Wealthsimple is best known as Canada's leading online investment platform, but its Cash account has grown into a legitimate everyday banking alternative. Wealthsimple Cash offers no-fee spending, a Visa card, peer-to-peer money transfer, and interest on deposits — all tightly integrated with Wealthsimple's investment and tax products.
Wealthsimple Cash is most powerful for existing Wealthsimple clients. Moving money between your Cash spending account and your Invest/Trade investment accounts is instant with no transfer fees. For Canadians already using Wealthsimple for investing, Cash creates a seamless one-app financial life.
Clients with $500,000+ in Wealthsimple assets qualify for Wealthsimple Generation with premium perks including a metal Visa card, enhanced cash back, tax filing support, and other benefits. Premium tier significantly enhances the Cash account experience.
Wealthsimple Cash deposits are not held in a traditional bank structure like CDIC-insured accounts. Funds in the Cash account are held as cash in investment accounts regulated by the Canadian Investor Protection Fund (CIPF) rather than CDIC. Understand this distinction before using Wealthsimple Cash as your primary account — the protection structure is different from a bank.
Important: Wealthsimple Cash is covered by CIPF (investments) rather than CDIC (bank deposits). CIPF protects client assets if a member firm becomes insolvent, but it is not the same as CDIC deposit insurance. This is not necessarily riskier but it is different — understand it before depositing large amounts.
| Feature | Wealthsimple Cash | KOHO Free | EQ Bank |
|---|---|---|---|
| Monthly fee | $0 | $0 | $0 |
| Cashback on spending | Modest | 0.5%+ | No |
| Savings rate | Competitive | Minimal | Top-tier |
| Investment integration | Excellent | None | TFSA/RRSP products |
| Deposit coverage | CIPF | CDIC via People's Trust | CDIC |
Wealthsimple Cash makes the most sense for existing Wealthsimple clients who want to consolidate their financial life under one platform. If you're already investing through Wealthsimple, adding Cash for everyday spending and keeping your savings in a Wealthsimple TFSA creates a seamless integrated experience. For standalone banking, KOHO or Simplii Financial may be more straightforward choices.
Wealthsimple Cash is excellent for Wealthsimple investors who want an integrated account. The seamless money movement between spending and investing is genuinely useful. For standalone free banking, KOHO's cashback rewards and CDIC-backed deposits make it a slightly stronger pure-banking choice.
KOHO offers free banking with no monthly fees and no minimum balance. Use code 45ET55JSYA for a bonus.
Open KOHO Free — No Fees — Code 45ET55JSYA