Wealthsimple Cash Review Canada 2026

🏆 Our Top Pick for Everyday Spending: KOHO

Wealthsimple Cash is excellent for savings integration. For everyday spending with cash back, KOHO wins — 1% on groceries, 0.5% on everything, zero fees. Over 1 million Canadians use KOHO.

Get KOHO Free — Code 45ET55JSYA

What Is Wealthsimple Cash?

Wealthsimple Cash is a hybrid spending and savings account from Wealthsimple — Canada's largest online investment platform. Launched to complement its investing products, Wealthsimple Cash offers a prepaid Visa card with no monthly fees, high-interest savings on balances, and tight integration with Wealthsimple's stock trading, crypto, and managed portfolio products.

As of 2026, Wealthsimple Cash has grown significantly and positions itself as a one-stop financial platform for Canadians who invest and bank together. The key differentiator is interest on uninvested cash — up to 4% for Premium subscribers — making it uniquely powerful for people who move money between spending and investing frequently.

Wealthsimple Cash Plans (2026)

Wealthsimple Basic (Free)

No monthly fee. Prepaid Visa card. Standard interest on cash balance (~1%). No FX fees. Free Interac e-transfers. Best for casual users and those new to Wealthsimple.

Wealthsimple Premium ($10/month or qualifying assets)

Higher interest rate on cash (up to 4%). Priority customer support. Best for active investors and those with $100K+ in Wealthsimple accounts (fee waived).

Wealthsimple Cash — Key Features

Feature	Wealthsimple Cash (Basic)	Wealthsimple Cash (Premium)
Monthly Fee	$0	$10/mo (waived at $100K+ assets)
Cash Interest Rate	~1%	Up to 4%
Cash Back on Purchases	None	None
Foreign Transaction Fee	0%	0%
Interac e-Transfer	Free, unlimited	Free, unlimited
ATM Withdrawals	Select free ATMs	More free ATMs
Investing Integration	Full — stocks, ETFs, crypto	Full — priority access
CDIC Insured	Yes (via Equitable Bank)	Yes
Credit Building	None	None
Instant Deposits	Yes (from linked bank)	Yes — higher limits

✅ Wealthsimple Cash Pros

Up to 4% interest on uninvested cash (Premium)
Zero FX fees — great for travel and online purchases
Seamless integration with Wealthsimple Invest and Trade
No monthly fee on Basic plan
Instant deposits from linked accounts
Strong security and Canadian regulatory oversight

❌ Wealthsimple Cash Cons

Zero cash back on purchases (major gap vs KOHO)
Best interest rate requires Premium ($10/mo) or $100K+ assets
No credit building feature
Not a full chequing account — no cheque writing
Customer support not always fast
App optimized for investing, not banking

🏆 Wealthsimple Cash Verdict 2026

Wealthsimple Cash earns 8.0/10 — excellent for investors, limited for everyday spenders. If you already use Wealthsimple for stocks, ETFs, or crypto, adding Wealthsimple Cash creates a seamless financial hub. The zero FX fee is excellent for travellers and international shoppers.

However, the lack of cash back on purchases is a real gap. KOHO's Essential plan (free) earns 1% on groceries and 0.5% everywhere with no fee — making it a better primary spending card for most Canadians.

Best pairing: Use KOHO for daily spending (cash back), Wealthsimple Cash as your investment hub and travel card (0% FX fees). Both are free at the basic tier.

Is Wealthsimple Cash Safe?

Yes. Wealthsimple Cash funds are held at Equitable Bank, a federally regulated Schedule I bank in Canada, and insured by CDIC up to $100,000. Wealthsimple itself is registered with provincial securities regulators and has over $30 billion in assets under administration. The platform has operated since 2014 with a strong security track record.

Wealthsimple Cash vs KOHO vs EQ Bank

For a complete picture: KOHO wins for cash back on daily spending. EQ Bank wins for highest savings interest. Wealthsimple Cash wins for investment-banking integration and zero FX fees. Many financially active Canadians use all three — or at minimum KOHO plus one savings-focused account.

🏆 Best for Everyday Spending: KOHO

While Wealthsimple Cash excels for savers and investors, KOHO is Canada's best everyday spending account — cash back on every purchase, no fees, no NSF charges. Use both for the ultimate banking setup.