All you need to learn about the Wealthsimple money hybrid account

Wealthsimple debuted with a robo-advisor back 2014 with a mission that is relatively simple bridge the gap between Millennials and investing.

They’ve succeeded, to put it mildly. Around this 12 months, Wealthsimple currently manages $5B of Canadians’ money. They’ve also established their particular brokerage that is online bought a favorite no-cost tax service for the time being.

Now, Wealthsimple announced so it would further its accessibility with Wealthsimple Cash, a distinctive hybrid bank account. The chequing-savings-credit card combination is making quite the splash, aided by the possible to redefine the Canadian finance landscape that is personal.

All About WealthsimpleWealthsimple Money

No fees that are monthly. Limitless deals. No balance that is minimum.

What exactly is a Hybrid Banking Account?

A hybrid banking account may be the mixture of a high-interest family savings and a chequing account.

Hybrid bank records, like Wealthsimple money, integrate features from high-interest cost cost cost savings reports and chequing records to generate a flexible, all-in-one individual banking item.

It is possible to think about a bank that is hybrid as a chequing account with high-interest.

Are you realize What is Wealthsimple money and how exactly does it work?

Previously called Wealthsimple Save, Wealthsimple money is just a bank account that is hybrid.

A Wealthsimple Cash account provides a chequing account (with limitless deals, e-transfers, and deposits), a high-interest family savings (with 2.40% interest on build up), and a Visa-Debit (that works well just like a pre-paid, reloadable charge card) in a single neat little package. It’s most accordingly called an account that is pre-paid.

Account features

Wealthsimple Cash is just an one-size-fits-all sorts of bank account. Clients can get their work profits through direct deposit, so there’s no rush or force to maneuver your cost savings into a free account instantly.

You can even make bill re payments utilizing the account that is same and move your cost savings right into a Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP) investments.

There’s also a joint account function upon sign-up, meaning you or some body near to you can both enjoy the advantages of this account that is virtually limitless.


Wealthsimple money provides limitless e-transfers and deals. This means sets from Interac e-transfers and bill re payments to account transfers to point-of-sale deals. All tasks into the account occur free of charge into the individual.

The perks of no account costs get far beyond the average person’s expectations aswell. ATM access comes at no additional expense, it doesn’t matter what bank’s ATMs you’ll be utilizing. Wealthsimple will reimburse you for the charge charged by the ATM. Needless to say, the restriction caps month-to-month, however it is certainly a distinctive and uncommon customer-friendly function.


In terms of convenience, Wealthsimple money offers every thing a normal bank-account does. Clients may do their day-to-day banking making use of Wealthsimple’s extremely user-friendly app that is mobile. There’s also a platform that is online finance administration.

You can easily deliver free, limitless Interac e-transfers from anywhere, handle your money, or make efforts to your account of one’s choosing—no matter where you stand.

But wait, it gets better! Wealthsimple Cash is appropriate for Apple Pay and Bing Pay.

Though, we doubt you won’t jump at every chance to make use of Wealthsimple Cash’s sleek, tungsten debit card—after all, it is made from solid metal.

Exactly about Wealthsimple money vs. Other hybrid records

Wealthsimple Cash may not be the initial hybrid bank-account in Canada, however it’s certainly the first to ever provide this much flexibility. Below, we’ll review what Wealthsimple money provides in contrast to other hybrid records presently available, with choices from EQ Bank, Manulife, and KOHO.