Why We’re Moving Our Life Savings from Questrade to Wealthsimple (2026)

My investing journey started with a mistake—though a well-intentioned one.

In 2006, I signed up for a payroll deduction RRSP through my first full-time employer. I had no idea what I was invested in (likely a high-fee mutual fund). When the 2008 financial crisis hit and I saw my balance dropping, I panicked and withdrew all $700 to cover college costs.

The only thing I did right back then was starting. Since then, I’ve evolved: from managed mutual funds at Sun Life to “Couch Potato” investing with TD e-Series, and most recently, ETFs with Questrade. Now, we are making another move to Wealthsimple.

This time, it’s different. Our strategy isn’t changing, and we actually like Questrade. It’s a solid platform. So why the move? Here are the four “Happy Medium” reasons.

Transparency Note: I’m a big believer in being open about how this site stays running. Some of the links below are referral or affiliate links. If you use them to open an account, we both get a bonus at no extra cost to you. I only recommend tools I personally use (like Wealthsimple and Questrade). Thanks for supporting Happy Medium!

1. Consolidation & The Interest Rate Win

We’ve stayed with TD for our daily banking largely due to inertia. It was easier to stay, despite the high fees (or the requirement to keep a high balance just to waive them) and the 0% interest on our cash.

By moving our daily banking to Wealthsimple, we’re finally making our “bill money” work for us. Here is the breakdown of how the interest works:

• The Base Rate: Everyone starts at 1.25% (Core) or 1.75% (Premium) just for opening an account.
• The Payroll Boost: By moving our automated payroll deposit (at least $2,000/month) to Wealthsimple, we unlock an additional 0.5% boost.

Because of our account tier and this payroll boost, our balance will now earn 2.25% interest. This change alone will earn us hundreds of dollars a year on money that was previously sitting idle at a big bank. (Note: The 2.25% is an annualized rate, but it’s calculated daily and paid out monthly, which is great for seeing that ‘Happy Medium’ progress every 30 days!) Click here to check your own eligible rate.

2. The 1% – 3% “Match Bonus”

Wealthsimple is currently running their “(Un)real Deal” promotion until March 31, 2026. They are offering a match on transferred accounts if you transfer at least $25,000 or more (Questrade had a similar offer earlier this year, but it was for new clients only).

For a portfolio like ours, this bonus is worth thousands of dollars. It’s a rare opportunity to get a “payday” just for moving your existing assets from point A to point B. (Note: The bonus is paid out in monthly installments over 1 to 5 years depending on the match you choose, so it’s a nice steady boost to your monthly cash flow!) If you want to see if your portfolio qualifies for the match, you can read up on the (Un)real Deal here.

3. The Premium & Milestone Perks

Now that our portfolio has grown, we’ve reached the Premium tier ($100k+ in assets). This unlocks lower management fees and higher interest, but it also gives us access to Milestone Rewards as our balance hits specific markers (like the $200k mark). You get to choose a ‘perk’ that lasts for a year, such as:

• 4 Free Airport Lounge Passes (via DragonPass).
• Free International Travel Data (10GB eSims) for our trips later this year.
• A Free Year of Uber One (which includes $0 delivery fees on Uber Eats).

I wouldn’t make the move JUST for these smaller perks, but they’re a valuable bonus that Questrade doesn’t currently match.

4. A Modern, Unified Experience

Questrade is functional, but Wealthsimple feels like 2026. I’ve actually had a Wealthsimple account for years for my daughter’s RESP (yes, my banking history is a bit chaotic! 😆).

Because I was already in their system, opening my new TFSA was as fast and easy as mobile-ordering a coffee. Having our RESP, TFSA, and daily spending all in one beautiful app reduces my “mental load” significantly.

The “Happy Medium” of Financial Moves

To be clear, I’m not claiming this is the absolute maximum amount of money you could squeeze out of the Canadian banking system. If you go searching online, you’ll find plenty of “optimization” experts who think jumping from one institution to another every year to chase the absolute highest bonus is the only way to go.

As long as you follow the rules, there is nothing wrong with that strategy—but it’s not for me.

For our family, the “Happy Medium” move is putting in the effort now to gain thousands of dollars in value, without committing to the stress of hunting for the next best thing every six months. I plan to do an annual assessment to make sure Wealthsimple is still meeting our needs, but I’m not pre-emptively looking for the door. It’s about not losing out on “easy wins” due to inertia, while also not spending all my time and energy worrying about the absolute best possible scenario.

Should You Move Too?

If you already have investments: It is worth looking at the match bonus. You need to register by March 31st to lock it in. Once you register, you generally have 30 days to actually initiate the transfers, so you don’t need to rush the paperwork today—just the registration.

If you’re just starting out: Wealthsimple is still a top contender. Even at the “Core” level, you can earn 1.25% interest on your chequing account. Most big banks pay 0% on chequing, and high-interest savings accounts usually require you to move money back and forth to pay bills. Wealthsimple lets you earn interest on your “cash flow” money directly.

If you’re ready to simplify your banking and grab that bonus before March 31st, you can sign up using my referral link here to get started.

Disclaimer: Rates and promotion terms are accurate as of March 2026 but are subject to change by Wealthsimple. Always review the full Terms & Conditions on their site before initiating a transfer.