【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:
| Item | Per transaction | Per day | Per week |
|---|---|---|---|
| POS/Maximum spending limit | $25,000 CAD Note: Tap limits vary and are determined by the merchant. |
$30,000 CAD | N/A |
| ATM withdrawals | $3,000 CAD | $3,000 CAD | $10,000 CAD |
🙋 How do you request this card? Tap Settings (gear icon) & tap Order your card
【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
Use the blog referral code IBVGUG on Wealthsimple’s site, or sign up through this link🔗
for a $25 bonus
【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 matching 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, Corporate/Business accounts
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🔗
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.
Spend (deposits)
Wealthsimple Spend is the chequing-style account: no monthly fee, and the current base rate is 1.25%.
| Client tier | Total assets required | Base rate | + 0.5% Direct Deposit boost | Highest available rate |
|---|---|---|---|---|
| Core | < $100,000 | 1.25% | 1.75% | 1.75% |
| Premium | $100,000+ | 1.75% | 2.25% | 2.25% |
| Generation | $500,000+ | 2.25% | N/A* | 2.25% |
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).
【January 28, 2026 update】Wealthsimple has partnered with Canada Post on in-person cash deposits
You can deposit cash into your Wealthsimple Cash / chequing account at more than 5,500 Canada Post locations nationwide, including many postal counters inside Shoppers Drug Mart. The feature is still in a pilot, open only to some clients, and is expected to roll out to more eligible clients over the coming weeks. Wealthsimple does not charge a fee on these deposits.
The flow is: generate a QR code in the app tied to your account and amount, show it at the counter with government photo ID, and let staff scan it and take the cash. In practice it takes about 10 minutes, and the funds usually land quickly. For now this only works with Wealthsimple’s own accounts; it is not a general bank-deposit channel. Community reports already include successful deposits in cities such as Vancouver, so the service is actually live. It helps close Wealthsimple’s old gap of having no branches and no cash handling, and it gives people in smaller towns or cash-heavy households a cleaner way to digitise cash. It also underlines Canada Post’s expanding role in financial services.
【October 1, 2025 update】From this date, global ATM withdrawal fees are rebated with no cap. In testing, the rebate landed within 3 business days.
【October 24, 2024 update】WS now issues cheques. The first 50 cheques are free if you set up direct deposit
Beyond that, the WS chequing account covers most of what the big banks offer: direct deposit, sending and receiving Interac e-Transfers, and bill payments (including pre-authorized debit). WS can also automatically invest part of your paycheque into ETFs, stocks, or crypto that you choose. It is a fairly complete one-stop platform.
【October 29, 2024 update】WS cut CAD-to-USD conversion fees on large one-off transfers. Details are in the table below
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.
Household accounts
| Feature | Details |
|---|---|
| Combined assets (accounts stay separate) | You and your partner (or another household member) can share selected account balances and see a combined net-worth figure on the Household tab. Your accounts stay separate; they are not merged. |
| Faster path to a higher client tier | Household assets are added together so you can hit Premium ($100,000) or Generation ($500,000) sooner. That means you and your partner can unlock earlier: – Higher chequing interest (up to 2.25%) – Lower management and trading costs (for example, waived USD FX fees) – More partner perks (airport lounge access, Uber One, and similar). |
| Two milestone rewards | When household assets hit a milestone, each member can pick and receive their own reward. |
| Privacy and permissions | Household members can only see the account balances you choose to share. They cannot: – Move money in your accounts. – See your transactions or history. |
| Custom visibility | You control which accounts (TFSA, RRSP, personal investing, and so on) your partner can see. |
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.
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:
| Wealthsimple | Other major competitors | |
|---|---|---|
| Max trading commission fees | $0 | Up to $10 |
| FX exchange fees | 1.5% to 0% | Not always transparent |
| Corporate savings interest | 2.25% | 0%–3.2% |
| Interest offered | On any amount | Usually with a minimum balance or lock-in period |
| Same login as personal account | Always | Sometimes |
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🔗, for a $25 bonus.
Past promotions
【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
| Net Funding Amount | Reward Selection |
|---|---|
| $100,000–$299,999.99 | Apple iPhone 16 (128GB, MSRP C$1,129) or Apple MacBook Air (13-inch, M2 chip, 8-core GPU, 256GB SSD, MSRP C$1,299) |
| $300,000–$499,999.99 | Apple iPhone 16 Pro (128GB, MSRP C$1,449) or Apple MacBook Pro (14-inch, M3 chip, 8-core CPU, 10-core GPU, 8GB memory, 512GB SSD, MSRP C$2,099) |
| $500,000+ | Apple iPhone 16 Pro Max (1TB, MSRP C$2,349) or Apple MacBook Pro (14-inch, M3 Pro chip, 11-core CPU, 14-core GPU, 18GB memory, 512GB SSD, MSRP C$2,699) |
【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.