Wealthsimple Cash
High-interest everyday banking with a no-FX-fee card, instant e-transfers, and up to $1,000,000 in CDIC coverage. It's also exactly where your $25 bonus lands when you use code _Y024Q.
Wealthsimple Cash blurs the line between a savings account and a chequing account: you earn a high interest rate on every dollar, but you can still spend, send, and withdraw it like everyday money.
What Wealthsimple Cash gives you
Cash is a single account that behaves like a hybrid of savings and chequing: every dollar earns interest from day one, and the same balance funds your card, bills, and e-transfers.
- High interest on your balance, far above the big-bank average, with the top rates on Premium and Generation tiers.
- A spending card with no FX fees, pay in any currency with no foreign-transaction surcharge.
- Instant Interac e-Transfers, send and receive money for free.
- Direct deposit & bill pay, so it works as your main everyday account.
- No monthly fees or minimums, plus Apple Pay & Google Pay and free ATM withdrawals.
- Up to $1,000,000 CDIC coverage, ten times the standard $100K protection.
How the interest rate works
Your rate scales with your Wealthsimple tier, which is based on total assets across all your accounts, investing included, not just your cash balance. These are the current published rates; they have no promotional end date but follow the Bank of Canada, so confirm the live figure in-app.
| Tier | Total assets | Base rate | With direct deposit |
|---|---|---|---|
| Core | $0+ | 1.25% | 1.75% |
| Premium | $100,000+ | 1.75% | 2.25% |
| Generation | $500,000+ | 2.25% | 2.25% |
On top of your tier rate, Core and Premium clients earn a 0.5% boost by setting up direct deposit ($2,000 or more into Cash within any 30-day period), lifting Core to 1.75% and Premium to 2.25%. Interest is calculated on your daily balance and paid monthly. Because the tier counts investments too, consolidating your TFSA, RRSP, and banking can push you into a higher bracket.
Cash vs a big-bank chequing account
A traditional chequing account is built around fees you pay and interest you forgo. Cash inverts both:
| Feature | Wealthsimple Cash | Typical big-bank chequing |
|---|---|---|
| Interest on balance | High | 0.01–0.10% |
| Monthly account fee | $0 | $4–$17 |
| Foreign transaction fee | $0 | ~2.5% |
| e-Transfers | Free | Free–$1.50 |
| CDIC coverage | Up to $1,000,000 | $100,000 |
Over a year the difference is real money: a $15 monthly fee alone is $180, and on a $20,000 balance the gap between 0.05% and 2.25% interest is roughly $440. That is money you keep for doing nothing differently.
Cash vs a high-interest savings account
A traditional high-interest savings account (HISA) pays a decent rate but limits how you use the money: no card, no bill pay, and often a cap on free withdrawals. Cash removes that trade-off, so you earn a competitive rate while the balance stays fully spendable.
That means you no longer split money between a chequing account for spending and a HISA for interest, then shuffle funds back and forth. One Cash balance does both jobs. If you currently park an emergency fund or a short-term savings goal in a separate HISA, Cash can hold it just as well while keeping it instantly accessible.
Who Wealthsimple Cash suits best
Cash is a strong fit if you:
- Carry an everyday balance that currently earns nothing in a big-bank chequing account.
- Travel or shop internationally and want to dodge the roughly 2.5% foreign-transaction fee.
- Already invest with Wealthsimple, since your portfolio counts toward a higher interest tier.
- Prefer one simple account over juggling separate chequing and savings balances.
It is a weaker fit if you regularly deposit physical cash or need branch services, though a free legacy account alongside Cash covers those gaps.
Moving money in and out
An everyday account is only useful if getting money in and out is painless. Cash covers the standard rails a bank account offers, without the fees:
- Direct deposit: give your employer your Cash account and transit numbers and your pay lands automatically, often a day earlier than some traditional banks release it.
- Interac e-Transfer: send and receive money instantly and for free, using an email or phone number, with no per-transfer charge.
- Bill payments: pay credit-card statements, utilities, rent, and government bills directly from your balance.
- Bank-to-bank transfers: link an outside account to pull funds in or push them out whenever you need to.
- ATM withdrawals: take out cash at any ATM, with Wealthsimple reimbursing operator fees on eligible plans.
Because deposits start earning interest the moment they arrive, there is no reason to leave your paycheque parked in a separate low-interest account first. You can keep your full float in Cash and still spend it freely.
The spending card & no FX fees
The Wealthsimple card spends directly from your Cash balance while it keeps earning interest until you pay. The standout perk is no foreign-exchange fees: most Canadian banks add roughly 2.5% on purchases in another currency, so on a $3,000 trip abroad that surcharge alone is about $75. You can add the card to Apple Pay and Google Pay, and because it draws from your real balance there is no statement and no interest on purchases.
Safety & $1M CDIC coverage
Cash balances are held with CDIC member institutions, and Wealthsimple spreads deposits across several of them for coverage up to $1,000,000, ten times the standard $100,000 at a single bank. Add two-factor authentication, biometric login, encryption, and an instant card freeze, and your everyday money is well protected. Note that CDIC protects cash, not investments or crypto, which carry their own separate protections or risks.
Why your $25 bonus lands here
Every Wealthsimple referral bonus is deposited into your Cash account on purpose. If it went into a TFSA or RRSP, the $25 would permanently count as a contribution and eat into your registered room. By paying it to Cash, you keep the full benefit with zero impact on your contribution limits, and the bonus immediately starts earning interest at your tier rate. From there it is yours to spend, send, or move into an investment account whenever you like. Use code _Y024Q at sign-up.
Open Cash and get $25 deposited straight into it.
Get $25 with code _Y024QGetting the most out of Cash
A few small habits turn Cash from a nice savings account into your financial hub:
- Set up direct deposit so your pay lands automatically and, on eligible plans, unlocks the rate boost on top of your tier.
- Keep your everyday float here rather than in a fee-charging chequing account, since the balance earns interest and still spends freely.
- Use the card abroad and online to skip the roughly 2.5% foreign-transaction fee that most cards charge.
- Consolidate your accounts so your combined investing and cash balances count toward a higher tier, lifting the rate on everything.
- Automate transfers into your TFSA or RRSP from Cash to keep saving and investing on autopilot.
Fees and the fine print
Cash keeps the fee list short: no monthly fee, no minimum balance, and no charge for e-transfers or everyday card purchases. A few things are still worth knowing:
- ATM operator fees may apply at the machine, though higher tiers reimburse them.
- Foreign ATM withdrawals can carry a small conversion cost even though card purchases do not.
- Rates follow the Bank of Canada, so your interest can move up or down over time.
- No physical cash deposits, since Wealthsimple has no branches.
Can it replace your bank?
For many people, yes. With direct deposit, bill pay, free e-transfers, a spending card, and high interest, Cash can serve as a primary everyday account. Where it falls short is branch-based tasks: you cannot deposit physical cash, and there is no chequebook for certified cheques. Many users keep a no-fee legacy account open for those edge cases while routing their main balance to Wealthsimple to earn more and pay less.
Wealthsimple Cash questions
Common questions about Wealthsimple's high-interest Cash account and the $25 bonus.
