Canada’s highest-interest chequing account

That's right. Our data was collected as of November 11, 2024. Average includes all posted rates of chequing accounts from Canadian financial institutions as listed under Schedule I under the Bank Act. This excludes limited-time and promotional offers, and products that do not offer cheques.

Our interest rates have no set end date and don't end after a limited promotional period, but there’s always a chance the Bank of Canada might change its rates, and if they do, we follow suit. Your interest is an annualized rate that's calculated daily and paid out monthly, subject to change. See here for details.

First off: there are no annual fees! And unlike credit cards, the Wealthsimple card doesn’t require a credit check or any other qualifications.

And no, you’ll never need to worry about this card impacting your credit score.

We don't charge any monthly account fees or minimum balance fees.

We also don't charge a foreign transaction (FX) fee. Usually, banks charge you around 3% to use your Canadian credit card in another country. We, on the other hand, don't do that. There is still a currency conversion rate charged by the payment network (not us!) when you make a purchase in another currency.

We don't charge ATM fees. The ATM might though, so we'll even reimburse any eligible fees of up to $5 each charged by a domestic ATM provider. You can find more about that here, and learn more about using your Cash card here.

No, but we are a FINTRAC-registered money services business, and we work closely with banking partners to keep deposits safe. This means we can offer a lot of the same perks and conveniences of traditional chequing and savings accounts.

Your everyday spending account comes with both a digital and physical card that you can manage right from the Wealthsimple app.

The app lets you manage your benefits and spending preferences, or lock your card if something happens to it. Your balances are all updated in real time, too — even if you’re using the physical card.

The balance in your Wealthsimple Cash account is held in trust for you with members of the Canada Deposit Insurance Corporation (CDIC), a federal Crown corporation. CDIC protects eligible deposits held at CDIC member institutions in case of a member institution’s failure. 

Note: Wealthsimple isn’t a bank, and we are not a CDIC member. That said, we’ve partnered with a number of CDIC-member, federally regulated Canadian Financial Institutions to effectively extend CDIC deposit protection to WS Cash account holders for a combined amount (up to $1,000,000 CAD) in the unlikely event the CDIC members were to fail.

Coverage is free and automatic. Learn more here.

You'll earn 1% back pretty much every time you use your Wealthsimple card to make a purchase — except cash-like transactions such as refunds, bill payments, or adjustments. The 1% back is automatically added to your balance.

For crypto, you’ll be able to choose any of our 70+ coins that we offer as your reward. You can either auto-buy your chosen coin once you have $1 back in rewards, or the cash equivalent will be deposited into your Crypto account for you to trade however you like.

Stock rewards are a little different: your 1% back will be awarded as a cash balance into your self-directed account, and from there you can buy whichever stock you like.

And don’t worry — you can update your reward preferences any time right in the app. More details here.

You can use your card online and in-store everywhere Mastercard® is accepted.

And since Mastercard is accepted all over the world, you can use your Wealthsimple card while traveling (with a few exceptions and fees from Mastercard).

You can also use the physical card to withdraw cash at ATMs Canada-wide. We don’t charge any fees for withdrawing cash, but you might get charged a standard ATM fee (usually about $3.00) that we'll reimburse up to $5 per eligible fee charged by a Canadian ATM provider. You can find more about that here.

Nope, any direct deposit type will count towards the $2,000/month minimum. This includes payroll, pension, social assistance, and insurance direct deposits.

All Core and Premium clients are eligible to earn an increased rate of up to 3.75% interest with direct deposits. To qualify and continue earning the 0.5% boost, you’ll need to direct deposit at least $2,000 into your Cash account within a 30-day period. Generation clients won’t be eligible for an additional 0.5% boost since they're already earning our highest interest rate of 3.75%.