Your Step-by-Step Guide to Getting the Most from Wealthsimple Chequing

1. Fund your chequing account. Okay, this one’s kind of obvious, but before you can take advantage of everything your chequing account offers, you’ll need to put some money in it. ​ Here are a few quick and easy ways to do that:

No matter which method you choose, your money starts earning high interest the moment it lands. Learn more about these options here.

2. Order your prepaid card

Your Wealthsimple chequing account comes with a prepaid Mastercard you can use in your digital wallet or carry in your pocket. It works like a debit card for everyday spending, but with added perks like ​ 1% cashback on every purchase, no FX fees when shopping abroad or online, and reimbursed ATM fees ​ across Canada (up to $5 per withdrawal).

3. Sign up for the Wealthsimple credit card

Our new credit card comes with premium perks, a sleek design, and simple integration with your chequing account, including auto-pay, so you never miss a payment. It’s so great and so many people want it that there’s a waitlist, which you can join right from the app or by signing up here.

4. Set up direct deposit for your paycheque

It takes minutes to set up and your money starts earning interest right away. Plus, when you receive your paycheque directly into your Wealthsimple chequing account, you can get paid up to a day earlier. If you’re paid bi-weekly, that’s up to 26 days of extra interest earnings per year! 

Bonus – CRA direct deposit: Update your info with the CRA so that tax refunds and other payments are deposited directly into your chequing account - no waiting for cheques in the mail. (Still get cheques in the mail? No problem, you can deposit those into the app, too).

5. Automate your payday routine

You can automate transfers into the accounts of your choice, or even invest a portion of your pay in specific ETFs or stocks the moment your paycheque lands. This helps you stick to your savings goals without even having to think about it.

6. Bring over your bill payments

Easily import bill payees from other accounts and set up pre-authorized payments for recurring bills like utilities, subscriptions, rent or mortgages, credit cards and more, in just a few clicks.

7. Open multiple accounts to organize your money

Get up to 8 individual and 8 joint accounts to keep your finances sorted — from everyday spending to vacation savings or shared expenses.

Plus, open a free USD Savings account to earn up to 4% on your idle U.S. dollars, with no monthly fees or account minimums.

8. Put investing on autopilot

Use recurring transfers to eliminate manual work and automatically send money from your chequing account into managed portfolios or purchase stocks, ETFs, or crypto in your trade accounts on a recurring basis.

9. Make e-Transfers easier

Import your contacts from external accounts and enable auto-deposit so your money lands directly in the right account — no passwords and no delays.

10. Need to write a cheque?

Order a chequebook directly from the app for those rare occasions (future birthday cards for your future grandkids?) where you need one. Plus, your first chequebook is free if you direct deposit.

11. Add a partner with Householding

Combine your assets with a partner and unlock benefits like UberOne, The Globe and Mail, Strava, and more. 

Final Tip

Set these features up early to simplify your spending and saving, and get out from under the drudgery ​ of day-to-day finances. Plus, with direct deposit, bill payments, and investments all in one place, you won’t need to juggle multiple bank accounts. This means you won’t have to keep thousands of dollars — sometimes as much as $6,000 — sitting idle in a low-interest (or no interest) account just to avoid monthly fees. With Wealthsimple, your money earns more, without the fees.

Interac e-Transfer® is a registered trade-mark of Interac Corp. Used under license.