Wealthsimple Cash Review 2026

What is Wealthsimple Cash?

Before we can properly explain what Wealthsimple Cash is, it’s worth reviewing what Wealthsimple is and what they provide. Wealthsimple began as a robo-advisor in 2014 and, at the time, was a pretty exciting addition to the Canadian online banking scene. They later went on to add a discount/self-directed online brokerage option, saving Canadians comfortable with DIY investing further money.

They’ve since added the ability to make cryptocurrency trades and payment-for-order flow transactions. This is where they are making most of their money from commissions now. Wealthsimple Cash was added as an additional way to bring in more new customers, who would hopefully jump in on some of those other (ie. more profitable) platforms offering other account types. 

Wealthsimple Cash is an online, hybrid savings/chequing account, meaning it has the common features of both a savings account and a chequing account. It offers competitive interest rates and comes with a digital and physical prepaid Mastercard that you can use as a debit card. Both individual and joint accounts are available, and you can open up to 8 of each to organise your money. You can get a chequebook for free when you set up your pay to be deposited to Wealthsimple. In order to deposit cheques into your account, you can use the app. You can also order a bank draft through the app, and they will ship it to you.

Wealthsimple is online-only, so while you can’t walk into a branch location for any sort of assistance, there is a highly rated app in which you can perform all types of transactions and customer service exists online and by telephone.

Is it Safe & Trusted?

Yes, Wealthsimple Cash is safe and trusted.

Although Wealthsimple Cash is not itself a member of the Canada Deposit Insurance Corporation (CDIC), funds held in a Wealthsimple Cash account are held in trust with several federally regulated Canadian financial institutions that are CDIC members.

This structure allows eligible deposits to be protected by CDIC insurance, providing combined coverage of up to $1 million CAD in the unlikely event that one of the partner financial institutions fails.

Fees and Minimum Balance

This is one of the standout sections when looking at Wealthsimple Cash. There are no monthly account fees charged, and there are no minimum balance fees. However, a high balance (across all Wealthsimple account types) can mean a higher interest savings rate for you (more on that in the next section below). 

Wondering about other fees? 

Foreign Transaction (FX) Fees: No. There is still a currency conversion rate charged by the payment network when you make a purchase in another currency, however.

ATM Fees: Nope. And in the case that an ATM charges fees, Wealthsimple will reimburse eligible fees worldwide.

Interac e-Transfer Fees: that’s another no. 

You will, however, incur a flat fee charge of $20 for sending wire transfers within Canada. International wire transfers are reportedly coming soon. 

So, as you can see, if you are looking to keep fees low and/or skip fee sections altogether, Wealthsimple Cash looks enticing.

Wealthsimple Cash Interest Rates

Wealthsimple Cash’s Interest Rates vary depending on the amount of assets held under the broader Wealthsimple umbrella. That is to say, that funds managed by a robo-advisor and/or self-directing investing accounts also play into your Wealthsimple Cash interest rate. Wealthsimple classifies the type of client you are based on how high your assets with them are. 

Wealthsimple also allows households to “combine” their assets to view “Household net worth”. So if you have a partner, performing this action can significantly speed up how quickly you move up the client ladder, increasing your Wealthsimple Cash Interest Rate.

While High Interest Savings Accounts are a great place for the cash you want sitting on hand, there are many other (and depending on your timeline, better) ways to grow your money. If you’re saving up for a large purchase or down payment with a set timeline, you may want to consider a Guaranteed Investment Certificate (GIC). Check out our outline of the Best GIC Rates in Canada – some banks are offering up to 3.30% when you lock your money in for a 1-year term. We also offer education on GICs vs HISAs vs Bond ETFs as well as the Best Short Term Investments available to Canadians. 

Pros and Cons

Let’s take a deeper dive into the pros and cons of this online bank account.

A definite pro of the Wealthsimple Cash Account is how it functions as a one-stop shop for your daily saving and spending needs. The hybrid savings/chequing account model is growing in availability and popularity, and for good reason.

With a high interest savings rate and no banking/transaction fees, you can earn interest on the balance in the same account that you do your daily no-fee spending from! As previously mentioned, your interest rate will range from 1.25% to 2.25% depending on your client level with Wealthsimple.

Another plus for the Wealthsimple Cash account is the Wealthsimple Cash Card. This is a prepaid Mastercard that functions as a debit card. You can manage it from the Wealthsimple app, and the balance on the card also earns interest. Unfortunately, this card no longer offers you cash back on purchases.

There is no minimum balance to open an account, and ATM fees are free and reimbursed when charged by global ATM providers. All these features lead to more money staying in your account! 

We don’t always see bank drafts and personal cheques offered by digital-only banks, so we love that Wealthsimple Cash has included them as a feature of their account.

On the other hand, there are some cons with the Wealthsimple Cash Account, namely when compared to other top Canadian chequing account competitors such as EQ Bank and Neo Chequing. 

In order to earn a higher interest rate than 1.25% you’ll need to hold over $100,000 in assets to achieve a 1.75% interest rate, or over $500,000 to achieve the top interest rate of 2.25%. If you are only using Wealthsimple Cash and not their other products, you may not have these levels of assets sitting in your account. Meanwhile, with EQ Bank and Neo Financial, you can earn an everyday interest rate of up to 2.75% without having to hold a high account balance.

Unfortunately, you will not find GICs available with Wealthsimple, which is a product that most online banks offer. To see the best GIC rates available to Canadians, check out our continuously updated Best GIC Rates in Canada article, as well as cross-compare to Top Canadian Short Term Investments.

Additionally, as an online-only bank, Wealthsimple doesn’t have physical branches for clients to walk into.

We recommend checking out our article comparing Wealthsimple Cash to EQ Bank to see where some of Wealthsimple’s shortcomings are provided by EQ Bank.

Wealthsimple Cash Review – FAQ

Is Wealthsimple Cash Good For You?

Hopefully our Wealthsimple Cash review illustrated that while we think it’s a fine platform, it isn’t our top choice for an online chequing account in Canada. Perhaps it’s a perfect fit for your unique preferences, but for most Canadians there are better options out there.

The Wealthsimple Cash Account probably makes most sense for those with other Wealthsimple Accounts, such as the robo-advisor or self-directed investing platform. Having all your money in one place results in ease of use when moving funds around. It may also increase the probability that you have enough assets to get the interest rates of 1.75% or 2.25%.

But keep in mind, the Best Canadian High Interest Accounts (often hybrid accounts) are offering ongoing 2.75% interest rates. That 0.5% will add up over time! Or, you can get a higher interest with a Top Canadian GIC if you’re OK locking your money away for a set period of time.

To go with a Wealthsimple Cash Account, you’ll also need to be comfortable performing all banking tasks online/with an app. While there is customer service available online or over the phone, there is no brick-and-mortar bank location that you can walk into for help or services. 

Wealthsimple Cash does have some unique features over competitors, such as bank drafts and the ability to write personal cheques. However, outshining Wealthsimple Cash with a higher interest rate, a top-tier platform, and great all-around value is EQ Bank.