top of page
Search

Why Wealthsimple's New Chequing Account & ReInvestWealth Is the Smartest Move for Self-Employed Professionals

  • Writer: Maryam Ajorloo, CPA
    Maryam Ajorloo, CPA
  • Aug 7
  • 3 min read

Updated: 7 days ago




When you're self-employed, every decision matters, especially the tools you use to manage your finances. That’s why the new Wealthsimple chequing account, now with no monthly fees and up to 2.75% interest, is such a game changer. Paired with ReInvestWealth, our AI-powered accounting software, it becomes more than just a bank account, it becomes your first smart move toward financial clarity and growth.



Why Wealthsimple’s Chequing Account Stands Out


This isn’t your average chequing account. Wealthsimple has reimagined the everyday account to give you:


  • No monthly fees

  • Up to 2.75% interest on your cash

  • Free Interac e-Transfers

  • A Visa debit card you can use worldwide

  • No FX fees

  • Smart, intuitive app experience


It’s everything you need to run your business and personal spending from one sleek, simple place, especially if you’re just starting out or managing everything solo.



Connect It Instantly to ReInvestWealth


With one click, you can connect your new Wealthsimple chequing account directly to the ReInvestWealth accounting software. This integration gives you:


  • Real-time transaction sync

  • Automated expense categorization

  • Smart receipt matching with SmartShoebox

  • Quarterly tax estimations and reminders

  • Stress-free bookkeeping


No more spreadsheets, missed receipts, or end-of-year panic. Just clean, clear, AI-powered insights that help you stay ahead, from day one.



ReInvestWealth is the best AI bookkeeping software in Canada and USA.



Built for Modern Entrepreneurs & Self-Employed Professional


Whether you're a consultant, designer, coach, or content creator, the combo of Wealthsimple’s chequing account and ReInvestWealth's AI accounting sets you up to:


  • Stay organized

  • Maximize tax write-offs

  • Track cash flow with confidence

  • Save time (and money!)


And all without hiring a bookkeeper or paying expensive monthly software fees.



Your Smartest First Step


Opening your Wealthsimple chequing account takes minutes. Connecting it to ReInvestWealth takes even less.

Together, they form a simple yet powerful system for managing your business finances, right from your phone.



Ready to take control of your business finances?


  1. Open your Wealthsimple chequing account.

  2. Connect to ReInvestWealth in one click.

  3. Simplify your business finances.



Frequently Asked Questions


1. What is Wealthsimple’s new chequing account?

Wealthsimple’s new chequing account is a no-fee everyday banking account that offers up to 2.75% interest on your cash, free Interac e-Transfers, a Visa debit card, and no FX fees. It’s designed to help you earn more on your money while handling daily banking needs.


2. Is the Wealthsimple chequing account suitable for business use?

While it's officially a personal account, many self-employed professionals use it to separate their business finances. Its high-interest rate, zero fees, and digital experience make it ideal for freelancers, consultants, and creators managing solo businesses.


3. How do I connect my Wealthsimple account to ReInvestWealth?

Once you sign up for your ReInvestWealth 30-day free trial, you’ll be prompted to first connect your business bank accounts. Doing this will import your recent Wealthsimple transactions automatically and continue to import them going forward. See the full guide here.


4. What happens after I connect my bank account to ReInvestWealth?

Once connected, ReInvestWealth will automatically import and categorize your transactions. You’ll also benefit from:

  • AI-powered bookkeeping

  • Real-time cash flow tracking

  • Smart receipt matching (via SmartShoebox)

  • Quarterly tax estimate reminders

  • Auto-generated reports for year-end filing


5. Is it secure to connect my bank account to ReInvestWealth?

Yes. ReInvestWealth uses bank-level encryption and secure connections to protect your data. We never store your banking credentials and use only trusted third-party APIs for secure bank syncing.


6. Who is this combo best suited for?

This setup is ideal for:

  • Freelancers

  • Consultants

  • Creators (OnlyFans, YouTube, Instagram, etc.)

  • Coaches and solopreneurs

  • Self-employed business owners looking to manage finances without hiring an accountant


7. Can I still use ReInvestWealth if I don’t bank with Wealthsimple?

Absolutely! ReInvestWealth connects to more than 10,000 banks. However, pairing with Wealthsimple gives you the benefit of high interest and no fees — making it one of the smartest financial combos for self-employed professionals.


8. How much does ReInvestWealth cost?

ReInvestWealth is designed for solopreneurs and small business owners. You get AI-powered bookkeeping, tax estimations, receipt tracking, and more, all for the price of a coffee.



Signup to ReInvestWealth's monthly newsletter to discover underrated business tips!

Disclaimer

The content of this blog post is for informational purposes only and does not constitute accounting, tax, business, or legal advice. While ReInvestWealth offers professional accounting and tax advice through paid consultations with a CPA, the information provided here is general in nature and may not be applicable to your specific circumstances.

bottom of page