Wealthsimple Ends 1% Debit Cash Back—Here’s What You Get Instead

Wealthsimple is making some big changes to its banking products, with one popular perk going away and several new features being added.

The company confirmed to customers in an email today that the 1% cash back reward on its prepaid Mastercard will end on October 1, 2025. Clients can still earn cash back up until that date, and a final payout will be made on November 1, 2025. No action is required by clients, but the benefit will no longer exist after that. This is too bad as it was a little perk just for using the debit prepaid Mastercard.

On the ATM side, Wealthsimple is improving its policy. As of October 1, the cap on reimbursements is being removed. Previously, Wealthsimple would cover ATM fees up to $5 per transaction. Going forward, the company will reimburse the full fee charged by ATM providers, no matter the amount. Refunds are typically credited within four business days after a withdrawal is settled.

Wealthsimple also highlighted several updates to its banking features it previously teased this summer. Customers can now send money abroad in over 10 currencies, including U.S. dollars, euros, British pounds, and Indian rupees, with fees based on mid-market exchange rates.

Bank drafts are also more flexible, with new shipping options and the ability to send drafts directly to a recipient instead of just to your home address.

Also, cheque deposits are now supported through the app by snapping a photo, with funds made instantly available. Interac e-Transfer limits have been expanded, allowing clients to send up to $25,000 per day, and limits can now be managed directly in the app.

A redesigned Wealthsimple app has rolled out (they first teased this in August), offering three main views: a Home tab showing total wealth across accounts, a Spend tab for daily banking and credit card use, and an Invest tab for self-directed and managed portfolios, including watchlists, holdings, performance insights, and trading for stocks, ETFs, and crypto.

Looking ahead, Wealthsimple says more features are in testing. Free cheque delivery will allow users to request a cheque in-app and have it mailed directly to a recipient, similar to what we’re seeing with bank drafts.

For those that need to send money abroad, international wire transfers are also coming, starting with USD, EUR, and GBP using the SWIFT system.

Finally, the company is working on a portfolio-backed line of credit with interest rates as low as 4.20%, designed for large expenses, emergencies, debt consolidation, or investment opportunities. Clients can join a waitlist to test this product before it fully launches.

The changes mark a shift in Wealthsimple’s banking offering. Customers lose the long-standing 1% cash back on the prepaid Mastercard, but gain unlimited ATM fee reimbursements and a growing list of new banking and investing features.

Right now, Wealthsimple is offering select customers a free 256GB iPhone 17, if they register direct deposit and meet requirements.

You can click here to sign up for Wealthsimple and get $25 free after your first deposit.