Wealthsimple Cash is a hybrid cash management account: it earns interest on the full balance like a high-interest savings account and comes with a prepaid Visa card for everyday spending. Deposits are held at Peoples Trust Company, a CDIC member bank, providing the same deposit insurance as a chartered bank.
The account’s strongest use case is within the Wealthsimple ecosystem — instant, fee-free transfers to Wealthsimple Trade and Invest eliminate the 1–3 business day wait that external bank transfers require. For investors, this means idle cash earns a competitive rate right up to the moment it is deployed into markets.
The no-foreign-exchange-fee Visa card is the other standout feature — one of very few Canadian spending cards that converts foreign currencies at the network rate with no added markup.
Key limitations: no registered savings accounts (TFSA, RRSP, FHSA), no ATM network comparable to Simplii or Tangerine, and a subscription model ($10–$20/month) required for the highest interest rate and best cash back.
Wealthsimple Cash at a Glance
| Feature | Details |
|---|---|
| Type | Cash management account (not a bank) |
| Deposits held at | Peoples Trust Company (CDIC member) |
| CDIC insured | Yes — up to $100,000 |
| Monthly fee | $0 (Basic) / $10 (Premium) / $20 (Generation) |
| Savings rate | ~3.00–3.50% (Basic); ~4.00%+ (Premium/Generation) |
| Spending card | Prepaid Visa — 0% FX fee |
| Cash back | 1% everywhere (Basic); 5% at partners (Premium) |
| Registered accounts | None (TFSA/RRSP/FHSA are separate investing products) |
| ATM network | Partner ATMs free; others may charge |
| Investing integration | Instant transfer to Wealthsimple Trade/Invest |
| Joint accounts | No |
| Cheques | No |
Subscription Tiers
| Tier | Monthly Cost | Savings Rate | Cash Back |
|---|---|---|---|
| Basic | $0 | ~3.00–3.50% | 1% everywhere |
| Premium | $10 | ~4.00%+ | 5% at partners, 1% elsewhere |
| Generation | $20 | ~4.00%+ | 5% at partners + other perks |
Is Premium worth it? The interest rate premium (roughly 0.5 percentage points) pays for itself only above ~$24,000 in the Cash account ($24,000 × 0.50% = $120/year = the $10/month subscription). For smaller balances, Premium is only worth it if you also spend regularly at partner merchants at the 5% rate.
The 0% FX Fee Prepaid Visa
Most Canadian cards charge 2.5% on all foreign-currency transactions. Wealthsimple Cash converts at the Visa network rate with no markup. On $5,000/year of foreign spending (US online shopping, international travel), the saving is approximately $125 versus a standard card.
| Card Type | FX Fee |
|---|---|
| Wealthsimple Cash Visa | 0% |
| KOHO Premium | 0% |
| Scotiabank Passport Visa Infinite | 0% |
| Neo Financial | 2.5% |
| Tangerine Mastercard | 2.5% |
| Simplii Cash Back Visa | 2.5% |
| Most Big Five credit cards | 2.5% |
The card is prepaid, not credit — it draws from your Cash balance, does not require a credit check, and does not affect your credit score. It does not include purchase protection or travel insurance.
Wealthsimple Cash vs Competitors
| Feature | Wealthsimple Cash | EQ Bank | Tangerine | Simplii | Neo |
|---|---|---|---|---|---|
| Savings rate (basic/standard) | ~3.00–3.50% | 3.50–4.25% | 0.10–1.00% | ~0.40% | ~2.25–4%+ |
| TFSA savings | No | Yes | Yes | No | No |
| RRSP savings | No | Yes | Yes | No | No |
| FX fee | 0% | N/A | 2.5% | 2.5% | 2.5% |
| ATM network | Partner only | Third-party (fees) | Scotiabank (3,500) | CIBC (3,400) | None |
| Investing integration | Yes (instant) | No | No | No | No |
| Phone support | No | Yes | Yes | Yes | No |
Cluster Pages
- Wealthsimple Referral Code — Get $25
- Wealthsimple Cash Fees
- Wealthsimple Cash Savings Rate
- Wealthsimple Cash e-Transfer Limit
- Wealthsimple Cash Customer Service