Wealthsimple Cash review

The Wealthsimple Cash account is an innovative finance product, acting as a hybrid chequing and savings account with direct investing access. Wealthsimple Cash also comes with competitive fees and a laundry list of other top-notch benefits.

Features of Wealthsimple Cash

• Monthly fee: $0
• Minimum balance: $0
• Automatic investing option: Yes, in stocks, ETFs or crypto
• Deposit insurance: Deposits are protected by the Canada Deposit Insurance Corporation (CDIC) in up to five CDIC member institutions for up to $500,000 in coverage

What is Wealthsimple Cash?

Wealthsimple Cash is a spending and savings account that allows you to deposit, transfer and spend funds in the account for free, all while earning interest and getting rewarded for spending.

Wealthsimple Cash account perks include $0 fees, a $0 minimum balance requirements, automatic bill payments and no overdraft penalties.

The interest rate you’ll earn through the Wealthsimple Cash starts at 4% but get be as high as 5% and get access to other perks if you combine your assets:

Tier	Total assets	Interest rate	Other perks
Core	$1 – $99,999	4%	No-fee commission stock trading 0.5% management fees on managed investing accounts Client support
Premium	$100,000 – $499,999	4.5%	All Core benefits 0.4% management fees on managed investing accounts Advisor-assisted goal setting
Generation	$500,000 and up	5%	All Premium benefits 0.2% – 0.4% management fees on managed investing accounts Dedicated advisors team

Related: Our picks for the best no-fee chequing accounts in Canada

How does the Wealthsimple Cash card work?

The Wealthsimple Cash card is a prepaid Mastercard card that lets you spend funds directly from your Cash account. It works just like a standard debit card that comes with a chequing account, and can be used anywhere Mastercard is accepted.

Like other debit card options, the Cash card does not require a credit check to get, and there is no impact to your credit score as you use it.

There are no foreign transaction fees when you make purchases with the Cash card internationally. Wealthsimple also doesn’t charge ATM withdrawal fees (although the ATM might charge its own fee).

You’ll get rewarded too. When you spend with your Wealthsimple Cash card, you’ll earn 1% in cash back, stock or even crypto .

A tiered interest rate that rewards a healthy balance.

I originally opened a Wealthsimple account to buy and sell stocks and cryptocurrency, however I started to do some of my banking with them after discovering the up to 5% interest rate offered on the Wealthsimple Cash account. This is probably one of my favourite accounts I've ever had for a few reasons. I love that Wealthsimple Cash offers a tiered interest rate depending on how much savings you have and whether you deposit your paycheque direct, as well as the user interface on the Wealthsimple mobile app. This is my go-to savings account for earning a high on-going interest rate.

— Emma Balmforth, Producer

What are the benefits of a Wealthsimple Cash account?

Wealthsimple Cash promises a plethora of benefits to help you reach your savings goals without locking your money away for the long term.

• High interest rates. Wealthsimple Cash offers one of the best interest rates on the market with rates starting at 4% and going as high as 5%.
• Earn when you spend. The Wealthsimple Cash card awards your spending with 1% cash back, or with 1% added to the cash balance of your stock or crypto accounts.
• Early paycheque access. You can get early access to your paycheque when you set up your pay for auto deposit into your Cash account.
• Auto-investing. You can set up automatic investing for the money in your Wealthsimple Cash account via automatic transfers into your other Wealthsimple investment accounts (managed or self-directed accounts).
• Fees. The monthly account fee is $0.
• Direct deposit. You can set up your paycheque to be directly deposited into your Wealthsimple Cash account. Qualifying direct deposits can earn you 0.5% more interest (up to 5%).
• Automatic bill payments. It’s possible to set up automatic bill payments and withdrawals so you know that your bills will be paid on time, every time.
• Interac e-transfers. You’ll be able to send up to $5,000 per day or $10,000 per week using Interac e-transfer from your Wealthsimple Cash account.
• No foreign transaction fees. You will not be charged foreign exchange transaction fees or declined transaction fees. However, you will be charged a conversion fee from the payment network on purchases made in currencies other than CAD.
• No commitment. You won’t have to lock your money in over a specific time period and can move your funds at any time.
• User-friendly mobile app. The Wealthsimple app is highly rated for both iOS and Android, and offers a user-friendly platform to manage your money in your Cash accounts and investment accounts.
• Minimum amounts. With a minimum balance of $0, it’s easy to get started with the Cash account.
• Extra CDIC insurance. While other accounts come with $100,000 of CDIC insurance coverage, Wealthsimple places your Cash account funds in trust with up to five CDIC member institutions, which gives you up to $500,000 in protection for your money.
• Use the Cash card with a mobile wallet. It’s easy to pair your Wealthsimple Cash card with Apple Pay, Samsung Pay or Google Pay.

What should I watch out for?

While Wealthsimple accounts are known for offering loads of benefits, there are also a couple of potential drawbacks you should be aware of:

• Withdrawal limits. You can only withdrawal up to $500 at a time from an ATM and up to $1.000 per day.
• No cash deposits. You won’t be able to make cash deposits since Wealthsimple is an online-only financial platform. You can only transfer money into your account.
• No in-person service. You won’t be able to visit a branch to speak to an agent if you’re having issues with your account.
• No ATM network. Wealthsimple doesn’t have its own affiliate ATM network, which means that you won’t get $0 ATM withdrawals anywhere. So, although Wealthsimple does not charge its own ATM fee, you’ll still usually be charged an ATM fee – of around $3 – from whichever ATM machine you use.
• Limited financial products. Since Wealthsimple is not a bank, you won’t have access to other important financial products, like credit cards and mortgages. It’s probably best to look elsewhere if you want all of your financial products under one roof.

Related: Compare the best online banks in Canada

What should I know before I apply?

To apply for a Wealthsimple Cash account, you’ll need to meet the following criteria:

• Be a resident of Canada
• Be 18 or older with a valid social insurance number
• Have an email account

How do I open an account?

To open a Wealthsimple Cash account, you’ll need to fill out a quick and easy online application. Follow these steps to get started:

1. Download and log in to the Wealthsimple mobile app (create an account first if necessary).
2. On the Home tab, scroll down and click “Add an account” then “Open a new account.”
3. Select “Cash” from the accounts menu.
4. Select whether you want to open an “Individual account” or “Joint account.”
5. Follow the prompts to create a Cash account by answering a few personal information questions to verify your identity and submiting documents as necessary.
6. Connect your Wealthsimple Cash account to your bank account to make your first contribution.

Dive deeper: Full guide to opening a bank account online in Canada

How do I deposit or withdraw money from my Cash account?

You can deposit money by sending it to your Wealthsimple account via e-transfer from another financial institution. Any funds you deposit will go straight into your Wealthsimple Cash account.

You can withdraw money from the Cash account using any ATM. You can also transfer money out of your account to your connected bank account for free at any time.

How can I get in touch with customer service?

Wealthsimple offers several support methods to give you the help you need as issues come up. Premium and Generation clients get prioirty support service through the Wealthsimple app. Everyone can also get access to support through these methods:

• By phone from Monday to Friday 9am – 6pm (ET), but is closed Saturday and Sunday
• 24/7 online virtual assistant
• Email
• Online chat from Monday to Friday 9am – 6pm (ET), but is closed Saturday and Sunday

Compare other savings accounts

Bottom line

Wealthsimple Cash is a spending account that makes sending and saving money simple and free. Between the account features and accompanying Cash card, this hybrid chequing/savings account is definitely worth considering if you prioritize low fees and having easy access to investments in stocks, ETFs and crypto currencies.