All you need to learn about the Wealthsimple money hybrid account

All you need to learn about the Wealthsimple money hybrid account

Wealthsimple debuted with a robo-advisor back 2014 with a easy objective: connection the space between Millennials and investing.

They’ve prevailed, as you would expect. Around this 12 months, Wealthsimple presently manages $5B of Canadians’ money. They’ve also established their particular online brokerage and bought a well known no-cost tax solution for the time being.

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

All About WealthsimpleWealthsimple Money

No fees that are monthly. Limitless deals. No minimal balance needs.

What’s a Hybrid Banking Account?

A hybrid banking account could be the mix of a high-interest checking account and a chequing account.

Hybrid bank records, like Wealthsimple money, mix features from high-interest cost cost savings records and chequing records to generate a flexible, all-in-one banking product that is personal.

You are able to think about a hybrid banking account as a chequing account with high-interest.

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

Formerly referred to as Wealthsimple Save, Wealthsimple money is a hybrid banking account.

A Wealthsimple Cash account offers a chequing account (with limitless transactions, e-transfers, and deposits), a high-interest savings account (with 2.40% interest on build up), and a Visa-Debit (that really works like a pre-paid, reloadable charge card) in a single neat package that is little. It’s most properly referred to as a pre-paid account.

Account features

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

It is possible to make bill re payments utilizing the account that is same and move your cost cost savings as 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 in your area can both experience the many benefits of this account that is virtually limitless.


Wealthsimple money provides e-transfers that are unlimited transactions. Which means anything from Interac e-transfers and bill re re payments to account transfers to transactions that are point-of-sale. All tasks within the account happen free of charge towards the user.

The perks of no account costs get far beyond the average person’s expectations aswell. ATM access comes at no cost that is additional it doesn’t matter what bank’s ATMs you’ll be making use of. Wealthsimple shall reimburse you for the charge charged by the ATM. Needless to say, the restriction caps month-to-month, however it is certainly an original and unusual customer-friendly function.


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

You’ll 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 utilize Wealthsimple Cash’s sleek, tungsten debit card—after all, it is manufactured from solid steel.

Exactly about Wealthsimple money vs. Other hybrid reports

Wealthsimple Cash may not be the very first hybrid banking account in Canada, however it’s certainly the first ever to provide this much flexibility. Below, we’ll review what Wealthsimple money is offering when compared to other accounts that are hybrid available, with options from EQ Bank, Manulife, and KOHO.

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