ATB Financial vs Wealthsimple
A side-by-side comparison of ratings, customer experience, products, fees, and pros & cons to help you choose the right bank.
VS
Wealthsimple edges ahead on our overall rating (4.3 vs 4.0), but the right pick depends on which products and fees matter most to you.
Overview
ATB Financial is a provincially-owned bank with $110 billion in assets under management. What started as a small treasury branch has transformed into what ATB Financial calls “the largest financial institution headquartered in Western Canada.” Its operations are mainly in Alberta, though in 2023, ATB Wealth, its full-service brokerage, first expanded outside of the province. As of 2026, the wealth management arm has locations in both British Columbia and Saskatchewan.
With a range of financial services, ATB offers its customers access to chequing and savings accounts as well as credit cards, mortgages, business banking and wealth management. Its savings rates are more competitive than the biggest banks in Canada, offering slightly better returns on savings. It still trails the digital banks, though.
The institution also has several credit cards available to Alberta residents. Each of the cards has different perks, including cashback or rewards, though eligibility restrictions and constraints on rewards means their credit card offering lacks in comparison to the larger banks.
ATB also has a range of lending products as well as business banking and access to investment services through ATB Wealth and ATB Cormark Capital Markets. The bank offers more depth than many smaller regional institutions. And more than the digital banks. Its Alberta focus, however, makes it less convenient for Canadians who live outside of the province. For anyone inside its core market, ATB may be a strong full-service alternative.
Launching in 2014, Wealthsimple’s goal was “to use technology to give powerful financial tools to many.” Since then, the company has grown to have $124.8 billion in assets under administration and 3.4 million customers as of the end of Q1 2026.
While Wealthsimple began as a digital investment platform, it quickly expanded into banking, offering no-fee chequing accounts that pay interest on every dollar. It is uncommon to find a Canadian chequing account that pays interest, which is part of the reason why FinlyWealth rated the account highly at 4.8 out of 5. Though the institution does not have its own ATMs or branches, you can still deposit cash for your Wealthsimple account at Canada Post and receive reimbursement of any amount covering unlimited ATM fees worldwide. Banking and credit card customers also have access to the company’s spend insights tool, which tracks transactions and category spending.
Wealthsimple’s rewards support its strong rating. It has a competitive credit card offering with 2% in cashback rewards with a simple structure of flat earn rates across all categories. This differs from many institutions, which instead offer cashback on certain categories of spending only. While its credit cards are well-ranked, though few in number, its options for borrowing are limited. The institution has lines of credit, which you can take out against your portfolio, and they also provide mortgages through outside brokers.
Beyond traditional banking, Wealthsimple’s claim to fame is its investing platform, where it offers both managed portfolios and self-directed investments. The firm differentiates itself from the biggest banks in Canada by charging no commissions on DIY trading. Even its options platform has $0 commission on trades.
Today, the institution remains on the cutting edge, having become “Canada’s first regulated crypto platform” and making a recent announcement about soon providing access to the prediction markets through a mobile app called Wealthsimple Predict. Both of these initiatives are unique offerings for a financial institution in Canada.
Overall rating
4.0
4.3
Customer experience
3.3
3.5
Best for
ATB Financial works best for Albertans who want a full-service banking relationship within a regional institution.
Canadians who want a digital-first financial platform that combines no-monthly-fee banking with $0 commission stock and ETF trading.
