The Wealthsimple Chequing account, which many people still call Wealthsimple Cash, is Wealthsimple’s everyday spending account: it pays interest on your whole balance, takes your pay by direct deposit and comes with a prepaid Visa card. This review sets out what it pays on each plan, how the direct-deposit boost works, the institution and transit numbers your employer needs, how the CDIC coverage is actually arranged, how to get cash in and out (including e-Transfer limits and wires), and when another account is the better choice. YieldMaple rechecked Wealthsimple’s chequing, direct-deposit, savings and pricing pages and its Chequing Account User Agreement on September 29, 2026; card limits and ATM terms come from Wealthsimple’s help centre as checked in September 2026. Every rate, fee and limit below comes from the provider’s own page (or CDIC’s, for what deposit insurance covers).
Wealthsimple Chequing account at a glance
| Item | Current figure | Source |
|---|---|---|
| Chequing interest — under $100,000 in assets (Core) | 1.25% | wealthsimple.com Verified October 7, 2026 |
| Chequing interest — over $100,000 in assets (Premium) | 1.75% | wealthsimple.com Verified October 7, 2026 |
| Chequing interest — $500,000+ in assets (Generation) | 2.25% | wealthsimple.com Verified October 7, 2026 |
| Direct-deposit interest boost (Core and Premium) | an extra 0.5% with at least $2,000 direct-deposited within 30 days | wealthsimple.com Verified October 7, 2026 |
| Chequing monthly / minimum-balance fees | $0 | wealthsimple.com Verified October 7, 2026 |
| CDIC coverage on Chequing balances (per member institution) | up to $100,000 per beneficiary, per CDIC member institution | help.wealthsimple.com Verified October 11, 2026 |
| Maximum CDIC coverage on Chequing balances | up to $1 million, because funds are spread across up to 10 CDIC member institutions (Wealthsimple itself is not a CDIC member) | wealthsimple.com Verified October 7, 2026 |
| Wealthsimple Chequing institution number (for direct deposit and pre-authorized debits) | 703 | wealthsimple.com Verified October 7, 2026 |
| Wealthsimple Chequing transit (branch) number | 00001 | wealthsimple.com Verified October 7, 2026 |
| Chequing card | Visa Platinum Prepaid card (digital and physical), linked to your Wealthsimple Chequing account | wealthsimple.com Verified October 7, 2026 |
| Foreign transaction fee on the chequing (prepaid) card | 0% (Visa's conversion rate still applies) | wealthsimple.com Verified October 7, 2026 |
| ATM withdrawal fees | no Wealthsimple ATM fees in Canada or abroad; eligible ATM-operator fees reimbursed | wealthsimple.com Verified October 7, 2026 |
| Visa Platinum Prepaid spending and ATM limits (summary) | $5,000 a day in spending (up to 20 purchases a day); ATM withdrawals up to $3,000 a day and $10,000 a week | help.wealthsimple.com Verified October 8, 2026 |
| Non-sufficient funds (NSF) fee | none — Wealthsimple doesn't charge NSF fees (a biller can still charge its own fee if a pre-authorized debit bounces) | help.wealthsimple.com Verified October 8, 2026 |
| Wealthsimple Savings account interest | 2.5% (available to every client, no tiers) | wealthsimple.com Verified October 7, 2026 |
In plain terms:
- Interest: 1.25% on Core, 1.75% on Premium and 2.25% on Generation. Core and Premium clients can add an extra 0.5% with at least $2,000 direct-deposited within 30 days.
- Fees: monthly and minimum-balance fees are $0. Non-sufficient-funds fees: none — Wealthsimple doesn't charge NSF fees (a biller can still charge its own fee if a pre-authorized debit bounces).
- Card: a Visa Platinum Prepaid card (digital and physical), linked to your Wealthsimple Chequing account. Wealthsimple’s foreign transaction fee on it is 0% (Visa's conversion rate still applies), and at ATMs there are no Wealthsimple ATM fees in Canada or abroad; eligible ATM-operator fees reimbursed. Card limits are $5,000 a day in spending (up to 20 purchases a day); ATM withdrawals up to $3,000 a day and $10,000 a week.
- Protection: Chequing balances are held in trust at CDIC member institutions, so coverage is up to $100,000 per beneficiary, per CDIC member institution, and up to $1 million, because funds are spread across up to 10 CDIC member institutions (Wealthsimple itself is not a CDIC member).
