How can I open a Cash account?
You can open a Cash account by following these steps.
What features are available with the Cash account?
There are many features available through the Cash account including:
- Sending and receiving payments
- Sending and receiving funds with INTERAC e-transfer
- Paying for purchases
- Direct deposit
- Automatically investing your paycheque
- Bill payment
- Pre-authorized debit
- 4% interest
- 1% cash back rewards
Can I open a joint Wealthsimple Cash account?
No, there is currently no option to make this type of account joint with another user. You can only open one Cash account under your own name.
Can I hold USD in my Wealthsimple Cash account?
No, you can currently only hold CAD funds in your Cash Account. We do, however, have USD accounts available for stock trading!
Can I earn rewards or interest with my Cash account?
You will automatically earn 1% stock, crypto or cash back when you spend funds from your Cash account. You can also earn 4% interest on your balance. If you have a minimum of $100,000 in net deposits across all of your Wealthsimple accounts, your Cash balance will earn 4.5% interest. If your net deposit amount drops below this threshold, the 4.5% interest rate will no longer apply.
How do I change my direct deposit info with my employer?
Usually, you can change it right in the program you use to check your paycheque (Workday, ADP), but in some cases, you may have to email HR to make the switch. Learn more here.
How long does direct deposit take?
Once the deposit is initiated by your employer, it should land in your Wealthsimple account within one business day (or sometimes even the same day).
How can I set up bill payments from my Cash account?
You can pay your bills through our Bill pay feature. Alternatively, you can set up a pre-authorized debit from your Cash account to a number of different payees.
Can I use Cash on the web?
You can view your balance, interest, rewards, direct deposit info, card info, as well as your activities on the web; all other actions are only available on the app at this time.
How does Wealthsimple make money through Cash accounts?
There are no account, management, or transaction fees associated with the Wealthsimple Cash account.
We've designed the product to be simple and without any hidden administration fees.
We want to offer a variety of low-cost (or free) financial products for folks. While our Cash account is free, there are fees associated with managed and trading accounts. We expect that folks who use Cash accounts may also use our other products. You have no obligation to use those platforms, though we definitely encourage it.
Cash card FAQ
What is the Wealthsimple Cash card?
It's a prepaid card paired with your Cash account. You can use it anywhere Mastercard credit is accepted — just tap or insert it like you normally would. Plus there are no monthly fees, no account minimums, and it won't impact your credit score.
Can I have more than one card for my account?
No, Wealthsimple Cards are limited to one per person.
Will the Wealthsimple Card affect my credit score?
No, Wealthsimple cards are prepaid Mastercard cards so it will not impact your credit score.
Why is my virtual card number different from my physical card number?
This is completely normal. Your virtual card number and physical card number are meant to be different.
When can I expect to receive my physical Cash card?
You can expect to receive your physical Cash card within 10-14 business days. Once you receive your physical Cash card in the mail, you will need to activate it by following these steps.
Will I get charged a transaction fee when using the Cash card?
As the Wealthsimple Cash card is a prepaid credit card, the transaction fee does not apply when using it.
Does Wealthsimple sell your personal or spending data?
No, Wealthsimple does not sell any of our client's data.