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 checking account, a savings account and a prepaid Mastercard with rewards. Let’s explore its features in detail.
I’m not a financial advisor. The information presented in this article is for information purposes only and comes from my experience with using the platform. Before making any major financial decisions, please consult an expert for advice tailored to your specific situation.
Wealthsimple Chequing is much more than just a regular bank account. It’s a comprehensive financial platform designed to simplify and optimize your money management. Whether you’re managing your daily expenses, saving for short-term goals, or planning your long-term financial future, Wealthsimple Chequing 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 Wealthsimple Chequing account is completely free, with no minimum balance required. The prepaid Mastercard is also free, with no annual fee.
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.
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 features of a traditional chequing account, the Wealthsimple Chequing account also serves as a high-interest savings account.
The interest rate offered on the Wealthsimple Chequing account varies between 1.50% and 2.50% annually. All customers receive a minimum of 1.50% interest, and may qualify for higher rates depending on their assets under management in all their Wealthsimple accounts combined.
These current rates are not promotional. They will remain in effect until Wealthsimple decides to change them, based on the Bank of Canada’s recommendations and policy rate.
Interest is calculated daily and deposited monthly (on the first day of the month) into your Wealthsimple Chequing account.
Since the Wealthsimple Chequing account is a non-registered account, any interest earned 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.
As of 2025, the interest rate is increased by 0.5% (up to a total rate of 2.50%) if you choose Wealthsimple Chequing as your direct deposit account.
The offer is also available to clients who already use the Wealthsimple Chequing account to receive their direct deposits. With your next deposit, Wealthsimple will check if you have deposited more than $2,000 in the past 30 days and will automatically adjust your interest rate.
The Wealthsimple Chequing account offers 1% cash back on all your purchases made with the card. You have several options when it comes to the form of your rewards. You can choose between:
If you choose cash back, the amount will be deposited directly into your chequing account within up to 7 business days after the eligible transaction.
For investment rewards, you must have other accounts with Wealthsimple, either a Trade account (crypto and equities) or a self-directed investment account. If you don’t have one, you can easily open one.
Pre-authorized debits and bill payments do not earn rewards.
You can change the type of reward you receive at any time. The change is made in the app and takes effect immediately.
When travelling outside Canada, the prepaid Mastercard offers valuable benefits.
After the high-interest savings feature, the second main advantage of the Wealthsimple Chequing account is that there are no foreign currency conversion fees on international transactions. As with certain credit cards, you’ll save 2.5% on each transaction outside Canada.
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 500 per transaction and the equivalent of CAD 1,000 per day.
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!
Chequing account features are only available through the Wealthsimple mobile app.
All Wealthsimple account types are now combined in the same application with a single login 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. You will also need to verify your telephone number.
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 that provides cash back. It’s a modern, no-cost option, ideal for all-in-one financial management. Whether you’re travelling or looking to simplify your finances, the Wealthsimple Chequing account is a card you’ll want to have in your wallet.
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.
Savings are here (if you don’t see the sign-up form, please click here):
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