Canadians certainly have plenty of credit card choices. With an average of two to three credit cards per person, many of us carry more credit than debit cards in our wallets. Yet Wealthsimple’s recent expansion into bank-like services — including a new cash-back credit card and an updated chequing account — suggests there may still be room for another option. Why is Wealthsimple launching these products now? What’s different about the new card and chequing account, and what happens to the older Wealthsimple Cash offering? This article breaks down the key details.
Wealthsimple launch highlights
- The new credit card: Wealthsimple Visa Infinite
- The revamped cash account: Wealthsimple Chequing
- What happens if you already have Wealthsimple Cash
- Alternatives to Wealthsimple
- More Wealthsimple news to come
Why now, Wealthsimple?
Wealthsimple introduced its new credit card and chequing account during a high-profile launch event in Toronto, streaming to a large online audience. The campaign — titled “The End of Banking?” — signals the company’s intent to compete more directly with Canada’s big banks.
The company says demand from existing clients drove the move. Customers want more of the everyday banking tools they currently use elsewhere, and Wealthsimple’s research highlights several frustrations with the current banking landscape:
- 83% of Canadians have products at one of Canada’s Big Five banks (BMO, CIBC, RBC, Scotiabank, TD), and 38% of those customers considered leaving in the past year.
- 25% are dissatisfied with Canada’s banking system; 14% cite outdated physical or digital experiences.
- 38% reported paying hidden or unexpected banking fees.
- 28% believe physical branches could disappear within 10 years.
Paul Teshima, Wealthsimple’s chief commercial officer, says offering a chequing account improves the speed and flexibility of moving money across its platform. He also noted that some banks charge fees to transfer accounts such as TFSAs or retirement accounts — sometimes up to $150 per account — which he describes as “a tax on choice.”
SimplyCash Card from American Express
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Annual Fee:
$0
Interest Rates:
21.99% purchase, 21.99% cash advance, N/A balance transfer
Welcome offer:
$100 value
Earn a bonus 5% cash back on all purchases (up to $2,000 in purchases). That’s on top of your everyday cash back earn rates. That’s up to $100 in bonus cash back.
CIBC Dividend Visa Infinite Card
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Annual Fee:
$120
Interest Rates:
21.99% purchase, 22.99% cash advance, 22.99% balance transfer
Welcome offer:
$250 value
Join and earn up to $400 in value including a first year annual fee rebate.†
Tangerine Money-Back Credit Card
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Annual Fee:
$0
Interest Rates:
20.95% purchase, 22.95% cash advance, 22.95% balance transfer
Welcome offer:
$100 value
Apply by January 30, 2026 and earn an extra 10% cash back (up to $100) when you spend $1,000 within your first 2 months.
Is Wealthsimple’s new credit card worth applying for?
You can’t apply for the Wealthsimple Visa Infinite card immediately; Wealthsimple used a waitlist approach for the soft launch and re-opened the list for another 20,000 cards. That approach likely helps manage onboarding while building interest.
The card itself is straightforward: it’s a Visa Infinite that offers a flat 2% cash back on every purchase. There are no categories, tiers, or complicated reward tables — just a single, predictable rate.
Rewards post to your Wealthsimple Chequing account within seven days of your statement date, and the Wealthsimple app sends a notification when the cash back has been credited.
MoneySense editor notes:
| Cash back rewards | 2% on all purchases; no categories, caps, or complex rules. |
| Annual fee | $120 per year, billed monthly. The fee is waived for clients with $100,000 in qualifying Wealthsimple products or for customers with qualifying deposits of $4,000 a month. |
| Interest rate | 20.99% |
| Foreign exchange | No foreign transaction fee, which typically saves about 2.5% compared with cards that charge FX fees. |
| Tap limit | No preset tap limit. |
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What is the Wealthsimple Chequing account?
Wealthsimple Chequing replaces what was formerly called Wealthsimple Cash and operates as a hybrid chequing-savings product. The account offers a prepaid Mastercard that earns 1% cash back on all purchases. It also lets clients access direct-deposited paycheques one day early and, when qualifying direct deposits are set up, provides an additional 0.5% interest on the whole account balance.
Fee-wise, Wealthsimple Chequing is competitive: there are no monthly fees, no ATM fees charged by Wealthsimple (and Wealthsimple reimburses up to $5 if the ATM provider charges a fee), and no foreign transaction fees.
