Find my card

Wealthsimple Chequing Account Review

Wealthsimple logo

Reviewed by Jen, founder of MoneyMint · Updated September 25, 2026

WealthsimpleChequing Account

Wealthsimple Chequing Account

Our take: the one chequing account here that pays meaningful interest on everyday money, with no FX fee on debit purchases — best if you already invest with Wealthsimple.

#4 Best chequing

Welcome bonusNew clients: deposit $100 within 30 days and get a $25 bonus.
Open an account on Wealthsimple’s site →

  • Goes straight to Wealthsimple
  • Our review

Wealthsimple Chequing (the everyday spending and saving account formerly marketed as Wealthsimple Cash) is a hybrid chequing/savings account built into the Wealthsimple app, designed for people who already use Wealthsimple for investing and want their everyday cash to earn interest without a monthly fee. There’s no branch network — everything happens through the app — but it comes with no-FX-fee spending, free Interac e-Transfers, and worldwide ATM fee reimbursement. Because Wealthsimple isn’t a bank itself, deposits are held in trust at partner banks and CDIC coverage works differently than at a traditional bank; that distinction is worth understanding before moving significant funds in.

4.0out of 5

MoneyMint rating

#2 of 16 chequing accounts · How we rate

Real annual cost
10/10
Transactions
10/10
Interest paid
8/10
Welcome bonus
0/10
Access
9/10
Deposit protection
6/10

$0

real annual cost — the fee, or the interest given up on the balance that waives it, whichever is lower. Run your own numbers →

At a Glance

Monthly Fee

$0No monthly account fee and no minimum balance requirement

Interest Rate

Tiered, up to 2.25%Rate depends on your total assets held with Wealthsimple; rates are variable and change over time — confirm the current tiers on Wealthsimple’s site

Minimum Balance

$0No minimum balance required to open or maintain the account

Free Transactions

Unlimited debit purchases, free e-Transfers, no FX feesATM withdrawals reimbursed worldwide; a flat fee applies to outgoing domestic wires

Welcome Bonus

$25 referral bonusNo standing sign-up bonus, but new clients who deposit $100+ within 30 days of using a referral link get $25 (the referrer gets $25 too), per Wealthsimple’s referral program terms

Wealthsimple is not a bank. Deposits in Wealthsimple Chequing are held in trust and placed with multiple partner banks, which is how Wealthsimple advertises CDIC-eligible coverage beyond the standard single-institution limit. The exact partner banks and coverage structure can change, and this is a materially different arrangement than depositing directly with a chartered bank — read Wealthsimple’s current disclosures on how deposit insurance applies before relying on it for large balances. Also note Wealthsimple’s interest rate is tiered by how much you hold with Wealthsimple overall and is variable — it has changed before (including a rate reduction) and can change again.

Pros & Cons

Pros

  • No monthly fee and no minimum balance
  • Tiered interest paid on your balance (rate depends on total Wealthsimple assets)
  • No foreign exchange fees on purchases
  • Free Interac e-Transfers
  • ATM fee reimbursement worldwide
  • Fully managed through the Wealthsimple app — no branches needed
  • CDIC-eligible coverage extended across multiple partner banks (confirm current structure and limits)

Cons

  • No physical branches — everything is app/online-based, which won’t suit everyone
  • Interest rate is tiered and variable; the top rate requires holding more assets with Wealthsimple, and rates have been cut before
  • Not a bank itself — deposit protection works through a trust/partner-bank structure rather than a direct CDIC member relationship, which is a different arrangement than a traditional bank account
  • $20 flat fee on outgoing domestic wire transfers
  • Overdraft is not a standard feature the way it is at traditional banks; carrying a negative balance can trigger its own interest charges
  • No current welcome bonus specifically for opening the Chequing account, unlike some competing accounts

Who It’s For

Best For

  • People who already use Wealthsimple for investing and want everyday banking in the same app
  • Those who want their chequing balance to earn interest instead of sitting idle
  • Frequent travelers who want no FX fees and reimbursed ATM withdrawals
  • Digitally-comfortable users who don’t need in-person branch service

Not Ideal For

  • Anyone who wants or needs in-person branch banking
  • People who want the certainty of a single, traditional CDIC member bank holding their deposits directly
  • Those chasing a cash welcome bonus for opening a new chequing account
  • Customers who send frequent domestic wire transfers and want to avoid per-wire fees

Quick Facts

Monthly Fee$0
Interest RateUp to 2.25% (tiered)
Minimum Balance$0
FX FeesNone
Welcome Bonus$25 referral bonus

Open an account on Wealthsimple’s site →

The Apply Now button above uses MoneyMint’s Wealthsimple referral link — new clients who sign up through it and deposit $100 within 30 days get a $25 bonus, and MoneyMint earns a referral reward too, per Wealthsimple’s referral program terms. This sidebar link goes straight to Wealthsimple’s official page with no referral code, if you’d rather use that.

+ Compare all bank accounts

Not Sure? Three Accounts People Compare It With

All chequing accounts →

Neo Financial Neo Money Chequing Account

Neo Financial Neo Money Chequing Account

Pick this instead if you already bank with Neo Financial.

Fee $0Rate 0.1%

Read review

BMO Performance Chequing Account

BMO Performance Chequing Account

Pick this instead if you want a bigger welcome bonus (up to $700).

Fee $18/moBonus up to $700

Read review

Simplii Financial No Fee Chequing Account

Simplii Financial No Fee Chequing Account

Pick this instead if you want a bigger welcome bonus (up to $350).

Fee $0Bonus up to $350

Read review

Wealthsimple Chequing Account

No monthly fee · 2.25% interest · up to $25 welcome offer

Open an account on Wealthsimple’s site →Compare all accounts

J

Jen, founder of MoneyMint

Reviewed by Jen. Every figure on this page was checked against Wealthsimple’s official page on September 25, 2026.

Frequently Asked Questions

Does Wealthsimple Chequing charge a monthly fee?

No. There’s no monthly fee and no minimum balance requirement to open or keep the account.

What interest rate does Wealthsimple Chequing pay?

Wealthsimple pays a tiered interest rate that depends on how much you hold across Wealthsimple in total, up to a top rate that has been as high as 2.25% — but this rate is variable and has changed before, so confirm the current tiers on Wealthsimple’s site.

Is Wealthsimple Chequing covered by CDIC deposit insurance?

Wealthsimple is not a bank; it holds Chequing deposits in trust and places them with multiple partner banks, which it uses to offer CDIC-eligible coverage above a single institution’s standard limit. Review Wealthsimple’s current disclosures for the specifics of how this works.

Are there foreign transaction fees with Wealthsimple Chequing?

No. Wealthsimple does not charge foreign exchange fees on purchases made with the account, and ATM withdrawals are reimbursed worldwide.

Does Wealthsimple Chequing have a welcome bonus?

Not currently. There is no standing sign-up bonus advertised specifically for opening a Wealthsimple Chequing account as of this review.