Institution profile · Fintech — not a bank

Wealthsimple

ActiveWealthsimple Investments Inc. / Wealthsimple Payments Inc.Via partner institutions

Wealthsimple is an investment and money company, not a bank. It says its chequing balances are held in trust across several CDIC member institutions, which is how it describes coverage above $100,000.

Profile facts checked October 30, 2026

Mitey the Yeti peeking out from behind the Wealthsimple index cards

Cheapest everyday account$0 a yearWealthsimple Chequing

Best posted savings rate2.5%Savings, on $10,000

Deposit protectionPartner-heldFintech — not a bank

At a glance

Legal name: Wealthsimple Investments Inc. / Wealthsimple Payments Inc.
Type: Fintech — not a bank
Head office: Toronto, ON
Founded: 2014
Regulator: Wealthsimple Investments Inc. is a CIRO member; Wealthsimple is FINTRAC-registered as a money services business; not a bank
Cheapest everyday account: Wealthsimple Chequing — $0 a year for the Everyday example
Best posted savings rate: 2.5% on $10,000 (Savings)
Website: www.wealthsimple.com

Deposit protection

Wealthsimple is not a CDIC member. It says Chequing balances are held in trust across at least 10 CDIC member institutions (not named), for combined CDIC-eligible coverage of up to $1,000,000. Its Savings account is different: it is protected by CIPF (the investment-dealer fund) up to $1,000,000, not by CDIC.

Our assessment: 76/100, #3 of 13 in our bank review

Strongest on everyday cost and savings rate. Trails on branch and ATM access. Cheapest account for everyday use: $0 a year. No branches.

Cost 100 · Access 0 · Savings rate 91 · App rating 81 · not scored: service. How the review works.

Wealthsimple chequing accounts and what they cost

Wealthsimple lists 1 chequing account with FCAC. For our “Everyday” example (25 debit purchases, 6 bills, 5 e-Transfers and a $1,000 low balance a month), the cheapest account open to anyone is Wealthsimple Chequing at $0 a year. Accounts limited to a group are marked.

Chequing accounts as listed in the FCAC Account Comparison Tool, retrieved November 1, 2026; fees a year for the Everyday example
Account	Monthly fee and waiver	Included	Fees a year
Wealthsimple Chequing	No monthly fee	Unlimited	$0

Wealthsimple savings accounts and posted rates

Savings accounts as listed with FCAC, retrieved November 1, 2026. Posted rates; promotional rates may not appear.
Account	Rate at $10,000	Monthly fee
Savings	2.5%	No monthly fee

Facts, with sources

States it is not a bank and not a CDIC member; chequing balances are held in trust for clients.
Source: wealthsimple.com
Says balances are held with up to 10 CDIC member institutions for combined coverage of up to $1,000,000.
Source: wealthsimple.com
Wealthsimple Investments Inc. is a member of the Canadian Investment Regulatory Organization.
Source: wealthsimple.com

Mitey the Yeti, CanadianBanks.ca’s guide, pointing out a tip

Mitey’s note

This company isn’t a bank. Before moving money, read its current disclosure on which institution holds your funds — and check that institution on the CDIC list.

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