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Overview
Starting December 1, 2023, Core and Premium Wealthsimple clients can earn a 0.5% interest rate boost on their personal chequing, Business chequing, and USD savings account balances. To qualify, direct deposit at least $2,000 into a chequing account within any 30-day period. This brings the total rate up to 2.25% on CAD chequing and 3.25% on USD savings.
Eligibility
To qualify for the 0.5% interest rate boost, you must:
- be a Core or Premium Wealthsimple client
- have a Wealthsimple chequing account in good standing
- be a legal resident of Canada
- be the age of majority in your province or territory
- direct deposit at least $2,000 into your chequing account within every 30-day period
Important things to know
- You must continue to meet the $2,000 direct deposit minimum every 30 days to keep earning the boost. If you stop qualifying, your rate returns to your everyday rate automatically.
- You can't combine the boosted rate with other interest rate boosting promotions.
- Generation clients are not eligible for this boost, as they already earn our highest interest rate.
- Please allow up to 7 business days after your first qualifying direct deposit for the boost to appear on your account.
How to set up direct deposit
For instructions on setting up a direct deposit into your chequing account, check out Set up and manage a direct deposit or a pre-authorized debit with your chequing account.
Frequently asked questions
Is this a limited-time offer?
No. Unlike some high-interest offers, this boost does not end after a set promotional period. If we ever need to remove or change the boost amount, we will give you at least 60 days notice.
Who is eligible to earn the 0.5% boost?
All Core and Premium clients are eligible to earn a boosted rate of up to 2.25% interest on their CAD and up to 3.25% interest on their USD with direct deposits. To qualify and continue earning the 0.5% interest rate boost, you will need to direct deposit at least $2,000 into your chequing account or accounts within a 30-day period.
I am already direct depositing into my chequing account. When can I expect my boost?
The next time a direct deposit lands in your account, you will automatically start earning the 0.5% boost if you have met the $2,000 minimum in the last 30 days. If you have not, every time a direct deposit lands, we check the last 30 days to see if your deposits qualify.
What types of direct deposits count toward the $2,000 minimum?
Any direct deposit type counts, including payroll, pension, social assistance, insurance payments, and government payments.
Note: Only direct deposits are eligible. Other funding methods such as auto-deposits will not qualify.
Do I need to deposit $2,000 per paycheque or per month?
Per month. You need to direct deposit a total of $2,000 into your chequing account within any 30-day period. For example, this can be a single $2,000 paycheque or two $1,000 paycheques. You can also split deposits across multiple chequing accounts, and the boost will apply to all eligible chequing and USD savings account balances.
I am self-employed. Can I still earn the 0.5% boost?
Yes. If you are self-employed and cannot direct deposit a traditional paycheque, any other direct deposit type still qualifies as long as you are depositing a total of $2,000 or more into your chequing account within 30 days. This includes government payments, insurance payments, and tax returns.
Can Generation clients earn the 0.5% boost?
Generation clients are welcome to switch their direct deposits to Wealthsimple, but are not eligible for this additional boost since they already earn our highest always-on interest rate.
Why will my employer or payroll system not let me switch my direct deposits to Wealthsimple?
Wealthsimple is a Payments Canada member with financial institution number 703. Some organizations have not updated their systems to reflect this. If you are having trouble, you can download a void cheque to provide to your HR team. If that does not resolve it, contact us. We are happy to reach out to your employer or payroll provider to get it sorted.
I want to switch my direct deposit but I do not want to earn interest. Can I opt out?
Yes. Follow the steps to opt out of earning interest on your chequing account.
What happens if I don't get paid for a month?
No action is required. If a qualifying direct deposit does not land in a 30-day period, your rate will automatically return to 1.25% for Core or 1.75% for Premium. You will start earning the boost again as soon as you meet the criteria.
What about months with 31 days if I only get paid monthly?
Our system accounts for this and will continue your boost if your deposit is eligible.
Today was payday. Why do I not see my 0.5% boost?
