The “Big Five” Canadian banks include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Are there other viable options?
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Canadians aren’t short of credit card options, that’s for sure. At an average of two to three credit cards per person, we have more credit cards than debit cards in our wallets. But there’s still room for one more, suggests Wealthsimple with its recently launched bank-like offerings, including two new cash back options: a new-ish credit card and a revamped savings account. Why now? Why another credit card and chequing account? And what’s happening with Wealthsimple Cash? Let’s find out.
Wealthsimple launch highlights
The new credit card: Wealthsimple Visa Infinite
The revamped cash account: Wealthsimple Chequing
What happens if you already have Wealthsimple Cash
Alternatives to Wealthsimple
More Wealthsimple news to come
Why now, Wealthsimple?
At what felt like an Apple product launch, with a live event (at Toronto’s Evergreen Brick Works) and streaming to over 110,000 Canadians, Wealthsimple announced a new credit card and chequing account, both under a campaign called “The End of Banking?” It’s clear that the move is to compete against Canada’s big banks…
