5 Smart Reasons to Open a Wealthsimple Chequing Account in 2025

Wealthsimple’s chequing account (formerly Wealthsimple Cash) has evolved fast over the past few years — adding new features, updating rewards, and solidifying its place as a modern, no-fee alternative to traditional banks.

I’ve had my Wealthsimple chequing account for a few years now, and it’s one of the few digital banking products I’ve actually stuck with. What keeps me using it is the blend of convenience and value: it works like a flexible chequing account, yet still pays interest that’s better than most savings accounts at major banks. And the best part? There are no monthly fees to worry about.

Below are five clear reasons why it may be worth opening a Wealthsimple chequing account today — backed by the latest features and facts as of November 2025.

No monthly fees and no minimums — real savings for everyday banking

Wealthsimple advertises no monthly account fees, no minimum balance, and no everyday transaction fees, which removes a common $10–$15/month drag many Canadians pay at big banks. That makes it attractive if you want a simple, fee-free day-to-day account.

Why it matters: If your current bank charges a $10 monthly fee, switching could save ~$120/year — and you get modern app features on top.

Also read: Wealthsimple’s 2025 Apple Promo: How Canadians Are Getting a Free MacBook Air (Legally!)

Competitive interest — rates tiered by client status and direct-deposit boosts

Wealthsimple’s chequing product pays interest on your balance. Rates are tiered (and have changed over 2025), and Wealthsimple has offered boosted rates for qualifying clients and for those who set up direct deposit. Note: Wealthsimple updated interest levels in late 2025 — the standard rate was lowered to 1.25% on Nov 3, 2025, with higher tiers and direct-deposit bonuses available for certain client statuses. Always check the live rate before opening.

Why it matters: unlike most traditional chequing accounts that pay essentially 0%, a positive interest rate means your everyday balance can earn something — useful if you carry a buffer in your chequing account.

Expanded features — mobile cheque deposit, international transfers, ATM reimbursements, and more

In 2025 Wealthsimple added app conveniences (mobile cheque deposits), faster/larger e-Transfers, and began rolling out international payment support and enhanced ATM fee handling (including reimbursements abroad in some cases). Those product additions make the chequing account behave more like a full-featured bank account while staying digital-first.

Why it matters: if you travel, receive physical cheques, or need international payments, these features reduce friction and fees compared with many challenger accounts that were previously “barebones.”

Expanded (and safer-seeming) deposit protection via CDIC-style coverage model

Wealthsimple introduced arrangements that provide up to $1M in CDIC coverage by distributing deposits across multiple partner banks (each of which is separately CDIC-insured). This lets Wealthsimple offer much higher effective deposit protection than a single-bank $100,000 CDIC limit, subject to the program’s exact mechanics and T&Cs. If deposit insurance is a top priority, this structure is an important consideration.

Why it matters: It reduces concentration risk and gives reassurance similar to having multiple insured accounts, but always read Wealthsimple’s explanation and supporting terms to understand how coverage is applied.

Also read: Wealthsimple Referral Code (2025): Get Your Free Cash Bonus

Easy integration with Wealthsimple ecosystem (investing, credit card, automated flows)

If you already use Wealthsimple’s investing or savings products, the chequing account links smoothly: direct deposit options, the ability to move money between accounts, and bundling advantages (for example, some account perks/rate boosts are tied to client tiers and deposit behaviors). Wealthsimple’s credit card and promotions can also tie into the same app experience — useful if you prefer one app for cards, chequing and investing. Note: some reward features have changed in 2025.

Why it matters: consolidation in one app reduces manual transfers and makes it easier to automate saving or investing.

Quick checklist before you apply

Confirm the live interest rate and the tier rules for boosted rates. (Rates changed in Nov 2025.)

Review CDIC-coverage mechanics and any limits on full protection.

If you want cashback on card spending, double-check current card reward terms (some reward programs changed in 2025).

If you need international transfers or mobile cheque deposit, verify those features are enabled for your account region/version of the app.

Open an account today with Wealthsimple using this link and receive a referral bonus when you fund your account!

Final Thoughts

Wealthsimple’s chequing account is a compelling option if you want a no-fee digital chequing account that pays interest, offers modern app features, and integrates with a wider investing/credit ecosystem. However, because rates and card rewards changed through 2025, double-check the live rates and card terms before you move large sums or pick the account for a single, reward-driven reason.

Disclosure: This post contains referral links. If you open a Wealthsimple account through these links, we may earn a small reward — at no extra cost to you. These commissions help keep MoneyBuilder.app running and allow us to keep sharing real, fact-based money tips. Always read the official Wealthsimple terms before transferring funds.