Overview
Chequing accounts let you pay and get paid instantly. With a chequing account, you can send and receive money from friends directly in the app, pay bills, send and receive Interac e-Transfer® transactions, and more. If you have an individual chequing account, you can also pay for things using the Wealthsimple prepaid Mastercard.
Some other features include:
- Spend money using the Wealthsimple prepaid Mastercard
- Send and receive money from friends using a handle or phone number
- Request money from friends
- Split a bill with your friends
You can have multiple chequing accounts. You can:
- Open up to 8 individual chequing accounts, and
- Open or join up to 8 joint chequing accounts.
Joint chequing account considerations
Joint chequing 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.
Account requirements
To have an individual or joint chequing 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 |
Open an individual or joint chequing account
To open an individual or joint chequing account, follow these steps:
- Log in to the Wealthsimple mobile app
- From the Home tab, scroll down and tap Add an account
- Tap Open a new account
- Select Chequing from the accounts menu
- Choose who will use this account: You or You and someone else
- Follow the prompts to open your chequing account
- Log in to your Wealthsimple account
- Select + Add an account from the Home page
- Choose Chequing from the Most popular tab
- Follow the prompts to open your chequing account
Interest rate and tax considerations
Money in your chequing accounts earns interest. You have to report this kind of account for your taxes.
Tip: Learn more about reporting the interest earned in the account.
Frequently asked questions
What’s the difference between chequing accounts and other money-sending services?
Unlike some other services for sending and receiving money, chequing accounts have:
- No fees.
- No minimums. You can send and receive any amount of money up to $5000 per day.
- No maximum number of transactions.
- No security questions.
- No need for a friend’s email or phone number. This allows you to send and receive money from anyone without giving them your personal information.
Do deposits into joint chequing accounts count towards Premium and Generation client tiers?
All deposits into a joint chequing account count towards the net deposit requirements for Premium and Generation client tiers for both account owners.
Can I convert an individual chequing account to a joint chequing account?
No. You must open a joint chequing account. You can keep the individual account open, or you can close it.
Can I hold USD funds in a chequing account?
No. You can only hold Canadian Dollar funds in an individual or joint chequing account.
How do I join a joint chequing account?
You'll receive an email invitation via Wealthsimple to join the joint chequing account. From this email, tap Accept invite and follow the prompts in the app to join the account.
You can also join directly in the app by following these steps:
- From the Home tab, tap the joint chequing account
- Tap Accept invite
- Follow the prompts to join the joint chequing account
How do I edit or resend a joint chequing invitation?
Follow the steps below if you invited someone to a joint chequing account and you need to edit their email or resend the invitation.
To edit or resend an invitation:
- Sign in to the Wealthsimple mobile app
- From the Home tab, tap your in-progress joint chequing account
- Tap Update email address
- Follow the prompts to update the invitee's email and resend the invitation
- Sign in to the Wealthsimple mobile app
- From the Home tab, tap your in-progress joint chequing account
- Tap Resend email
What are the rights of survivorship for a joint chequing account?
Joint chequing accounts are Tenants in Common (TIC) in Quebec and Joint with Rights of Survivorship (JWROS) in all other provinces.
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