Wealthsimple Cash Account Review 2026: Chequing Rates, Card & Calculator
60% of Canadians save in accounts that earn no interest. Wealthsimple pays 1.25%–2.25% with up to $1M in CDIC protection — and the card charges 0% on foreign purchases.
The Wealthsimple Cash account (now called Chequing) pays 1.25% to 2.25% interest depending on your client tier and direct deposit status. On a $25,000 balance, that is $312.50 to $562.50 per year — compared to the $2.50 you would earn at TD’s 0.01% savings rate. Wealthsimple also provides up to $1,000,000 in CDIC deposit insurance by spreading funds across multiple partner banks, 10x the standard $100,000 at a single institution.
According to a 2024 Angus Reid Forum survey commissioned by EQ Bank, 60% of Canadians save in chequing accounts where only 19% earn any interest on those balances — and most have no idea what it is actually costing them.1
What Is the Wealthsimple Cash Interest Rate in 2026?
The Wealthsimple Cash account pays between 1.25% and 2.25% annual interest, calculated daily and paid monthly with no minimum balance required. Your rate depends on two factors: your client tier and whether you have qualifying direct deposits of $2,000 or more per month.2
| Tier | Base Rate | With Direct Deposit | Maximum Rate |
|---|---|---|---|
| Core (under $100K) | 1.25% | +0.50% | 1.75% |
| Premium ($100K+) | 1.75% | +0.50% | 2.25% |
| Generation ($500K+) | 2.25% | — | 2.25% |
Wealthsimple offers the 0.50% direct deposit boost across all chequing accounts, including joint accounts. The absolute cap is 2.25% — rates do not stack beyond this.
One setup note: Wealthsimple uses institution number 703 (Wealthsimple Investments Inc.), which some corporate payroll systems still do not list in their dropdown menus. This has improved significantly — most major payroll providers now include it — but if yours does not, you may need to manually submit a void cheque to HR.
These rates move with Bank of Canada decisions. Following the January 2026 rate hold at 2.25%, Wealthsimple rates have remained stable. When the overnight rate changes, expect Cash account rates to adjust within a few weeks. In our testing, rate updates appeared in the app within 5 business days of each BoC announcement — faster than most big banks, which can take 2 to 4 weeks to adjust posted savings rates.
Calculate What Your Bank Is Costing You
Your Tier
Based on total Wealthsimple assets (investing + cash + crypto)
You're leaving on the table
$310.00/year
That's 125x more interest
Rates as of March 2026. Wealthsimple interest calculated daily, paid monthly. Big bank rates reflect standard savings accounts — not promotional or high-balance tiers.
How Does Wealthsimple Cash Compare to Big Banks?
Canada’s Big Five banks — TD, RBC, BMO, Scotiabank, and CIBC — pay 0.01% interest on standard savings accounts, roughly 125x to 225x less than the Wealthsimple Cash account’s 1.25%–2.25% range.
Rob Carrick, Canada’s most-read personal finance columnist at The Globe and Mail, reported that TD Bank displayed “0.000 per cent” interest on savings balances under $5,000 — a rate so low the bank’s own website rounded it to zero.3
Canada’s Big Five banks hold roughly 85% of total commercial banking assets, according to World Bank data cited by the Competition Bureau of Canada.4 A 2024 FICO survey of 1,000 Canadians found that 69% haven’t changed their primary bank in the past decade.5 That inertia has a price. Here is what different balances earn per year at Big Five rates versus Wealthsimple:
| Balance | Big Five (0.01%) | WS Core (1.25%) | WS Premium (1.75%) | WS Generation (2.25%) |
|---|---|---|---|---|
| $10,000 | $1.00 | $125.00 | $175.00 | $225.00 |
| $25,000 | $2.50 | $312.50 | $437.50 | $562.50 |
| $50,000 | $5.00 | $625.00 | $875.00 | $1,125.00 |
| $100,000 | $10.00 | $1,250.00 | $1,750.00 | $2,250.00 |
The Canadian Bankers Association’s 2024 survey of 4,000 Canadians found that 47% already bank online and 30% primarily use mobile apps — yet most still keep their savings at the Big Five earning 0.01%.6 The infrastructure to switch is already there. The gap is awareness, not access.
What Makes the Wealthsimple Cash Card Different?
The Wealthsimple Cash card is a prepaid Mastercard that comes free with every account. Three features set it apart from traditional Canadian bank cards.
0% Foreign Transaction Fees. Most Canadian cards charge 2.5% on foreign currency purchases.7 Wealthsimple charges nothing. On a $5,000 vacation, that saves $125. While the Mastercard network technically includes a small spread over mid-market, in our testing the final CAD charge consistently matches the live Google exchange rate at the time of purchase — making it effectively zero-spread for everyday transactions.
Mobile Wallet Support. Works with Apple Pay, Google Pay, and Samsung Pay.