Please allow up to 7 business days after your qualifying direct deposit for the boost to appear. If you still do not see it after 7 business days, double-check that you meet the eligibility criteria, then contact us if you still need help.
Terms and conditions
Direct Deposit Boosted Interest Rate Promotion (the “Promotion”)
This Promotion is sponsored by Wealthsimple Technologies Inc. (together with its affiliates “Wealthsimple”).
Effective Start Date. The Promotion is effective starting December 1, 2023 at 1:30PM EST (the “Effective Date”).
Eligibility. To be eligible for the Promotion, the person must, at the time of participation, including when the Bonus (as defined below) is awarded:
- be a new or existing Wealthsimple Core and Premium client;
- be a new or existing Wealthsimple chequing, or Business chequing account user (each a “Wealthsimple Account”), with all Wealthsimple accounts in good standing;
- be a legal resident of Canada;
- be the age of majority, or older, in their province/territory of residence at the time of participation; and
- meet the requirements set out below.
(the “Client”).
Qualifying Deposit. To participate in the Promotion, eligible Clients must have at least $2,000 deposited into a personal or Business chequing account (each a “chequing account”) every 30-day period via direct deposit (the “Qualifying Deposit”). A Qualifying Deposit may consist of multiple deposits so long as the total meets the $2,000 minimum requirement. A Qualifying Deposit must recur at least once in a 30-day period. Wealthsimple reserves the right to determine whether the deposit(s) satisfy the criteria to be eligible.
Boosted Rate. Once the Qualifying Deposit is satisfied, the 0.5% boosted interest rate (the “Boosted Rate”) will be applied to the Client’s regular chequing account interest rate, up to a maximum of 2.25% total interest rate on their chequing account(s) and up to a maximum of 3.25% on their USD savings account. For greater certainty, the maximum interest rate a Client can get in the chequing account is 2.25% on the CAD chequing account, and 3.25% on the USD savings account. Clients must continue to make Qualifying Deposits to their chequing account to continue to be eligible for the Boosted Rate. The Boosted Rate is an annualized rate, calculated daily, paid monthly. The Boosted Rate cannot be used in conjunction with other interest rate boosting promotions. Please allow up to seven (7) business days following the date at which the first Qualifying Deposit is received for the Boosted Rate to be applied to the Client’s chequing account(s) in accordance with these terms and conditions. This Boosted Rate is non-transferrable, cannot be applied retroactively, and remains subject to change, at Wealthsimple’s sole discretion. Wealthsimple reserves the right, in its sole discretion, to remove the Boosted Rate if Client cancels the Qualifying Deposits, no longer meets the requirements as set out in these terms, or otherwise no longer qualifies for the Promotion, including but not limited to, becoming a Generation client. The regular chequing account interest rate will not be affected by this Promotion. Maximum one (1) Boosted Rate per Client per currency account.
Combinability of Promotions. Unless specified in the terms of other promotions, this promotion can be combined with other offers or promotion codes.
Currency. All currency shown in these terms and conditions are in Canadian dollars.
Release. By participating in the Promotion, Client assumes all risk of injury, illness, disease, death, or any other damage which may arise in connection with their participation in the Promotion. Without limiting the foregoing, client hereby: (a) forever releases and discharges Wealthsimple and its parent companies, subsidiaries, affiliates, related and associated entities and employees, directors, officers, suppliers, agents, sponsors and administrators of each (collectively, the “Releasees”), from and against any and all claims, actions, costs, liabilities, judgments, damages, obligations, losses, penalties, and expenses of any kind or nature whatsoever (including legal fees) (collectively, the “Claims”) in any way arising directly or indirectly out of any injury, loss, or damage that Client may suffer as a result of, or in connection with the participation in the Promotion or any promotion-related activity; and (b) indemnifies, defends and holds harmless the Releasees from and against any and all damages, loss and expenses, including legal fees, which may be suffered directly or indirectly by reason of the Client’s own negligence or willful misconduct during or in connection with the participation in the Promotion.
