Is it safe to connect my Wealthsimple account to Lodavo?

Yes. Your Wealthsimple email and password are typed on Plaid's secure screen and go straight to Wealthsimple, so Lodavo never sees or stores them. The access that comes back is read-only, and you can cut it off from inside Lodavo whenever you want.

Does Lodavo see my Wealthsimple transactions or trades?

No. Your tickets are worked out from a balance, so what you spend, what you trade, and where your money goes never come into it. Lodavo asks Wealthsimple one question each week, and it's how much you've got saved.

Will connecting Lodavo change anything at Wealthsimple, including my Monthly Millionaire entries?

No. Your login, your rate, your card, and your Monthly Millionaire entries all carry on exactly as they were. Lodavo reads a balance and does nothing else, so there's nothing for it to change on Wealthsimple's side.

Can I connect Wealthsimple and another bank at the same time?

Yes, and plenty of people do. If your paycheque lands at a Big Five bank and your savings sit in Wealthsimple, link both and the balances add up. There's no limit and no minimum on any of them.

Does Wealthsimple work with Lodavo? How to connect your Wealthsimple account

If you keep money at Wealthsimple, the short answer is yes: Wealthsimple works with Lodavo. It sits on Plaid’s Canadian network, and it’s one of the accounts Lodavo users connect most often, so your Chequing balance links in about two minutes through a read-only connection. From there, your tickets follow whatever you keep saved.

How to connect your Wealthsimple account to Lodavo

About two minutes inside the Lodavo app:

Get the Lodavo app and create your account. It’s free.
Tap to connect a bank and pick Wealthsimple (Canada) from the list.
Sign in on Plaid’s secure screen with your Wealthsimple email and password. They go to Wealthsimple, not to Lodavo.
Complete Wealthsimple’s two-step verification if it prompts you.
Choose the account you want tracked, and that’s it.

After that, the more you keep saved at Wealthsimple, the more tickets you pick up each week.

Is it safe? What Lodavo can and can’t see

Yes, and the access is narrower than most people expect. Three things are worth knowing:

Lodavo never sees your Wealthsimple sign-in. You authenticate on Plaid (opens in a new tab)’s secure screen, and what comes back to Lodavo is scoped access, not your email and password.
What comes back is one balance. The connection is read-only, so we can see what you’ve saved in order to award tickets. Your trades, your transactions, and your other Wealthsimple accounts sit outside it.
Your money doesn’t go anywhere. It stays in Wealthsimple, earning the rate Wealthsimple already pays you. Lodavo has no mechanism to withdraw it, transfer it, or charge it.

You can disconnect Wealthsimple from inside Lodavo whenever you want. If you’d like to check the mechanics, here’s how Lodavo keeps your money safe and the draw provably fair.

Which Wealthsimple account should you track?

Connect the Wealthsimple account where your money actually sits. Most people link one of these:

Wealthsimple account	Good to track if
Chequing	It’s where your paycheque lands and your everyday money sits
A registered account holding cash, like an FHSA	You’re saving for a first home and haven’t invested it yet
Business Chequing	You run a business through Wealthsimple and keep a float in it

One naming quirk to expect: Wealthsimple renamed this account from Cash to Chequing, and the connect screen can still list it as Cash. Same account, same balance, nothing to worry about.

What Lodavo can’t track yet is anything invested. A managed portfolio, a self-directed Trade account, an invested TFSA, and crypto are all out, because tickets are worked out from a cash balance rather than a portfolio value. Link more than one account and the balances add up, and if you bank somewhere else too, you can add accounts at other Canadian banks.

Troubleshooting a Wealthsimple connection

Most Wealthsimple links go through on the first try. If yours doesn’t:

Check the sign-in details. Use your current Wealthsimple email and password on the secure screen, exactly as you would in the Wealthsimple app, and finish the two-step verification if it asks.
Look for Cash, not Chequing. If you can’t find the account you expected, that’s almost always the old name showing up.
Reconnect if a balance stops updating. Any Plaid link asks you to sign in again from time to time before the bank will keep sharing a balance. Reconnecting inside Lodavo takes under a minute, and your Wealthsimple login doesn’t change.

Why prize-linked savings fits Wealthsimple clients

Wealthsimple clients don’t need persuading that a prize makes saving more interesting. Wealthsimple gives away $1,000,000 every month through Monthly Millionaire (opens in a new tab), and entries build up with the dollars you keep there. It’s a genuinely good deal, and Lodavo isn’t asking you to give it up.

Lodavo comes at the same idea from the other end. The tickets are free, and you don’t move a dollar to get them: the balance already sitting in your Chequing account earns them, and every week there’s a draw for up to $10,000, with a guaranteed prize of at least $100 going to a user. Your Monthly Millionaire entries keep stacking up the whole time. If you’re weighing the two, we wrote an honest Lodavo vs Wealthsimple comparison that doesn’t pretend there’s one winner.

Terms and conditions apply. No purchase necessary (alternate method of entry available). Skill-testing question required. Open to legal residents of Canada who are the age of majority. Odds depend on the number of eligible entries received. Full rules and odds at our contest rules.