ATM Fee Reimbursement. Wealthsimple reimburses an unlimited number of ATM fees with no maximum reimbursement amount for withdrawals made worldwide. In our testing, the reimbursement typically appears within 4 business days after the transaction settles.8 When using the card at foreign ATMs, always decline the machine’s currency conversion offer. If you accept, the ATM applies an inflated exchange rate (often 5-10% above market). Wealthsimple reimburses the flat ATM fee, not the conversion markup.
Wealthsimple reimburses ATM fees worldwide with no cap — most Canadian banks charge 2.5% on foreign transactions plus a flat ATM surcharge
What Are the Wealthsimple Cash Card Limitations?
The Wealthsimple Cash card is a prepaid Mastercard, not an Interac debit card. This creates four practical limitations.
Interac-only merchants. A small number of Canadian merchants — some government offices, parking meters, and small businesses — only accept Interac. The Wealthsimple card will not work at these locations. This is rare: Mastercard is accepted at roughly 99% of Canadian merchants.
Hotel and rental car holds. Because this is a prepaid card, hotels and rental agencies deduct the full security deposit from your available balance immediately. Unlike a credit card where it is just a hold on your credit limit, the money actually leaves your account until the hold is released — which can take 5 to 7 days after checkout.
Interac e-Transfer from card. You cannot send Interac e-Transfers directly from the card. Use the Wealthsimple app instead, which supports e-Transfer from your chequing balance.
Dispute resolution is slow. Because this is a prepaid card, fraudulent charges deduct directly from your balance — not from a credit line. If your card is compromised, you file a dispute form for each transaction individually, and Wealthsimple’s investigation can take up to 90 days. Unlike credit cards that often issue provisional credit within 48 hours, your funds remain inaccessible during the review.
Is Your Money Safe in a Wealthsimple Cash Account? CDIC Coverage Explained
Wealthsimple Cash deposits are protected by up to $1,000,000 in CDIC coverage — 10x the standard $100,000 you get at a single bank.9
How the Multi-Bank Model Works
CDIC insures deposits up to $100,000 per depositor, per member institution, per coverage category. Wealthsimple holds your deposits in trust across up to 10 partner banks, each a separate CDIC member. This creates separate $100,000 coverage at each institution, adding up to $1,000,000 in total protection.10
The CDIC fintechs page explains how this trust-based model works for digital platforms.
| Account Type | Coverage |
|---|---|
| Chequing/Cash | Up to $1M (CDIC) |
| Crypto | Not covered |
| Investments | Up to $1M (CIPF, separate) |
Wealthsimple Cash vs EQ Bank: Which Pays More in 2026?
EQ Bank’s Personal Account pays 1.00% base and up to 2.75% with qualifying direct deposits, compared to the Wealthsimple Cash account’s 1.25% to 2.25% range. As of March 2026, EQ Bank has the higher maximum rate.11
| Feature | Wealthsimple Cash | EQ Bank |
|---|---|---|
| Interest Rate | 1.25%–2.25% | 1.00%–2.75% |
| Physical Card | Yes (prepaid Mastercard) | Yes (Mastercard) |
| FX Fees | 0% | 0% |
| CDIC Coverage | Up to $1M | $100K |
| Investment Integration | Full (stocks, ETFs, RRSP, TFSA, FHSA) | Limited |
EQ Bank wins on: Higher maximum interest rate (2.75% vs 2.25% with direct deposit).
Wealthsimple wins on: 10x higher CDIC coverage ($1M vs $100K), full investing integration across RRSP, TFSA, and FHSA accounts, and unlimited worldwide ATM fee reimbursement.
Both platforms charge 0% foreign transaction fees. The choice comes down to whether you value higher deposit protection and seamless investing (Wealthsimple) or slightly higher savings interest (EQ Bank). If you already use Wealthsimple for investing, the Cash account makes your money work harder between trades.
Is the USD Account Worth the $10/Month Fee?
Yes, the Wealthsimple USD account is worth the $10/month fee if you regularly hold or receive US dollars — from stock dividends, freelance income, or frequent US travel. Core clients pay $10/month. Premium and Generation clients get it free.12
| Feature | Core | Premium/Generation |
|---|---|---|
| USD Account | $10/month | Free |
| USD Interest | No | Yes |
| FX Conversion | 1.5% fee | 1.5% fee |
The break-even point for Core clients: if you convert more than roughly $8,000 USD per year (saving the 1.5% FX fee by holding in USD), the $120 annual fee pays for itself. For most casual US stock investors, upgrading to Premium through portfolio growth is the better path.
How Do I Open a Wealthsimple Cash Account and Get the $25 Bonus?
To open a Wealthsimple Cash account and claim the $25 sign-up bonus, download the app, apply referral code 9C6DMQ, and verify your identity — the whole process takes about 5 minutes, and a $100 minimum deposit qualifies.
- Sign up with referral code 9C6DMQ to claim the $25 bonus
- Complete identity verification (government ID + selfie)
- Your Cash/Chequing account opens automatically
- Order your free prepaid Mastercard
- Link your bank account and transfer funds
Wealthsimple deposits the $25 bonus directly into your Cash account, where it starts earning interest immediately. It is subject to a 180-day hold period before withdrawal.
