Wealthsimple just held its biggest product event ever — and it wasn't about investing. The "Takes Over Your Life" event was a statement: Wealthsimple wants to replace your bank entirely, for you, your family, and your business.
Here's everything that was announced.
Wealthsimple Family
Wealthsimple introduced a full suite of family banking tools built for modern households, not the traditional single-earner family that big banks were designed for.
Kids and Teens Accounts
Children and teenagers can now get real chequing accounts with spending cards. Parents get full visibility and control: view transactions, set spending limits, freeze cards, send allowance, and block categories like gaming. A standout feature called parent-paid interest lets parents boost their child's savings rate — a hands-on way to teach compound interest that kids can actually see working.
Wealthsimple Households
Couples and families can now choose exactly what finances to share and what to keep separate. The Households feature brings everything into one view — joint spending, individual accounts, outside accounts, mortgages, loans, and other assets — without forcing anyone to give up financial privacy.
Authorized Traders
A family member can now trade on behalf of a partner, parent, or relative without sharing passwords. This is designed for situations where someone manages investments for an aging parent or a partner who prefers to delegate.
Wealthsimple Business
Small business owners and entrepreneurs are getting their own dedicated banking experience — all online, no branch required.
Business Chequing
Business chequing can now be set up fully online in under 20 minutes, with corporate and personal accounts accessible under one login. Balances earn up to 2.25% interest, and e-transfer limits go as high as $25,000 per transfer and $50,000 per day.
Incoming payments can be automatically allocated to separate buckets for taxes, expenses, investing, or savings. CRA payments can be scheduled directly. Direct payments to employees and suppliers are coming soon.
USD Business Accounts
A dedicated USD business account with no account fees, no cross-border transfer fees, interest on balances, and access to U.S. payment rails — built for businesses that deal in American dollars.
Business Portfolio Line of Credit
Business owners can borrow against personal or corporate investments at rates as low as prime minus 0.5% (approximately 3.95% at the time of the announcement).
Personal Chequing Gets Serious
Wealthsimple reinforced its push to replace traditional chequing accounts with a series of quality-of-life upgrades:
- Cash deposits at 5,000+ Canada Post locations using a QR code
- ATM fee reimbursement worldwide
- Cheaper wire transfers with free incoming wires
- Lower FX rates on foreign currency spending
- Faster paycheque deposits
- Instant virtual credit card access after approval
Spend Insights
Transactions are now automatically categorized so you can see exactly where your money is going. Subscription tracking is included, with one-tap cancellation coming soon. The app will also prompt you to invest excess cash sitting idle.
USD Personal Chequing
Canadians who earn, spend, or hold U.S. dollars now have a dedicated personal USD chequing account. It earns up to 3.25% interest, has no monthly fees, and gives access to both Canadian and U.S. payment systems.
Portfolio Line of Credit and Overdraft Protection
The portfolio line of credit — previously available to some clients — is being expanded broadly. Eligible clients can borrow up to 35% of the value of their invested accounts at rates as low as 3.95%. Wealthsimple positioned it as a smart alternative for car purchases, paying down high-interest credit card debt, or front-loading RRSP contributions before the deadline.
Overdraft protection is now also powered by the portfolio line of credit — no monthly fee, and far lower interest than traditional bank overdraft products.
Monthly Millionaire
The event closed with the biggest announcement: every month, Wealthsimple will give $1 million to one client. Every dollar deposited or saved in any Wealthsimple account counts as one entry. Direct deposit doubles your entries. The first winner is scheduled to be announced on June 26.
The Bottom Line
Wealthsimple has spent years building a great investing platform. Now it's making a serious push to become the only financial app Canadians need — for everyday spending, family money management, business banking, borrowing, and USD accounts. The Monthly Millionaire program is a bold statement that they're willing to put serious money behind making that case.
If you haven't switched yet, there's never been a better time to try.
Sign up with referral code US0EBW at Wealthsimple and get a $25 bonus when you deposit $100. Every dollar you deposit also counts as an entry into the Monthly Millionaire draw.