Wealthsimple Chequing Review 2026: Features and Interest Rates

Wealthsimple Cash is now Wealthsimple Chequing.

In January 2020, Wealthsimple Save was rebranded and updated with many new features and became
Wealthsimple Chequing.

When you open a Wealthsimple Chequing account, you can request a prepaid Mastercard that allows you to earn cash back on everyday purchases, instantly send and receive money, and take advantage of other rewards.

Want to learn more? Keep reading to see my full Wealthsimple Chequing review. I'll go over its key features and benefits, as well as its one major drawback.

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Pros

• Use your Wealthsimple Cash card anywhere Mastercard is accepted
• Withdraw funds from ATMs anywhere in Canada
• Earn 1% cashback (or crypto/stock rewards) on all purchases
• Open a joint account with your partner
• No monthly fees or minimum balance fees
• Earn an additional 0.5% interest with qualifying direct deposits of $2,000 or more within a 30-day period.
• Instantly send/receive money
• ATM withdrawals aren’t always free, but Wealthsimple reimburses ATM fees up to $5 per transaction, but Wealthsimple reimburses ATM fees up to $5 per transaction

Cons

• Doesn't help you build credit
• No budgeting features

How Does The Wealthsimple Chequing  Account Work?

Wealthsimple is one of Canada's top fintech companies. The company's first financial product was a high-interest savings account called Wealthsimple Save, which launched in April 2018.

Two years later, a new and improved version called Wealthsimple Chequing replaced the program. It was no longer a simple savings program that allowed users to earn interest on their savings.

In addition to savings perks, it also became a spending account and issued users a prepaid Mastercard that earns cash back on all purchases.

The Wealthsimple Chequing account can be linked to any chequing account, allowing users to easily transfer money to and from their Wealthsimple Chequing account.

Users can also use their Wealthsimple Chequing account to receive direct deposits from employers.  Having $2000+ in monthly direct deposits also unlocks an additional 0.5% interest rate boost on the account. 

Wealthsimple Chequing: Benefits And Key Features

Now that you have a better idea of how the platform works let's take a closer look at the most notable benefits and perks of opening a Wealthsimple Chequing account.

The Wealthsimple Chequing Card

As soon as you open a Wealthsimple Chequing account, you can request a Wealthsimple prepaid Mastercard. 

To start using your card, simply link Wealthsimple Chequing to your bank account, transfer funds (which can be done instantly), and you're good to go.

Earn 1% Cash Back, Crypto And Stock Rewards

What sets the Wealthsimple Chequing card apart from other prepaid debit cards is that you'll earn 1% cash back on every purchase you make. Whether you're filling up your gas tank, shopping at Costco, or buying a soda from the vending machine, you'll earn your 1% cash bonus.

That's not all, though.

You can also opt to receive your 1% cash back rewards in crypto or have it deposited into your Wealthsimple Invest account so it can be invested in the stock market.

If you choose to receive crypto back, you can choose to receive rewards in Bitcoin and other tokens offered by Wealthsimple's crypto platform. The 1% credit will be issued to you in its equivalent cryptocurrency value and can be converted back into cash anytime.

If you choose to receive stock rewards, your 1% cash back will be deposited as a credit into your Wealthsimple Invest account.

From here, you can use the funds to purchase stocks, invest in ETFs, or take advantage of Wealthsimple's robo-advisor platform, which will invest your money for you.

Wealthsimple Chequing App Has A Great UI

I really appreciate the Wealthsimple Chequing app's user interface. It's clean, uncluttered, easy to navigate, and rarely ever crashes or glitches. This makes Wealthsimple Chequing a great platform, even if you're not the most tech-savvy.

Users can also set up two-factor authentication or fingerprint authorization, which provides an added layer of security to your account and ensures that prying eyes won't be able to access your Wealthsimple Chequing account.

Your Funds Are Protected

The recent FTX scandal and collapse of the Silicon Valley Bank have left many Canadians wary of where they place their money. Naturally, you may ask, "Is Wealthsimple Chequing safe?"

To be clear, Wealthsimple is NOT a bank.

However, Wealthsimple works with third-party banks that are insured by the Canada Deposit Insurance Corporation (CDIC). This means that your funds are insured for up to $1,000,000 in the event of a worst-case scenario. If the holding bank collapses, you’ll be reimbursed for any amount up to $1,000,000.

Withdraw Money From ATMs In Canada

If you need cash fast, you can visit nearly any ATM in Canada and use your Wealthsimple Chequing card to withdraw money from your Cash account.

While Wealthsimple doesn’t charge fees for ATM withdrawals, the transaction may be subject to a standard ATM withdrawal fee charged by the bank or the ATM company. Wealthsimple reimburses these fees up to $5 per ATM transaction.

Can I Deposit Cash Into My Wealthsimple Chequing Account?

Unfortunately, you cannot deposit cash directly into your Wealthsimple Chequing account. You'll need to transfer funds from your linked chequing account to fund your Cash account. If you have cash, you'll need to deposit it in your primary bank account and then send it to your Wealthsimple Chequing account.

Boosted Interest Rate On Direct Deposits

If your employer issues direct deposits, then Wealthsimple Chequing could be a great solution. The platform applies an additional 0.5% interest rate when you maintain direct deposits worth over $2000 monthly. 