- Direct deposit: the institution number is 703 and the transit number is 00001, per Wealthsimple’s direct-deposit page.
- The catch: Wealthsimple’s separate Savings account pays 2.5% (available to every client, no tiers), more than any Chequing tier.
Is Wealthsimple Cash a chequing account?
Yes: Wealthsimple Cash is the account Wealthsimple now lists as Chequing, with its own account and transit numbers, direct deposit, bill payments, Interac e-Transfers and a prepaid Visa card.
“Wealthsimple Cash vs chequing account” is really one account under two names. Plenty of people still search for Wealthsimple Cash, but Wealthsimple’s old Cash web address now redirects to its Chequing page, and its site, help centre and legal documents call the account Chequing. Per Wealthsimple’s chequing page and help centre, the account lets you:
- Get paid: direct deposit from an employer, with your institution, transit and account numbers under Direct deposit info in the app, plus pre-authorized debits for bills.
- Pay and send: bill payments, Interac e-Transfers, and sending or requesting money in the app using a Wealthsimple handle or phone number.
- Spend: with a prepaid Visa card, virtual or physical, or with no card at all if you’d rather not have one.
- Deposit cheques: by photographing the front and back in the app.
- Order bank drafts: from the account’s More section; Wealthsimple ships the draft with a tracking link.
- Organize: Wealthsimple’s chequing page says you can open up to 8 individual chequing accounts, plus up to 8 joint accounts, to keep bills, spending and shared costs apart.
Where it differs from a big-bank chequing account: there are no branches, and the account holds Canadian dollars only (the chequing account can't hold USD). The card is prepaid, so it spends your own balance and needs no credit check. Overdraft coverage comes through Wealthsimple’s portfolio line of credit, which borrows against eligible investments at 4.95% on the Core plan, so it’s only an option if you hold eligible investments in a Wealthsimple non-registered account or TFSA.
How much interest does the Wealthsimple Chequing account pay?
Wealthsimple Chequing pays 1.25% on Core, 1.75% on Premium and 2.25% on Generation, calculated daily and paid monthly, per Wealthsimple’s chequing page.
Your plan depends on how much you hold with Wealthsimple. Core starts at $1 in assets, Premium at $100,000 and Generation at $500,000. Wealthsimple’s pricing page says your status uses whichever is higher, your net deposits or your total portfolio value, and that nearly every account counts, including Chequing and Savings. Deposits into a joint chequing account count toward both owners’ status.
The rates aren’t promotional and have no set end date, but Wealthsimple says it follows the Bank of Canada when that rate changes, so they can fall as well as rise. Its disclosure adds that the chequing rate is derived from the interest Wealthsimple earns on the deposits. Interest earned in Chequing is taxable, and you report it on your return.
Worked example: a paycheque account plus an emergency fund
Say you’re on Core, your pay lands in Chequing by direct deposit and clears the boost threshold every month, you keep about $4,000 there for bills and spending, and you have a $15,000 emergency fund:
- Spending money in Chequing: $4,000 at the boosted Core rate earns about $70 a year, against $50 without the boost.
- Emergency fund left in Chequing: $15,000 at the same boosted rate earns about $262.50.
- Emergency fund moved to Savings: Savings pays 2.5% (available to every client, no tiers), so the same $15,000 earns about $375, or $112.50 more.
- The same $15,000 at a big bank: RBC’s posted High Interest eSavings rate of 0.55% works out to about $82.50.
Before tax, the Chequing-plus-Savings split earns about $445 a year in this example. Rates are variable, so treat these figures as a September 2026 snapshot. Run your own balance through the calculator below, or see every Wealthsimple interest rate by plan, including USD savings and the TFSA savings option.
How does the Wealthsimple direct deposit boost work?
Core and Premium clients earn an extra 0.5% with at least $2,000 direct-deposited within 30 days, which lifts Core Chequing to 1.75% and Premium to 2.25%.
What counts as a qualifying direct deposit, per Wealthsimple’s chequing and direct-deposit pages:
- Your paycheque or any other type of direct deposit counts, as long as you meet the threshold in each 30-day period. Wealthsimple currently accepts direct deposit from Canadian payrolls only.
- The boost is ongoing, so it lasts as long as you keep direct-depositing enough.
- Generation clients aren’t eligible, because they already earn the top rate of 2.25%.
- A transfer you send yourself from another bank isn’t described as a direct deposit on Wealthsimple’s pages. Don’t count on it qualifying, and check your Chequing rate in the app after the first deposit.
