The best Wealthsimple chequing accounts in Canada for 2025

Most chequing accounts in Canada are offered by banks or credit unions. Wealthsimple, however, is a financial technology company known for its robo-advisor platform and fully digital app where you can open an interest-earning chequing account – Wealthsimple Chequing – along with registered investment accounts like a TFSA, or even a crypto investment account.

Wealthsimple Chequing is a no-fee chequing account. There is no monthly fee to use the account for daily banking transactions like Interac e-transfers, deposits, or bill payments. In addition, your account balance earns interest (like a savings account). 

The Wealthsimple Chequing account comes with a prepaid Mastercard that offers additional perks for customers: 

• Withdraw cash from any ATM in Canada for free (you’ll be reimbursed up to $5 in ATM fees)
• Get 1% cash back on all purchases
• Use your card for foreign currency transactions with no FX fee

Who can open a Wealthsimple Chequing account?

To open any account with Wealthsimple, you must be a Canadian resident living in Canada over the age of majority in your province or territory of residence. You’ll also need a valid Social Insurance Number (SIN) and phone number, much like opening an account with a bank. 

Does Wealthsimple Chequing come with CDIC protection?

Wondering if your money is safe with Wealthsimple? Although Wealthsimple is not a bank and not a CDIC member, it holds customers’ funds in trust with partner financial institutions that are CDIC members. In this way, it offers CDIC coverage for up to $1 million in eligible deposits.