In this article, you'll learn about the following:
- How to set up a direct deposit into your Cash account
- Common FAQs about direct depositing
- How to gain an additional 0.5% interest boost when you direct deposit
How do I set up a direct deposit?
For instructions and tips on setting up a direct deposit into your Cash account, please see this Help Centre article. You can get started in a few quick steps!
Can I use my direct deposit to pay bills immediately?
Yes! You can use the funds to instantly pay bills automatically, spend funds with Cash, or invest funds in either a managed or self-directed trading account.
Can I get a void check for my HR department?
You can download a void check directly from the app by following the instructions here.
How to gain an additional 0.5% interest boost
Core and Premium Wealthsimple Cash clients can earn a 0.5% interest rate boost when you direct deposit at least $2,000 into the Cash account in a 30-day period (up to a total maximum interest rate of 5%).
Is this a limited-time offer?
Unlike some high-interest rate offers that you might see out there, your boosted rate with direct deposits doesn’t end after a limited promotional period. If we ever need to remove or change the interest rate boost amount, we’ll be sure to give you at least 60-days notice.
I’m already direct depositing into Cash! When can I expect my boost?
The next time a direct deposit lands in your account, you’ll automatically start earning your 0.5% boost if you’ve met the $2,000 minimum in the last 30 days. If you haven’t – that’s ok! Every time a direct deposit lands in your account, the last 30 days will be checked to see if your direct deposits qualify.
Today was payday. Why don’t I see my 0.5% boost?
We need time for our system to do its thing. Don’t worry, you’ll see the boost soon if your direct deposit is eligible! If you still don’t see it applied after 7 business days, please double check that you’re eligible, and then contact our team if you still need assistance.