Per Wealthsimple’s direct-deposit page, pay that lands this way can arrive up to a full day earlier. Its chequing page adds that a chequebook is free once your paycheque is set up to land in your Wealthsimple chequing account. Direct deposit matters for the Wealthsimple credit card too: its fee is $240 a year ($20/month), waived with $100,000+ in individual assets or $4,000+/month direct deposit.
What are Wealthsimple’s institution and transit numbers?
Wealthsimple Chequing’s institution number is 703 and its transit (branch) number is 00001; your personal account number is under Direct deposit info in the app.
Those three numbers are what your employer’s payroll system needs, and the same details set up pre-authorized debits for bills. Per Wealthsimple’s direct-deposit page (checked September 29, 2026), to switch your pay:
- Open a Wealthsimple Chequing account (steps further down).
- In the app, tap the Home tab, select your chequing account, tap More, then Direct deposit info. On a computer, the details sit on the right-hand side of the chequing account page.
- Enter the institution, transit and account numbers in your employer’s payroll system. Wealthsimple publishes walk-throughs for Workday, ADP and Dayforce.
- Your first deposit arrives on your next payday after your employer confirms the new details.
How to get a Wealthsimple void cheque
If payroll asks for a void cheque instead of the numbers:
- In the app: Home tab, then your chequing account, then More, then Direct deposit info, then Download void cheque.
- On a computer: under Accounts, select your chequing account and choose Download void cheque on the right side of the page, under your direct deposit information.
The void cheque is a PDF you can download or email to yourself and forward to your payroll team.
If the direct deposit doesn’t go through
- Check the numbers first. The first reason Wealthsimple lists is details shared with the employer that don’t match the chequing account.
- Payroll systems that reject the number. Wealthsimple says an employer’s payroll system might need an update if it doesn’t accept Wealthsimple’s institution number, and it provides an email template you can send to your payroll team asking them to update it.
- Branch address fields. If a form insists on one, Wealthsimple gives 201 - 80 Spadina Ave, Toronto, ON M5V 2J4.
- U.S. employers. Wealthsimple currently supports direct deposit from Canadian payrolls only.
Is Wealthsimple CDIC insured?
Yes for Wealthsimple Chequing: Wealthsimple isn’t a CDIC member, but it holds Chequing balances in trust at CDIC member institutions, so eligible deposits are CDIC-covered.
The coverage, per Wealthsimple’s pricing page and its Chequing Account User Agreement (both rechecked September 29, 2026):
- Per member institution: up to $100,000 per beneficiary, per CDIC member institution.
- In total: up to $1 million, because funds are spread across up to 10 CDIC member institutions (Wealthsimple itself is not a CDIC member).
That answer applies to Chequing only. Wealthsimple Savings lists CIPF protection rather than CDIC, and stocks, ETFs and other investments fall under CIPF, not CDIC (details below).
How the arrangement works, per Wealthsimple’s chequing page and its chequing disclosure:
- In trust, in your name. The money is held in trust in the primary account holder’s name at one or more CDIC members. CDIC protects eligible deposits if a member institution fails, and the coverage is free and automatic.
- One business day in transit. New deposits are settled with the member institutions one business day after they appear in your account.
- Joint accounts count once. A joint balance is registered under the primary account holder’s name, so it counts toward that person’s coverage rather than getting its own.
- Partners aren’t named. Wealthsimple’s public chequing page doesn’t list which member institutions hold the money.
That total is well above the standard limit at a single bank; Tangerine, for example, lists coverage of up to $100,000 per name registration (principal and interest combined). What CDIC doesn’t cover here:
- Wealthsimple Savings. Its page lists CIPF protection, not CDIC. CIPF protection at Wealthsimple covers securities eligible for CIPF coverage up to $1M per defined account if the dealer becomes insolvent.
- Investments, including cash-style ETFs. CDIC lists ETFs as not eligible for CDIC deposit insurance (CDIC lists ETFs and mutual funds among the products it does not cover).
- Fraud or mistakes. CDIC protection applies when a member institution fails. It isn’t fraud cover, so lock the card in the app if it’s lost and guard your login.
Is Wealthsimple a bank?
No: Wealthsimple says it isn’t a bank or a CDIC member; its chequing account is offered by a CIRO-member investment dealer and a FINTRAC-registered money services business.
