Wealthsimple offers a $25 cash bonus to new customers who sign up using a referral link. This page walks through what you get, how to claim it, and what to expect from the account.
Referral code and invite link
Use the button below to open a new Wealthsimple account with the referral bonus applied automatically. You can also enter the invite code manually if you prefer to navigate to Wealthsimple directly.
What you get with a new account
When you open a Wealthsimple Cash account on the Basic (free) tier, you get:
| Feature | Details |
|---|---|
| Monthly fee | $0 — no fee ever on Basic |
| Savings rate | ~3.00–3.50% (variable, set by Peoples Trust) |
| Spending card | Prepaid Visa — no foreign exchange fee |
| Cash back | 1% on all purchases |
| e-Transfers | Free, unlimited |
| CDIC coverage | Yes — deposits insured up to $100,000 |
| Registered accounts | No — Cash is non-registered only |
| Minimum balance | None |
The interest rate is variable and changes with Bank of Canada rate movements. The current rate is always visible in the Wealthsimple app under your Cash account details.
How to claim the $25 bonus
- Click the invite link above or go to
wealthsimple.com/invite/WZ0ZTA - Create your account — you will need a valid email, your SIN, and a government-issued photo ID
- Complete identity verification — Wealthsimple uses automated document scanning; takes 2–5 minutes
- Make a deposit or first trade — check the exact condition on the referral landing page, as Wealthsimple’s terms can change
- Receive your $25 — the bonus is deposited into your Wealthsimple Cash account once the condition is met
The sign-up process typically takes 3–10 minutes. Identity verification is instant for most applicants; occasionally it takes up to 24 hours if manual review is needed.
Who this account is best suited for
Wealthsimple Cash works best if you are:
- Already using Wealthsimple Trade or Invest — the instant transfer between Cash and your investment account eliminates the 1–3 day wait for external bank transfers. Idle cash earns interest right up to the moment you deploy it.
- Travelling internationally — the prepaid Visa charges no foreign exchange fee, unlike most Canadian debit and credit cards which add 2.5%. On a $3,000 trip this saves $75.
- Looking to consolidate — having your spending, savings, and investments in one platform simplifies tracking.
It is a weaker choice if you need a full chequing account with cheques, a large ATM network, or a registered savings account (TFSA, RRSP). For registered savings, EQ Bank’s TFSA pays a comparable rate and shelters interest from tax entirely.
The interest rate in context
Wealthsimple Cash Basic earns approximately 3.00–3.50%, which is competitive with most big bank savings accounts (which typically pay 0–1.5%) but sits below the top no-fee options like EQ Bank. The gap matters more on an after-tax basis: because Wealthsimple Cash is non-registered, all interest is taxable income in the year earned.
| Account | Rate (approx.) | Registered? | After-tax rate at 40% marginal |
|---|---|---|---|
| Wealthsimple Cash Basic | ~3.25% | No | ~1.95% |
| EQ Bank TFSA | ~3.50–4.00% | Yes | ~3.50–4.00% |
| Big 5 bank savings | 0.5–1.5% | Optional | 0.3–0.9% |
The $25 bonus is worth taking regardless — it is free money for a 10-minute sign-up. Whether you use Wealthsimple Cash as your primary account depends on your broader banking setup.
Related pages
- Wealthsimple Cash Review — Full review of fees, rates, and features
- Wealthsimple Cash Savings Rate — Current rate by tier and how it compares
- Wealthsimple Cash Fees — What is and is not free
- Best High-Interest Savings Accounts Canada — How Wealthsimple compares to EQ Bank, Tangerine, and others