contact information of the recipient you want the transfer sent to

Cheques

The first 50 cheques are free if you have a direct deposit set up. To order cheques, Select the three dots “More” and select “Order Cheques”

How To Get a Pre-Authorized Payment Form

• Sign into your account
• Select your Cash account
• Select the three dots “More”
• Select “direct deposit info”
• You can either: Screenshot the direct deposit information, OR you can download the void cheque using the button at the bottom of the screen. That cheque can be saved and attached as a file to an email or printed.