In this article, you'll learn about:
- The 0.5% interest rate boost and how to qualify
- Frequently asked questions about boosting your rate with direct deposits
- Full Terms & Conditions of the 0.5% boosted rate with direct deposits
About the 0.5% interest rate boost and how to qualify
Starting December 1st, 2023, Core and Premium Wealthsimple Cash clients can earn a 0.5% interest rate boost when they direct deposit at least $2,000 into the Cash account in a 30-day period (up to a total maximum interest rate of 5%).
Core and Premium clients must continue to direct deposit at least $2,000 every 30 days to continue earning the boosted rate. If a client can no longer meet the boosted rate criteria, their interest rate will return to their everyday interest rate of 4% or 4.5% (full Terms & Conditions below).
Getting started with direct deposits
For instructions and tips on setting up a direct deposit into your Cash account, please see this Help Centre article.
Is this a limited-time offer?
Unlike some high-interest rate offers that you might see out there, your boosted rate with direct deposits doesn’t end after a limited promotional period. If we ever need to remove or change the interest rate boost amount, we’ll be sure to give you at least 60-days notice.
Who is eligible to earn the 0.5% boost?
All Core and Premium clients are eligible to earn a boosted rate of up to 5% interest with direct deposits. To qualify and continue earning the 0.5% interest rate boost, you’ll need to direct deposit at least $2,000 into your Cash account within a 30-day period.
I’m already direct depositing into Cash! When can I expect my boost?
The next time a direct deposit lands in your account, you’ll automatically start earning your 0.5% boost if you’ve met the $2,000 minimum in the last 30 days. If you haven’t – that’s ok! Every time a direct deposit lands in your account, the last 30 days will be checked to see if your direct deposits qualify.
What type of direct deposits are eligible for the boost?
Any direct deposit type will count towards the $2,000/month minimum. This includes payroll, pension, social assistance, and insurance direct deposits.
Do I need to deposit $2,000 per paycheque or per month?
Per month. To be specific, you’ll need to direct deposit $2,000 within 30 days to earn your 0.5% boost. For example, this can look like a single $2,000 paycheque or two $1,000 paycheques.
I’m self-employed. How can I get a 0.5% boost?
If you’re self-employed and/or aren’t able to direct deposit a paycheque, switching over any other direct deposit type can still earn you the 0.5% boost (as long as you are direct depositing $2,000 or more within 30 days). This includes payments from the federal and provincial governments, insurance payments, and even tax returns. Note: Only direct deposits are eligible for the promotion, and other funding methods such as auto-deposits will not qualify for the 0.5% interest rate boost.
Can Generation clients earn the 0.5% boost too?
As a Generation client, you’re still welcome (and encouraged!) to switch your direct deposits over to Wealthsimple, but you won’t be eligible for an additional 0.5% boost since you’re already earning our highest always-on interest rate of 5%.
Why won’t my employer or payroll system let me switch my direct deposits to Wealthsimple?
For clarity – Wealthsimple is a Payments Canada member with the financial institution number #703. However, we’ve noticed some organizations haven’t updated their systems to reflect the addition of institutional number #703 (it’s not too often a new institution number is added!). As a reminder, you can always download a void cheque to provide to your HR team if you’re experiencing any issues.
If you see that your employer or payroll system still isn’t letting you switch your direct deposits to Wealthsimple – let our client success team know. We're happy to reach out to your employer or payroll system to get it sorted.
I want to switch my direct deposit but I don’t want to earn interest. Can I opt out?
Yes you can! Reach out to our client success team to opt out of earning interest on your Cash account.
What happens if I don’t get paid for a month?
No action required! If you don’t have a paycheque land or aren’t able to direct deposit $2,000 within a 30-day period, your rate will automatically go back to your regular rate of 4% for Core clients or 4.5% for Premium clients. And don’t worry, you can start direct depositing and earning your 0.5% interest rate boost as soon as you’re ready again.
What about the months with 31 days if I only get paid monthly?
Not to worry, the system will account for this and continue your boost if your deposit is eligible!
Today was payday. Why don’t I see my 0.5% boost?
We need time for our system to do its thing. Don’t worry, you’ll see the boost soon if your direct deposit is eligible! If you still don’t see it applied after 7 business days, please double check that you’re eligible, and then contact our team if you still need assistance.
Terms & Conditions
Direct Deposit Boosted Interest Rate Promotion (the “Promotion”)
This Promotion is sponsored by Wealthsimple Technologies Inc. (together with its affiliates “Wealthsimple”).
Effective Start Date. The Promotion is effective starting December 1, 2023 at 1:30PM EST.
Eligibility. To be eligible for the Promotion, the person must:
- be a new or existing Wealthsimple Core and Premium client;
- be a new or existing Wealthsimple Cash (the “Cash”) account user, with all Wealthsimple accounts in good standing at the time of participation;
- be a legal resident of Canada;
- be the age of majority, or older, in their province/territory of residence at the time of participation; and
- meet the requirements set out below.
