Most Canadians know Wealthsimple for investing. The Cash account is less talked about but arguably more immediately useful for anyone who wants to earn real interest without the headaches of a traditional bank savings account. I have had mine open since shortly after it launched and here is an honest look at what it actually offers.
The Cash account is essentially a high-interest deposit account with a prepaid Visa card attached. You deposit money, it earns interest on the full balance, and you can spend it anywhere Visa is accepted or transfer it to your investing accounts in seconds. No monthly fees, no minimum balance, no complicated fee schedules.
It sits alongside your TFSA, RRSP, and investment accounts in the same Wealthsimple app, which makes moving money between saving, investing, and spending surprisingly seamless. That integration is honestly the best part of it.
| Feature | Wealthsimple Cash | Typical Big Bank HISA |
|---|---|---|
| Monthly fee | $0 | $0–$16.95 |
| Minimum balance | $0 | Often $3,000–$5,000 |
| Interest on full balance | Yes | Sometimes tiered |
| Prepaid Visa card | Yes | No |
| Instant transfer to investments | Yes | No |
| CDIC protection | Yes — up to $100,000 | Yes |
| App experience | Excellent | Variable |
Wealthsimple Cash pays interest on your full balance with no minimum. The rate moves with the Bank of Canada policy rate, so it fluctuates over time. Premium members earn a higher rate. I won't list a specific number here because it changes, but you can see the current rate in the app under Cash account details. What I can say is that it consistently compares well against the promotional rates big banks offer, which often revert to near-zero after a few months.
The key advantage over a promotional bank rate is that Wealthsimple's rate isn't promotional. It doesn't expire, it doesn't require a new account, and it doesn't have a cap on the balance that earns the full rate.
The Cash account comes with a prepaid Visa card you can use anywhere Visa is accepted. This means your idle cash is actually accessible without transferring it back to a bank first. I've used mine for everyday purchases while keeping the balance earning interest simultaneously. It works exactly like a debit card in practice.
One thing to know: it is a prepaid card, not a credit card. It doesn't build credit history and you can only spend what's in your Cash account. If building credit is a priority, this isn't the tool for that.
Worth mentioning since this is the most common question I get: when you sign up with referral code 7-MDUG and deposit $100 or more, your $25 bonus is deposited directly into your Wealthsimple Chequing account. You need an open Cash account to receive it. If you don't have one set up, the bonus just sits pending until you open one.
Yes, especially if you're already using Wealthsimple for investing. No fees, competitive interest on the full balance, and instant transfers to your investment accounts make it a genuinely useful place to park short-term cash.
Not technically. It's a deposit account held through Wealthsimple Payments Inc. Your deposits are held with Canadian Schedule I banks and eligible for CDIC protection up to $100,000, which gives you the same safety as a traditional bank account.
It can work as a primary spending account for many people, but it doesn't support cheques or direct deposit from employers in the traditional sense. I use mine alongside my main bank account rather than as a replacement.
Into your Wealthsimple Chequing account within 24 hours of your qualifying deposit clearing. You need an open Cash account to receive it.
Related: Full Wealthsimple review 2026 · Wealthsimple TFSA review · Get the $25 referral code
Use code 7-MDUG, deposit $100+, get $25 cash within 24 hours. Verified October 2026.