Here’s Everything Wealthsimple Just Unveiled to Replace Your Bank

Wealthsimple is aiming to flip traditional banking on its head. In a new presentation titled The End of Banking today, the Toronto-based fintech unveiled a sweeping set of new features meant to replace many of the services Canadians rely on banks for — and then some.

CEO Mike Katchen told over viewers that “Canadians deserve more” than outdated, fee-heavy bank services. What followed was a fast-paced rollout of everything from redesigned chequing accounts with no monthly fees, 2% unlimited cash-back credit cards, and even cash delivery to your door.

Here’s an overview of the top features highlighted by Wealthsimple on what’s coming next:

Wealthsimple Chequing (New Bank Account Alternative)

• No monthly fees, no minimum balance, no foreign exchange (FX) fees, no ATM fees
• High interest on checking:
  • 1.75% for Core clients
  • Up to 2.75% for Generation clients
• Early paydays: Get paid up to 4 days early
• Auto-routing of paycheques into investing, saving, or spending buckets
• Free, interest-earning goal-based sub-accounts (e.g. for vacations or emergencies)
• Joint accounts
• Instant access to large deposits
• USD savings account with up to 4% interest
• Mobile cheque deposits (up to $5,000 available instantly)
• Wire transfers in CAD or USD from the app
• Interac e-Transfers: up to $25,000 per day

Wealthsimple Credit Card

• 2% unlimited cash back on all purchases
• No FX fees when spending abroad
• Tap-to-pay with no transaction limit
• Instant virtual card setup in the app
• Transparent billing: Alerts when you’re about to pay interest
• Flexible autopay options
• Metal card available for premium clients

New Safety Features

• Trusted Places: Extra verification if a large transfer is made outside your safe locations
• Verified Contacts: Notify trusted people if large transfers are made
• Custom Limits: Users can raise/lower transfer limits for added control
• $1 million CDIC insurance (10x more than typical bank accounts)

Branchless Services (Delivered to You)

• Bank draft delivery: Order from the app, delivered next day
• Cheque delivery: Send paper cheques from the app to anyone (this is pretty cool, all done from the app)
• Cash delivery: Request CAD or USD cash to your door (even cooler; starting in Toronto, more cities to come)

Wealthsimple Instant Line of Credit

• Borrow instantly using your Wealthsimple portfolio as collateral
• No paperwork or branch visit required
• Low interest rates starting at 4.45%
• Flexible use for anything — from renovations to emergencies

We also saw a demo of the new Wealthsimple app and how the new chequing account looks like, coming at the end of June.

Wealthsimple framed these updates as part of a bigger mission to reimagine banking for a digital era, calling Canada’s existing financial system “a tax on all of us.” The company now manages over $70 billion and has more than 3 million users.

In true tech fashion, the event ended with a teaser: the next Wealthsimple Presents event, coming this fall, will focus on “the end of investing.”

Click here to sign up for Wealthsimple and get a $75 bonus.

Check out the full event replay below:

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