$25
Welcome bonus
Up to 2.25%
Interest rate
$0
Monthly fee
A no-fee chequing account with tiered interest and a no-fee Cash Mastercard.
Wealthsimple doesn't offer a welcome bonus on the chequing account itself.
However, you'll get a $25 cash bonus when you open your first Wealthsimple account through this page and fund at least $1 within 30 days of sign-up.
Once validated, the bonus lands in your account automatically. Compared with most bank account bonuses in Canada, the $1 funding requirement is about as simple as it gets.
Unlike most chequing accounts, the Wealthsimple Chequing Account pays interest on every dollar you hold. It's a hybrid spending and saving account, so your balance keeps working while you spend from it.
Rates are tied to your client status with Wealthsimple, which is based on your total assets across the platform.
Core and Premium clients can boost their rate by another 0.5% by direct depositing at least $2,000 into the account within a rolling 30-day period. With the boost, the top attainable rate works out to 2.25%.
These aren't promotional teaser rates, either. There's no expiry date, though rates remain subject to change alongside the Bank of Canada's moves.
Interest is calculated daily and paid out monthly.
Beyond the $25 referral bonus, new clients can take advantage of Wealthsimple's account-level promotions.
The headline offer is the Wealthsimple 1% Match, which pays 1% on net qualifying transfers into the platform, up to a maximum bonus of $20,000.
There's also a recurring Monthly Millionaire draw in which every dollar you save counts as an entry to win $1,000,000.
The Wealthsimple Chequing Account has no monthly fee and no minimum balance requirement.
Everyday banking is free as well. There are no Interac e-Transfer fees, no foreign exchange fees on card purchases, and any ATM operator fees are reimbursed in full, with no limit on how often.
The few fees that do exist sit at the edges. Outgoing domestic wire transfers cost a flat $20, while incoming wires are free.
Terms and conditions apply. The information for the Wealthsimple Chequing Account has been collected independently by Prince of Travel and is not provided or reviewed by Wealthsimple. Offers, rates, and fees are subject to change — always confirm details on the financial institution's website before applying.
Last updated: July 28, 2026
The account comes with the Wealthsimple Cash card, a no-fee prepaid Mastercard you can use anywhere Mastercard is accepted, with digital and physical versions you can lock or unlock from the app. There's no FX fee on card purchases, either, which puts it in rare company among prepaid cards with no foreign transaction fees.
You'll never pay to use an ATM, either. Wealthsimple reimburses ATM operator fees worldwide with no cap, and it's currently the only card in Canada that offers this.
If you set up your paycheque to land here, you'll get paid up to a day early, along with a free chequebook.
Day-to-day tools cover the essentials. You can pay bills, send Interac e-Transfers of up to $50,000 per day, deposit cheques by photo, and order bank drafts delivered to your door with tracked shipping.
International transfers are built in as well, powered by a partnership with Wise. You can send money to 30 countries in more than 10 currencies, including US dollars, euros, and British pounds, with the mid-market exchange rate shown up front, fees as low as 0.46%, and most transfers arriving in under a minute.
You can even deposit physical cash at more than 5,300 Canada Post locations by generating a QR code in the app, with the funds available instantly and no fee to do it.
Keep in mind that Wealthsimple is fully app-based, so there are no physical branches. Photo cheque deposits can also take up to six business days to fully clear.
There's no credit check to open an account, and joint accounts are available.
If you'd rather earn rewards on your spending, Wealthsimple also offers the Wealthsimple Visa Infinite Card, which pairs naturally with this account.