Wealthsimple Cash Review After 3 Years!
I’m Mark, and I love house hacking and reviewing fintech products that I use. You could say I’m a personal finance nerd. 🤓
This is my Wealthsimple Cash review where you’ll get my pros and cons of Wealthsimple Cash app and the pre-paid credit card. PLUS you can find all my Wealthsimple referral codes here.
The no-fee alternative bank card
Wealthsimple Cash Pros
If you have not watched my full Wealthsimple Cash review on YouTube, you should! Wealthsimple is attempting to be the primary app(s) that Canadian millennials and Gen Z’s use.
No monthly, or annual fees!
Earn 1% cash back on all your spending
Earn high interest on all your money
Accept e-transfers from anyone
Earn your cash back – in crypto or send to your TFSA
Sharp looking physical visa card – no credit check required
Here’s the downsides
Wealthsimple Cash Cons
Wealthsimple cash is a great place for a no-fee, cash back card. However as a new Canadian fintech company, there’s still some key features missing.
No mobile cheque deposit
No credit or line of credit available.
Wealthsimple apps are confusing to use. Instead of putting all their products in 1 (or 2) simple to use apps Wealthsimple is using 4 different apps… but are also trying to consolidate them into 1 app. If that sounds confusing, you’re not alone. 🤔
No savings features, or different savings accounts. If you compare my Wealthsimple cash review to my KOHO review, you’ll see that KOHO has a TON of super helpful savings accounts, and features that help you stash away cash. Wealthsimple does not.
Wealthsimple Cash Review FAQ’s
What is Wealthsimple Cash?
Wealthsimple cash is a pre-paid credit card and high interest savings account for Canadians. It’s free to signup, and has no monthly or annual fee. Plus you will earn cash rewards or crypto rewards in the form of cash back on all your spending with the card.
Can you send and receive e-transfers with Wealthsimple?
Yes! Wealthsimple cash makes it easy to send and receive e-transfers from anyone in Canada. Plus they have an instant transfer between Wealthsimple cash customers.
Is Wealthsimple Cash safe to use?
All cash balances from your Wealthsimple Cash account are held in trust at a Canada Deposit Insurance Corporation (CDIC) member institution. This CDIC insurance protects your cash balances in Canada up to $100,000 per customer. This protection is free and automatically included with your Wealthsimple Cash account.
How To Get The $10 Signup Bonus
Signup with Wealthsimple Cash using the link below to receive your $10 bonus!
2. Verify Identity
You’ll be prompted to verify your identity. As required by all Canadian financial institutions.
3. Deposit Funds
E-transfer to yourself, or setup direct deposit with your employer.
4. Start Spending!
Earn 1 – 1.5% interest on all your spending, and get your $10 signup bonus!
Most Useful Wealthsimple Cash Features
No-Fees, High Interest Savings, Easy Bill Splitting
Wealthsimple is not known for their savings features. They’re known for low fee investing. While there’s nothing super unique about what Wealthsimple Cash offers, here’s a few features that I like.
Bill splitting, easily send money to split bills between friends… only catch is everyone has to have Wealthsimple Cash.
Earn cash back as stock or crypto, instead of just getting your cash back dollars to spend. You can setup your rewards to go automatically into stock investments or crypto.
Send and receive e-transfers, from anyone in Canada.
Money With Mark’s Thoughts:
My Final Thoughts on Wealthsimple Cash
Honestly, I don’t use Wealthsimple cash very often. Since in my Neo Financial review I mentioned how they have the best cash back card. KOHO has the best savings accounts & features.
That’s why I have simply not been using my Wealthsimple cash card. BUT that doesn’t mean that you shouldn’t. While savings and day to day spending is not Wealthsimple’s strongest product. It’s still a better alternative than the big banks.