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
- Pre-authorized debit
- 1% cash back rewards
Does this mean I can close my other chequing account?
Not yet. Part of our mission is to make managing your money easy and accessible — this is just the start. Things like auto-invest and one-time bill payments are coming in the future. So no, not quite yet.
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. When you set up direct deposit in your Cash account, you can earn 3% 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% interest.
How can I set up direct deposit and start earning 3% interest?
You can set up direct deposit from your Wealthsimple app. After you set up your direct deposit, you will automatically be opted in to receive 3% interest on the balance of your Cash account. Please note that this interest rate is subject to change at any time.
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?
Right now, you can set up a pre-authorized debit from your Cash account to a number of different payees. More bill-paying features will be coming in 2023.
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.
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