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Wealthsimple
Written by Lauren Brown
Last updated on June 30, 2026
Fact Checked
FinlyWealth rating
🏅
4.3
Products they offer:
Best for:
Canadians who want a digital-first financial platform that combines no-monthly-fee banking with $0 commission stock and ETF trading.
Open account
on Wealthsimple's website
Overview
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.
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
Product Reviews
Savings Accounts
Wealthsimple Savings
Wealthsimple Savings
4.6 Our rating
OPEN ACCOUNT
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
The Wealthsimple chequing account also works well as a savings option for customers who want to earn interest without needing to open a separate high-interest savings account. Paying an interest rate of up to 2.25%, the account makes a reasonable choice for customers who want to keep their cash accessible while still growing their balance. In addition to no monthly fees, there is no minimum balance requirement and, unlike many savings accounts, no cap on the number of free transactions.
The account provides a rare combination of yield and flexibility. Your funds remain available for spending while still earning a return. This structure can benefit digital customers, though it does not offer branch access or a separate savings bucket, meaning it may not be the right fit for those who want in-person service or want to keep their savings separate.
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.
Chequing Accounts
Wealthsimple Chequing
Wealthsimple Chequing
4.8 Our rating
OPEN ACCOUNT
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
Breaking away from the traditional model, the Wealthsimple Chequing account is one of the strongest accounts in Canada. It comes with no monthly fees and no minimum balance requirements. Its unique feature, though, is that it pays interest on any money that is in the account. Chequing accounts from the major banks typically do not offer this. On top of earning interest, the account allows a practical way to access your money by reimbursing you for ATM fees and accepting cash deposits at Canada Post.
This Wealthsimple account may appeal to those who want to keep their everyday banking at the same institution where they hold their investments. The limitations are that Wealthsimple does not have any branches or ATMs. This means that those who want in-person service would likely benefit from a traditional bank instead. That said, the account still offers exceptional value for digital-first users.
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
Customer Experience
3.5/5
When evaluating customer comments about the institution, Wealthsimple has reviews at either end of the spectrum. High praise includes one saying “tried many platforms, this is the best” and that it’s a “really easy interface for a beginner.” The company has a reputation for its strong design and app-based interface. One customer wrote “the platform keeps getting better with meaningful updates, a clean design, and an app that’s just really easy to use.”
Other feedback is not so positive with another review suggesting “their customer service is one of the worst I've ever experienced in my life.” The company also has several complaints about locked accounts resulting from certain activities like automatic payroll deposits or fraudulent activity. Some customers even describe having their accounts frozen and have had trouble getting their money back.
The fintech supports its customers through a 24/7 online chat. They also have telephone support, which is an added bonus compared to other digital-first competitors. Overall, though, its customer support record is less than consistent.
Rating Methodology
How We Rate Wealthsimple
Our ratings are based on a comprehensive evaluation of each financial institution across multiple categories. We assess the quality and competitiveness of their products, fees, interest rates, customer experience, and overall value proposition.
Overall Rating
A weighted average reflecting the institution's performance across all evaluated categories.
Product Offerings
Evaluates the breadth and quality of available products including credit cards, savings accounts, and chequing accounts.
Fees & Rates
Compares monthly fees, interest rates, and fee waiver options against industry standards.
Customer Experience
Assesses the quality of customer support, digital banking tools, and overall user experience.
Rating Scale: All ratings are on a scale of 0 to 5, where 5 represents exceptional performance and 0 represents significant concerns. Ratings are reviewed and updated regularly to reflect changes in products, pricing, and services.
Frequently Asked Questions
No. Wealthsimple does not charge a monthly account fee.
Wealthsimple does not have its own ATM network, though the company will reimburse you for ATM fees from using other machines.