Wealthsimple Cash Account Review 2026: No Fees, Real Debit Card, Honest Take on the Rate
TL;DR
Wealthsimple Cash is a genuinely no-fee chequing-style account with a real debit card, free Interac e-Transfers, no minimum balance, and CDIC coverage. 1.25% interest on every dollar on the free Core tier (1.75% Premium, 2.25% Generation) — solid, but no longer table-topping against dedicated HISAs. The trade-off: no in-person branches, no overdraft, and the interest rate can change without notice.
What Wealthsimple Cash actually is
Wealthsimple Cash is a combination spending + savings account with a debit card and high-interest yield on every dollar — no separate "savings" pot needed. You can spend it, e-Transfer it, get paid into it, and earn interest on the balance, all in the same account.
Interest rates by tier (July 2026)
| Tier | Rate | Requirement |
|---|---|---|
| Core | 1.25% | Free, no minimum |
| Premium | 1.75% | $100,000+ across Wealthsimple |
| Generation | 2.25% | $500,000+ across Wealthsimple |
Rates are variable and can change at any time without notice.
What you actually get on the Core (free) tier
- 1.25% interest, paid monthly, on every dollar
- Free, unlimited Interac e-Transfers (send + receive)
- Free virtual debit card immediately, physical card by mail
- Direct deposit (full payroll setup with the void cheque/PAD form in-app)
- Bill payments to most Canadian billers
- Apple Pay + Google Pay
- 1% cashback on certain debit purchases (rotating categories)
- CDIC coverage up to $100,000
How it compares to other "high-interest" accounts
| Account | Rate | Catch |
|---|---|---|
| Wealthsimple Cash | 1.25% | Free tier — plus a real debit card and e-Transfers |
| EQ Bank Personal | 1.00% | 2.75% with a qualifying direct deposit |
| Neo Money | 2.25% | No e-Transfer fee, no card, savings-only |
| Koho Earn Interest | 2.00% | Up to 3.50% on the paid Everything plan |
| Big Six chequing | 0.01% | $10–$30/mo unless you keep $4,000+ idle |
Where it falls short
- No physical branches. Everything is in-app. Lost your phone and need cash today? Frustrating.
- No overdraft. A bounced PAD will fail; some landlords charge a returned-payment fee.
- Rate can move. Wealthsimple adjusts these rates periodically, generally tracking the direction of Bank of Canada moves. Today's 2.25% on Generation isn't locked in.
- Interest is fully taxable. A $20,000 balance at the Core rate of 1.25% earns $250/year — taxable at your marginal rate. Inside a TFSA it would be sheltered, but Cash isn't a TFSA.
- Customer support is chat-first. No 1-800 number for everyday accounts on the Core tier.
Who Wealthsimple Cash is best for
- Anyone paying $10–$30/month for a Big Six chequing account — switch and pocket the difference.
- Newcomers — fast online opening, no credit history required, instant virtual card. See our best banks for international students.
- Anyone holding cash for short-term goals (down payment, emergency fund) — beats almost every Big Six chequing account, though a dedicated HISA will usually out-yield the Core tier on rate alone.
Who should look elsewhere
- People who genuinely use a branch (cash deposits, certified cheques weekly).
- People who need overdraft, line of credit, or in-person mortgage advice.
- Investors who want to keep brokerage and banking at separate institutions on principle.
Tax treatment — don't forget
Interest income is reported on a T5 slip if you earn $50+ in a year. Plug it into our income tax calculator to see the after-tax yield. At a 43% marginal rate, the Core tier's 1.25% becomes ~0.71% after tax — still beats a 0.01% Big Six chequing account, but it's not the headline number to chase anymore.
Related guides
- Full Wealthsimple Trade Review 2026
- Neo vs Koho vs Wealthsimple Cash 2026
- All HISA rates in Canada (live)
Not financial advice. Rates and features can change at any time. Verify on the official Wealthsimple site before signing up. We do not accept referral commissions. Last reviewed: July 11, 2026.
Editorial disclaimer
This article is published by LoonieLabs for general information only. It is not financial, tax, legal, accounting, or immigration advice and must not be relied on as such. Rules, dollar figures, interest rates, and program eligibility change — always verify with the Canada Revenue Agency, IRCC, or a qualified professional before acting. Spotted an error? See our corrections policy. Last reviewed: July 11, 2026.
Frequently Asked Questions
Written and reviewed by Shrey Patel — Founder & Editor-in-Chief
Winnipeg, MB · Figures cross-checked against official banking & credit sources · Last reviewed July 11, 2026 · LinkedIn
Founder of LoonieLabs · based in Winnipeg, MB · writes and reviews every page on the site I oversee every figure on this page personally — verified against primary sources (CRA, IRCC, Statistics Canada, the Bank of Canada, or the originating provincial ministry). LoonieLabs has no affiliate relationships with any bank, credit card, or immigration consultant featured on this site. Spotted a mistake? Tell us.
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