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Wealthsimple Cash Review

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The Wealthsimple Cash account is a hybrid savings and spending account with a prepaid card earning you up to 5% interest, plus 1% back on spending in the form of cash, stock, or crypto. Without charging any fees, this account lets you grow your savings while you spend. In this review, we’ll break down the Wealthsimple Cash account so you can determine if it’s the right account for you

Wealthsimple Cash: an overview

The Wealthsimple Cash account is a high-interest hybrid savings and spending account designed for people that want to prioritize investing.

Wealthsimple Cash offers 1% back in stock, cash, or crypto when you spend money, making it an intuitive option for saving with no monthly account fees and an interest rate of up to 5%. The funds in your Wealthsimple Cash account are also placed in up to three member institutions of the Canada Deposit Insurance Corporation (CDIC) for combined protection of up to $300,000, so you know your money is safe.

Wealthsimple Cash interest savings rates

When it comes to interest rates, Wealthsimple Cash is considered one of the best high-interest savings accounts. Its rates are especially appealing for an account that combines the functionality of a traditional chequing account alongside the perks of a savings account. The interest rates vary depending on what plan you have with Wealthsimple.

  • Core: 4%
  • Premium: 4.5%
  • Generation: 5%

Each of the Wealthsimple Cash asset plans boast a high interest rate. If you’re looking to determine which best suits your needs, it depends on the amount of assets you have. While you only need a minimum of $1 in assets for the Core plan, you need $100,000 and $500,000 for the Premium and Generation plans, respectively.

Each plan comes with great perks, but Premium gets you a 20% lower management fee on managed investments and the chance to set financial goals with an advisor. Meanwhile the Generation plan gives clients access to a full, dedicated team of advisors.

Wealthsimple Cash eligibility

To open a cash account with Wealthsimple, you must meet the following requirements:

  • Be a resident of Canada
  • Have a valid Canadian phone number
  • Be of legal age (or have attained the age of the majority in your province)

The barrier to entry for this cash account is already fairly low, but if you’re worried about your credit score — fear not. When you open a Wealthsimple Cash account, you won’t have to undergo a credit check. Plus, the card won’t impact your credit score as it’s a prepaid Mastercard, so you’re not borrowing any money when you use it.

Wealthsimple Cash fees

Wealthsimple Cash has no account fees or minimums. That includes the following:

  • Monthly fee: $0
  • Interac e-Transfer fee: $0
  • Minimum balance: $0
  • Overdraft penalty: $0

Wealthsimple Cash P2P app

Wealthsimple Cash offers peer-to-peer (P2P) money transfer capabilities. Similar to products like Venmo or Cash App that exist only in the U.S., the Wealthsimple Cash app allows users to send and receive funds to and from friends and family via a username or phone number. But it can also be used to pay for local services, pre-owned marketplace exchanges, or to buy and sell assets.

The P2P app is even quicker than an Interac-e-Transfer, as no security questions are involved in the process. Best of all, there are no transaction fees. But, keep in mind, once you send funds, you may not get them back. So double check your zeros.

Wealthsimple Cash perks

The Wealthsimple Cash card appears quite enticing up front, but there are even more perks that make this account worthwhile.

  • Early pay days

    Get paid up to a day early compared to the big banks with direct deposit.

  • Wealthsimple app

    Your Wealthsimple Cash account comes with an app that let’s you use a digital version of your card (in addition to your physical card) and manage your rewards with ease.

  • Put investments on autopilot

    You have the option to auto-invest your earnings — when rewards are deposited into your Wealthsimple Cash account, they will automatically be invested if you so choose.

  • Free money transfers

    Get free Interac e-Transfers up to $10,000 per week, as well as free transfers between other Wealthsimple accounts.

What is Wealthsimple Cash?

Wealthsimple Cash is a hybrid spending and savings account offered by the financial service company, Wealthsimple. Wealthsimple is headquartered in Toronto, but does not have physical branches you can visit, as it isn’t a bank, despite offering some similar products to big banks, like RRSPs and TFSAs.

Wealthsimple Cash is the company’s only spending account option, and with its high interest and rewards rate, it’s a solid opportunity for clients to make the most of their money.

Compare Wealthsimple Cash alternatives

WealthSimple Logo

Wealthsimple Cash Account

  • Interest Rate Up to 5%
  • Promotional Rate N/A
  • Monthly Fee $0
  • Insurance CDIC protection for up to $300,000
An image of the Neo Money card used for savings accounts

Neo Money

  • Welcome Offer $5 sign-up bonus once approved
  • Minimum Deposit $0
  • Monthly Fees $0
  • Interest Rate 4%
  • Transaction Fees $0
An image of the KOHO prepaid credit card.

KOHO Prepaid Mastercard

  • Welcome Offer None
  • Annual Rewards $100
  • Annual Fee $0 (Easy); $48 (Essential); $108 (Extra); $228 (Everything)
  • Minimum Income Required None

Pros and cons of Wealthsimple Cash

Pros

  • High interest rates up to 5%

  • $0 account fees

  • Earn 1% on all spending

  • Get paid up to a day early

Cons

  • No welcome bonus

  • Depositing funds from an external bank account into a Wealthsimple account can take three to five business days

  • Can’t improve your credit score with the prepaid card

Our final thoughts

Wealthsimple Cash is a convenient solution for spending and saving. If you’re someone that has more assets to their name, you’ll earn a great interest rate on your account balance. The more assets you have, the more interest you earn. If you’re only getting started with investing while you do your everyday spending, there is certainly growing potential — and 4% is still a great interest rate.

Learn more about how we rate and review products by visiting our methodology page.

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