Per Wealthsimple’s chequing disclosure, Chequing is offered by Wealthsimple Investments Inc., a member of the Canadian Investment Regulatory Organization (CIRO), and Wealthsimple Payments Inc., which is registered with FINTRAC (the Financial Transactions and Reports Analysis Centre of Canada) as a money services business. Deposits reach CDIC coverage through the trust arrangement above, not because Wealthsimple is a member: coverage is up to $100,000 per beneficiary, per CDIC member institution, and up to $1 million, because funds are spread across up to 10 CDIC member institutions (Wealthsimple itself is not a CDIC member).
So when people search for a “Wealthsimple bank account,” the account they usually mean is Chequing: it behaves like a bank account without Wealthsimple being a bank. The explainer on what Wealthsimple is and who owns it covers the company behind the account.
For day-to-day use, the practical differences are few: you get account and transit numbers, direct deposit, bill payments, cheque deposits and bank drafts much as you would at a bank. What you don’t get is a branch, a teller for cash deposits, or, for now, U.S. dollars in the chequing account (Wealthsimple says a separate place to spend and receive USD is coming).
How do you deposit cash into Wealthsimple?
You can deposit cash at Canada Post locations, deposit cheques by photo, or fund Chequing by direct deposit, e-Transfer or a linked bank account, per Wealthsimple.
- Cash at Canada Post. Wealthsimple’s chequing page lists cash deposits at 5,300+ Canada Post locations. It publishes separate Cash Deposits terms, and the chequing page itself doesn’t state a fee or limit, so check both in the app before you go.
- Cheques. Photograph the front and back in the app. Wealthsimple says the funds take about six business days to process and that instant access to part of a deposit is coming.
- Direct deposit. Your pay, set up as described above, which is also what earns the boost.
- From another bank. Link an outside account, or send the money by Interac e-Transfer.
How do you withdraw cash from Wealthsimple?
Take cash out at an ATM with the physical Visa card, or send money to another bank; Wealthsimple itself charges no ATM fee and reimburses eligible ATM-operator fees.
- ATM fees. There are no Wealthsimple ATM fees in Canada or abroad; eligible ATM-operator fees reimbursed. The operator’s own fee is usually about $3.00 per withdrawal, charged by the ATM operator (not Wealthsimple), and Wealthsimple’s reimbursement arrives within 4 business days after the ATM withdrawal settles.
- Withdrawal limits. ATM withdrawals are capped at $3,000 a day (also the most you can take out in one withdrawal) and $10,000 a week. On top of that, the ATM's owner can set a lower withdrawal limit for its machines, and the lower limit applies.
- No physical card yet? Request one: in the Wealthsimple app, open your personal chequing account, tap Settings (the gear icon), then tap Request a physical card. It arrives within 15 business days, and it must be activated when it arrives.
- To another bank. Send an Interac e-Transfer, transfer to a linked account or send a wire; the limits and fees for each are in the next section.
- Large payments. A bank draft ordered in the app avoids carrying cash for something like a car purchase.
- From an investment account. That’s a different process: Wealthsimple’s pricing page lists an instant withdrawal to a Visa Debit card at 2.5%; otherwise, the same page says, withdrawals may take 1–3 business days.
What is the Wealthsimple e-Transfer limit?
Wealthsimple Chequing’s daily Interac e-Transfer limit goes up to $50,000 a day for eligible clients, with each client’s own limit set by total assets, direct-deposit amount and past transfers, and there’s no fee to send one.
Per Wealthsimple’s chequing page (rechecked by YieldMaple on September 24, 2026) and the disclosure behind its chequing comparison chart:
- The top limit is up to $50,000 a day for eligible clients, not everyone’s limit. The chart puts that above the limits it lists for digital and big banks (data as of June 11, 2026), but the disclosure says individual limits depend on factors including total assets, direct-deposit amount and previous transfer amounts. Confirm yours before a large or time-sensitive payment.
- No fee to send. Wealthsimple says it doesn’t charge Interac e-Transfer fees, and its site lists unlimited free Interac e-Transfers.
- Above your limit. A wire or a bank draft ordered in the app is the usual route for a payment bigger than your e-Transfer limit.
Wealthsimple wire transfers
- Incoming wires: $0 — incoming wires are free, wherever they come from, per the chequing page.
- Outgoing domestic wires: $15 per outgoing domestic wire, per Wealthsimple’s fee schedule, which waives it for Generation clients on wires above a set size. A wire in a different currency from the account is converted, and a standard FX fee applies.
