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Wealthsimple is an online investment company that introduced passive investing with digital advisors and is now known as Canada’s largest “robo” advisor. Since launching in 2014, Wealthsimple now boasts over 5 billion dollars in assets that it manages while providing a host of other services, including tax preparation and cash accounts.  

This year, Wealthsimple launched “Wealthsimple Cash,” a spend and saving account. Let’s dive deeper into this interesting and innovative banking option to help you make an informed decision about whether or not to park your capital with Wealthsimple.

What Is Wealthsimple Cash?

The Wealthsimple Cash account comes with a high-interest rate that allows Canadians to slowly grow their savings in an online account without having to deal with the slim interest rates and high banking fees that the average big bank offers. Consumers also have the benefit of using their cash accounts as chequing accounts for spending, making this account a hybrid of both chequing and savings. 

Features Of A Weathsimple Cash Account

  • Weathsimple Cash Card – The Wealthsimple Cash account comes with a reloadable prepaid Mastercard that can be used to spend and earn cash back anywhere Mastercard is accepted.
  • Hybrid Savings And Spending Accounts The flexibility that Wealthsimple Cash offers thanks to its mix of both chequing and savings features makes this a truly unique and convenient account.
  • High-Interest Rates – You can earn 1.5% on your cash deposits with Wealthsimple Save.
  • Earn Cash Back – When you make purchases, you can earn 1% in cash back, crypto or stocks.
  • Coming Soon Features – Wealthsimple is always adding new features and plans on allowing users to pay bills, send e-transfer, and accept direct deposits. 
  • Link Accounts – Wealthsimple Cash offers a cash account, but investment and trade accounts are also available through Wealthsimple and can be linked.

Where Can I Use My Wealthsimple Card?

You can use your Wealthsimple Cash Card anywhere that Mastercard is accepted, this includes online and in-store purchases. You can also withdraw cash from ATMs using the prepaid card without incurring a fee from Wealthsimple. However, you may be charged a fee by the ATM itself. 

How To Open An Account With Wealthsimple Cash

Signing up for an account with Wealthsimple Cash is simple and only takes a few minutes. It can be done either online or via the Wealthsimple mobile app, just follow these steps:

  1. Sign Up – Go to the Wealthsimple Cash webpage and click “get started” or download the app from the App Store or Google Play store and tap the “Cash” tab to get started.
  2. Follow The Prompts – Simply follow the prompts and input pieces of your personal information, like your name, birth date, address, and SIN to help verify your identity. You’ll also have to input your banking information from an outside bank that will be used to link to your Wealthsimple Cash account to fund it. 
  3. Get Activated – Your account will be active within a few days after submitting your application. You’ll also receive a prepaid Mastercard that you can use to make purchases anywhere that Mastercard is accepted and withdraw cash at ATMs.

Pros And Cons Of Wealthsimple Cash

Wealthsimple Cash has numerous advantages, however, before opening an account it’s important to also consider the drawbacks. 

Pros Of Wealthsimple Cash

  • No monthly fees. You won’t see any pesky fees pop up in your account every month.
  • No minimum amounts. No fees will be charged to you for not maintaining a certain minimum account amount.
  • Quick and free withdrawals. Withdraw your funds in as little as 1 business day and make as many as you like without incurring any fees.
  • Convenient app. The Wealthsimple Cash app is easy-to-use.
  • Security. Your personal information is safe with Wealthsimple Cash thanks to the robust data encryption and two-factor authentication.
  • One-stop-shop. Hold all of your accounts in one convenient spot and keep all your financial products together.
  • Integrated accounts. All Wealthsimple accounts are fully integrated so you can seamlessly transfer money from your cash account to an investment account. 

Cons Of Wealthsimple Cash

  • Interest Rate – Interest rate of 1.5% may not be as high as what other online banks are offering
  • Limited Account Types – Cannot be used to hold funds within a TFSA or RRSP account.

Overview Of The Wealthsimple Cash Account

FeatureWealthsimple Cash Account
Card TypePrepaid Mastercard
Monthly Fee$0
Minimum BalanceNone
Cash BackEarn 1% in cash back, crypto or stocks
Interest Rate1.5%
TransactionsUnlimited
Mobile App OptionYes
Apple/Google PayYes

What Customer Support Does Wealthsimple Cash Have Available?

Wealthsimple does not have the most contact channels. They include the following:  

  • By phone: 1-855-255-9038 between 9 am – 6 pm (EST), Monday through Thursday, or between 9 am – 5:30 pm Fridays. 
  • By creating a request ticket.

Is It Safe to Bank With Wealthsimple Cash?

The funds in your Wealthsimple Cash account are held by Canadian ShareOwner Investments, a custodian institution that is insured by the Canada Investor Protection Fund (CIPF). That means up to $1 million in funds held in Wealthsimple Cash accounts are protected by CIPF insurance. 

Who Is Best Suited For Online Banking With Wealthsimple?

Wealthsimple Cash is great for those who: 

  • Want a convenient way to bank online.
  • Like having access to a debit card that works much like a prepaid credit card to make purchases and withdrawals.
  • Want an easy way to bank online while linking their investment or trade accounts.
  • Want an innovative way to trade stocks and invest in major exchanges.
  • Don’t want to pay monthly fees on deposits.

Wealthsimple Cash FAQ

Can I have multiple cards?

No, Wealthsimple Cash limits one card per person.

Can the Wealthsimple Cash card affect my credit scores?

No, the Wealthsimple Cash card is a prepaid card, meaning it will have zero impact on your credit. 

Is the Wealthsimple Cash account a bank account?

No, the Wealthsimple Cash account is not a bank account but a spending and savings account. With it, you can make purchases, earn interest on your deposits and earn cash back on your purchases. 

Are there any transaction fees with the Wealthsimple Cash card? 

No there are no transaction fees or monthly account fees to use the Wealthsimple Cash card. 

Final Thoughts

Wealthsimple Cash truly is a unique and innovative banking platform that also allows you to invest your hard-earned capital with just a few clicks on your mobile phone. It employs the use of robo advisors to help you make the right banking and investing decisions and offers a unique spending-saving hybrid account. There are also a few “coming soon” features that should make the platform even more convenient and worth consideration. 

Lisa Rennie avatar on Loans Canada
Lisa Rennie

Lisa has been working as a personal finance writer for more than a decade, creating unique content that helps to educate Canadian consumers in the realms of real estate, mortgages, investing and financial health. For years, she held her real estate license in Toronto, Ontario before giving it up to pursue writing within this realm and related niches. Lisa is very serious about smart money management and helping others do the same.

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