News Summary

Wealthsimple has announced significant updates to its banking products, discontinuing the 1% cash back reward on its prepaid Mastercard as of October 1, 2025. However, customers will benefit from unlimited ATM fee reimbursements, expanded Interac e-Transfer limits, and enhanced banking features, such as international money transfers in over 10 currencies and flexible bank draft options. Additionally, cheque deposits through the app and a redesigned Wealthsimple app with new features for managing wealth, spending, and investing have been introduced. Future updates include international wire transfers and a portfolio-backed line of credit. Wealthsimple aims to enhance its offerings despite the removal of the cash back perk.