Wealthsimple Chequing combines everyday payment features with interest on the account balance. Its interest rate depends on Wealthsimple client status and, for some clients, qualifying direct deposits.
Wealthsimple charges no ATM withdrawal fee and reimburses an unlimited number of eligible ATM-provider fees worldwide without a reimbursement-dollar cap. The operator fee is charged first and reimbursed after settlement. ATM withdrawals require the physical card, and daily and weekly cash-withdrawal limits still apply.
The card is a prepaid Mastercard rather than Interac debit. Joint accounts support two owners, and eligible cheque deposits and chequebook access are available under product conditions.
The account is offered by a financial-services platform rather than a bank. Cash is held through trust arrangements with CDIC member institutions, so its protection structure differs from a deposit held directly at one bank.
Incoming and outgoing wire transfers are supported, including eligible third-party wires. Wealthsimple, intermediary, receiving, foreign-exchange, or return fees can apply depending on the transfer.