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Wealthsimple is an investment management company founded in 2014 in Canada. It offers five different financial services: Wealthsimple managed investing, Wealthsimple Chequing, Wealthsimple self-directed investing, Wealthsimple Crypto and Wealthsimple Tax.
Their recently enhanced Wealthsimple Chequing product offers a hybrid between a chequing account, a savings account and a prepaid Mastercard with rewards. Let’s explore its features in detail.
I am not a financial advisor. The information presented in this article is for informational purposes only and comes from my experience using the platform. Before making any significant financial decisions, please consult an expert for advice tailored to your situation.
The Wealthsimple chequing account is much more than just a bank account. It’s a comprehensive financial platform designed to simplify and optimize your money management. Whether you are managing your daily expenses, saving for short-term goals, or planning your long-term financial future, the Wealthsimple chequing account has everything you need.
For travellers, this account and its associated prepaid Mastercard represent an excellent option to avoid conversion fees on foreign currency expenses and to withdraw money from international ATMs at a lower cost.
The prepaid Mastercard is NOT a traditional credit card. It is a prepaid Mastercard that draws funds directly from your chequing account. Thus, your credit report will not be checked during the application, and your balance will not be reported to credit agencies.
Discover the Wealthsimple Chequing Account, a chequing account with an interest rate of up to 2.25%, with no monthly fees or minimum balance required.
With this welcome offer, you can get $25 cash back as a new Wealthsimple client. To do this, you simply need to open an account and then deposit at least $1 within 30 days.
Enjoy unlimited transactions and deposit protection up to $1,000,000. Open several accounts to manage your different financial goals easily.
With a Wealthsimple Chequing account, you can:
Plus, there’s no limit to the number of transactions you can make in a month. Deposits are insured by the Canada Deposit Insurance Corporation (CDIC) up to $1,000,000.
In addition to all the functions of a traditional chequing account, the Wealthsimple chequing account is also a high-interest savings account.
The interest rate offered in the Wealthsimple checking account varies between 1.25% and 2.25% annually. All clients receive a minimum of 1.25% interest, then may qualify for higher rates based on their assets under management across all their combined Wealthsimple accounts.
Here are the eligibility requirements for each Wealthsimple tier:
These current rates are not promotional. They will remain as such until Wealthsimple decides to change them, in accordance with the recommendations and policy interest rate of the Bank of Canada.
Interest is calculated daily and deposited monthly (on the first day of the month) into your Wealthsimple Chequing account.
As the Wealthsimple chequing account is an unregistered account, the accumulated interest is taxable. You will receive tax slips at the end of the year, and you will need to report your earnings on your tax return.
Since 2023, the interest rate is increased by 0.5% (up to a total rate of 2.25%) if you choose the Wealthsimple chequing account as the account for your direct deposits.
The offer is also valid for clients who already use the Wealthsimple chequing account to receive their direct deposits. Upon the next deposit, Wealthsimple will check if you have deposited more than $2,000 in the last 30 days and will automatically adjust the interest rate.
When travelling outside Canada, the prepaid Mastercard offers valuable benefits.
With the Wealthsimple Prepaid Mastercard, you can access your available funds in your Wealthsimple Cash account.
You can invest your money in an investment account or a cryptocurrency of your choice. Also, you earn interest on your Wealthsimple Cash account balance! Wealthsimple Generation clients can earn an interest rate of up to 2.25%.
In addition, there are no foreign transaction fees for any purchase made in a currency other than the Canadian dollar and no annual fees.
The Wealthsimple Prepaid Mastercard does not charge any fees for ATM withdrawals worldwide. Fees will be charged by the ATM provider (usually around CAD 3), but Wealthsimple reimburses these fees automatically up to $5 per transaction.
Unlike the Visa Wise prepaid card, there is no monthly limit on free withdrawals. ATM withdrawal limits are set at the equivalent of CAD $3,000 per day and CAD $10,000 per week.
The prepaid Mastercard is accepted worldwide, anywhere Mastercard is accepted. However, restrictions apply in certain countries. You will not be able to use the card in these destinations for either withdrawals or transactions. The full list of excluded countries can be found here.
For these locations, the Wise card is a good alternative for ATM withdrawals. Since both Wise and the Wealthsimple Chequing account are free cards, I signed up for both. In addition, I carry both cards in my travel wallet (in addition to my Scotiabank Passport Visa Infinite) in case I lose one or my account is blocked. The perfect trio for travel!
The features of the Wealthsimple chequing account are available in the mobile app and on the Wealthsimple website.
All account types with Wealthsimple are now unified in the same application with a single username and password. To open an account, you must be a Canadian resident, have reached the age of majority in your province and have a valid Canadian telephone number.
The process is fairly straightforward, and once you’ve created your Wealthsimple login and verified your e-mail address, you can open your first account. Verification of your phone number will also be required.
In summary, the Wealthsimple chequing account offers a complete and convenient financial solution, with a chequing account, a high-interest savings account, and a prepaid Mastercard.
It is a modern and fee-free option, ideal for all-in-one financial management, whether you travel or are looking to simplify your finances!
The Wealthsimple Chequing account is an all-in-one financial platform that combines the features of a chequing account, a prepaid Mastercard, a high-interest savings account, and an investment solution. The mobile app aims to simplify everyday money management.
The Wealthsimple Chequing account does not charge monthly account fees, annual fees for the prepaid Mastercard, or fees for ATM withdrawals. However, potential charges apply for additional services such as instant transfers to external accounts.
No, prepaid Mastercard cards are Mastercard Debit cards. Card membership won’t “hit” your credit report, and spending won’t be reported to the credit bureaus either.
No, the Wealthsimple Chequing account does not charge the usual 2.5% fee for foreign currency transactions. The amount will be converted into Canadian dollars at the Mastercard rate of the day.
Yes, you can use your prepaid Mastercard to withdraw cash at ATMs anywhere Mastercard is accepted. These transactions are free of charge on the Wealthsimple side, but the ATMs charge their own fees.
Yes, the Wealthsimple Chequing account offers Interac e-Transfers and instant transfers to other Wealthsimple Chequing accounts. Registration is required.
Clients can open joint chequing accounts through the Wealthsimple mobile app, with a limit of up to 8 joint accounts per person.
The Roundup feature was discontinued as of April 11, 2025
Yes, data security is a priority for Wealthsimple. Your personal and financial information is encrypted and protected according to the same security standards as all Canadian banks.
To open a Wealthsimple Chequing account, you must be a resident of Canada. You can use the Mastercard in most countries, except for the exceptions listed here.
Terms and conditions apply. For the most up-to-date product details, please visit Wealthsimple.com.
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