Wealthsimple review
Updated September 28, 2026 · VaultCue Editorial Team · Facts checked September 26, 2026
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Our verdict
Wealthsimple offers a variable interest rate of 1.25% to 2.25% alongside a CAD 0 monthly fee, so it suits travellers and teens who want easy access and low running costs. Interest is calculated daily and paid monthly, with no credit check, joint accounts and free ATM withdrawals listed.
Key facts
- Best for
- A free easy access account in Canada that pays interest on every balance.
- Headline rate
- 1.25% to 2.25%↗
- Rate type
- Variable↗
- Minimum deposit
- CA$0↗
- Access terms
- On-demand access via Visa Platinum Prepaid card, Interac e-Transfers, bill pay and direct deposit; interest calculated daily and paid monthly↗
- Monthly fee
- CA$0↗
- Account kind
- Easy access↗
- Legal entity
- Wealthsimple Inc.↗
- Headquarters
- Canada↗
- Founded
- 2014↗
- Support channels
- Chat, Phone, Email, Help-centre↗
- Pricing model
- No monthly fee
- Official website
- wealthsimple.com
Everyday accounts
- Currency conversion fee
- 0%↗
- Currencies
- 2↗
- Free ATM withdrawals
- CA$0↗
- Transfer fee
- C$15 flat fee for outgoing domestic wires in Canada; free Interac e-Transfers; no fee to receive wires↗
- Audience
- Travelers, Teens
- Features
- Free ATM withdrawals, Joint account, No credit check
Facts checked September 26, 2026, 4 sources
Pros and cons
Pros
- Free to run: monthly fee CAD 0, minimum deposit CAD 0.
- Variable interest of 1.25% to 2.25%, paid monthly, on an easy access account.
- Conversion costs 0%, which suits the travellers the account targets, travelers and teen.
- Features include free ATM withdrawals, joint accounts and no credit check, free atm, joint account and no credit check.
Cons
- Sending an outgoing domestic wire in Canada carries a flat fee, while the account itself runs at CAD 0 a month.
- Interest is variable at 1.25% to 2.25%, below the site median 3%.
- Currency choice is thin at 2 against a site median of 5.
Who it suits
- Travellers and teens, the audiences listed for the account, travelers and teen
- Anyone wanting a free everyday account: monthly fee CAD 0, minimum deposit CAD 0
- People who want interest paid monthly with no term, on an easy access account at a variable rate
Who should look elsewhere
- Not for readers chasing the highest headline rate: AXI Card Tarjeta y Credito shows 21.59%
- Not for a higher yield pick: Plazo ES shows 24.19%
- Not for anyone ranking the rate above everyday access: PayPal Colombia shows 3.3%
The company behind it
The account runs under Wealthsimple Inc., which is based in Canada and was founded in 2014. Canadian operations fall under the Canadian Investment Regulatory Organization and the Financial Transactions and Reports Analysis Centre of Canada. Support runs through chat, phone and email, so help is available by phone, email, live chat and a help centre.
How Wealthsimple compares
8.9 vs 8.6
8.9 vs 9.5
8.9 vs 8.0
8.9 vs 8.9
8.9 vs 8.9
8.9 vs 9.1
8.9 vs 9.1
8.9 vs 8.9
8.9 vs 8.7- 8.9 vs 8.0
8.9 vs 9.0
8.9 vs 8.1
8.9 vs 8.7
8.9 vs 8.0
8.9 vs 9.5
8.9 vs 9.4
8.9 vs 9.3
8.9 vs 9.2
8.9 vs 9.0
8.9 vs 8.7
8.9 vs 8.5
8.9 vs 8.5
8.9 vs 8.5
8.9 vs 8.4
8.9 vs 8.3
8.9 vs 9.0
Where Wealthsimple is available
- Available
- Canada
- Licence in Canada
- Canadian Investment Regulatory Organization (CIRO), checked September 26, 2026
- Licence in Canada
- Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), checked September 26, 2026
Countries from the brand (Source, checked September 26, 2026)
Frequently asked questions
What does it cost to keep this account?+
The monthly fee is CAD 0 and the minimum deposit is CAD 0, so the account is free to run. It is an easy access account, easy access, paying a variable rate, variable, of 1.25% to 2.25%. Interest is calculated daily and paid to the account each month.
What do transfers and wires cost?+
Outgoing domestic wires in Canada carry a flat fee, while Interac e-Transfers and receiving wires carry no charge. The listed currency conversion fee is 0%, so the main cost sits with people who send wire transfers rather than those who spend from the card.
How many currencies can I hold and what does conversion cost?+
The account covers 2 currencies, and the currency conversion fee is 0%, against a site median of 0.5%. That pairing works for travellers, one of the audiences the account is aimed at, travelers and teen, though the currency count is below the site median of 5.
Who regulates the business?+
Canadian operations fall under the Canadian Investment Regulatory Organization and the Financial Transactions and Reports Analysis Centre of Canada. Wealthsimple Inc., founded in 2014 and based in Canada, runs the account and offers support through chat, phone and email.
How do I get at my money day to day?+
Access is on demand through the Visa Platinum Prepaid card, Interac e-Transfers, bill pay and direct deposit, so everyday spending does not need a branch visit. Free ATM use is also listed among the account features, free atm, joint account and no credit check, alongside joint accounts and no credit check.
Who is the account aimed at?+
The stated audience is travelers and teen, and the listed features include a joint account and no credit check, free atm, joint account and no credit check. The account kind is easy access, which suits people who want cash available on demand rather than tied up for a term.
How does the interest compare with the accounts next to it?+
The variable rate of 1.25% to 2.25% sits below the site median of 3% and well under the 21.59% and 24.19% headline rates shown alongside, so the case for this account rests on fees and access rather than on yield.
Sources
- en.wikipedia.org/wiki/Wealthsimple checked September 26, 2026
Backs: Founded, Headquarters, Legal entity
“The firm was founded in September 2014 by Michael Katchen, Brett Huneycutt, and Rudy Adler”
- help.wealthsimple.com/hc/en-ca/articles/29448182409499-We... checked September 26, 2026
Backs: Licences
- wealthsimple.com/en-ca/chequing checked September 26, 2026
Backs: Access terms, Account kind, Free ATM withdrawals, Audience, Features, Currency conversion fee, Headline rate, Pricing model, Monthly fee, Rate type, Transfer fee
“Your interest is an annualized rate that's calculated daily and paid out monthly”
- wealthsimple.com/en-ca/legal/legal-disclaimers checked September 26, 2026
Backs: Currencies
“USD Savings: The funds you add to a USD Savings account are ultimately held securely in trust. (chequing account is CAD; USD Savings offered by Wealthsimple Investments Inc.)”
- wealthsimple.com/en-ca/pricing checked September 26, 2026
Backs: Minimum deposit, Support channels
“Account minimums | $0 | $0 | $0”
Compiled from 5 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Term, Deposit protection.
Related by the facts
Wealthsimple
A free easy access account in Canada that pays interest on every balance.