Wealthsimple Cash Review Canada 2025

4% cash back on everything, no fees, and 4% interest on balances — how does Wealthsimple Cash stack up in Canada?

What Is Wealthsimple Cash?

Wealthsimple Cash is a no-fee spending account and prepaid Visa card offered by Wealthsimple, Canada's largest online brokerage and fintech company. Launched in 2023, it offers 4% cash back on all purchases and 4% interest on cash balances — rates that are difficult to beat anywhere in Canada.

Wealthsimple Cash is designed to integrate seamlessly with Wealthsimple's ecosystem, including their investing, crypto, and tax filing products. It's particularly appealing for Canadians who already use Wealthsimple Trade or Wealthsimple Invest.

Wealthsimple Cash Key Features

Feature	Details
Monthly Fee	$0
Cash Back Rate	4% on all purchases
Interest Rate	4% on cash balances
Card Type	Prepaid Visa
CDIC Insurance	Yes (via Canadian Western Bank)
Interac e-Transfer	Free, unlimited
ATM Withdrawals	Free at select ATMs

The 4% Cash Back Offer

Wealthsimple Cash's headline feature is 4% cash back on every purchase, with no category restrictions. That's the highest flat-rate cash back available from any Canadian banking app in 2025. For context, most Canadian credit cards offering 2% cash back are considered strong performers — Wealthsimple Cash's 4% flat rate is exceptional.

Cash back is earned as Wealthsimple Cash and can be used for purchases or transferred to your investment account. Note that cash back rates may vary for Wealthsimple Premium and Generation members.

Wealthsimple Cash vs. KOHO

Feature	Wealthsimple Cash	KOHO (Free)
Monthly Fee	$0	$0
Cash Back	4% flat	1% groceries/transit, 0.5% other
Savings Rate	4%	Up to 5%
Credit Building	No	Yes (KOHO Credit)
Budgeting Tools	Basic	Advanced
Welcome Bonus	Varies	$20 (code 45ET55JSYA)

Who Should Use Wealthsimple Cash?

Wealthsimple Cash makes the most sense for existing Wealthsimple users who want all their finances in one app. The 4% cash back rate is the highest in Canada, making it excellent for high spenders. However, if you're looking for credit building tools, more detailed budgeting features, or a guaranteed welcome bonus, KOHO may be a better starting point.

Is Wealthsimple Cash Safe?

Yes. Wealthsimple is regulated by securities commissions across Canada and holds deposits through Canadian Western Bank, a CDIC member. Your cash is insured up to $100,000 per depositor category. Wealthsimple uses bank-level encryption and two-factor authentication across all accounts.

How to Sign Up

You can sign up for Wealthsimple Cash through the Wealthsimple app on iOS or Android. The process takes about 10 minutes. You'll need government-issued ID and a Social Insurance Number. Once approved, you can add your card to Apple Pay or Google Pay while you wait for the physical card in the mail.

If you're not already in the Wealthsimple ecosystem and want a standalone banking app with a proven track record, KOHO is an excellent alternative. Use code 45ET55JSYA to earn a $20 welcome bonus.