Wealthsimple has changed the financial landscape for Canadians. They could just be the best bank in Canada! In this article, I’ll share with you why I’m a long-time customer and a super fan, what new features they’ve recently introduced, and why you should consider saying goodbye to your brick-and-mortar bank for good.
In the summer of 2024, I was invited to the Wealthsimple headquarters in Toronto to participate in a client panel. I sat on a couch alongside three other clients, in front of an audience of about 60 Wealthsimple staff members, and shared my experiences as a Wealthsimple client, including how I use the app, my frustrations, and my wish list for features. It was a fantastic opportunity to engage with the team at Wealthsimple, provide our features wishlist, and hear about what was coming down the line for the company.
Fast forward to June 2025, Wealthsimple boldly proclaimed “The end of traditional banking” with a phenomenal product launch event, introducing a fresh suite of new features (many of which had been discussed at the client panel the year before). Wealthsimple is redefining what full-service banking means in today’s digital-first landscape. Here’s why switching (or supplementing) your banking with Wealthsimple might be the smartest move you can make.
1. Fee-Free and Feature-Rich Chequing
I’ve always loved their no-fee chequing account (formerly known as the Wealthsimple Cash account). They are continually making it even better.
- No monthly account fees, no minimum balance, and no hidden charges—just transparent, customer-first banking.
- Top-tier interest rates: earn up to 2.75%—among the highest in Canada, plus a 0.5% interest boost for setting up direct deposit.
- 1% unlimited cash back on everyday purchases, with additional bonuses for direct deposit users
- Free ATM withdrawals anywhere in Canada (with reimbursements up to $5 per withdrawal)
- No foreign exchange (FX) fees on international spending
- Early direct deposit—get paid up to a day early
- Built-in savings automation: easily route a portion of your paycheck into savings or investments.
- Security you can trust: up to $1 million CDIC protection, along with features like trusted contacts and customizable limits
- Fraud Prevention improved through setting up trusted contacts.
- Mobile Cheque Deposits coming soon!
2. A Truly Rewarding Credit Card
Wealthsimple had previously offered a master card which was associated with your Wealthsimple chequing account, but their new offering is the Wealthsimple Visa Infinite credit card, which provides an alternative to Canada’s traditional cash‑back cards. The Wealthsimple Credit card will roll out at the end of 2025, but you can get on the waiting list now on their site.
- 2% unlimited cash back on all purchases—no categories, no caps, no fine print
- No foreign transaction fees, even when travelling abroad.
- Annual fee waived for Premium clients or those with $4K+/month direct deposit; otherwise $10/month ($120/year)
- Transparent billing, easy in-app card setup, and no tap spending limits
- Plus, a sleek card design and metal cards for Premium and Generation Clients ($100k+ in assets)
3. Low-Rate Instant Line of Credit
A low-barrier way to access cash when you need it. Launching by the end of 2025, the Wealthsimple line of credit allows:
- Asset-backed borrowing—use your Wealthsimple portfolio as collateral
- Interest starting at ~4.45%, far lower than typical credit cards (20–24%+) or HELOCs (5.5–5.7%)
- Instant, in‑app access to funds—no complicated paperwork or branch visits
4. Branchless Convenience — Money Delivered
One of the pain points raised in the Wealthsimple Client Panel I attended was that one member was about to purchase a home; they would need a bank draft to complete the purchase. At the time, Wealthsimple did not offer this option. Not anymore:
- Bank drafts, cheques, and even cash by courier—all available through the app, with rollout starting in Toronto this fall
- No branch visits required for everyday banking needs.
5. A Platform You Already Trust
Wealthsimple has a highly trusted and well-established platform, including Invest, Trade, Crypto, and Tax services. They brought investing to the masses, made it accessible to everyday Canadians, and have been building their brand ever since.
Wealthsimple offers:
- Over 3 million Canadian clients and $70 billion+ in assets under management
- A secure, regulated and transparent platform with no shady fees or bureaucracy.
6. Real Reasons to Move
Wealthsimple’s move comes at a critical time:
A recent Angus Reid survey found 38% of Canadians have thought about leaving their big bank, citing hidden fees, poor service, and lack of trust.
Their pain points?
- 47% struggle with hidden fees
- 37% cite poor service
- 36% find better deals elsewhere
- 30% express growing distrust
With transparent features and consumer-friendly products, Wealthsimple is answering the call.
Final Thoughts: Is Wealthsimple for You?
There is a reason why I love Wealthsimple and why it has a cult-like following among its clients. They continually challenge the status quo in the Canadian financial services sector.
Wealthsimple has flipped the script and puts the customer experience first, providing:
- Zero-fee chequing with strong earnings
- Simple and lucrative 2% cash back on a card
- Low-rate, swift borrowing options
- A digital-first, branchless experience
- Zero commission DIY investing
All the big banks want to charge you fees instead of paying you interest, make investing seem inaccessible, so you pay their advisors, and make you fit their schedule. With these new features, there is no longer any reason to hold on to your traditional bank account. Say hello to Wealthsimple!
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