The Canadian fintech space has grown rapidly, and Wealthsimple has been at the forefront of this transformation. From investing and trading to tax filing and now full-fledged digital banking, the company has positioned itself as a true alternative to traditional banks. One of its standout offerings is the Wealthsimple Chequing Account—a no-fee, interest-earning account designed for Canadians who want simplicity, transparency, and integration with their broader financial goals.
In this review, we’ll cover everything you need to know about the Wealthsimple Chequing Account, explore its pros and cons, and highlight the latest updates to Wealthsimple’s expanding suite of financial products.
What Is Wealthsimple Chequing?
Originally launched as Wealthsimple Cash, the product has evolved into Wealthsimple Chequing to more directly compete with everyday banking accounts. While Wealthsimple itself is not a bank, it partners with federally regulated institutions so customer deposits remain eligible for CDIC protection up to $1 million—significantly higher than the standard $100,000 most banks offer.
As of mid-2025, Wealthsimple has doubled down on banking services, unveiling features such as cheque and cash delivery, early payroll deposits, and even a credit card and instant line of credit—making it one of the most ambitious fintech players in Canada.
Key Features of the Wealthsimple Chequing Account
1. High Interest on Balances
- Earn up to 2.75% interest on your balance (tiered, depending on your assets with Wealthsimple).
- This rate is substantially higher than what most Canadian chequing accounts offer.
2. No Monthly Fees
- No monthly account fees.
- Free Interac e-Transfers.
- No foreign transaction fees when spending abroad.
3. Cashback on Spending
- Comes with a prepaid Wealthsimple Mastercard.
- Earn 1% cashback on everyday purchases, which can be kept as cash or automatically invested.
4. Direct Deposit & Early Pay
- Set up direct deposit for payroll.
- Earn an additional 0.5% bonus interest with recurring direct deposits of $2,000 or more per month.
- Eligible users may access pay up to one day early.
5. Mobile Cheque Deposit & Drafts
- Deposit cheques by snapping a photo in the app.
- Funds typically clear within six business days.
- Wealthsimple is piloting cheque writing and cash delivery services in major Canadian cities.
6. Wire Transfers & Global Payments
- Domestic wires supported at a flat rate.
- International transfers powered by Wise for low-cost, transparent FX.
7. CDIC Protection
- Deposits insured up to $1 million via partner banks—10x the typical CDIC coverage limit.
| Limited-Time Offer: Summer Match Bonus! Finish summer on a high note with our exclusive promotion. For a limited time, get a 2% match when you transfer into an eligible margin account, or enjoy a 1% match on almost any other account transfer. Don’t miss out—this special offer ends October 15. Register today and make your money work harder while the bonus lasts! |
Pros and Cons
Advantages
- Attractive interest rate on everyday balances.
- No hidden fees—including foreign transaction charges.
- Integrated ecosystem with trading, investing, and tax services.
- Cashback flexibility, letting you grow investments with everyday spending.
- Innovative features such as cheque/cash delivery and early payroll deposits.
Drawbacks
- Cheque deposits take time to clear (up to six business days).
- No physical branches—100% app-based banking.
- Not all features are fully rolled out nationwide (cash delivery and cheque writing remain in pilot programs).
- Rates may fluctuate as market conditions change.
Latest Updates: Wealthsimple’s Expanding Product Line (2025)
Wealthsimple is aggressively building an all-in-one financial ecosystem. Here’s what’s new beyond the chequing account:
- Wealthsimple Trade — Commission-free trading with new 24/5 trading for U.S. stocks.
- Wealthsimple Managed Investing — Automated, diversified portfolios for long-term investors.
- Wealthsimple Tax — Free, user-friendly tax filing integrated into the Wealthsimple app.
- Wealthsimple Credit Card (2025 launch) — Offers 2% cashback, no FX fees, and simple terms.
- Instant Line of Credit (coming soon) — Borrow instantly at competitive rates, using balances as collateral.
- Cash & Cheque Delivery — Currently being piloted in Toronto, with plans to expand.
- Registered Accounts — RRSP, TFSA, FHSA, USD accounts, and more—allowing Canadians to manage all financial goals in one app.
Who Should Consider Wealthsimple Chequing?
Best Suited For:
- Canadians comfortable with digital-first banking.
- Savers who want interest on their chequing balance.
- People seeking an all-in-one solution for banking, investing, and taxes.
- Frequent travelers who benefit from no FX fees.
Not Ideal For:
- Users who need in-branch support or face-to-face banking.
- Canadians relying heavily on cash deposits.
- Those who prioritize instant cheque clearance.
Final Verdict
The Wealthsimple Chequing Account is one of the most competitive digital banking options in Canada for 2025. With no monthly fees, high interest rates, cashback rewards, and expanding features like cheque delivery and a new credit card, it represents a serious challenge to the Big Six banks.
However, it remains best suited for Canadians comfortable with digital-only banking. If you’re willing to adapt to the fintech model, you’ll enjoy high-value benefits that traditional banks rarely offer.
For those looking to simplify money management across spending, saving, investing, and taxes, Wealthsimple’s ecosystem—and its chequing account in particular—offers a compelling alternative to conventional banking.
