Overview

Individual and joint Cash accounts let you pay and get paid instantly. With Cash, you can send and receive money from friends directly in the app, pay bills, send and receive Interac® e-Transfers, and more. If you have an individual Cash account, you can also pay for things using the Wealthsimple Cash card.

Some other features include:

• Spend money using the Wealthsimple Card (individual Cash only)
• Send and receive money from friends using a Cash handle or phone number
• Request money from friends
• Split a bill with your friends

You can have multiple Cash accounts. You can:

• open up to 8 individual Cash accounts, and
• open or join up to 8 joint Cash accounts.

Money in your Cash accounts earns interest. You have to report this kind of account for your taxes.

Account requirements

In order to have an individual or joint Cash account, you must

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

Joint Cash account considerations

Joint Cash accounts have the same permissions for both users of the account so you can flexibly manage your money. This means that both users can view the transactions made in the account, deposit funds and withdraw funds as they please.

Open an individual or joint Cash account

To open an individual or joint Cash account, follow these steps:

Join a joint Cash account

You'll receive an email invitation via Wealthsimple from to join the joint Cash account. From this email, tap Accept invite and follow the prompts in app to join the account.

You can also join directly in the app by following these steps:

1. From the Home tab, tap the joint Cash account
2. Tap Accept invite
3. Follow the prompts to join the joint Cash account

Edit or resend a joint Cash invitation

Follow the steps below if you invited someone to a joint Cash account and you need to edit their email or resend the invitation.

To edit or resend an invitation:

Set a nickname for your Cash account

To set a nickname for your individual or joint Cash account:

1. From the Home tab, tap your joint Cash account
2. Tap the gear icon (settings) in the top right corner
3. Tap the pencil icon in the top right corner
4. Enter your Account nickname, then tap Apply to save your changes

Change your Cash profile picture

You can set up and update your Cash profile photo so contacts can easily identify you. To do this, follow the steps below:

1. Sign in to the Wealthsimple app on your mobile device
2. Tap the Profile icon in the top right corner
3. Tap the gear icon (settings) in the corner
4. Choose Personal information from the menu
5. At the top of the screen, select your profile photo
6. Select Choose a photo
7. After selecting a photo, you can drag and reposition your photo
8. From there, select Confirm, or Choose a different photo to change your selection
9. Once you select Confirm, your profile photo will be set up successfully

Frequently asked questions

Related articles

• Use your Wealthsimple Cash card
• Set up a direct deposit or a pre-authorized debit