Wealthsimple is a bank. We’re the app on top.
Wealthsimple Cash is a brilliant free chequing-style account with 4% interest and a Visa debit card. It is not a budgeting app. PocketSpend connects to your Wealthsimple Cash, Wealthsimple Invest, Wealthsimple Trade plus every other Canadian bank you use — and gives you real budgeting, TFSA/RRSP/FHSA tracking and CRA-ready exports on top.
PocketSpend
C$9.99/mo Premium
What you actually need
cheaper, every month
Wealthsimple Cash
Free (no budgeting features)
Why people are leaving Wealthsimple Cash
- 1.Wealthsimple Cash shows transactions on the Wealthsimple Cash account only. It has no view of your TD chequing, RBC credit card, BMO mortgage or anything else.
- 2.Wealthsimple has no budgets, no category caps, no monthly spending limits, no projection of end-of-cycle balance.
- 3.Wealthsimple Trade and Invest are investing tools, not personal-finance dashboards. The 4% Cash interest is great; the budgeting experience is non-existent.
- 4.For TFSA/RRSP/FHSA contribution tracking across multiple providers, you still need a tool that sees all your accounts — PocketSpend.
Feature-by-feature: PocketSpend vs Wealthsimple Cash
| Feature | PocketSpend | Wealthsimple Cash |
|---|---|---|
| Free chequing account Use your existing bank or Wealthsimple | ✗ | ✓ |
| Visa debit card | Use your existing card | Wealthsimple Visa |
| Interest on balance | Tracks any savings account | 4% on Cash |
| Cross-bank dashboard | ✓ | ✗ |
| Budgets with category caps | ✓ | ✗ |
| TFSA/RRSP/FHSA room | ✓ | ✗ |
| CRA T2125 export | ✓ | ✗ |
| Subscription auto-finder | AI scan | ✗ |
| Pricing | C$9.99/mo Premium | Free (no budgeting) |
What PocketSpend does that Wealthsimple Cash can't
Connects Wealthsimple AND your other banks
Plaid Canada pulls Wealthsimple Cash, Wealthsimple Invest, Wealthsimple Trade plus TD, RBC, BMO, Scotia, CIBC and 80+ more. Wealthsimple’s own app shows only Wealthsimple.
TFSA across providers
You might have a TFSA at Wealthsimple, another at Questrade, a stocks ISA at RBC Direct. Our calculator aggregates contributions across all providers and warns before the 1% CRA penalty.
Real Canadian budgeting
Bi-weekly pay cycles, ATO-style category templates, monthly caps, sinking funds for car insurance and property tax. Wealthsimple offers none of this.
CRA-ready for sole props
T2125 categorisation, GST/HST tracking, CRA mileage at $0.72/$0.66 per km, quarterly remittance reminders. Wealthsimple does not touch tax.
The verdict
Wealthsimple Cash deserves its place — a free chequing account with 4% interest is a great primary banking choice for many Canadians. But it is a bank, not a budgeting app. PocketSpend complements it perfectly: keep Wealthsimple as your bank, use PocketSpend as the dashboard across Wealthsimple, your other banks, your TFSA at Questrade, and your CRA tax prep. At C$9.99/month, it’s the personal-finance layer Wealthsimple was never trying to be.
Common questions
Should I switch banking from Wealthsimple?▼
No. Wealthsimple Cash is competitive (4% interest, free, Visa debit). Keep it as your bank. Use PocketSpend as the budgeting layer on top.
Does Plaid support Wealthsimple?▼
Yes — Wealthsimple Cash, Wealthsimple Invest (Managed + Self-Directed) and Wealthsimple Trade all connect via Plaid Canada. Read-only OAuth, refreshes daily.
Can I see my Wealthsimple Trade portfolio?▼
Yes — stock and ETF positions appear in your investment dashboard. Aggregated into net worth. View-only, no trading.
Is the 4% interest from Wealthsimple Cash tracked?▼
Yes — interest deposits are categorised as Income > Interest and tagged for T1 General filing automatically.
Try PocketSpend free
Free plan forever. No credit card. Cancel anytime.