In this article:
Overview
Wealthsimple offers three different annual interest rates on your Wealthsimple chequing account balance. The rates are annualized rates, calculated daily, and paid monthly directly into your individual and joint chequing accounts.
Eligible Core and Premium clients can increase their interest rate by 0.5% with qualifying direct deposits. All chequing accounts (individual and joint) qualify for this 0.5% interest rate boost.
Wealthsimple chequing account interest rates
Below are the three interest rates, along with how you qualify for each:
On March 17, 2025, the standard chequing interest rate changed from 2.00% to 1.75%. We have updated the rate after the Bank of Canada cut its benchmark rate five times in the last few months.
There’s nothing you need to do, this change happens automatically.
|
Interest rate* |
How you qualify |
|
1.75% |
All clients qualify by opening a chequing account. |
|
2.25% |
Be a qualifying Wealthsimple Premium client or a Core client earning a 0.5% interest rate boost with eligible direct deposits. |
|
2.75% |
Be a qualifying Wealthsimple Generation client or a Premium client earning a 0.5% interest rate boost with eligible direct deposits. |
*The interest rates listed above aren't promotional rates.
View your interest rate
Follow these steps to view your current chequing account interest rate:
- Sign in to the Wealthsimple mobile app
- From the Home tab, tap your desired Chequing account
- View your interest rate at the top of the screen under Earned interest
- Log in to your Wealthsimple account
- Under Accounts, select your desired Chequing account
- View your interest rate at the top of the page under Earned interest
Calculating interest in your chequing account
You'll receive interest monthly, calculated daily on your chequing account's closing balance (the balance at 11:59 PM EST each day). Interest accumulates throughout the calendar month and is paid out within 7 business days of the 1st of the following month.
Interest on new deposits begins accruing 1 business day after the deposit is made and the funds are processed. The deposit's 5 day settlement period doesn't affect interest accrual unless the deposit is rejected. If a deposit is rejected, any interest will be recalculated, and we won't pay out interest on the rejected amount.
Interest rates are subject to change at any time.
For example, if you maintain a $1,000 balance in your chequing account for one month and make your first direct deposit on April 1st:
- At the standard 1.75% annualized rate, you would earn around $17.50 in interest annually (1.75%*$1000), or around $1.46 each month. Since interest is calculated daily and paid out monthly, you would receive around $1.44 at the end of April: (30/365)*17.50 = 1.44.
- At the boosted 2.25% annualized rate, you would earn around $22.50 in interest annually (2.25%*$1000), or around $1.87 each month. Since interest is calculated daily and paid out monthly, you would receive around $1.85 at the end of April: (30/365)*22.50 = 1.85.
- At the maximum 2.75% annualized rate, you would earn around $27.50 in interest annually (2.75%*$1000), or around $2.29 each month. Since interest is calculated daily and paid out monthly, you would receive around $2.26 at the end of April: (30/365)*27.50 = 2.26.
Interest earned from April 1st to 30th will be paid out within 7 business days of May 1st.
Reporting taxes on interest earned
Since Wealthsimple chequing accounts are non-registered accounts, you must report any earned interest during tax season. You can find your tax documents directly through your Wealthsimple account.
You'll receive a T5 Statement of Investment Income before March 1st to help you report interest earned in your chequing account. If you have a joint chequing account, you can learn about tax implications and tax slips for joint chequing accounts.
Frequently asked questions
How do interest rates work for joint account owners with different client statuses?
If the inviter and invitee fall under different interest rates, the joint chequing account will inherit the higher interest rate among the account owners.
If a direct deposit in a joint account is eligible for the interest rate boost, both joint chequing account owners will receive the boost. The interest rate applies to all chequing accounts, no matter where the direct deposit lands.
Can I opt out of receiving interest in my chequing account(s)?
Yes. You'll need to contact our support team to opt out.
Wealthsimple chequing account terms and conditions
Wealthsimple chequing accounts are offered by Wealthsimple Investments Inc. (“WSII”), a member of the Canadian Investment Regulatory Organization (“CIRO”), and Wealthsimple Payments Inc. (“WSP”), a FINTRAC registered money services business. WSP has appointed WSII as its agent to perform certain payment activities offered through the chequing account(s). The funds added to chequing account(s) (the “Funds”) are ultimately held securely in trust in the name of the primary account holder with a single or multiple members of the Canada Deposit Insurance Corporation (“CDIC”). CDIC protects eligible deposits held at CDIC member institutions in case of a member institution’s failure. WSP and WSII are not CDIC member institutions. Under the trust framework, CDIC insures eligible cash balances up to $100,000 per beneficiary, per member institution, provided certain disclosure rules are met. Coverage is free and automatic. Learn more about how CDIC protection works. Funds must be spread across at least 10 CDIC member institutions in order for up to $1,000,000 in deposits to benefit from applicable CDIC coverage. The advertised interest rate for the chequing account is derived from interest earned by Wealthsimple on the funds. The rates are annualized rates, calculated daily, and paid monthly. Subject to change. For more information see here. The Funds are settled with any CDIC member(s) one business day following the date that Funds are reflected in the Account.
The Wealthsimple Prepaid Mastercard® (the “Card”) is issued by KOHO Financial Inc. pursuant to license by Mastercard International Incorporated. All terms applicable to the Card and all applicable fees and transaction limits with respect to the Card and the services may be found in the Wealthsimple Cardholder Agreement between you and KOHO Financial Inc. Mastercard and the circles design are registered trademarks of Mastercard International Incorporated.
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