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Wealthsimple
wealthsimple.comSummary
Wealthsimple is a Canadian financial technology company offering a range of services including chequing and savings accounts, commission-free stock and ETF trading, managed investing, and cryptocurrency trading. They aim to provide accessible and low-fee financial tools for building wealth.
Feature Matches8/12
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Must Have
4 of 5
Prepaid Debit Card (Cash App Card)
Early Direct Deposit
Commission-Free Stock Trading
Bitcoin Trading
Instant P2P Transfers
Other
4 of 7
Fraud Monitoring & Security
High-Yield Savings
Instant Discounts & Offers
ATM Access & Fee Reimbursement
Round-Up Savings
Pay Over Time (Afterpay)
Customizable Card Designs
PricingTiered
See allTiered
Core
OTHER 0.50 per use
- Commission-free stock trading
- 1.75% interest on chequing account balance
- Up to $50,000 instant deposits (across Managed investing, Self-direct investing, and Crypto accounts)
- Recurring investments
- Dividend reinvestments
- Fractional shares
- Real-time streaming quotes
- Price alerts
- Stock lending
- 1% cash back on spending with prepaid Mastercard
- No monthly chequing account fees
- No chequing account minimums
- No FX fees on chequing purchases
- No ATM fees (reimbursement up to $5 per withdrawal)
- No e-transfer fees
- Direct deposit
- Auto-invest your pay
- Bill pay
- CDIC coverage up to $1 million (chequing)
- Up to 6% staking yield (crypto)
- Crypto insurance coverage
- Mortgage cash back up to $1,000
- Pay what you want for Basic Tax plan
- 2 tax returns allowed
- Standard email technical support (3 days)
- Educational content
- Human help
- 24/7 help centre
- USD accounts cost $10/month
- Options contract fee: $2 USD/contract
- Margin interest rate CAD: 5.45% (prime +0.5%)
- Margin interest rate USD: 8% (prime +0.5%)
- Foreign exchange fees (CAD Account): 1.5% for US-listed trades without USD account
- Instant withdrawal fees: 2.5%
- Tax loss harvesting not included
- Custom portfolios not included
- Asset location not included
- Audit protection not included (Tax)
- Year-round tax advice not included (Tax)
- Expert tax advice not included (Tax)
- On-demand financial advice not included
- Priority email service not included
- Priority phone service not included
- No partner milestone rewards
- 20% off will from Willful not included
- Medcan Year-Round Care plan not included
- Medcan Annual Health Assessment not included
Premium
OTHER 0.40 per use
- All Core client benefits
- 2.25% interest on chequing account balance
- Complimentary USD accounts & reduced options trading and crypto fees
- Up to 3 partner rewards depending on assets
- Access to financial advice
- Up to $250,000 instant deposits (across Managed investing, Self-direct investing, and Crypto accounts)
- Options contract fee: $0.75 USD/contract
- Margin interest rate CAD: 4.95% (prime +0%)
- Margin interest rate USD: 7.5% (prime +0%)
- Up to 11% staking yield (crypto)
- Mortgage cash back up to $3,000
- Audit protection (Tax)
- Priority email technical support (1 day)
- On-demand financial advice
- Priority email service
- 20% off your will from Willful
- 30% off Medcan Year-Round Care plan
- 20% off Medcan Annual Health Assessment
- Foreign exchange fees (CAD Account): 1.5% for US-listed trades without USD account
- Instant withdrawal fees: 2.5%
- Tax loss harvesting not included
- Custom portfolios not included
- Asset location not included
- Year-round tax advice not included (Tax)
- Expert tax advice not included (Tax)
- Priority phone service not included
Generation
OTHER 0.20 per use
- All Core and Premium benefits
- 2.75% interest on chequing account balance
- 0.2%–0.4% management fees on managed investing accounts
- Access to 3 partner rewards
- Access to financial advice
- Up to $250,000 instant deposits (across Managed investing, Self-direct investing, and Crypto accounts)
- Options contract fee: $0.75 USD/contract
- Margin interest rate CAD: 4.45% (prime -0.5%)
- Margin interest rate USD: 7% (prime -0.5%)
- Private credit investments
- Private equity investments
- Tax loss harvesting
- Custom portfolios
- Asset location
- Up to 13.5% staking yield (crypto)
- Mortgage cash back up to $5,000
- Year-round tax advice (Tax)
- Expert tax advice (Tax)
- Priority phone service
- 40% off Medcan Year-Round Care plan
- 30% off Medcan Annual Health Assessment
- Foreign exchange fees (CAD Account): 1.5% for US-listed trades without USD account
- Instant withdrawal fees: 2.5%
Rationale
Wealthsimple offers a comprehensive financial platform that includes a chequing account with a prepaid Mastercard, early direct deposit, commission-free stock and ETF trading, and crypto trading (including Bitcoin). They also mention fraud monitoring, high-interest savings, and ATM fee reimbursement. While they don't explicitly offer P2P transfers in the same way Cash App does (e-transfers are mentioned but not instant P2P between users of their app), and lack features like customizable card designs or round-up savings, their core offerings align well with the must-have features related to banking, investing, and crypto.
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