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Wealthsimple Cash review

A chequing-savings hybrid with a competitive rate that climbs as you bring over more assets.

By SCFinance Data Team · edited by SCFinance Editorial TeamUpdated Aug 11, 2026 Fact checkedEditorial integrity

The bottom line

A chequing-savings hybrid with a competitive rate that climbs as you bring over more assets.

SCFinance score4.6

Wealthsimple Cash

Interest rate: 2.75% (up to 4.00% at higher tiers)
Monthly fee: $0
Minimum to open: $0

Pros

✓ Spend and save in one account
✓ Rate tiers up with assets
✓ No monthly fee

Cons

✕ Top rate needs a large balance
✕ Held in trust, not a bank account

Details

Monthly fee: $0
Card: Included prepaid card

What you get

Spending and saving in one balance
Rate increases with total assets

Compare to alternatives

EQ Bank Personal Account

SCFinance score4.8

Read review

Interest rate

3.50%

Monthly fee

Minimum to open

Details

Monthly fee: $0
Minimum balance: None
e-Transfers: Free, unlimited

What you get

No monthly fees and no minimum balance
Unlimited free Interac e-Transfers
CDIC insured up to $100,000

Our take

A high everyday rate with no monthly fee and no minimum balance, the default pick for parking cash in Canada.

Read our full review

Tangerine Savings Account

SCFinance score4.3

Read review

Interest rate

0.70% (promo rates for new clients)

Monthly fee

Minimum to open

Promotional rate for new clientsElevated rate for the first months on new deposits.

Details

Monthly fee: $0
ATM network: Scotiabank

What you get

No monthly fees
Access to Scotiabank ATMs

Our take

A long-running online bank whose base rate is modest but whose new-client promo rates are among the most aggressive.

Read our full review

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