General. Wealthsimple reserves the right to amend, withdraw, cancel, or restrict the Promotion for any reason at any time without notice. Wealthsimple is the sole arbiter of these rules and any other issue arising under the promotion. If Wealthsimple suspects fraudulent or abusive behaviour, gaming of the system, inappropriate, offensive or derogatory language or information or a violation of these terms, Wealthsimple reserves the right to remove all promotions from the Wealthsimple account(s) and take any other action it deems appropriate including, but not limited to, removing the Boosted Rate or closing the Wealthsimple account(s). This Promotion cannot be used in conjunction with any other promotional offer, unless specified herein. An invitation to participate in this promotion does not provide assurance that you will be accepted as a customer of Wealthsimple. This offer is only valid for individuals in the location cited above that otherwise meet our eligibility requirements. Our standard terms relating to your use of Wealthsimple and any agreements that apply to your Wealthsimple account(s) each apply and are not affected in any way by this offer.
Our chequing product is offered by Wealthsimple Investments Inc. (“WSII”), a member of the Canadian Investment Regulatory Organization, a Financial Transactions and Reports Analysis Centre of Canada registered money services business. The funds you add to a chequing account (the “Funds”) are ultimately held securely in trust with a single or multiple members of the Canada Deposit Insurance Corporation (“CDIC”). CDIC protects eligible CAD deposits held at CDIC member institutions in case of a member institution’s failure. Wealthsimple Payments Inc. and WSII are not CDIC member institutions. Under the trust framework, CDIC insures eligible cash balances up to $100,000 per beneficiary, per member institution, provided certain disclosure rules are met. Coverage is free and automatic. Learn more about how CDIC protection works. Funds must be spread across at least 10 CDIC member institutions in order for up to $1,000,000 in deposits to benefit from applicable CDIC coverage. The advertised interest rate for the chequing account is derived from interest earned by Wealthsimple on the funds. The Funds are settled with any CDIC member(s) one business day following the date that Funds are reflected in the Account. CDIC coverage does not apply to USD savings products.
The Wealthsimple prepaid Mastercard® is issued by KOHO Financial Inc. pursuant to license by Mastercard International Incorporated. All terms applicable to the prepaid Mastercard® and all applicable fees and transaction limits with respect to the prepaid Mastercard® and the services may be found in the Wealthsimple prepaid Mastercard® Cardholder Agreement between you and KOHO Financial Inc. Mastercard and the circles design are registered trademarks of Mastercard International Incorporated.
Our USD savings product is offered by Wealthsimple Investments Inc. (“WSII”), a member of the Canadian Investment Regulatory Organization (“CIRO”), and Wealthsimple Payments Inc., a FINTRAC registered money services business. The advertised interest rate for the USD savings account is derived from interest earned by Wealthsimple on the funds. The rates are annualized rates, calculated daily, and paid monthly. Subject to change. For more information see here. The Funds are settled with any CDIC member(s) one business day following the date that Funds are reflected in the Account.
Our Wealthsimple for Business Chequing product is offered by Wealthsimple Investments Inc. (“WSII”), a member of the Canadian Investment Regulatory Organization, and Wealthsimple Payments Inc., a Financial Transactions and Reports Analysis Centre of Canada registered money services business. The funds added to Wealthsimple for Business chequing account(s) (the "Funds") are ultimately held securely in trust in the name of the business entity with a single or multiple members of the Canada Deposit Insurance Corporation ("CDIC"). CDIC protects eligible deposits held at CDIC member institutions in case of a member institution’s failure. Wealthsimple Payments Inc. and WSII are not CDIC member institutions. Under the trust framework, CDIC insures eligible cash balances up to $100,000 per business entity, per member institution, provided certain disclosure rules are met. Coverage is free and automatic. Learn more about how CDIC protection works. The advertised interest rate for the Wealthsimple for Business chequing account is derived from interest earned by Wealthsimple on the funds. The Funds are settled with any CDIC member(s) one business day following the date that Funds are reflected in the account.
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