Wealthsimple Cash review

The monthly fee is CAD 0 and the minimum deposit is CAD 0, so opening and holding cost nothing. Currency conversion is charged at 0%. The charge to watch is cash machine use, since the free allowance is CAD 0. On demand access runs through the prepaid card, e-Transfers, bill pay and direct deposit.

Interest is calculated daily and credited monthly, so the balance accrues every day rather than on a set date. The rate is variable and sits at 1.25% to 2.25%. Because it is variable rather than locked, the figure can move in either direction over the time you hold the balance.

The balance sits with Wealthsimple Inc. in Canada, and the business is registered with the Canadian Investment Regulatory Organization (CIRO) and reports to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Since this is a Canadian account, the protection terms follow Canadian rules, so confirm the current cover with the provider before relying on it.

You reach the money on demand through the prepaid card, Interac e-Transfers, bill pay and direct deposit. The card runs on the visa network, and the account is easy access, so there is no term to serve and no notice period to give. Direct deposit is the tidiest route for pay, with e-Transfers handling other money in and out.

Travel is listed as a feature, and the card is prepaid on the visa network, so it works wherever Visa is accepted. Currency conversion is charged at 0%, which sits well under the 1% typical across comparable accounts. Cash machine withdrawals abroad are not covered, since the free allowance is CAD 0.

Help is available on chat, phone and email. That mix covers quick answers through chat and a help centre, with phone and email for anything that needs a longer thread, all handled by Wealthsimple Inc. in Canada. There is no counter service listed, so everything runs through those channels.

The account is operated by Wealthsimple Inc., founded in 2014 and headquartered in Canada. The business is registered with the Canadian Investment Regulatory Organization (CIRO) and reports to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), so it is set up for Canadian residents who want interest and card spending handled together.

Interest of 1.25% to 2.25% sits below the 3.06% for savings accounts on the site, and under 3.01% at bunq and 3.29% at wise. What Wealthsimple Cash offers instead is a CAD 0 minimum deposit and a CAD 0 monthly fee, which suits a different job.