As a Wealthsimple client, you are entitled to coverage so that your money stays your money. Specifically, the funds in your Cash account are placed in Trust with up to three Schedule 1 Canadian banks. As such, CDIC protection against the failure of these banks extends to Wealthsimple Cash account holders for up to $300,000 CAD. 

How it works

General coverage with Wealthsimple Cash and Save accounts

Through CDIC, member financial institutions, like banks are able to insure up to $100,000 CAD per beneficiary, per institution, per deposit category. At Wealthsimple, we instead hold any balance in your Cash or Save account(s) in trust for you (which is a fancy way of saying, on your behalf) with members of the CDIC. 

Increased coverage in your Cash account

We have partnered with a number of CDIC-member, Canadian Financial Institutions to take advantage of a combined CDIC-eligible coverage amount (up to $300,000 CAD) for our clients in their Cash account.

This means that we hold our clients’ Cash account balances over $100,000 CAD in trust with multiple members of the CDIC, allowing  the extension of coverage to funds in your cash account for up to $300,000 CAD, against failure of any of Wealthsimple’s partner banks.

Clients with Cash and Save accounts

For Wealthsimple Cash and Save clients, any balance in your account(s) is held in trust for you with members of the Canada Deposit Insurance Corporation (CDIC), a federal Crown corporation. CDIC protects eligible deposits held at CDIC member institutions in case of a member institution’s failure. 

The funds in your Save account are eligible for up to $100,000 in coverage less the balance you hold in your Wealthsimple Cash account.

Let’s walk through two examples. 

Example 1

Example 2

Frequently asked questions