What started as a slick investing app is now quietly morphing into a full-on bank killer. Wealthsimple’s latest chequing account has no fees, earns interest, and is making Canada’s big banks look like dinosaurs.
It’s still early days, but there’s something happening here. A slow, quiet shift — the kind that sneaks up on an industry. The fintech darling that made millennials care about ETFs is now eyeing your entire financial life.
No Fees, Real Interest, and a Whole Lot of Nerve
The chequing account. It’s not sexy. But Wealthsimple is betting it can make it matter again.
With a no-fee model and a 1.75% base interest rate — well above what the big banks offer — it’s hard not to take notice. That alone puts it at the top of Canada’s banking food chain for returns on daily money.
Not to mention, this account comes with zero monthly fees, unlimited transactions, and slick app-based control. You get a black metal card too, if that’s your thing.
And here’s the kicker: customers can boost their rate up to 4% by holding more products with Wealthsimple. That’s where the loyalty game kicks in. It’s less about being a bank and more about being a full-stack financial hub that rewards you for sticking around.
Big Banks Look Complacent — And Customers Are Noticing
Let’s be honest. When’s the last time a major Canadian bank rolled out something truly exciting?
Canadians have been tolerating less-than-stellar digital experiences, high fees, and laughable interest rates for years. The Big Five — RBC, TD, Scotiabank, BMO, and CIBC — haven’t had to try very hard. And why would they? Nearly 90% of Canadians bank with one of them.
But loyalty isn’t what it used to be.
Wealthsimple’s model challenges that. It’s giving people options without the friction — no long branch waits, no surprise fees, no upselling during mortgage renewals.
In one sentence: They’re not just building a better product. They’re exposing how stale the alternatives have become.
What You Actually Get — And What You Don’t (Yet)
Let’s not pretend it’s perfect. Not yet.
Here’s a quick snapshot of what Wealthsimple’s chequing account offers right now:
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Base Interest Rate: 1.75% (up to 4% with bonuses)
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Monthly Fees: $0
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e-Transfers, bill payments, withdrawals: Unlimited and free
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Physical Card: Yes, black metal, Visa Debit
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ATM Access: Free via network ATMs, reimbursements for out-of-network coming soon
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Overdrafts/Credit Lines: Not available yet
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Joint Accounts: Also on the roadmap
So yes — it’s still missing a few key features. There’s no line of credit. No overdraft protection. And joint accounts, oddly enough, are still on the horizon. But Wealthsimple is upfront about its rollout plan, and seems to be shipping fast.
Why This Hits Different: Wealthsimple’s Ecosystem Is Sticky
Wealthsimple isn’t trying to replicate the banks. It’s trying to rethink what a financial relationship feels like.
Use the chequing account, and you’re nudged to invest. Start investing, and your deposits earn more. File your taxes with them, and now you’re getting faster refunds. It all connects. And that connection brings perks.
Here’s how their customer benefits tier breaks down:
| Relationship Tier | Requirements | Bonus Interest on Cash | Additional Perks |
|---|---|---|---|
| Core | Free to join | 1.75% | Standard Visa Debit + Basic Support |
| Premium | $100,000+ in assets | 3.00% | Priority customer service |
| Generation | $500,000+ in assets or Wealthsimple One | 4.00% | Dedicated financial planner |
This isn’t just about high rates. It’s a rewards structure baked into your financial life. Like a loyalty program for banking — except instead of points, you get more money.
The Gimmicks? Yeah, Some Are a Bit Much
Let’s call it straight: not everything Wealthsimple is doing will stick.
There’s a feature where users can personalize their cards with emojis. Another where they can see how many trees they’ve saved by going paperless. That might resonate with younger users, but for anyone just trying to move their mortgage over, it may come off as fluff.
Still, it’s hard to argue with the core value. The chequing account is real. The interest is real. And the experience is — if we’re being honest — better than what most banks are offering.
What Happens Next Might Be a Lot Bigger Than We Think
The big banks aren’t exactly shaking in their loafers. Not yet.
But they should be paying attention.
Wealthsimple has built a brand that younger Canadians trust — and a platform that doesn’t feel like a museum relic. Add mortgages, credit products, and joint accounts to the mix, and suddenly, it’s not just a banking alternative. It’s a serious competitor.
This could force legacy banks to modernize. Or at the very least, stop charging $16.95 a month for “premium chequing” that offers less than 0.01% interest.
For now, Wealthsimple’s chequing account is an experiment — but one that’s striking a nerve. And if enough Canadians start moving their money where it actually earns something, the banking status quo may not survive the next five years in one piece.
