Wealthsimple just made its most ambitious move yet. At its "Takes Over Your Life" event, the company announced a sweeping expansion beyond investing into full everyday banking — family accounts, business banking, USD chequing, borrowing tools, and a monthly $1 million giveaway for existing clients. Here's everything that was announced and what it means for Canadians.
The Big Picture
Wealthsimple's message was blunt: traditional Canadian banking is slow, expensive, and built for a world that no longer exists. The platform is positioning itself as a complete replacement — not just for your investment accounts, but for your chequing account, your business banking, your family finances, and your credit products.
For anyone sitting on the fence about signing up, the timing has never been better. The platform is expanding fast, and new clients who join now with a referral code are eligible for the $25 sign-up bonus — plus automatic entry into the new Monthly Millionaire draw.
Claim your $25 Wealthsimple bonus → — use code US0EBW
What Was Announced
Wealthsimple Family
Wealthsimple is launching a full suite of family banking tools designed for modern households.
Kids and teens accounts come with real chequing accounts and spending cards. Parents can view every transaction, set spending limits, freeze cards, send allowance, and block categories like gaming. A parent-paid interest feature lets parents boost their child's savings rate manually — a clever way to make compound interest feel real at an early age.
Wealthsimple Households lets couples or families decide what to share and what to keep separate. You can track outside accounts, mortgages, loans, properties, and other assets in a single household view — a genuinely useful tool for couples managing finances together without merging everything.
Authorized Traders allows someone to trade on behalf of a partner, parent, or family member without sharing account credentials. Useful for adult children managing investments for elderly parents, or spouses with different comfort levels in the market.
Wealthsimple Business
Small business owners and entrepreneurs get a dedicated banking product:
- Business Chequing — set up fully online in under 20 minutes, with corporate and personal accounts under one login
- Up to 2.25% interest on business chequing balances
- Higher e-Transfer limits — up to $25,000 per transfer and $50,000 daily
- Automatic allocation of incoming payments toward taxes, expenses, savings, or investing
- Scheduled CRA payments built in
- USD Business Accounts with no account fees, no cross-border transfer fees, and interest on balances
- Portfolio Line of Credit for businesses — 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 Banking Upgrades
Wealthsimple's personal chequing account got a meaningful set of upgrades aimed squarely at replacing your big-bank account:
- Cash deposits at over 5,000 Canada Post locations using a QR code
- ATM fee reimbursement worldwide
- Cheaper wire transfers and free incoming wires
- Lower FX rates
- Faster paycheque deposits
- Instant virtual credit card access after approval
- Spend Insights — automatic transaction categorization and spending tracking
- Subscription tracking with future one-tap cancellation
USD Chequing
Wealthsimple is launching a personal USD chequing account for Canadians who earn, spend, or hold US dollars. It earns up to 3.25% interest, has no monthly fees, and connects to both Canadian and US payment systems. For Canadians who travel frequently, work with US clients, or hold US investments, this removes the need for a separate USD account at a traditional bank.
Portfolio Line of Credit and Overdraft Protection
The portfolio-backed credit feature is expanding to personal clients. You can borrow up to 35% of the value of eligible accounts at rates as low as 3.95% — useful for large purchases, paying down high-interest credit card debt, or front-loading RRSP contributions before the deadline.
Overdraft protection powered by the same portfolio line of credit is also launching, with no monthly fee and significantly lower interest than the overdraft products offered by traditional banks.
Monthly Millionaire
The event closed with the most attention-grabbing announcement: every month, Wealthsimple will give one client $1 million.
Every dollar deposited or saved in any Wealthsimple account counts as one entry. Direct deposit doubles your entries. The first draw is scheduled for June 26. There's no opt-in required — every client with a funded account is automatically eligible.
This alone is a compelling reason to open an account now rather than later. The sooner you fund, the more entries you accumulate before the first draw.
Why Now Is a Good Time to Sign Up
Wealthsimple is in the middle of its biggest expansion since launching. The platform now covers investing, everyday banking, family finances, business banking, borrowing, and USD accounts — all under one login.
New clients who sign up with referral code US0EBW earn a $25 cash bonus after depositing $100 into any account. That bonus is paid within 30 days and goes directly into your Wealthsimple Cash account.
And with the Monthly Millionaire draw starting June 26, every dollar you deposit before then is an entry.
Open a Wealthsimple account and claim your $25 →
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