Wealthsimple Overview【LOC Upgrade】

【October 7, 2026 update】 Wealthsimple’s October Monthly Millionaire final draw is set for October 29. The grand prize is $1 million in cash. Open a free chequing account and deposit $1 for 500 entries, then one more entry for each additional $1 of net deposits.

You can register from the official link and enter the blog referral code IBVGUG, or open the sign-up link🔗 directly. Deposit $100 and you get a $25 bonus.

【September 25, 2026 update】 Wealthsimple previewed a kids and teens account for later this year back in May. It is here now: the Kids and Teens account.

There is a dedicated article on this youth account:

【September 11, 2026 update】 New Wealthsimple offer: 4% interest on a chequing account. It appears to be targeted.

• Register for the offer after receiving the Wealthsimple prompt, then deposit at least $50,000 within 14 days.
• Each $50,000 deposited unlocks one month of the higher rate, up to $300,000 in deposits.

Wealthsimple (WS below) is a young Toronto-based fintech founded in 2014. Client cash is CDIC-protected. It is an online-only shop, still relatively new, but well known in tech circles — people even call it a mid-sized tech company, which tells you something.

Use the blog referral code IBVGUG on Wealthsimple’s site, or sign up through this link🔗
Deposit $100 for a $25 bonus

Wealthsimple skipped branches and a lot of the usual human overhead, then built a clean, fast online product that still tries to pay investors and everyday clients more.

Chequing

Wealthsimple Chequing has no monthly fee, and the current interest rate is 1.25%.

Boost your interest by 0.5% with Direct Deposits

Wealthsimple Cash clients* can earn a 0.5% interest rate boost when they direct deposit at least $2,000 into the Cash account in a 30-day period (up to a total maximum interest rate of 5%)

You can also get a Cash card. It is a prepaid Mastercard: you load it first, then spend, and it behaves like a normal Mastercard. No FX fees, and 1% cash back (cancelled October 1, 2025).

【September 23, 2026 update】 Wealthsimple is gradually moving its own product line onto Visa. The old prepaid Mastercard will be forced offline on November 23, so switch that prepaid card to a Visa* card sooner rather than later.

• A few of the old perks stay: no currency-conversion fee, no foreign-transaction fee, global ATM withdrawal fees rebated, and no monthly fee.
• The downside: you will no longer be able to use it at Costco in Canada.

Saving

Wealthsimple launched its Saving account in late August 2026. It is simple to use, with a 2.5% base interest rate on deposits and no additional requirements.

Invest

Investing splits into Managed Investing and Self-directed Investing.

Managed Investing is what it sounds like: you hand over the money, someone manages it, and you pay a fee. You pick a risk level; higher risk can mean higher return. Self-directed is DIY: you can trade ETFs and stocks. This part is genuinely good:

• Canadian stocks and ETFs trade commission-free
• You do not have to buy a whole share; you can buy a slice of a stock

Orders include Market Buy, Fractional Buy, Limit Buy, Stop Limit Buy, and similar tools.

If you pay $10 a month (waived for Premium and above), you can hold USD in a personal, RRSP, or TFSA account and trade it for free. You can transfer USD in from another Canadian institution. Convert CAD to USD inside Wealthsimple and you pay a 1.5% conversion fee.

【May 28, 2026 update】 Wealthsimple now supports new issues. I tried it and was allocated SPCX.

【July 14, 2026 update】 Wealthsimple now supports futures trading. Futures trading is here! A few things stand out:

• Simple, clear pricing: USD 1 per contract
• $0 market data; the only Canadian broker that does not charge for it
• Market, limit, and stop-loss orders are supported

【July 30, 2026 update】 Wealthsimple launched Predict, so Canadians can trade on future events.

Household accounts

Reddit and similar communities have been mostly positive:

• Easier net-worth tracking: you can finally see the household picture without a spreadsheet
• Shared perks: data points confirm that once household assets hit the bar, each member is treated as Premium or Generation and gets their own perks (for example, each person gets their own lounge pass)
• Clear permissions: data points confirm this is only an asset-display tool. A partner can see totals, but cannot trade or operate the other person’s accounts
• Rollout: it is still “rolling out in phases,” so the app and website may need an update, or you may have to wait before the full setup appears

In short, Household is an asset-aggregation and perk-sharing tool. It keeps individual-account privacy while giving a household a better overview and a faster climb up the client tiers.

Portfolio Line of Credit

This product launched in April 2026, and the features keep getting filled in. The basic idea is to borrow against the investment portfolio, up to 35% of its value. You do not have to sell holdings, so it does not trigger a tax event. It suits an emergency or a short bridge.

The rate on money borrowed from the account depends on assets, in three tiers: 3.95% at $500,000+, 4.45% at $100,000+, and 4.95% otherwise. Interest is charged only on the amount actually borrowed. There is no minimum monthly payment; you repay on your own schedule. There is no credit check, and it does not affect your credit score. You need at least $25,000 in assets to turn it on.

