Wealthsimple Unveils New Banking for Families and Businesses: Everything You Need to Know

Toronto-based Wealthsimple held its third annual Wealthsimple Presents event on Wednesday, and it came with a pile of announcements, held in Calgary.

The fintech is expanding well beyond investing and personal banking. It now wants to be the single place Canadians manage their money, whether that’s a joint household account, a side business, or a savings account for their kids.

Here’s everything that was announced today. There’s a lot to pack in but here’s what you need to know:

Wealthsimple Family

Wealthsimple surveyed more than 1,700 clients about how they handle money at home, and the results were pretty telling. 87% of couples with kids said finances have caused tension or conflict, and 37% admitted they’ve used “we can’t afford it” when the real issue was competing priorities, not the bank balance. More than one in four couples said they’ve put off a financial conversation they knew they needed to have.

To tackle this, Wealthsimple is launching a suite of household tools.

Wealthsimple Households is already live. It gives couples and families a single view of all their accounts, including chequing, investments, mortgages, and group RRSPs, whether those accounts are with Wealthsimple or not.

Kids and Teen Accounts are coming Fall 2026. It’s a chequing account and prepaid Visa card for kids with parental controls baked in. Parents fund the accounts through their own Wealthsimple account and can also deposit cash on behalf of their kids through Canada Post.

Wealthsimple told iPhone in Canada there are plans to open up more ways to fund the account down the road, including letting family members send money directly and giving teens the ability to accept direct deposit.

Parents can also set a custom interest rate to reward saving, making the benefit of putting money away something kids can actually see and feel.

Authorized Traders, coming Summer 2026, lets clients trade on behalf of a partner, parent, or family member, with their accounts appearing right below yours in the app.

Wealthsimple Business

Small business owners have always gotten a raw deal from big banks: higher fees, fewer perks, and a lot of paperwork. Wealthsimple is taking a run at that.

Business Chequing is available now. You can open an account online in minutes, set up automated transfers to pay yourself, and earn 2.25% interest on deposits, something most big banks don’t offer business customers.

A Prepaid Business Card is coming Summer 2026. It comes with unlimited 1% cashback, no foreign exchange fees, and no lengthy approval process. You request it in the app and start spending right away.

USD Accounts for Business arrive Fall 2026. Canadian businesses working with U.S. customers can make and receive payments in USD, earn interest on their balance, and access U.S. payment systems, all from one account.

A Business Portfolio Line of Credit is coming Spring 2026. Business owners can borrow against their corporate investments at rates as low as 3.95%, without selling anything.

Everyday Banking Updates

Spend Insights is live now in a basic form, giving a real-time view of transactions across your Wealthsimple credit card and chequing accounts organized by category. Later this fall, it will also flag recurring subscriptions you’re no longer using and suggest extra cash to move into investments.

A Portfolio Line of Credit is available now for personal use. No credit check, no need to sell investments, with rates starting at 3.95%.

USD Chequing is coming Fall 2026. One account that works on both sides of the border, earning up to 3.25% interest with no account fees and access to both U.S. and Canadian payment systems.

The Big Picture

“Our clients’ financial lives are more complex than ever, with partners, kids, side businesses, and aging parents,” said Brett Huneycutt, co-Founder and Chief Product Officer at Wealthsimple, in a statement on Thursday. “They deserve a financial home that reflects that reality. We built Wealthsimple to be exactly that: personal, household, and business finances all connected, all in one place. For the first time, Canadians have a single place that grows with them at every stage of life. And we’re just getting started.”

The event was held in Calgary, a deliberate choice given Alberta’s growth. More than 500,000 Albertans are among the four million Canadians currently using Wealthsimple.