Wealthsimple Cash
As of October 22, 2026, the Wealthsimple Cash pays 1.25% base interest, and up to 2.25% if you qualify.
CDIC insuredRates verified October 22, 2026
Calculate your Wealthsimple interest
Conditions: Tiered: 1.25% Core (<$100k), 1.75% Premium ($100k+), 2.25% Generation ($500k+)
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Key account terms
A hybrid account offering high interest, spending features, and stock trading integration.
- Monthly fee
- $0
- Minimum deposit
- $0
- Transactions
- Unlimited
- Transfer speed
- 1-3 Days
Pros and considerations
What we like
- High interest checking
- No foreign transaction fees
- Seamless investing integration
- Extended CDIC coverage
Watch out for
- Online only
- Not a traditional bank (fintech)
- Customer service can be slow
Frequently Asked Questions
Everything you need to know about Wealthsimple's savings rates, terms, and account features.
Is Wealthsimple a bank?
No, it's a fintech. Cash accounts are held in trust with CDIC member institutions.
Do I get a card?
Yes, the Wealthsimple Cash card (Prepaid Mastercard) acts like a debit card.
Is Wealthsimple deposit-insured and safe?
Yes. With Wealthsimple, eligible deposits are insured up to $100,000 per category by the Canada Deposit Insurance Corporation (CDIC). This protection guarantees that your principal deposit and accumulated interest remain safe against institutional failure.
How is interest calculated and paid on the Wealthsimple Cash?
Interest is calculated daily based on your account's closing balance and deposited directly into your balance on the final business day of each month, compounding your yield monthly.
Can I withdraw my money from Wealthsimple at any time?
Yes. Unlike a GIC (Guaranteed Investment Certificate) which locks in funds for a predetermined duration, this high-interest savings account offers complete liquidity. You can transfer money out at any time without penalty or loss of earned base interest.
How is interest earned at Wealthsimple taxed in Canada?
In non-registered accounts, interest earned is treated as regular taxable income by the Canada Revenue Agency (CRA). Wealthsimple will issue a T5 tax slip if your annual interest exceeds $50 (or upon request for lower amounts). If held inside a TFSA, interest is 100% tax-free.
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