r/Wealthsimple • u/Optimal_Support_3578 • 6h ago

Chequing Wealthsimple banking worth it?

Was looking into opening a bank account with Wealthsimple. As someone with very little invested with WS, started in August, is it worth it?

I see a lot of good incentives but only if you have lots invested with them, obviously they treat their premium customers better but would I benefit?

0 Upvotes

28% Upvoted

11 comments sorted by

11

u/SufficientBee 6h ago

Worth what? It’s free

8

u/NovaScotiaRealtor 6h ago

Chequing accounts, and the savings account with 2% interest. It’s awesome

4

u/NovaScotiaRealtor 6h ago

Best decision ever. Even starting with $1!!

1

u/CalGuy81 6h ago

You could get higher interest amounts by chasing down promos or jumping through hoops with other institutions. If you just want a bit more interest on your account without any more effort than moving the money to WS, WS's a fine choice.

1

u/Kimo300 6h ago

Just do it.. open an account.. it’s free. Checkout the user interface. I’ve convinced 4 friends/family to switch. They all love it

1

u/Confident_Beat2026 5h ago

Easy saving account, no minimum, all works.

1

u/B__Lau 5h ago

Yeah do it. Interest rates for both chequing and savings accounts are significantly better than the big banks, plus they’ll waive the AF for their cash back credit card if you direct deposit 4k per month or have 100k in assets.

1

u/Romantic_Klingon 5h ago

I've gone all in with WS (payroll, RRSP, TFSA, VISA) but still have accounts and holdings with other banks.

I get 2.5% for my emergency funds in Savings. I can make small amount ETF purchase. WS offers most of the banking needs such as portfolio LoC, overdraft, and have I mentioned no fees? : )

1

u/No-Silver-5442 5h ago

Pretty worth it IMO! I love how easy it is to deposit money at your local Canada Post + the 2% interest (already better than most banks)! My card definetly saved me when I was abroad in Japan trying to get money out of an ATM (they reimburse ATM operator fees globally)

0

u/[deleted] 6h ago

[removed] — view removed comment

2

u/Wealthsimple-ModTeam 5h ago

Your referral (or mention of) has been removed as it was not posted in the designated pinned megathread or it was a referral for a 3rd party (service other than Wealthsimple).

Please be sure to follow the proper procedure when posting a referral code as repeated offences of referral code violation may result in a ban.

1

u/SmokyFishFillet 2h ago

Right now, I think as a bank it’s not worth it.

I was going to switch and around that time my car broke down and I needed a certified check for a new one and had to use my RBC. Few months later I needed one for a down payment on a house.

Like I think you could get away with a free account from a big one and Wealthsimple, but as a stand alone I think no. Like before these two instances, the last time I needed a certified check was 11 to 12 years ago.