Qualifying Deposit. To participate in the Promotion, eligible Clients must have at least $2,000 deposited into the Cash account every 30-day period via direct deposit (the “Qualifying Deposit”). Qualifying Deposit may consist of multiple deposits so long as the total meets the $2,000 minimum requirement. Qualifying Deposit must recur at least once in a 30-day period. Wealthsimple reserves the right to determine whether the deposit(s) satisfy the criteria to be eligible.
Boosted Rate. Once the Qualifying Deposit is satisfied, the 0.5% boosted interest rate (the “Boosted Rate”) will be applied to the Client’s regular Cash interest rate, up to a maximum of 5% total interest rate. For greater certainty, the maximum interest rate a Client can get in the Cash account is 5%. Clients must continue to make Qualifying Deposits to continue to be eligible for the Boosted Rate. The Boosted Rate is an annualized rate, calculated daily, paid monthly. The Boosted Rate cannot be used in conjunction with other interest rate boosting promotions. Please allow up to 7 business days following the date at which the first Qualifying Deposit is received for the Boosted Rate to be applied to the Client’s Cash account in accordance with these terms and conditions. This Boosted Rate is non-transferrable, cannot be applied retroactively, and remains subject to change, at Wealthsimple’s sole discretion. Wealthsimple reserves the right, in its sole discretion, to remove the Boosted Rate if Client cancels the Qualifying Deposits, no longer meets the requirements as set out in these terms, or otherwise no longer qualifies for the Promotion, including but not limited to, becoming a Generation client. The regular Cash account interest rate will not be affected by this Promotion. Maximum one (1) Boosted Rate per Client.
Combinability of Promotions. This Promotion cannot be used in conjunction with any other interest rate-related promotional offers.
Release. By participating in the Promotion, Client assumes all risk of injury, illness, disease, death, or any other damage which may arise in connection with their participation in the Promotion. Without limiting the foregoing, client hereby: (a) forever releases and discharges Wealthsimple and its parent companies, subsidiaries, affiliates, related and associated entities and employees, directors, officers, suppliers, agents, sponsors and administrators of each (collectively, the “Releasees”), from and against any and all claims, actions, costs, liabilities, judgments, damages, obligations, losses, penalties, and expenses of any kind or nature whatsoever (including legal fees) (collectively, the “Claims”) in any way arising directly or indirectly out of any injury, loss, or damage that Client may suffer as a result of, or in connection with the participation in the Promotion or any promotion-related activity; and (b) indemnifies, defends and holds harmless the Releasees from and against any and all damages, loss and expenses, including legal fees, which may be suffered directly or indirectly by reason of the Client’s own negligence or willful misconduct during or in connection with the participation in the Promotion.
General. Wealthsimple reserves the right to amend, withdraw, cancel, or restrict the Promotion for any reason at any time without notice. Wealthsimple is the sole arbiter of these rules and any other issue arising under the promotion. If Wealthsimple suspects fraudulent or abusive behaviour, gaming of the system, inappropriate, offensive or derogatory language or information or a violation of these terms, Wealthsimple reserves the right to remove all promotions from the Wealthsimple account(s) and take any other action it deems appropriate including, but not limited to, removing the Boosted Rate or closing the Wealthsimple account(s). This Promotion cannot be used in conjunction with any other promotional offer, unless specified herein. An invitation to participate in this promotion does not provide assurance that you will be accepted as a customer of Wealthsimple. This offer is only valid for individuals in the location cited above that otherwise meet our eligibility requirements. Our standard terms (https://www.wealthsimple.com/en-ca/legal/terms) relating to your use of Wealthsimple and any agreements that apply to your Wealthsimple account(s) each apply and are not affected in any way by this offer.
Our Cash product is offered by Wealthsimple Investments Inc. (“WSII”), a member of the Canadian Investment Regulatory Organization, a Financial Transactions and Reports Analysis Centre of Canada registered money services business. The funds you add to a Cash account (the “Funds”) are ultimately held securely in trust with a single or multiple members of the Canada Deposit Insurance Corporation (“CDIC”). CDIC protects eligible deposits held at CDIC member institutions in case of a member institution’s failure. Wealthsimple Payments Inc. and WSII are not CDIC member institutions. Under the trust framework, CDIC insures eligible cash balances up to $100,000 per beneficiary, per member institution, provided certain disclosure rules are met. Coverage is free and automatic. Learn more about how CDIC protection works. Funds must be spread across at least 3 CDIC member institutions in order for up to $300,000 in deposits to benefit from applicable CDIC coverage. The advertised interest rate for the Cash Account is derived from interest earned by Wealthsimple on the funds. The Funds are settled with any CDIC member(s) one business day following the date that Funds are reflected in the Account.