This Chequing Account Earns Like a Savings Account — Without the Transfers

Most chequing accounts are just that — a holding area for your money. No growth. No reward. Just… convenience.

But what if your chequing account worked like a savings account too?

That’s exactly what Wealthsimple Chequing offers — interest on your everyday money, without forcing you to shuffle it around between accounts.

Also read: Wealthsimple Referral Code: Get Your Free Cash Bonus

Interest on Your Chequing Balance (Yes, Really)

Normally, your money only earns interest once you move it into a separate savings account.

With Wealthsimple Chequing, your balance earns interest automatically — whether it’s your paycheck, bill money, or casual spending cash.

No manual transfers. No micromanaging. No jumping between accounts.

Your money just grows while sitting where it already lives.

How the Interest Works

Right now, Wealthsimple offers:

• 1.25% interest for all clients
• Higher rates if you:
• Set up direct deposit of $2,000/month or more
• Belong to Premium or Generation tiers

So instead of your chequing account being “dead money,” it actually does some work in the background.

And if you use your chequing as your main hub for salary + bills + spending, this adds up more than you expect over a year.

No Fees, No Balance Requirements

This part is refreshingly simple:

• No monthly account fees
• No minimum balance requirements
• No hidden maintenance charges

Whether you keep $50 or $50,000 in there — the rules stay the same.

That’s rare, especially compared to traditional Canadian banks that require minimum balances just to avoid fees.

Also read: 5 Smart Reasons to Open a Wealthsimple Chequing Account in %%CURRENT_YEAR%%

You Still Get Full Chequing Functionality

This isn’t some “limited” high-interest account pretending to be chequing.

You still get everything you’d expect:

• Interac e-Transfers
• Bill payments
• A prepaid Mastercard (works online and in-store)
• Mobile wallet support
• ATM withdrawals, including international fee reimbursements

Basically, it works like a modern chequing account — just smarter.

Who Is This Best For?

Wealthsimple Chequing makes the most sense if:

• You keep a few thousand dollars sitting for monthly expenses
• You’re tired of moving money back and forth between accounts
• You want interest without changing your habits
• You want zero fees, simple banking, and clean design

If any of those sound like you — this account is worth a serious look.

Safety & Deposit Protection

A common question is: “Is this as safe as a traditional bank?”

Short answer: Yes.

Wealthsimple spreads your deposits across multiple partner institutions. This provides up to $1 million in effective CDIC coverage for your chequing balance — significantly higher than most single-bank protection.

My Honest Take

I like tools that reduce friction.

And this account does exactly that:

• No need to “optimize” your money
• No constant transfers
• No unnecessary complexity
• Just simple, passive improvement over traditional chequing accounts

If you’re already using Wealthsimple for investing, this fits naturally into that ecosystem.

Open Your Wealthsimple Chequing Account

If you want to try it out, you can open a Wealthsimple Chequing account using my referral link below:

👉 https://www.wealthsimple.com/invite/VY9J3A

You’ll get the same benefits as everyone else, in addition to a sign up bonus — and it also supports this site, at no extra cost to you.

Win-win!

Open an account today with Wealthsimple using this link and receive a referral bonus when you fund your account!

Disclosure: This post contains referral links. If you open a Wealthsimple account through these links, we may earn a small reward — at no extra cost to you. These commissions help keep loonieWallet.com running and allow us to keep sharing real, fact-based money tips. Always read the official Wealthsimple terms before transferring funds.