You can have up to 8 individual chequing accounts with Wealthsimple, and you can also open or join up to 8 joint chequing accounts as well. That means the total number of chequing accounts you can have under your name (including joint ones) is not just 8, but up to 16 if you max out both limits.

Quick details

How the limit works

  • Individual chequing accounts :
    • You can open up to 8 separate individual chequing accounts in your Wealthsimple app.
* These were previously called “cash accounts” and are now branded as chequing accounts.
  • Joint chequing accounts :
    • You can open or join up to 8 joint chequing accounts.
* Joint accounts are separate from your individual limit, so they don’t reduce how many individual accounts you can have.
  • Total practical limit :
    • Up to 8 individual + up to 8 joint = potentially 16 chequing accounts tied to your profile (depending on how many joint accounts you’re part of).

What you can do with multiple accounts

  • Rename each account to make them easy to identify (e.g., “Rent,” “Groceries,” “Travel,” etc.).
  • Create or delete accounts instantly in the app, so you can experiment with how you want to split your money.
  • Use any account for your card or e‑transfers :
    • You can choose which chequing account your Wealthsimple card is linked to.
    • You can also set which account receives e‑transfers, and change this at any time.

Why people open multiple accounts

Common reasons you’ll see in forum discussions include:

  • Budgeting by category :
    • “Rent/Mortgage” account
    • “Everyday Spending” account
    • “Savings / Goals” account
    • “Fun / Travel” account
  • Testing strategies :
    • Users sometimes rotate accounts to track spending patterns or test different interest setups.
  • Simplicity :
    • Keeping business-like separation without needing a separate business account (depending on your situation and local rules).

TL;DR

  • Individual chequing accounts : up to 8.
  • Joint chequing accounts : up to 8.
  • You can rename, create, and delete them instantly in the app, and choose which one is used for your card and e‑transfers.

Information gathered from public forums or data available on the internet and portrayed here.