- International wires in U.S. dollars and other currencies go out by SWIFT through Wealthsimple’s international transfer feature.
- Investment accounts use a separate manual wire service, in or out, with its own fee; per the fee schedule, a Wealthsimple representative has to approve each request.
Moving a whole account is different. An e-Transfer or wire moves cash. To bring a TFSA, RRSP, FHSA or other investment account over from another institution, request an account transfer instead; Wealthsimple lists an average of 2–4 weeks for most account types. Interac e-Transfers, cash deposits and moves between your own Wealthsimple accounts don’t count toward Wealthsimple’s transfer match, per its transfer-bonus page. The steps, fees and match rules are in how to transfer a TFSA, RRSP or other account to Wealthsimple.
Does Wealthsimple Cash still pay cash back?
Not at any published rate: Wealthsimple lists no cash-back rate for the Visa Platinum Prepaid card on Chequing, and the old prepaid Mastercard’s cash back has ended.
The Mastercard program ended — the last day to earn 1% cash back was September 30, 2025, and the prepaid Mastercard has been a 0% cash back card since October 1, 2025. The Visa card’s strengths are no Wealthsimple FX fee, reimbursed ATM fees and no credit check; its limits, phone-wallet support, Costco acceptance and the Mastercard-to-Visa switch are all in our Wealthsimple debit card guide. If cash back matters most, the separate Wealthsimple Visa Infinite+ credit card pays 2% on every purchase for $240 a year ($20/month), waived with $100,000+ in individual assets or $4,000+/month direct deposit, and KOHO’s prepaid card pays category cash back (compared below).
Should you keep your money in Chequing or Savings?
Keep spending money in Chequing and the rest in Wealthsimple Savings, which pays 2.5% (available to every client, no tiers), more than any Chequing tier even with the boost.
How the two accounts divide the work, per Wealthsimple’s savings page:
- Savings can’t take your pay. It has no account or transit number, so have your pay land in Chequing and set up an automatic transfer to Savings.
- Access is instant. Money moves from Savings to Chequing instantly when a bill or purchase needs it.
- Savings is non-registered only for now, so its interest is taxable, just like Chequing’s.
- Protection differs. Savings lists CIPF, while Chequing gets CDIC coverage through the trust: up to $1 million, because funds are spread across up to 10 CDIC member institutions (Wealthsimple itself is not a CDIC member). If CDIC coverage on a large balance matters more to you than the extra interest, Chequing is the account that has it.
The size of the gap depends on your plan. On Core without the boost, Savings pays twice the Chequing rate. At Generation, or Premium with the boost, Chequing reaches 2.25% and the gap on $15,000 is about $37.50 a year. The Wealthsimple Savings account guide covers Savings, money market funds and the CASH ETF in detail.
Is Wealthsimple Cash the same as a cash account or the CASH ETF?
No: Wealthsimple Cash is the Chequing account, a “cash account” is a non-registered investing account without margin, and CASH is an ETF from Global X.
| Feature | What it is | What the money earns | Protection |
|---|---|---|---|
| Wealthsimple Chequing (Cash) | Everyday account with a prepaid Visa card | 1.25% to 2.25% by plan (better on this row) | CDIC via trust: up to $1 million, because funds are spread across up to 10 CDIC member institutions (Wealthsimple itself is not a CDIC member) |
| Wealthsimple Savings | Non-registered savings account with no account or transit number | 2.5% (available to every client, no tiers) | CIPF, per Wealthsimple's Savings page |
| Non-registered cash account | Taxable investing account with no borrowing | Whatever your investments return | CIPF: securities eligible for CIPF coverage up to $1M per defined account |
| Global X CASH ETF | ETF holding bank deposits, bought in an investing account | Distribution yield 2.09% as at October 6, 2026; 0.11% MER | CDIC: not eligible for CDIC deposit insurance (CDIC lists ETFs and mutual funds among the products it does not cover) |
Sources: Wealthsimple chequing, savings and pricing pages; Global X CASH fund page; CDIC's list of what it covers. Checked September 23, 2026.
A cash account is investing jargon, not banking. It’s a non-registered account where you buy stocks and ETFs with your own money and no borrowing. Wealthsimple’s self-directed accounts include TFSA, RRSP, FHSA, RESP, LIRA, RRIF, non-registered (cash and margin), and corporate accounts, and the difference between the two non-registered types is explained in how a Wealthsimple margin account works. Investments there fall under CIPF, not CDIC.
