Written and analysed by Smarter Loans Editorial Team
· Reviewed by Rafael Rositsan · Facts checked 21 August 2026
An investing platform that has expanded into everyday banking with a high-interest cash account, spending card and tax filing, alongside managed and self-directed investing.
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Our verdict
Best for
People who want investing and everyday cash in one place, and will keep enough on the platform to reach the higher tiers
Not for
Anyone who wants a bank rather than a brokerage, or who needs cash deposits and branches
What we like
- Cash account rate is competitive and tiered by total assets
- Investing, cash and tax filing under one login
- Fractional shares and no-commission trading
Where it could improve
- The best rates require substantial assets on the platform
- Not a bank; cash is held with partner institutions
- Support is digital only
Products
One block per product, each with its own numbers. Never blended into a single range.
Good to know: The rate depends on how much you hold with Wealthsimple overall: 1.25% below $100,000, 1.75% at Premium, and 2.25% at Generation from $500,000. Wealthsimple is not itself a CDIC member — coverage comes from the partner banks holding the cash.
Rates and fees for this product are being verified against Wealthsimple's published materials and will appear once checked.
Wealthsimple alternatives
Coast Capital Savings
A federally continued credit union offering no-fee chequing, savings and a full retail banking range, primarily serving British Columbia with national reach.
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EQ Bank
A branchless digital bank offering a hybrid chequing and savings account at 1.00% everyday interest, rising to 2.75% with a qualifying recurring direct deposit, with no monthly fees and no NSF charge. Deposits are CDIC insured.
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KOHO Financial
A prepaid Mastercard account paying tiered interest from 2.00% to 3.50% depending on plan, with cash back on spending and no NSF fee. Plans range from free to roughly $19 a month.
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Alternatives link to our profiles only. Comparing is the point; we send nobody sideways.
Company details
Legal name
Wealthsimple Inc.
Parent
Majority owned by Power Corporation of Canada
Regulator
Securities regulators provincially; cash held with CDIC member partners
Deposit protection
CDIC via partner for cash; CIPF for investments
Founded
2014
Hq
Toronto, Ontario
