Wealthsimple · Banks
Wealthsimple Business Chequing review
Wealthsimple Business Chequing is a no-fee CAD account whose rate depends on your combined Wealthsimple assets: 1.25% under C$100,000, rising to 2.25% at C$500,000. It suits incorporated businesses whose owners already invest with Wealthsimple.
Who Wealthsimple is best for
Incorporated businesses whose owners invest with Wealthsimple and simple CAD operating accounts.
Sole proprietors and partnerships (not eligible) and businesses needing USD today.
Wealthsimple Business Chequing is a no-fee CAD account whose rate depends on your combined Wealthsimple assets: 1.25% under C$100,000, rising to 2.25% at C$500,000. It suits incorporated businesses whose owners already invest with Wealthsimple.
Fees, features and eligibility
| Standard interest | 1.25% (under C$100K total assets) to 2.25% (C$500K+) |
|---|---|
| Fees | C$0 a month |
| Currencies | CAD |
| Access to funds | No lock-ups |
| Deposit protection | CDIC protection up to C$100,000 per business entity |
| Eligibility | Incorporated businesses with a federal business number |
Source: Wealthsimple published product information.
What stands out
Pros
- No monthly fee
- Rate rises with combined personal and business assets
- Up to 8 business chequing accounts
Cons
- Highest rate needs C$500,000+ in total assets
- CAD only
Wealthsimple: common questions
How is the Wealthsimple Business Chequing rate set?
It depends on your combined assets at Wealthsimple: 1.25% under C$100,000, rising to 2.25% at C$500,000 or more.
Who can open a Wealthsimple business account?
Incorporated businesses with a 9-digit federal business number; sole proprietorships and partnerships aren’t eligible.
Is there a monthly fee?
No, and you can open up to 8 business chequing accounts.
Used Wealthsimple? Help other businesses choose.
