Wealthsimple Cash Account Review 2025: Interest Rates, Features & Card

The Wealthsimple Cash account (now called “Chequing”) has evolved into one of Canada’s most competitive everyday banking products. This review covers everything you need to know about interest rates, the prepaid card, and whether it can replace your traditional bank.

Current Interest Rates (December 2025)

Interest rates on the Wealthsimple Cash account vary based on your client tier and direct deposit status. Keep in mind that the Wealthsimple cash account interest rate fluctuates with the market—specifically, it moves with Bank of Canada rate decisions. As of December 2025 (following the November rate cut), here are the current rates:

*Direct deposit boost requires $2,000+ monthly deposit from payroll or government payments.

How This Compares to Big Banks

Wealthsimple offers 10-100x higher interest than traditional banks on everyday cash.

Interest Calculation

• Interest is calculated daily on your balance
• Paid out monthly to your account
• No minimum balance required to earn interest
• No promotional rate that expires

The Wealthsimple Card

The physical card you receive with your Cash account is a prepaid Mastercard—not a traditional debit card.

Key Features

No Foreign Transaction Fees: This is the standout feature. Most Canadian credit and debit cards charge 2.5% on foreign currency purchases. Wealthsimple charges 0%.

For a $5,000 vacation:

• Traditional bank: $125 in FX fees
• Wealthsimple: $0

1% Cash Back: Earn 1% rewards on purchases made with the card.

Mobile Wallet Support: Works with Apple Pay, Google Pay, and Samsung Pay.

Free ATM Withdrawals: Access ATMs in the Exchange and Cirrus networks without fees. Third-party ATM fees are reimbursed.

Limitations

Not Interac Debit: The Wealthsimple card is a prepaid Mastercard, not an Interac debit card. This means:

• ❌ Won’t work at merchants that ONLY accept Interac (rare, but some government offices and small businesses)
• ❌ Can’t use Interac e-Transfer from the card (use the app instead)
• ✅ Works everywhere Mastercard is accepted (99% of merchants)

Loading Limits: As a prepaid card, there may be limits on how much you can spend in a single transaction. These are generally high enough for everyday use.

USD Account Features

For users who hold US dollars (for US stock dividends, USD income, etc.), Wealthsimple offers a USD account:

The USD account is particularly useful for:

• Collecting dividends from US stocks in USD
• Avoiding repeated currency conversions
• Traveling to the US frequently

CDIC Insurance: Up to $1 Million

One of Wealthsimple’s strongest features is its deposit insurance structure.

How It Works

Wealthsimple partners with multiple federally regulated banks to hold your deposits. Each partner bank provides up to $100,000 in CDIC coverage per account type.

By spreading deposits across multiple partner banks, Wealthsimple provides up to $1,000,000 in CDIC coverage—10x the standard protection at a single bank.

What’s Protected

This makes the Cash account one of the safest places to park large amounts of cash in Canada.

Private Credit Fund (Generation Tier)

For Generation clients ($500K+), Wealthsimple offers access to private credit investments.

What Is Private Credit?

Private credit funds lend directly to businesses, bypassing traditional banks. They typically offer:

• Higher yields than traditional fixed income
• Lower correlation to stock markets
• Regular income distributions

Risk Considerations

Private credit is not risk-free:

• Less liquid than stocks or ETFs
• Default risk on underlying loans
• Not suitable for emergency funds

This product is designed for sophisticated investors who understand the risks and want diversification beyond public markets.

Opening a Wealthsimple Cash Account

Getting started is simple:

1. Sign up with referral code 9C6DMQ — Get a $25 bonus
2. Complete identity verification (takes minutes)
3. Your Cash/Chequing account is automatically opened
4. Order your free prepaid Mastercard
5. Link your bank account and transfer funds

There’s no minimum deposit to open the account or start earning interest.

Who Should Use Wealthsimple Cash?

Perfect For:

✅ Emergency funds — High interest + CDIC protection ✅ Travel — No foreign transaction fees ✅ Everyday banking — Modern app, instant transfers ✅ Wealthsimple investors — Seamless integration with trading accounts

Maybe Not For:

❌ People who need Interac-only payments — Prepaid Mastercard has limitations ❌ Complex banking needs — No mortgages, lines of credit, etc.

Wealthsimple Cash vs. EQ Bank

EQ Bank is another popular high-interest alternative. Here’s how they compare:

EQ Bank wins on: Slightly higher max rate with direct deposit (2.75% vs 2.25%)

Wealthsimple wins on: No FX fees, higher CDIC coverage, investing integration

With recent Bank of Canada rate cuts, both platforms now offer similar interest rates. The choice comes down to whether you value travel-friendly banking (Wealthsimple) or slightly higher savings interest (EQ Bank).

The $25 Bonus

When you open a Wealthsimple Cash account using a referral code and deposit $1+, you receive a $25 cash bonus.

This bonus is deposited directly into your Cash account and is yours to keep (subject to the 180-day hold period).

👉 Sign up with code 9C6DMQ and get your Wealthsimple sign up bonus of $25 today.

Related Articles

• Wealthsimple Referral Code 2025: Ultimate Guide
• Wealthsimple Core vs Premium vs Generation
• Wealthsimple vs Questrade Fees 2025

Frequently Asked Questions

What is the Wealthsimple Cash interest rate in 2025?

Base rate is 1.25% for Core clients, increasing to 1.75% for Premium and 2.25% for Generation. A 0.5% boost is available with $2,000+/month direct deposit.

Are there foreign transaction fees?

No. Wealthsimple charges 0% on foreign purchases, making it one of Canada’s best travel cards.

What’s the best Wealthsimple sign up bonus?

The best sign up bonus is the referral code 9C6DMQ—you get $25 cash for just a $1 deposit, plus it goes directly into your Cash account and starts earning interest immediately.

Can I use the Wealthsimple card at Costco?

Yes! Costco Canada accepts Mastercard, so the Wealthsimple prepaid Mastercard works perfectly there. This is a common question since Costco previously only accepted Amex.

Can I open a Joint Wealthsimple Cash account with my partner?

Yes. Wealthsimple now supports Joint Chequing accounts. You can invite a partner to join your account directly through the app. Both owners will have full access to the funds and can each order their own physical Wealthsimple Cash card.

Does Wealthsimple reimburse ATM fees charged by other banks?

Yes. Wealthsimple does not charge ATM fees, and they also reimburse the fee charged by the ATM operator (e.g., the $3.00 fee from a CIBC ATM) for eligible withdrawals worldwide. This reimbursement typically appears in your account shortly after the transaction settles.

How long do mobile cheque deposits take to clear?

It depends on your instant deposit limit. If your limit is $3,000 and you deposit a $1,000 cheque, the funds are usually available immediately. If you deposit a $10,000 cheque, the first $3,000 is available instantly, and the remaining $7,000 will be held for approximately 5–7 business days to clear.

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, or your account may be suspended.

Will I actually get paid a day early with direct deposit?

In most cases, yes. Traditional banks hold payroll funds until the official “payday” (usually Friday). Wealthsimple releases the funds as soon as they receive the notice from the payment clearing system, which often happens on the afternoon or evening of the previous day (e.g., Thursday).