Interest also accrues daily and is issued to your Wealthsimple Chequing account within seven days of the next month.

This is a great way to start saving money and is more than most high-interest savings accounts offer. The only downside is that it only applies to direct deposits that are left within your account, not standard transfers from your bank account.

Send Money Instantly

Whether you need to send money to your roommate or ask for a spot, Wealthsimple Chequing allows users to easily send and receive money to and from other Wealthsimple Chequing users.

This makes it one of the best alternatives to the popular US-based services, Venmo and Cash App.

Most transfers are instant and will be received within a few minutes of sending, making it far more convenient than traditional Interac e-Transfers, which can be a hassle.

Better Interest Rates Than A Traditional Savings Account

Wealthsimple Chequing offers several opportunities for users to earn more with their account:

• 1% cash back on purchases

• 1.75% APY interest on direct deposits held in the account

• 2.25% APY interest on account balances over $100,000

I've already discussed the top two. However, the 4% APY on $100,000 balances is a game changer. This makes Wealthsimple Chequing a worthy competitor to HISAs offered by EQ Bank, Neo Money, and others.

The $100,000 doesn't have to be held in your Wealthsimple Chequing account alone. It can be spread out across multiple Wealthsimple products, including:

• Wealthsimple Chequing

• Wealthsimple Invest

• Wealthsimple Crypto

As long as your Wealthsimple accounts’ cumulative value totals $100,000 or more, you’ll earn 2.25% APY.

No Monthly Account Fees

Nobody likes account fees.

If you're used to banking with a traditional "big-five" bank like RBC, TD Bank, Scotiabank, etc., then you've no doubt experienced fees such as:

• Low balance fees

• Monthly chequing account "maintenance fees"

• ATM fees

• Fees on Interac e-Transfers

Wealthsimple Chequing doesn't require users to maintain minimum balances, doesn't charge frivolous maintenance fees, doesn't subject users to ATM fees, and doesn't charge for its money transfer services.

Wondering why these fees don't apply to Wealthsimple Chequing?

Since Wealthsimple is an online financial platform, it doesn't have the high overhead that larger banks have.

The company doesn't have to pay to build and maintain brick-and-mortar banks, which allows them to pass these savings onto Wealthsimple users. I would argue that reduced fees are one of the main reasons why people are flocking from larger institutional banks to smaller online banks and credit unions.

Open A Joint Account With Wealthsimple Chequing

If you have a partner, you can open up a joint Wealthsimple Chequing account. Users can log into the joint account, track spending, and load or transfer money. Each partner will also receive their own Wealthsimple Chequing card with their name on it.

Are There Any Drawbacks To Wealthsimple Chequing?

For the most part, I'm really impressed with what Wealthsimple Chequing has to offer. The platform offers a great value proposition, allowing users to earn cashback on everyday spending, earn interest on savings, or simply take advantage of the Wealthsimple Chequing money transfer service.

However, there are a couple of small drawbacks that are worth mentioning.

It Won't Help You Build Credit

One of the main drawbacks of the Wealthsimple Chequing card is that it does not help you build credit. Unlike a traditional credit card that allows you to earn cash back on purchases while building your credit, the Wealthsimple Chequing card is simply a prepaid debit card.

Building your credit is very important if you plan on buying a house or want to receive better interest rates for:

• Financing a vehicle

• Applying for a personal loan

• Applying for a business loan

• Financing a new phone

Your credit score can even affect your ability to get approved for certain apartments and can determine the security deposit you must put down before moving in.

Additionally, good credit cards such as the AMEX Cobalt Card offer anywhere from 1.5% to 3% (and sometimes more) cash back on purchases, which is better than the Wealthsimple Card's 1% cash back rate.

If you're more concerned with improving your credit, I'd recommend using a credit card and keeping up with your monthly payments.

It's not an either-or situation, though.

Even if you don't use your Wealthsimple Chequing card for everyday purchases, Wealthsimple Chequing is still a great platform for savings, and I really like its easy money transfer service.

No Budgeting Or Spending Tracking Feature

One of Wealthsimple Chequing biggest competitors is the Koho Card. This prepaid debit card is similar to Wealthsimple Chequing and allows users to earn cash back on everyday purchases.

Koho also offers a built-in budgeting tool that allows its users to track their spending by category and set personal financial goals.

Unfortunately, Wealthsimple doesn't offer the same.

To be fair, Wealthsimple is partnered with Mint (a great budgeting tool). However, you'll need to sign up for a separate Mint account and link your Wealthsimple Chequing account, meaning you'll need to remember another username and password.

The Verdict - Is Wealthsimple Chequing Worth It?

All in all, I'd say Weathsimple Cash is a great platform. From cash back on purchases to interest earned on savings and its instant money transfer service, Wealthsimple Chequing is a multi-faceted platform that offers a number of benefits, no matter what you plan on using it for.

Plus, it's fee-free, so you won't pay any fees even if you open an account and don't use it often.

The main downside is that Wealthsimple Chequing won't help you build your credit. If you want to start building your credit, I recommend signing up for one of these first-time credit cards and using it in addition to your Wealthsimple Chequing account.