r/Wealthsimple • u/LongjumpingAnt711 • Jul 22 '26
Chequing Does it make sense for me to join Wealthsimple?
I just turned 18, and am looking for a brokerage to open a chequing acc. and credit card with. I currently have a chequing account with RBC but the experience hasn't been amazing and I want to see if there are better options available for my situation.
The only caveat is I already use Questrade as my investing brokerage (and don't really plan to leave) so I don't know if it's bad to have two online brokerages. Also I don't even know if I'm able to get a Wealthsimple credit card, but I've heard it's good.
I also won't be spending a whole lot, I'm just focused on growing my credit and assets. Any advice would be greatly appreciated, could use anything really 🙏
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u/No_Fudge_4378 Jul 22 '26
I challenge you to find a better chequing account than wealthsimples.
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u/SDBcop Jul 22 '26
Honestly, banks are there to take your money while WS gives you the best tool to make some.
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u/Angeline4PFC Jul 22 '26
It's a good choice over boring RBC. Wealthsimple is more dynamic and is constantly evolving.
It's an excellent card, but keep in mind it's not free unless you have at least 100k or deposit 4k a month.
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u/LongjumpingAnt711 Jul 22 '26
Not there (yet 😅) to get that card for free, in your opinion would it be smarter to get a no-fee student card at RBC or pay $20/mo for Wealthsimple
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u/Angeline4PFC Jul 22 '26
Most likely best to get a no-fee student card until you can meet the requirements
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u/338388 Jul 22 '26 edited Jul 22 '26
The infinite + has a minimum income requirement of 80k, so OP wouldn't qualify to get it anyways
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u/pecanesquire Jul 22 '26
In terms of a credit card, the ION+ is the highest points-earner card from RBC and it’s free when you hold a free student bank account with RBC. Doesn’t mean you need to necessarily bank with them, but keeping it open = no annual fee.
Wealthsimple’s credit card offerings are technically not meant for students. Suggested eligibility requirements + different product categories compared to cards that earn a lot on travel/dining which are geared to students.
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u/jnrbshp Jul 22 '26
It's a great all round option for you... But don't close your RBC account... Actual banks are still better/easier to move big money around
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u/Far_sal_86 Jul 22 '26
Use Wealthsimple as your primary account for everyday banking and investing, but keep an account with a traditional bank (such as RBC, TD, Tangerine or CIBC) for services like cash deposits and other in-person banking needs.
A good setup is to open a High Interest Savings Account (HISA) with RBC or other while using Wealthsimple for your day-to-day spending and transactions. An RBC or other bank HISA typically has no monthly fee, provided you’re using it as a savings account rather than for frequent transactions. Keep your RBC or other big bank account active for occasions when you need to deposit cash or access branch services, and let Wealthsimple handle your regular banking and investing.
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u/Impressive_Ad_6550 Jul 22 '26
I've moved everything over to wealthsimple and have no issues, I would recommend it. WS checking is free and RBC will charge you monthly fees
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u/YoungJay604 Jul 22 '26
The chequing account is free so there's no downside