3.7
/5
Wealthsimple
Wealthsimple Prepaid Mastercard
$25 Exclusive bonus for new clients (min $1 funding required)
Our Take
The Wealthsimple Cash Prepaid Mastercard offers a no-fee, no-FX-fee spending solution that waives ATM fees on withdrawals across the globe and lets you automatically grow your rewards—in a high-interest savings account, investments, or crypto. Its simplicity and flexibility make it ideal for Canadians, though it forgoes traditional credit-card perks and insurance.
Card Details
Interest Rates
Purchase: N/A
Cash Advance: N/A
Annual Fees
Main Card: $0
Additional Cards: $0
Welcome Bonus
New Wealthsimple clients can earn a $25 bonus after signing up and funding a chequing account with a minimum of $1.
Annual Income
Personal: N/A
Household: N/A
Credit Score Estimate
Card Type
Prepaid
Reward Type
None
Our Rating
3.7/5
Institution
Wealthsimple
How You Earn Rewards
- The highest-interest rate for a chequing account in Canada (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 reimbursements4
- 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.
Annual Rewards Breakdown
Annual Rewards Summary
Point Redemptions
Redemption Method
Net Value (After Annual Fee)
Insurance & Benefits
Insurance
No insurance coverage is bundled with this card.
Benefits
Details
No Foreign Transaction Fees
Free ATM withdrawal
Pros & Cons
Pros
- No annual fee
- No foreign transaction fees
- Instant approval
- ATM fee reimbursement
- High interest on account balance
Cons
- No insurance
- No revolving credit
- Lacks premium perks
Legal
Wealthsimple is not responsible for maintaining the accuracy of information on this website. Refer to Wealthsimple's page for more details.
21.25% interest rate is available to Wealthsimple Core clients; 1.75% interest rate is available to Wealthsimple Premium clients; and 2.25% interest rate is available to Wealthsimple Generation clients. Annualized rate, calculated daily, paid monthly. Subject to change. For more information, visit wsim.co/rates.
4While Wealthsimple does not charge additional ATM fees, withdrawals may be subject to a fee charged by ATM providers. Wealthsimple will reimburse Cash clients an unlimited number of ATM fee reimbursements. Reimbursements will be made to the account linked to the prepaid Mastercard within 4 business days after the ATM transaction settles. For more information, visit wsim.co/atm-reimbursement.
5Foreign transaction (FX) fees are surcharges typically applied by financial institutions to foreign currency purchases. Foreign currency transactions are still subject to a currency conversion fee from credit card issuers.
6Wealthsimple Core and Premium users who set up automated direct deposits totalling at least CAD $2,000 a month to their Wealthsimple chequing will earn a boosted interest rate of 0.5% (“Boosted Rate”) on top of their current interest rate towards their chequing account balance, up to a maximum of 2.25% total interest rate for CAD Cash accounts. Boosted Rate is an annualized rate, calculated daily, paid monthly, and is subject to change. Must be residents of Canada and age of majority. Max 1 Boosted Rate per eligible client per currency account. Full details at wsim.co/dd-boosted-interest.
7For more information about CDIC coverage, visit wsim.co/legal.