Wealthsimple is making some big changes to its banking products, with one popular perk going away and several new features being added.

The company confirmed to customers in an email today that the 1% cash back reward on its prepaid Mastercard will end on October 1, 2025. Clients can still earn cash back up until that date, and a final payout will be made on November 1, 2025. No action is required by clients, but the benefit will no longer exist after that. This is too bad as it was a little perk just for using the debit prepaid Mastercard.

On the ATM side, Wealthsimple is improving its policy. As of October 1, the cap on reimbursements is being removed. Previously, Wealthsimple would cover ATM fees up to $5 per transaction. Going forward, the company will reimburse the full fee charged

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