In October 2026 it added three features:

• Better overdraft protection: overdraft protection now covers joint chequing accounts, one-time credit-card payments, cheques, bank drafts, wire transfers, and similar items.
• Registered account boosts: borrow first to fill TFSA and RRSP contribution room, so the money is in the market growing, then pay it back over time.
• Track your loan standing: see, in plain view, how much further the portfolio can fall before a forced repayment is triggered.

Business accounts

【May 12, 2026 update】 Business accounts are live, with a few standouts:

• Instant account setup with up to 8 accounts — all available in minutes
• Up to 2.25% interest on every dollar in all your accounts
• High-limit Interac e-Transfers® of up to $25K per day
• $0 monthly account fees with unlimited transactions
• CRA tax payments directly from your account

Compared with other banks’ business accounts:

【July 16, 2026 update】 Clients with a Wealthsimple business account can now request a prepaid business Visa card. A few things stand out:

• 1% cash back
• ATM withdrawal fees rebated
• No foreign-transaction or currency-conversion fees

Below are the spending limits associated with your Wealthsimple business Visa card:

🙋 To request this card, tap Settings (gear icon), then tap Order your card.

Milestone rewards

【October 24, 2024 update】 1. A milestone perk every $100,000; 2. A new $1 million tier

• Milestone rewards. The image on the right shows the optional perks; each new milestone lets you pick more. The first reward unlocks at $200,000, then one extra reward per additional $100,000, up to three. Rewards refresh each year: you can pick a new perk or keep the current one. Examples include four DragonPass credits a year, 10 GB of Gigsky eSIM data a year, and Uber One membership for a year.

• A new millionaire tier. Waiting on data points for the perks

Crypto

This is beginner-friendly. Funding is simple: you can deposit cash (e-Transfer or a bank transfer) or send crypto to an address. It is easy to use: you can DCA and you can stake.

The downside is that fees and the spread (the gap between buy and sell prices) are not the lowest in the industry for large or frequent trades.

Mortgages

【January 24, 2024 update】 You can now apply for a Pine mortgage through Wealthsimple. Pine is a 100% digital lender; the rate is Prime − 1%.

See the step-by-step instructions

Credit cards

We cover Wealthsimple’s credit cards in separate articles:

🇨🇦 Wealthsimple Visa Infinite+

🇨🇦 Wealthsimple Visa Infinite Privilege Card

The annual fee is $240, but a Premium account waives it. A no-fee VIP card is worth keeping long term.

【July 2026 update】 A starter version launched with a lower application bar and still-useful perks

🇨🇦 Wealthsimple Visa Infinite starter card

Tax filing

Wealthsimple Tax is free. It used to be SimpleTax. At the end you can choose to donate, or skip that.

Referral bonus

If you do not have a Wealthsimple account yet, it is worth opening one. There is no fee, and you get a no-FX credit card in the mix.

Register on the official site and enter the blog referral code IBVGUG, or sign up through this link🔗. Deposit $100 and you get a $25 bonus.

Past promotions

【April 15, 2026 update】 The deposit match of up to 3% is back. The last round had barely ended, so Wealthsimple clearly liked the results.

The terms match the previous round: transfer in $25,000 or more, pick a holding period, and earn the corresponding match:

• Hold for 5 years: 3% match, paid monthly
• Hold for 3 years: 2% match, paid monthly
• Hold for 1 year: 1% match, paid monthly

These accounts all qualify: RRSP, Spousal RRSP, LIRA, TFSA, non-registered, Crypto, FHSA, RESP, RRIF, LIF, and corporate/business accounts.

【January 13, 2026 update】 Wealthsimple launched another promo: transfer in ≥$25,000 for a match of up to 3% (paid over time), plus a chance to win a $3 million house.

Official promo details and signup link🔗

Quick take: if you already planned to park the money for five years or more, the 3% match is close to free yield plus a lottery ticket. A strong promo.

【February 11, 2026 update】 Some readers saw an in-account offer: deposit $1,000 and get a keychain 😂

The earlier $1,000-deposit cardholder promo must have landed well enough that Wealthsimple followed up with a keychain. A reader who goes by 冰吨吨 also got the cardholder; it was not that useful: it holds two cards at most, and they are hard to pull out.

【January 13, 2026 update】 Wealthsimple launched another promo: transfer in ≥$25,000 for a match of up to 3% (paid over time), plus a chance to win a $3 million house.

Official promo details and signup link🔗

Quick take: if you already planned to park the money for five years or more, the 3% match is close to free yield plus a lottery ticket. A strong promo.

【May 15, 2025 update】 There is a transfer-in promo for Apple earbuds, deadline June 16. You need to register in advance (official link🔗)

【October 25, 2024 update】 This year’s deposit-for-iPhone promo is live

Promo window: October 25 to December 13; funding window: within 30 days of registering for the promo

【November 1, 2023 update】 Deposit $100,000 or more for an iPhone 15, or $200,000 or more for an iPhone 15 Pro, with a one-year hold. Paired with 4.5% interest, that was a decent deal.