r/investing
My Review of Wealthsimple in 2026
Wealthsimple is a highly recommended app for simple banking, investing, and automation with great interest rates and referral bonuses.
- High interest rates on chequing accounts compared to traditional banks
- Excellent automation features for investing and bill payments
- Lucrative referral program offering free cash bonuses
TLDR; Wealthsimple is a great app that makes general banking and investing simple and easy.
I just wanted to start things off by saying I have been using Wealthsimple for over 5 years now. I think I have utilized all of the services they provide in some form or another.
My first use case: Initially I got Wealthsimple because a buddy recommended it and suggested I use it because of their amazing interest rates on their chequing accounts. When I got it, it was around 5% which is unheard of. Traditional banks would give me like 0.001% and call that “High Interest Savings Account”. Then I started investing in vfv and some other little index funds and it works great. No fees as long as you are buying stocks in CAD.
My next use case was a Joint Checking Account: I moved in with my girlfriend at the time and decided we needed a joint account for housing expenses. All we needed was to both have a Wealthsimple account and within 5 minutes we had an account that both of us could access - all without ever having to go to a physical bank and talk to anyone. Doesn’t get much easier than that, also that account had the insane interest rates on it as well.
My third use case was automation: Wealthsimple does a great job at allowing you to create automations. This can be anything from taking money from your chequing account and investing it automatically, transferring money to a landlord, buying options, or reinvesting dividends and more. I now have a process setup that my money is invested / transferred in such a way that I never need to think about it. I essentially give myself an allowance to do what I want with and my investments and housing are taken care of automatically.
Referral Program: Another thing that Wealthsimple does an amazing job of is the referral program. If someone uses your code they get a free $25 and you get a free $25. You are free to do with it as you please - I love companies that do this. I have already made a couple hundred dollars doing this method. If you are interested in Wealthsimple use my c o d e for a free $25 SNEMGW