Investing 101 For Beginners | How To Start - Wealthsimple
Investing involves committing money in order to earn a financial return. This essentially means that you invest money to make money and achieve your financial ...
smart savings investment account
The stock market is premised on the fact that investors will only invest if they’re compensated for taking the risk of buying stock. Think about it. Nobody would invest in any stock that they expected to rise 1.5% annually. You could potentially get the same or better returns from something like a <anchor>smart savings investment account</anchor> to any number of other investments that don’t carry as much risk as stocks do. They’d be insane to take more risk in order to collect an identical return.
Canada’s Highest-interest Chequing Account | Wealthsimple Cash
Get a $100 bonus when you switch qualifying direct deposit to a Cash account. Learn more.

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# Canada’s highest-interest chequing account

It’s the extra earnings you want from a savings account with the flexibility you need in a chequing account — all in one place.

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## Interest rates that grow with your wealth

$1 in assets

### 3.5%

Interest for Core clients

$100,000 in assets

### 4%

$500,000 in assets

### 4.5%

NEW FEATURE

## Manage your money with more accounts

Save for a house, a solo vacation, or keep your tax money separate. Whatever your goals, open multiple Cash accounts, by yourself or with someone else.

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Video of Wealthsimple app screen showing multiple Cash accounts being opened.

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A floating gold padlock.

## Trusted protection for your money

The funds in your Cash account are placed in trust with up to 5 CDIC member institutions. That's almost 5x the peace of mind and up to $500,000 in coverage on all eligible deposits.

## Better than a bank? You decide.

### Rewards designed for investors

Instantly earn 1% back in stock, crypto, or cash, every time you spend with your Cash card. And no need to lift a finger: we’ll automatically reinvest them for you.

### Direct deposit perks

Get extra perks — like auto-investing, faster access to your paycheque, and 0.5% more interest (up to 4.5%) — with qualifying direct deposit.

### Steadfast interest rates

Our rates aren’t promotional or subject to opening additional accounts. Instead, we follow the Bank of Canada’s rate. If it rises (or lowers), we’ll follow suit.

## $0 monthly fees

Why pay recurring fees for a basic chequing account? Your Cash account has no monthly fees, $0 minimum, and no overdraft penalties, either.

## Send and receive e‑transfers

Send up to $5,000 per day or $10,000 per week to anyone, anywhere with Interac e-Transfer®.

Headshot of a man. Weathsimple UI displaying "$5,000"

## Auto-invest your pay

Set up direct deposit and automatically buy stocks, ETFs, or crypto. As soon as your paycheque hits your account, your money will be invested.

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Infinity symbol with coins rolling on it

## Pay bills

Credit card, mortgage, hydro, and other payments can be made using pre-authorized debit or sent directly to payees from your Cash account.

## No foreign transaction fees

Now you can feel like a local while shopping abroad. With no additional foreign transaction or ATM fees from Wealthsimple, your Cash card is a must-have travel companion.

Wealthsimple Cash card floats into the area next to the text

## Get even more when you consolidate your assets

[$1 in assets  
  
Core  
  
Get started with simple, low-fee financial tools.  
\

- $0 commission stock trading\
- 0.5% management fees on managed investing accounts\
- Client support when you need it  
    
  3.5%Cash account interest](/en-ca/pricing)

[$100,000 in assets  
  
Premium  
  
Make the most of your investments with lower fees and tailored advice.  
\

- All the Core client benefits\
- 0.4% management fees on managed investing accounts\
- Goal setting with an advisor  
    
  4%Cash account interest](/en-ca/pricing)

[$500,000 in assets  
  
Generation  
  
Build your legacy with expert guidance from your dedicated team of advisors.  
\

- All the Premium benefits\
- 0.2%*—0.4% management fees on managed investing accounts\
- Dedicated team of advisors  
    
  4.5%Cash account interest](/en-ca/pricing)

## Ready to break up with your bank?

Open an account in minutes. You can start spending, saving, and earning right away — no branch visits required.

