Wealthsimple: The Easiest Way to Save Money In Canada (2025 Edition)

Let's be honest: saving money shouldn't feel like climbing Mount Everest. Yet most Canadians struggle with traditional banks that offer measly 0.01% interest rates, charge fees for everything, and make investing feel like rocket science. Enter Wealthsimple, the Toronto-based financial platform that's quietly becoming Canada's secret weapon for effortless money-saving.

With over 3 million active users and more than $50 billion in assets under management, Wealthsimple has cracked the code on making your money work harder without making you work harder. Think of it as your financial autopilot: once you set it up, it handles the heavy lifting while you focus on living your life.

Your Money Actually Grows While You Sleep

Remember when your savings account felt more like a money parking lot than a growth engine? Wealthsimple's Chequing account (their revamped version of the old Cash product) changes that game entirely.

Here's where it gets interesting: instead of earning a pathetic 0.01% like most Canadian banks, you'll earn 1.75% to 2.75% interest depending on your total assets with them. If you have less than $100,000, you're looking at 1.75%. Between $100,000 and $500,000? That jumps to 2.25%. And if you're sitting pretty with over $500,000, you'll earn a solid 2.75%.

But here's the kicker: set up direct deposit for a prescribed monthly amount, and they'll throw in an extra 0.5% bonus. Suddenly, you could be earning up to 3.25% on money that's just sitting there. To put this in perspective, if you park $10,000 in a traditional bank at 0.01%, you'll make about $1 per year. With Wealthsimple at 2.25%, that same $10,000 earns you $225 annually. That's like getting a free dinner out every month, just for existing.

And the best part? Zero fees. No monthly maintenance charges, no minimum balance requirements, and no foreign transaction fees when you're traveling. Your $1 million CDIC coverage means your money is as safe as it would be at any major bank, but it's actually growing.

Investing Made Ridiculously Simple

Traditional investing often feels like you need a finance degree just to get started. Wealthsimple flips that script entirely. You can start investing with literally $1: no joke. Their fractional share feature means you can own a piece of expensive stocks like Shopify or Canadian National Railway without needing thousands of dollars upfront.

The platform offers commission-free trading on thousands of stocks and ETFs, which means every dollar you invest actually goes toward your investments instead of lining someone else's pockets. Compare that to traditional brokers who charge $9-$30 per trade, and those fees add up fast.

What really sets Wealthsimple apart in 2025 is their extended hours trading. While most Canadians are stuck trading only during regular market hours (9:30 AM to 4:00 PM ET), Wealthsimple lets you react to after-hours news, earnings reports, and global market movements. It's like having a secret window into opportunities that others miss.

For the hands-off crowd, their automated investing portfolios handle everything from asset allocation to rebalancing to dividend reinvestment. You literally set it and forget it while professional portfolio managers make sure your money is working as hard as possible.

The Tax-Saving Powerhouse

Here's where Wealthsimple becomes your financial superhero: registered accounts. They support the full Canadian lineup: TFSA, RRSP, FHSA, RESP, LIRA, and Spousal RRSP: all commission-free.

Let's talk TFSAs for a second. Every Canadian over 18 gets contribution room (it's $7,000 for 2025), and any growth inside this account is completely tax-free. Forever. If you invest $50,000 in a TFSA and it grows to $100,000 over time, you pay zero taxes on that $50,000 gain. With Wealthsimple's commission-free structure, more of your money stays invested instead of getting eaten by fees.

Their RESP offering deserves special mention. Parents can now trade stocks and ETFs commission-free within their child's education savings account, potentially supercharging those government matching grants. The platform supports up to **$250,000 in instant deposits** with full access to their trading tools: pretty impressive for what used to be a basic savings product.

Micro-Savings That Add Up to Macro-Results

Sometimes the best money-saving strategies are the ones you barely notice. Wealthsimple's automated features work in the background, turning your spare change into real wealth over time.

Their automatic deposit feature lets you set up recurring transfers from your regular bank account: maybe $100 every payday or $25 weekly. It's like paying yourself first, except it happens automatically so you can't forget or make excuses. Before you know it, you've built a substantial emergency fund or investment portfolio without feeling the pinch.

The beauty is in the automation. Most people fail at saving because it requires constant willpower and decision-making. Wealthsimple removes those friction points entirely. Set it up once, then watch your wealth grow while you focus on everything else.

The All-in-One Money Solution

Traditional banking forces you to juggle multiple relationships: one bank for chequing, another for investing, maybe a third for your mortgage. Each has different apps, passwords, fees, and customer service numbers. It's exhausting.

Wealthsimple's strategy centers on being "the one financial relationship you need." Your high-interest chequing account, commission-free investing, registered accounts, and even cryptocurrency trading (they now support over 90 cryptos) all live under one roof.

This integration saves you time, reduces complexity, and often saves money through their bundled approach. Plus, having everything in one place gives you a clearer picture of your overall financial health. No more logging into five different apps to figure out your net worth.

Real-World Money-Saving Examples

Let's get practical. Sarah, a 28-year-old teacher in Calgary, switched from a big bank to Wealthsimple last year. Her old chequing account charged $15 monthly fees and earned 0.01% interest. Her new Wealthsimple setup eliminates those fees (saving $180 annually) and earns 2.25% on her $15,000 emergency fund ($337.50 yearly vs. $1.50 with her old bank).

She also started investing $300 monthly through their automated system. At her previous broker, those 12 trades per year would cost $108 in commissions. With Wealthsimple: $0. That saved money gets invested instead, compounding her returns over time.

Mike, a 45-year-old contractor from Toronto, uses their USD account feature ($10 monthly) to avoid foreign exchange fees on his U.S. stock investments. Previously, he was paying 1.5-2% FX fees on every transaction. Now he pays a flat $10 monthly regardless of trading volume, saving hundreds annually on currency conversion.

Getting Started Is Surprisingly Easy

The signup process takes about 10 minutes online. You'll need your SIN, a Canadian address, and basic employment information. Wealthsimple handles the rest, including transferring funds from your existing accounts if you want.

Start small if you're nervous: maybe $100 in their chequing account to test the waters, or $50 monthly into an automated investment portfolio. The platform scales with you as your comfort and savings grow.

The mobile app makes everything manageable from your phone, with clean interfaces that actually make sense. No confusing financial jargon or hidden menus: just straightforward tools for growing your money.

The Bottom Line

Wealthsimple isn't just another fintech startup trying to reinvent banking: it's a comprehensive platform that makes saving money feel automatic rather than arduous. Between high-interest accounts, commission-free investing, tax-advantaged registered accounts, and seamless automation, it addresses most Canadians' core financial needs under one roof.

The best part? Getting started costs nothing, requires no minimum balance, and you can always keep your traditional bank account during the transition. It's like having a financial advisor, investment platform, and high-interest savings account rolled into one, minus the complexity and fees.

In 2025, when every dollar counts and traditional banks keep disappointing, Wealthsimple offers a refreshingly straightforward path to building wealth. Your future self will thank you for making the switch.

Ready to make your money work harder? Your piggy bank called; it wants an upgrade.

Use our link to get started with Wealthsimple and we will both get a bonus