CASH is the Global X High Interest Savings ETF. It holds high-interest deposit accounts with one or more Canadian chartered banks, its annualized distribution yield was 2.09% as at October 6, 2026, and its MER is 0.11%. CDIC lists ETFs as not eligible for CDIC deposit insurance (CDIC lists ETFs and mutual funds among the products it does not cover). It’s one way to hold cash inside a TFSA, RRSP or FHSA, where Wealthsimple Savings isn’t available, and like other Canadian-listed ETFs it costs $0 in commission to buy at Wealthsimple. Wealthsimple also offers a registered savings account for a TFSA, RRSP or FHSA, which is not protected by CIPF — the cash is held in trust with CDIC member institutions instead; its rates are in the interest-rate guide linked above.
How do you open a Wealthsimple Chequing account?
In the Wealthsimple app, tap the add (+) button under Accounts on the Home tab, choose Open a new account, then select Chequing and follow the prompts.
Step by step, per Wealthsimple’s help centre:
- Log in to the Wealthsimple app.
- On the Home tab, scroll to your Accounts and tap the add (+) button.
- Tap Open a new account, then select Chequing.
- Choose You for an individual account, or You and someone else for a joint account. The other person gets an email invitation to accept.
- Choose your card: a virtual card, a virtual and physical card, or no card — you choose when you open the chequing account.
- Follow the remaining prompts. On a computer, the path is + Add account, then Spend & Save, then Chequing.
Who can open one: Wealthsimple opens Chequing to Canadian residents with a valid Canadian phone number who meet their province's age requirement (18 in AB, MB, ON, PE, QC and SK; 19 in BC, NB, NL, NS, NT, NU and YT). You can’t open a chequing account for a minor. Opening costs $0, and the virtual card is ready to use as soon as you sign your account agreements — no activation needed (only the physical card needs activating).
Two things to know about joint accounts: you can’t convert an individual account into a joint one later, so open a new joint account instead, and joint chequing accounts are joint with right of survivorship outside Quebec and tenants in common in Quebec.
If you’re new to Wealthsimple, check the current sign-up offer before you open anything. Under Wealthsimple’s personal referral terms, the bonus is paid into a Wealthsimple Chequing account (you need one to receive it). The current Wealthsimple bonus terms explain the deposit and timing rules.
How does Wealthsimple Chequing compare with KOHO and Tangerine?
Wealthsimple wins on foreign fees and total CDIC coverage, KOHO pays more interest at the Core level, and Tangerine is itself a CDIC member bank.
| Feature | Wealthsimple Chequing | KOHO Essential | Tangerine Chequing |
|---|---|---|---|
| Interest | 1.25% to 2.25% by plan | 2% (opt in to Earn Interest) (better on this row) | 0.01% under $50,000, 0.05% from $50,000, 0.10% from $100,000 and 0.01% from $500,000 |
| Monthly fee | $0 | $0 a month if you deposit your paycheque or add at least $1,000 each month | $0 |
| Foreign transaction fee | 0% (Visa's conversion rate still applies) (better on this row) | 1.5% on Essential; none on Extra or Everything (Mastercard's conversion rate still applies) | 2.50% |
| ATM withdrawals | no Wealthsimple ATM fees in Canada or abroad; eligible ATM-operator fees reimbursed (better on this row) | free from KOHO (the ATM operator may still add its own fee) | free at 3,500+ Scotiabank ABMs in Canada and 44,000 Global ATM Alliance ABMs worldwide |
| Deposit insurance | CDIC via trust: up to $1 million, because funds are spread across up to 10 CDIC member institutions (Wealthsimple itself is not a CDIC member) (better on this row) | CDIC: up to $100,000 per beneficiary, per CDIC member institution, once you opt in to Earn Interest | a CDIC member in its own right (a wholly owned Scotiabank subsidiary); up to $100,000 per name registration (principal and interest combined) |
Sources: wealthsimple.com chequing and pricing pages; koho.ca plans and cardholder agreement; tangerine.ca rates, fees and CDIC pages. Checked September 23, 2026.
