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Wealthsimple
Chequing interest with direct deposit
On $10,000, you'd earn about
$176
over a year, before tax
How it works
- Rate
- 1.75% to 2.25% depending on everything you hold with them
- Needs
- Direct deposit at least $2,000 into chequing account within a 30-day period
- Who can get it
- Everyone
- Without the condition
- 1.25% to 2.25% depending on your balance
- Account types
- Non-registered
- Insured by
- CDIC, through partner member banks, see Wealthsimple's terms for the current limit
Conditions
- Must direct deposit at least $2,000 every 30 days to keep the boost; Generation clients do not receive an extra boost.
The catch: Requires at least $2,000 in direct deposits every 30 days; Generation clients already receive 2.25% and do not get an extra boost.
From the bank's page5 quotes
- Rate, tier 1“To qualify and continue earning the 0.5% boost, you’ll need to direct deposit at least $2,000 into your Wealthsimple chequing account within a 30-day period.”
- Rate, tier 2“All Core and Premium clients are eligible to earn an increased rate of up to 2.25% interest with direct deposits.”
- Rate, tier 3“Generation clients won’t be eligible for an additional 0.5% boost since they're already earning our highest interest rate of 2.25%.”
- Condition“To qualify and continue earning the 0.5% boost, you’ll need to direct deposit at least $2,000 into your Wealthsimple chequing account within a 30-day period.”
- Rate after the promo“Our interest rates have no set end date and don't end after a limited promotional period, but there’s always a chance the Bank of Canada might change its rates, and if they do, we follow suit.”
Source: www.wealthsimple.com
Compounded monthly, before tax. The bank calculates daily, so yours will differ slightly. Last checked Oct 9, 2026.