How do I set up a direct deposit?

To set up a direct deposit into your individual or joint Cash account, please follow these instructions. 

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 investing 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.

When will I receive my direct deposit funds?

You can get your paycheque up to 2 days earlier when you set up your direct deposit into your Cash account. After your employer submits your paycheque, banks typically add 1-2 days for processing. Instead of making you wait, we get your money to you as soon as we have it from your employer.  

What if I'm expecting my paycheque on a weekend or holiday?

Like most financial institutions, Wealthsimple doesn't process payments on weekends or holidays. If you're expecting to get your paycheque early and it hasn't posted yet, check the calendar to see if the delay is because of a holiday. 

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%).

You can find out more information and FAQs here.

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 process the change. 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.