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Wealthsimple is a digital banking platform and financial technology company that aims to simplify the banking experience. Remove the jargon, hidden fees, and all the friction that come with a traditional brick-and-mortar banking experience, and enter the simplest platform to bank and trade.
Eligibility
To become a customer, you must:
- Live in Canada as a Canadian citizen or with a valid Canadian Visa.
- Meet the minimum age requirement for your province or territory.
- Have a valid Social Insurance Number (SIN).
- Meet identity verification requirements with credit reporting agencies.
Advantages of Banking with Wealthsimple
- Wealthsimple chequing offers interest on all the money in your account, with a minimum of 1.25% and up to 2.25%, depending on how many dollars in assets you hold with them.
- There are no fees and unlimited transactions, including all the typical things like bill payments and e-transfers.
- Unique to Wealthsimple, enjoy fee-free ATM withdrawals all over the world – withdraw with your regular Wealthsimple debit card and enjoy ATM fee reimbursements from London to Tokyo.
- Enjoy all the aforementioned benefits with no minimum balance, no monthly fees, or any other hidden charges.
Wealthsimple Chequing Account – Apply Now
$25 cash bonus when you open your first Wealthsimple account and fund at least $1 within 30 days
- An attractive interest rate of up to 2.25% on everyday banking.
- Less than $100,000 in assets: 1.25% interest
- Over $100,000 and less than $500,000 in assets: 1.75% interest
- $500,000+ in assets: 2.25%
- Not a promotional rate, and no other set-up required like direct deposit
- Unlimited transactions with no fees, which include:
- Free and unlimited Interac e-Transfers®.
- Bill payments.
- Electronic Funds Transfers.
- Send and mail physical cheques for free.
- Send an outgoing wire transfer for $15 CAD or $15 USD (depending on your wire currency) with a limit of $1.5 million per transaction
There are no minimum balance requirements or monthly fees, and there is no need for separate accounts for savings and chequing as the Wealthsimple chequing is effectively a chequing and savings hybrid account.
Wealthsimple Prepaid Mastercard – Apply Now
A prepaid Mastercard® that allows you to:
- Access cash and make purchases online and in-store.
- Enjoy free withdrawals from any ATM in the world, with reimbursement for any ATM fees within 4 business days. No maximum reimbursement caps.
Additional Benefits
- No minimum balance required
- No annual fees or foreign transaction fees
- Choose which chequing account to withdraw from, with the ability to switch accounts every 24 hours
- No impact on credit score