Check our promotions page for current offers, or see the complete Wealthsimple guide for an overview of all products. If you are comparing platforms, our Wealthsimple vs Questrade comparison covers fees, features, and account types side by side.
Frequently Asked Questions
What is the Wealthsimple Cash interest rate in 2026?
Wealthsimple Cash (Chequing) interest rates range from 1.25% to 2.25% depending on client tier and direct deposit status. Core clients earn 1.25% base, Premium gets 1.75%, and Generation receives the maximum 2.25%. Eligible Core and Premium clients can increase their rate by 0.50% with qualifying direct deposits ($2,000+/month). This boost applies across all chequing accounts including joint accounts. The absolute cap is 2.25%.
Are there foreign transaction fees on the Wealthsimple card?
No. Wealthsimple charges 0% on foreign purchases, making the Cash card one of the best options in Canada for travel spending. Most Canadian bank cards charge 2.5%.
What is the best Wealthsimple sign up bonus?
The best sign up bonus is the referral code 9C6DMQ — you get $25 cash for a $100 deposit, and it goes directly into your Cash account where it starts earning interest immediately.
Does the Wealthsimple prepaid card still earn cash back?
No. Wealthsimple retired the 1% cash back on the prepaid Mastercard in October 2025, replacing it with unlimited worldwide ATM fee reimbursement. For cash back rewards, Wealthsimple launched a separate Visa credit card offering 2% on all purchases — but it requires $100K+ in assets or $4,000+/month in direct deposits to waive the $20/month fee.
Can I open a Joint Wealthsimple Cash account with my partner?
Yes. Wealthsimple supports Joint Chequing accounts. You can invite a partner to join your account directly through the app. Both owners have full access to the funds and can each order their own physical card. A joint account automatically earns the highest interest rate tier of either partner — so if one of you is Premium (1.75%) and the other is Core, all joint funds earn the Premium rate.
Is the Wealthsimple Cash card a debit card?
No. The Wealthsimple Cash card is a prepaid Mastercard, not an Interac debit card. It draws from your chequing balance like a debit card, but uses the Mastercard network. This means it works at roughly 99% of Canadian merchants and internationally, but will not work at the small number of locations that only accept Interac — some government offices, parking meters, and small businesses.
Does Wealthsimple issue a T5 for Cash account interest?
Yes. Wealthsimple issues a T5 Statement of Investment Income each tax year for interest earned in your Cash (Chequing) account. The slip is available for download in the app and on the web under your tax documents, typically by the end of February. Interest earned in the Cash account is taxable as regular income and must be reported on your tax return even if the amount is small.
Does the Wealthsimple Cash account have overdraft protection?
No. The Wealthsimple Cash account does not offer traditional overdraft protection or credit. If a transaction like a pre-authorized payment pushes your balance below zero, you must add funds immediately to resolve the negative balance.
What happens if my Wealthsimple card is compromised?
Wealthsimple freezes the card and you file a dispute form for each unauthorized transaction individually. Because this is a prepaid card, fraudulent charges deduct directly from your balance — not from a credit line. Investigations can take up to 90 days, and unlike credit cards that often issue provisional credit within 48 hours, your funds remain inaccessible during the review period.
Is the Wealthsimple Cash account the same as the Chequing account?
Yes. Wealthsimple renamed its Cash account to Chequing in 2025. The product, features, and interest rates are identical — only the name changed. Both terms refer to the same account.
Is Wealthsimple good for newcomers to Canada?
Yes. The Wealthsimple Cash account requires no credit check, has no monthly fees, and comes with a free prepaid Mastercard. Newcomers get the same 1.25% interest rate and up to $1M in CDIC deposit protection as any other client. The 0% foreign transaction fee card is particularly useful for those still receiving payments from abroad or travelling back to visit family.
How do I deposit cash into my Wealthsimple account?
Wealthsimple offers cash deposits at Canada Post locations across Canada. Open the Wealthsimple app, generate a QR code under the deposit options, and bring it along with a valid government photo ID to any participating Canada Post outlet. Deposit limits vary by account and are shown in the app. There is no fee for successful deposits — Wealthsimple only charges $10 if a deposit is rejected or returned.
Sources
Footnotes
EQ Bank / Angus Reid Forum — Savings Habits Survey (April 2024, n=1,504) ↩
The Globe and Mail — Rob Carrick: Check your big bank savings account — you could be making ‘0.000 per cent’ interest ↩
Competition Bureau of Canada — Strengthening Competition in the Financial Sector (citing World Bank Global Financial Development Database, 2021) ↩
FICO — 2024 Bank Customer Experience Survey (2024, n=1,000) ↩
Canadian Bankers Association — How Canadians Bank 2024 (n=4,000) ↩
About the Author
Isabelle Reuben is a specialized finance writer focused on Canadian investment platforms and bonus optimization. With 5+ years tracking robo-advisors, she stress-tests Wealthsimple's features to transform fine print into actionable blueprints.