Pros & cons
Pros
Strong regional presence in Albera with more than 300 locations across the province
ATB Wealth expansion into areas outside of Alberta
Full-service product lineup including banking, lending, wealth management and capital markets
Competitive product lineup with unlimited banking and a no-fee digital account
Some savings accounts offer better rates than traditional Big Five savings accounts
More competitive loan and lending rates than the major banks
Cons
Primarily services Alberta so it is less convenient for those outside the province
Savings rate are still modest in comparison to digital high-interest savings accounts
Smaller credit card lineup compared to the major banks
Rewards program points are slightly less valuable than those from the bigger banks
Public customer reviews are mixed with complaints about service quality
Pros
No-fee chequing account with unlimited transactions
Chequing account earns interest on every dollar
Strong digital investing platform
No minimum balance requirements (interest rates instead increase for those with a higher relationship balance)
Offers both self-directed trading and managed portfolios
$0 commission on stocks and ETF trades, making it more affordable than traditional banks
Cash deposits available through Canada Post
Unlimited reimbursements on ATM fees worldwide which improves access for banking customers
No foreign transaction fee on its credit card
Continuous innovation and rollout of new services
Ability to buy, sell and earn cryptocurrencies on its platform
Cashback earnings can go to any eligible Wealthsimple account
Cons
Overdraft protection is only available if you link it to your portfolio and is unavailable for joint chequing and USD accounts
No dedicated ATMs
Mortgages available through partners only, not in-house
No broad insurance offering, unlike some full-service institutions
No branches available for in-person service
Trend of customer service complaints
Customer criticism regarding locked or frozen accounts
Reports of intermittent outages
Top chequing accounts
on ATB's website
Welcome Bonus
N/A
Monthly Fee
$0
Account Type
Chequing • Personal
- No monthly fee with line of credit approval
- Line of credit for the amount of $5,000 to $50,0001
- Unlimited digital transactions (in-branch transactions cost an additional $5 each)
- No cost Interac e-Transfers
- No minimum balance requirement
- Reimbursement of up to $4.50 for an ABM withdrawal outside of Alberta but still in Canada (up to two withdrawals each month)
- Reimbursement of $8 for one monthly ABM withdrawal in the US2
Account Fees
Monthly Fee
$0
eStatement
Included
4 Our rating
on ATB's website
Welcome Bonus
Earn up to $900* for new customers
Monthly Fee
$24.95 (waivable)
Account Type
Chequing • Personal
- Select your banking package. By opening a chequing account with ATB Financial and a credit card, you can follow the steps to get up to $900*
- Fund your chequing account. Within 60 days, move your direct deposit to your new account and complete two eligible payments.*
- Activate your credit card. Complete a purchase on the card to receive your welcome bonus. Meet the spending goal and complete a credit card payment from your ATB chequing account within 60 days. Then, get your second bonus.*
- $24.95 per month with the monthly fee waivable if you meet a $6,000 daily balance requirement
- Unlimited no-cost Interac® e-Transfers
- No cost Alberta Lifestyle Cheques, bank drafts and stop payment service
- Receive a discount of as much as 2.5% on approved interest rates for personal lines of credit (minimum rate is Prime + 3%)2
- Reimbursement of up to $4.50 for an ABM withdrawal outside of Alberta but still in Canada (up to five withdrawals each month)
- Credit card fee waiver on premium credit cards1
- Save $12 on the annual fee of a safety deposit box
- Optional overdraft protection
Account Fees
Monthly Fee
$24.95
eStatement
Included
4.6 Our rating
on Wealthsimple's website
Welcome Bonus
$25 bonus when you sign up and fund at least $1*
Regular Interest
Up to 2.25%
Monthly Fee
$0
Account Type
Chequing • Personal
New to Wealthsimple? We'll give you a $25 cash bonus when you open your first Wealthsimple account through this page and fund at least $1 within 30 days*
CHEQUING & SAVINGS:
For everyday spending and saving
Some accounts are good for parking and growing your money, while others are good for avoiding fees and restrictions. Wealthsimple chequing accounts are great for all of those things.
- Interest rates starting at 1.25% (up to 2.25%)2
- No minimums, monthly fees, or overdraft penalties
- No ATM fees or Foreign Transaction (FX) fees4,5
- Access to 60,000 ATMs across the country
- Third-party ATM fee reimbursements without limits4
- Unlimited free Interac e-Transfers®, bill payments, and debit transaction
- 0.5% interest boost (up to 2.25% total) when you set up eligible direct deposits6
- Up to $1 million in CDIC deposit insurance coverage on eligible CAD deposits7
- Up to eight individual and eight joint accounts to help organize your money for different goals like vacations, emergency fund, etc.
Account Fees
Monthly Fee
$0
eStatement
Included
Transactions
Transactions
Unlimited free
Interac e-Transfers
Unlimited free
ATM Fees
Own Network
$0
Canadian ATMs
$0
USA
$0
International
$0
International & Currency
Foreign Currency Conversion
0%
Other Fees
NSF (Non-sufficient Funds)
$0
Overdraft Interest
0% annually (if used)
Bank Draft
$10
Top savings account
2.55 Our rating
on ATB's website
Welcome Bonus
Earn total interest of up to 4.60%* for your first 90 days
Regular Interest
Up to 0.6%
Monthly Fee
$0
Eligible clients can get a total interest rate of 4.60%* during their first 90 days from a special bonus of 4.10%.
- Get a premium interest rate for each premium period in addition to the base interest rate
- No restrictions on withdrawals, though your premium period resets to day one. Any interest you already earned gets prorated and paid to you at month’s end.
- $1.50 per Interac e-Transfer
4.6 Our rating
on Wealthsimple's website
Welcome Bonus
$25 bonus when you sign up and fund at least $1*
Regular Interest
Up to 2.25%
Monthly Fee
$0
New to Wealthsimple? We'll give you a $25 cash bonus when you open your first Wealthsimple account through this page and fund at least $1 within 30 days*
CHEQUING & SAVINGS:
For everyday spending and saving
Some accounts are good for parking and growing your money, while others are good for avoiding fees and restrictions. Wealthsimple chequing accounts are great for all of those things.
