Open a USD Cash account (beta)

In this article:

Overview
Interest rate and taxes
Available features and limitations
Open a USD Cash account
Fund your USD Cash account

Overview

USD Cash accounts are in beta testing and aren’t available to all clients.

Account requirements

In order to open a USD Cash account, you must

be a resident of Canada,
have a valid Canadian phone number, and
meet the age requirements for your province below —

Province	Age
Alberta, Manitoba, Ontario, Prince Edward Island, Quebec, Saskatchewan	18
British Columbia, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Yukon	19

Note: You can't open a USD Cash account for a minor.

Interest rate and taxes

Money in your Cash account earns interest. You have to report this kind of account for your taxes. Review the interest rates and how you qualify for them below:

Interest rate*	How you qualify
3.25%	All clients qualify as soon as they open a USD Cash account.
3.75%	Be a qualifying Wealthsimple Premium client or a Core client earning a 0.5% interest rate boost with eligible direct deposits to your CAD Cash account.
4.25%	Be a qualifying Wealthsimple Generation client or a Premium client earning a 0.5% interest rate boost with eligible direct deposits to your CAD Cash account.

Note: Direct deposit into USD Cash accounts isn’t available.

Available features and limitations

Note: USD Cash accounts are in beta testing and aren’t available to all clients.

Many of the Cash account features you’re used to are available for USD Cash (beta), but some aren't yet. We’ll continue adding features as we improve USD Cash accounts.

Please consider what features are and aren't available in beta before setting up your account:

Feature	Available for CAD Cash accounts	Available for USD Cash accounts (beta)
Open up to 8 individual Cash accounts	Yes	Yes
Earn interest and get paid out monthly	Yes	Yes
Receive monthly statements	Yes	Yes
Deposit and withdraw USD funds from a linked USD bank account	No	Yes
Deposit USD funds via wire transfer from a CAD institution	No	Yes
Transfer funds between your Wealthsimple accounts	Yes	No
Direct deposit to a Cash account	Yes	No
Automate your pay	Yes	No
Virtual and physical spending card	Yes	No
Joint Cash accounts	Yes	No
Ability to pay bills	Yes	No
Ability to send or request money	Yes	No
CDIC coverage	Yes	No
Convert between CAD and USD currencies	No	No

We’ll continue adding features as we improve USD Cash accounts.