Institution profile · Fintech — not a bank
Wealthsimple
ActiveWealthsimple Investments Inc. / Wealthsimple Payments Inc.Via partner institutions
Wealthsimple is an investment and money company, not a bank. It says its chequing balances are held in trust across several CDIC member institutions, which is how it describes coverage above $100,000.
Profile facts checked October 30, 2026
Mitey files the Wealthsimple index card: cheapest everyday account $0 a year.
Is Wealthsimple a good bank for everyday banking?
Wealthsimple’s cheapest chequing account open to anyone, Wealthsimple Chequing, costs $0 a year for a typical household (25 debit purchases, 6 bills and 5 e-Transfers a month), as cheap as any account in Canada for that usage. It scores 74.6/100, #3 of 13, in our bank review. It isn’t a bank; partner institutions hold your money.
At a glance
- Legal name
- Wealthsimple Investments Inc. / Wealthsimple Payments Inc.
- Type
- Fintech — not a bank
- Head office
- Toronto, ON
- Founded
- 2014
- Regulator
- Wealthsimple Investments Inc. is a CIRO member; Wealthsimple is FINTRAC-registered as a money services business; not a bank
- Cheapest everyday account
- Wealthsimple Chequing — $0 a year for the Everyday example
- Best posted savings rate
- 2.5% on $10,000 (Savings)
- Website
- www.wealthsimple.com
Is my money safe at Wealthsimple?
Wealthsimple is not a CDIC member. It says Chequing balances are held in trust across at least 10 CDIC member institutions (not named), for combined CDIC-eligible coverage of up to $1,000,000. Its Savings account is different: it is protected by CIPF (the investment-dealer fund) up to $1,000,000, not by CDIC.
Our assessment: 74.6/100, #3 of 13 in our bank review
Strongest on everyday cost and savings rate. Trails on branch and ATM access. Cheapest account for everyday use: $0 a year. No branches.
Cost 100 · Access 0 · Savings rate 83 · App rating 81 · not scored: service. How the review works.
What do Wealthsimple’s chequing accounts cost?
Wealthsimple lists 1 chequing account with FCAC. For our “Everyday” example (25 debit purchases, 6 bills, 5 e-Transfers and a $1,000 low balance a month), the cheapest account open to anyone is Wealthsimple Chequing at $0 a year. Accounts limited to a group are marked.
| Account | Monthly fee and waiver | Included | Fees a year |
|---|---|---|---|
| Wealthsimple Chequing | No monthly fee | Unlimited | $0 |
What would Wealthsimple cost a typical household?
The cheapest Wealthsimple account open to anyone for each of our four usage profiles, against the cheapest account in Canada for the same banking. Profiles are defined in the finder.
| Profile | Cheapest at Wealthsimple | Fees/yr | Cheapest in Canada | Fees/yr |
|---|---|---|---|---|
| Light Mostly card and app, small balance | Wealthsimple Chequing | $0 | PC Money Account PC Financial | $0 |
| Everyday Household account, a few e-Transfers | Wealthsimple Chequing | $0 | Personal Account EQ Bank | $0 |
| Heavy Lots of card, bill and e-Transfer payments | Wealthsimple Chequing | $0 | Personal Account EQ Bank | $0 |
| Branch and cheques Teller visits, cheques, paper statement | no account can serve it | — | Basic Bank Account Scotiabank | $134 |
Worked example — Wealthsimple Chequing (Wealthsimple), Everyday profile
| Monthly fee × 12 | $0 |
| Transactions beyond the included number (0 a month) × 12 | $0 |
| Other-bank ATM access fees (1 a month) × 12 | $0 |
| Paper statements × 12 | $0 |
| Fees a year | $0 |
What savings rates does Wealthsimple pay?
| Account | Rate at $10,000 | Monthly fee |
|---|---|---|
| Savings | 2.5% | No monthly fee |
What else should you know about Wealthsimple?
- States it is not a bank and not a CDIC member; chequing balances are held in trust for clients.Source: wealthsimple.com
- Says balances are held with up to 10 CDIC member institutions for combined coverage of up to $1,000,000.Source: wealthsimple.com
- Wealthsimple Investments Inc. is a member of the Canadian Investment Regulatory Organization.Source: wealthsimple.com
This company isn’t a bank. Before moving money, read its current disclosure on which institution holds your funds — and check that institution on the CDIC list.
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