## FAQs

### Wait — is this really the highest interest chequing account in Canada?

That's right. Our data was collected as of November 15, 2023. Average includes all posted rates of chequing accounts from Canadian financial institutions as listed under Schedule I under the Bank Act. This excludes limited-time and promotional offers, and products that do not offer cheques.

### How long will the 3.5% interest rates last?

Unlike some high interest rate offers you might see out there, ours don't end after a limited promotional period. There’s always a chance the Bank of Canada makes a move and we follow suit, but we have no set end date for these great rates. Your interest is an annualized rate, calculated daily and paid out monthly. See here for details.

### How is the Wealthsimple card different from a credit card? Will it affect my credit score?

First off: there are no annual fees! And unlike credit cards, the Wealthsimple card doesn’t require a credit check or any other qualifications.

And no, you’ll never need to worry about this card impacting your credit score.

### No monthly fees, really?

We don't charge any monthly account fees or minimum balance fees.

We also don't charge a foreign transaction (FX) fee. Usually, banks charge you around 3% to use your Canadian credit card in another country. We, on the other hand, don't do that. There is still a currency conversion rate charged by the payment network (not us!) when you make a purchase in another currency.

We don't charge ATM fees. The ATM might though, so we'll even reimburse any eligible fees of up to $5 each charged by a domestic ATM provider. You can find more about that here, and learn more about using your Cash card here.

### Does this mean Wealthsimple is a bank now?

No, but we are a FINTRAC-registered money services business, and we work closely with banking partners to keep deposits safe. This means we can offer a lot of the same perks and conveniences of traditional chequing and savings accounts.

### What’s everything that’s included?

Your everyday spending account comes with both a digital and physical card that you can manage right from the Wealthsimple app.

The app lets you manage your rewards and spending preferences, or lock your card if something happens to it. Your balances are all updated in real time, too — even if you’re using the physical card.

### How is my money protected?

The balance in your Wealthsimple Cash account is held in trust for you with members of the Canada Deposit Insurance Corporation (CDIC), a federal Crown corporation. CDIC protects eligible deposits held at CDIC member institutions in case of a member institution’s failure.

Note: Wealthsimple isn’t a bank, and we are not a CDIC member. That said, we’ve partnered with a number of CDIC-member, federally regulated Canadian Financial Institutions to effectively extend CDIC deposit protection to WS Cash account holders for a combined amount (up to $500,000 CAD) in the unlikely event the CDIC members were to fail.

### How do the 1% cash, crypto, or stock rewards on spending work?

You'll earn 1% back pretty much every time you use your Wealthsimple card to make a purchase — except cash-like transactions such as refunds, bill payments, or adjustments. The 1% back is automatically added to your balance.

For crypto, you’ll be able to choose any of our 60+ coins that we offer as your reward. You can either auto-buy your chosen coin once you have $1 back in rewards, or the cash equivalent will be deposited into your Crypto account for you to trade however you like.

Stock rewards are a little different: your 1% back will be awarded as a cash balance into your self-directed account, and from there you can buy whichever stock you like.

And don’t worry — you can update your reward preferences any time right in the app. More details here.

### Where can I use my Wealthsimple card?

You can use your card online and in-store everywhere Mastercard® is accepted.

And since Mastercard is accepted all over the world, you can use your Wealthsimple card while traveling (with a few exceptions and fees from Mastercard).

You can also use the physical card to withdraw cash at ATMs Canada-wide. While we don’t charge any fees for withdrawing cash, you still might see a standard ATM fee (usually about $3.00) when you make a withdrawal at an ATM.

### Does the 0.5% direct deposit increase only apply to paycheques?

Nope, any direct deposit type will count towards the $2,000/month minimum. This includes payroll, pension, social assistance, and insurance direct deposits.

### Who is eligible to earn the 0.5% interest increase?

All Core and Premium clients are eligible to earn an increased rate of up to 4.5% interest with direct deposits. To qualify and continue earning the 0.5% boost, you’ll need to direct deposit at least $2,000 into your Cash account within a 30-day period. Generation clients won’t be eligible for an additional 0.5% boost since they're already earning our highest interest rate of 4.5%.

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