Verdict: Wealthsimple Cash is one of the simplest $0-fee chequing alternatives in Canada: no monthly fee, unlimited transactions, free Interac e-transfers, and tiered interest that beats Big Bank chequing accounts by a mile. It’s best used as a high-interest hub for everyday money — not as your only financial institution, given real reports of account freezes and support headaches.
Key facts
- Monthly fee: $0, with unlimited transactions
- Interac e-transfers: free
- CAD interest: 1.25%–2.25%, depending on your balance tier — plus an extra 0.5% if you direct-deposit $2,000+ within 30 days
- USD interest: 2.5%–3.5%
- Protection: up to $1M CDIC-equivalent coverage through partner trusts (Wealthsimple is not itself a bank)
- Card: prepaid Mastercard with no FX fees on card purchases — note the 1% cashback ended October 1, 2025
- ATM fees: eligible third-party ATM fees reimbursed up to $5 per withdrawal
- Registered accounts: TFSA, RRSP, and FHSA available through Wealthsimple’s invest/trade side
- Signup offer: $25 via referral link with at least a $1 deposit within 30 days
Interest rates, explained
Wealthsimple Cash pays tiered interest: CAD balances earn between 1.25% and 2.25% depending on how much you hold, and you can add another 0.5% by setting up a direct deposit of $2,000 or more in a 30-day window. U.S.-dollar balances earn 2.5%–3.5% — unusually high for cash you can also spend. For everyday money that would otherwise sit in a 0% chequing account, the difference is meaningful.
Fees: what’s actually free
There is no monthly fee and no per-transaction fee, so you get unlimited transactions. Interac e-transfers are free — a genuine edge, since many Big Bank accounts still charge for them. Card purchases carry no foreign exchange fee, which is rare on a free account. And eligible third-party ATM fees are reimbursed up to $5 per withdrawal, so cash access doesn’t quietly eat your interest.
The card and the cashback that ended
The Wealthsimple Cash card is a prepaid Mastercard: you spend from your Cash balance, not from a credit line. Here’s the correction many 2026 roundups still get wrong: the 1% cashback on the card was discontinued on October 1, 2025. It now earns no cashback, which makes it a spending tool — not a rewards tool. There’s also no credit building here, and Wealthsimple’s actual credit card remains invitation-only.
What real users say
What people praise:
- Zero fees across the board
- Free Interac e-transfers
- Big CDIC-equivalent coverage (up to $1M through partner trusts)
- Instant transfers between Cash and investing accounts
- A clean, fast app
What people complain about:
- Accounts frozen with vague “security” explanations and slow resolution
- One unverified report of roughly 0.2% hidden FX markup on card spending
- Large wire transfers stalled for 7+ days
- ID-verification loops that lock people out of their money
- Inconsistent reimbursement of fraud losses
None of these are deal-breakers for everyone, but the pattern matters: Wealthsimple Cash works beautifully until something goes wrong — then support can be hard to reach. Keep a backup account elsewhere.
Who should choose Wealthsimple Cash
- You want a fee-free home for everyday cash that also earns real interest
- You send a lot of Interac e-transfers and want them free and unlimited
- You hold USD and want 2.5%–3.5% on it without a cross-border account setup
- You already use Wealthsimple for investing and want instant movement between Cash and your portfolio
Who should skip it
- You need dependable access to large amounts of cash at all times — freeze reports are too common to ignore
- You want a rewards card or credit building — the cashback is gone and there’s no credit line
- You prefer in-branch service or a bank you can phone when a wire goes missing
FAQs
Is Wealthsimple Cash a bank?
No. It’s a cash account from a fintech; balances get up to $1M in CDIC-equivalent protection through partner trusts.
Does Wealthsimple Cash charge a monthly fee?
No — $0 per month, with unlimited transactions and free Interac e-transfers.
What interest does Wealthsimple Cash pay?
CAD balances earn 1.25%–2.25% depending on your tier, plus 0.5% more with a $2,000+ direct deposit in 30 days; USD balances earn 2.5%–3.5%.
Does the Wealthsimple Cash card earn cashback?
Not anymore. The 1% cashback ended on October 1, 2025; the prepaid Mastercard now earns nothing.
Can I open a TFSA or RRSP with Wealthsimple?
Yes — TFSA, RRSP, and FHSA accounts are available through Wealthsimple’s invest/trade side.
Open Wealthsimple Cash (affiliate link)
Loonie365 is a comparison and referral service, not a lender or bank. We may earn a commission if you open an account — it never affects our rankings.
Rates checked October 2026.