Where KOHO wins. On the Essential plan, KOHO pays 2% on the whole balance once you opt in to Earn Interest, against Wealthsimple’s Core rate of 1.25%. It also pays 1% cash back on groceries, transportation, and food and drinks. Essential costs $0 a month if you deposit your paycheque or add at least $1,000 each month, its ATM withdrawals are free from KOHO (the ATM operator may still add its own fee), and its foreign transaction fee is 1.5% on Essential; none on Extra or Everything (Mastercard's conversion rate still applies). KOHO’s CDIC coverage is up to $100,000 per beneficiary, per CDIC member institution, once you opt in to Earn Interest, and like Wealthsimple it is not a bank: it is regulated by FINTRAC as a money services business. The full breakdown is in Wealthsimple vs KOHO.
Where Tangerine wins. Tangerine is a CDIC member in its own right (a wholly owned Scotiabank subsidiary), so your deposits sit directly with a CDIC member. Its coverage is up to $100,000 per name registration (principal and interest combined), plus a separate $100,000 each for joint deposits (collectively, not per person), RRSP deposits and TFSA deposits, whereas a Wealthsimple joint chequing balance counts toward the primary holder’s coverage. New Tangerine clients can also earn a $250 cash bonus for switching payroll deposits of at least $200 a month to Tangerine Chequing, under the offer’s current terms, and its ATM access is free at 3,500+ Scotiabank ABMs in Canada and 44,000 Global ATM Alliance ABMs worldwide. The trade-offs: its chequing account costs $0 a month but pays only 0.01% under $50,000, 0.05% from $50,000, 0.10% from $100,000 and 0.01% from $500,000, and its foreign currency conversion fee is 2.50%. See Wealthsimple vs Tangerine for savings, GICs and joint accounts.
Where Wealthsimple wins. Its foreign transaction fee is 0% (Visa's conversion rate still applies), ATM fees are refunded in Canada and abroad, and the trust structure reaches up to $1 million, because funds are spread across up to 10 CDIC member institutions (Wealthsimple itself is not a CDIC member). It’s also the natural pick if you already invest with Wealthsimple, since Chequing balances count toward Premium.
Who should use the Wealthsimple Chequing account, and who shouldn’t?
The Wealthsimple Chequing account suits anyone who wants a no-fee chequing account that pays interest and adds no foreign fees; skip it for cash back, branches or the top savings rate.
Pick Wealthsimple Chequing if:
- Your chequing money sits at a big bank earning close to nothing, and you’d rather it earn 1.25% or more with $0 in monthly fees.
- You travel or shop in other currencies and want no Wealthsimple FX fee and refunded ATM fees abroad.
- You can direct-deposit your pay and you’re on Core or Premium, so the boost applies.
- You already invest with Wealthsimple, or plan to: Chequing balances count toward Premium, and your cash and investments share one app.
- You hold a large cash balance and want CDIC coverage beyond a single institution’s limit.
Pick something else if:
- You want cash back on everyday spending: KOHO pays it on essentials, and a cash-back credit card pays it on everything.
- You want branches or in-person help, which a traditional bank or credit union offers and Wealthsimple doesn’t.
- Your aim is the highest rate on money you won’t touch: use Wealthsimple Savings, or compare the best high-interest savings accounts in Canada.
- You need U.S. dollars in a chequing account: Wealthsimple Chequing is Canadian dollars only.
- You’d rather hold your deposits directly at a bank that is itself a CDIC member.
The verdict
The Wealthsimple Chequing account, still widely known as Wealthsimple Cash, is one of the more useful no-fee chequing accounts in Canada in 2026. It pays 1.25% even on the Core plan, where Tangerine’s posted chequing rate starts at 0.01%. It adds no Wealthsimple FX fee, refunds ATM fees, and its trust structure extends CDIC coverage to up to $1 million, because funds are spread across up to 10 CDIC member institutions (Wealthsimple itself is not a CDIC member).
The caveats are real. Wealthsimple isn’t a bank, the Visa card has no published cash-back rate, KOHO pays more interest at the Core level, and money you won’t spend soon earns more in Wealthsimple Savings. Used as the account your pay lands in and your bills come out of, with everything else swept into Savings, it’s a strong setup.
This review is general education, not financial advice. Rates change, so check the current figures in the app before you move money. Our complete Wealthsimple guide covers the rest of the platform.
Read next
- Every Wealthsimple interest rate by plan, with a calculator
- Wealthsimple Savings account guide: Savings vs money market vs ZMMK
- Wealthsimple debit card: the Visa Platinum Prepaid explained
- Wealthsimple vs KOHO: interest, cash back and fees
- Wealthsimple vs Tangerine: savings, chequing and investing
- Wealthsimple Canada: complete independent guide