- Interest rates starting at 1.25% (up to 2.25%)2
- No minimums, monthly fees, or overdraft penalties
- No ATM fees or Foreign Transaction (FX) fees4,5
- Access to 60,000 ATMs across the country
- Third-party ATM fee reimbursements without limits4
- Unlimited free Interac e-Transfers®, bill payments, and debit transaction
- 0.5% interest boost (up to 2.25% total) when you set up eligible direct deposits6
- Up to $1 million in CDIC deposit insurance coverage on eligible CAD deposits7
- Up to eight individual and eight joint accounts to help organize your money for different goals like vacations, emergency fund, etc.
Top credit card
on ATB's website
Welcome Bonus
40,000 points
Annual Fee
$120 $0
Interest Rates
20.99% / 22.99%
RECOMMENDED CREDIT SCORE
3.1/5
The ATB World Elite Mastercard offers impressive rewards and insurance coverage, making it ideal for high-income Alberta residents seeking premium travel perks. However, the low point value and high income requirements might limit its appeal for some users.
Pros
- High rewards
- Extensive Coverage
- Airport lounge access
- first-year fee rebate
Cons
- Low point value
- Alberta residents only
- High income requirement
Rewards
- 8 points for every $1 spent on eligible purchases on select travel merchants, including: airlines, hotels, motels and car rental companies
- 6 points for every $1 spent on eligible purchases on groceries, gas, digital streaming services and/or subscriptions, and entertainment
- 2 points for every $1 spent on any other purchases
The accelerated earn rate applies to the first $50,000 in annual purchases on the account, at merchants qualifying for the accelerated earn rate, per calendar year based on your statement cycle date. The annual spend cap for the accelerated earn rate resets every January. Once the combined cardholder spend exceeds this threshold in these categories, they will continue earning points at the regular earn rate of 2 points per $1 spent in purchases.
Insurance
Coverage
Purchase Protection
90 days
Extended Warranty
1 year
Car Rental Accident
$225,000.svg)
Car Rental Damage & Theft
yes.svg)
Car Rental Personal Effects
$1,000
Travel Medical Insurance (64 & under)
22 days
Common Carrier Travel Accident Insurance
$300,000
Flight Delay
$500Baggage Delay
$500
Trip Cancellation
$1,000
Trip Interruption
$1,000
Lost or Stolen Baggage
$1,000
Hotel Burglary Insurance
$1,000Personal Effects
$1,000
Price Protection
$100 per item, $500 per account annually
Benefits
Details
Airport Lounge - Dragon Pass
4 complimentary lounge visits each year for each primary cardholder
Car Rental Discount
25% off base rate of participating Avis and Budget locations
Boingo Wi-Fi hotspot
over 1 million wifi hotspots worldwide
Eligibility
Credit Score
Very GoodAnnual Income
$80,000 personal or $150,000 household
on Wealthsimple's website
Welcome Bonus
Get 5% cash back for the first 30 days (1)
Annual Fee
See Rates
Interest Rates
20.99%* / 22.99%*
RECOMMENDED CREDIT SCORE
4.4/5
The Wealthsimple Cash Back Visa Infinite Privilege offers a no-FX-fee spending solution with a conditional no-fee setup that earns 2% cash back on all purchases without any limits! It's currently the ONLY Visa Infinite Privilege card with an annual fee that can be completely waived. It also lets you grow your rewards—as you can deposit your cashback whenever you want in a high-interest chequing account. Its simplicity and flexibility make it ideal for many Canadians.
Pros
- Decent cashback
- No premium client annual fee
- No foreign transaction fees
- Solid insurance
- Airport lounge access
Cons
- High annual fee
- High income requirements
Rewards
- 2% cash back on all eligible purchases, no limits.
Insurance
Coverage
Mobile Device Insurance
$1,000Purchase Protection
90 daysExtended Warranty
1 yearTravel Medical Insurance (64 & under)*
14 days up to $2M (under age 65)Trip Cancellation*
$1,500/person ($5,000 per trip)Trip Interruption*
$1,500/person ($5,000 per trip)Baggage Delay*
$1,000 ($1,250 combined with Lost or Stolen Baggage coverage)*Lost or Stolen Baggage*
$1,000 ($1,250 combined with Baggage Delay coverage)Car Rental Damage & Theft*
31 days, $65K car MSRP
Benefits
Details
No Foreign Transaction Fees*
Avoid FX fees when you travel abroad
Visa Infinite Exclusive Benefits*
Airport Lounge - Dragon Pass*
6 complimentary visits
Eligibility
Credit Score
GoodAnnual Income
$150,000 personal or $200,000 household
All products offered