Wealthsimple has a high interest spending account known as the Wealthsimple Chequing account. It’s actually a hybrid account that gives you fairly easy access to your money for no monthly fees. With an interest rate of 2.75%, unlimited e-Transfers, no FX fees, and 1% back on your purchases when you use your Wealthsimple Card, this account is worth taking a look at – especially for investors.
Its only downsides are that it doesn’t come with a welcome bonus and the top tier interest rate might be out of reach for some. We have all the details below so you can see for yourself.
Wealthsimple Chequing features
Here's what Wealthsimple Chequing has to offer:
Why You Want It
Earn up to 2.75% interest + Get 1% back in cash, stock, or crypto on your purchases.
Special Features
- Get 1% back in cash, stock, or crypto with the Wealthsimple card
- Up to $1 million in CDIC coverage
Provinces
ALL
Interest Rates
All core clients
1.75%
Wealthsimple Premium
2.25%
Wealthsimple Generation
2.75%
Features
# Of Free Transactions
Unlimited
# Of Free Interac E-Transfers
Unlimited
Max Promotion Rate
N/A
Welcome Bonus Value
N/A
Promo End Date
N/A
Wealthsimple Chequing rating: 4.0 stars
The Wealthsimple Chequing account has received a 4.0 rating primarily because of its high standard interest rate, free and unlimited Interac e-Transfers, and inclusion of the Wealthsimple Chequing Card.
It doesn’t have too many downsides, other than lacking a welcome bonus and having a high minimum threshold to reach the highest interest rate. Still, the base rate is excellent and you earn cash back on your purchases – what’s not to love?
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of Wealthsimple Chequing
So, what does Wealthsimple Chequing have going for it?
Pros
Impressively high standard interest rate
The Wealthsimple Chequing account has a superb regular interest rate of 1.75% – and it can actually go as high as 2.75%. This is more than what the big banks offer, and even higher than many online banks as well.
Free and unlimited Interac e-Transfers
Once your money is in your Wealthsimple Chequing account, you can send and receive unlimited free Interac e-Transfers. That’s right, no fees for transferring money via e-Transfer. Just keep in mind the limits of $5,000 per day and $10,000 per week.
No monthly fees, and no transaction fees
There are no fees associated with the Wealthsimple Chequing account. You can open it quickly online, and start putting money into it immediately. There are no deposit fees, withdrawal fees, or minimum deposit requirements.
Earn 1% back in cash, stocks, or crypto with the Wealthsimple card
Every time you use your Wealthsimple Card to make a purchase, you'll earn back 1% in your choice of rewards: cash to top up your savings account, money towards your stock or crypto trading account, or more shares in your choice of crypto coin.
Get paid early with direct deposits
If you set up your pay cheque to be deposited into your Wealthsimple Chequing account, you can be paid up to one day early. Talk about a nice little added bonus – who doesn’t want to be paid quicker?
Free from foreign transaction fees
Another added perk with the Wealthsimple Chequing account and Wealthsimple Card is that you don’t have to worry about FX fees. Mastercards have high acceptance rates globally – meaning it could be a great travel companion for out-of-country purchases.
The cons of Wealthsimple Chequing
But there are some drawbacks to keep your eye on:
Cons
No welcome bonus or rewards
Some online banks offer promotional interest rates to lure you into opening a savings account, but Wealthsimple Chequing has no welcome bonus of this sort. And some prepaid cards allow you to earn rewards when you use them, but there's no mention that the Wealthsimple Card has anything like that.
High minimum balance to reach maximum interest rate
As you’ve seen, the regular interest rate in this account is generous. But there’s potential to earn an even higher rate if you have the funds to get there. Wealthsimple Chequing requires you to keep $100,000 in assets to earn 4.5%, and a whopping $500,000 if you want to earn the highest tier at 2.75%.
Wealthsimple Chequing alternatives
Here’s how Wealthsimple Chequing stacks up against a couple of other online bank offerings:
 |  |  | |
|---|---|---|---|
| Account | Neo Savings Account | KOHO Earn Interest | Simplii High Interest Savings Account |
| Genius Rating | |||
| Why You Want It | Earn one of the best rates in Canada (2.9%) + No monthly fees. | Get 2 accounts in 1 with up to 3.5% interest + Cash back on every purchase. | Get a 4.5% special interest rate + $125 refer-a-friend bonus. |
| Interest Rates |
|
|
|
| # Of Free Transactions | N/A | Unlimited | 0 |
| # Of Free Interac E-Transfers | N/A | Unlimited | 0 |
| Max Promotion Rate | N/A | N/A | 4.5% |
| Welcome Bonus Value | N/A | N/A | N/A |
| Promo End Date | N/A | N/A | January 31, 2025 |
| Open an account See more Neo Financial products Compare | Open an account See more KOHO products Compare | Open an account See more Simplii Financial products Compare |
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FAQ
What is Wealthsimple?
Wealthsimple is a popular investment platform that was founded in 2014. It offers many financial products and services to its users, including robo advising, self-directed investing, cash accounts and registered accounts, tax software, and more.
Are there any monthly fees for the Wealthsimple Chequing account?
Wealthsimple Chequing is completely fee free, with no monthly fees, no fees for ATM use, and no fees for sending and receiving Interac e-Transfers. The Wealthsimple Card also doesn’t charge any foreign transaction fees, which is a nice feature.
Does the Wealthsimple Chequing account have a minimum balance requirement?
There’s no minimum balance requirement for the Wealthsimple Chequing account. You can open an account and start earning interest. Just keep in mind that in order to earn the maximum interest rate, you’ll need to meet minimum balance requirements.
How do I open a Wealthsimple Chequing account?
Before opening an account, make sure you meet the eligibility requirements. You can then download the Wealthsimple app, where you’ll be prompted to make an account or sign in, and then open a new cash account by answering a few questions.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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