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What changes if you already have a Wealthsimple Cash account?
If you already use Wealthsimple Cash, your account remains active but now includes additional chequing features. The savings features are unchanged: the account continues to offer automated savings, tiered interest (1.75% or 2.75% for premium balances), and no account fees.
New chequing capabilities add direct deposit for paycheques, bank drafts, and faster access to funds. At the time of publication, the mobile app still referred to the product as Wealthsimple Cash while the company rolls out the updated chequing features.
MoneySense editor notes:
| Fees | No monthly or minimum-balance fees. E-transfers up to $25,000 per day are free. ATM fees are reimbursed up to $5 per qualifying withdrawal. No foreign exchange fees. Delivery fees for expedited bank drafts are waived. |
| Interest rate | Up to 2.75% (higher rates for premium accounts). |
| Auto deposit | Automatic e-transfers using your email address. |
| Money transfers | Send money internationally with Wise and receive funds into your account without added Wealthsimple fees. |
| Direct deposit | Access your paycheque one day early and earn an extra 0.5% interest on your total balance when qualifying direct deposits are set up. |
| Automated savings | Set up scheduled transfers to other accounts or investment portfolios. |
| Bank drafts | Receive bank drafts delivered to your home, often as soon as the next day. |
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What else is in store, and what’s coming next
The launch also included preview details about additional services: a 4% U.S. dollar account, a home equity-style line of credit with rates starting around 4.45%, and new delivery services for physical cheques and cash. Many of these features are slated to arrive in the fall and some will be regionally phased — for example, cash delivery will begin as a soft launch in the Toronto area in a few months.
Why trust us
MoneySense is an award-winning personal finance magazine serving Canadians since 1999. Our editorial staff of journalists works with leading finance experts to evaluate products across banks, credit unions and card issuers. We compare offers and features to help readers find the best financial products. Learn more about our advertising and trusted partners.
Wealthsimple alternatives
Wealthsimple aims to become a comprehensive platform for banking and investing, though it’s not a bank in the legal sense. Other institutions already offer similar combinations of banking and investing services. Below are some top-ranked alternatives and recommended products drawn from MoneySense’s reviews and rankings.
| Best banks and credit unions | • Gold: TD Canada Trust • Silver: CIBC • Bronze: RBC Royal Bank |
| Best credit cards in Canada | • Best cash back credit card: Rogers Red World Elite Mastercard • Best travel credit card: Scotiabank Gold American Express • Best low-interest credit card: Desjardins Flexi Visa |
| Best high-interest savings accounts | • Gold: EQ Bank Personal Account • Silver: EQ Bank Notice Savings Account • Bronze: LBC Digital High-Interest Savings Account |
| Best chequing accounts | • Gold: Wealthsimple Cash (soon Wealthsimple Chequing) • Silver: EQ Bank Personal Account • Bronze: The PC Money Account |
For investing, MoneySense also publishes recommendations for the best online brokers and robo-advisors for Canadian investors.
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So, should you move all your money?
Choosing Wealthsimple’s products isn’t only about the card or the chequing account — it’s about how those products integrate with an existing suite of investing and savings tools. For current Wealthsimple customers, consolidating more financial activity on one platform may bring convenience and smoother transfers between accounts.
However, moving everything to Wealthsimple can incur transfer fees from your current bank or financial institution, so the cost of switching could outweigh the benefits if you only plan to try a single product. Also consider that Wealthsimple operates digitally: you won’t have access to physical branches. Wealthsimple argues that delivering services like bank drafts, cheques and even cash directly to customers offers convenience, but some customers may prefer in-person banking.
Security features include location-based restrictions for certain transactions, two-factor authentication, transaction limits, security questions and the option to register an emergency contact for fraud prevention. Wealthsimple also advises that eligible deposits receive Canada Deposit Insurance Corporation (CDIC) protection, up to $1 million where applicable.
If you’re undecided, Wealthsimple has signalled more product updates and potential changes to investment portfolios at a planned presentation in fall 2025.
Read more about banking in Canada:
- The best RRSP investments in Canada
- The best TFSAs and rates in Canada
- Compare the best GIC rates in Canada
- Compare today’s best mortgage rates