Wealthsimple Cash

[Prairie Moustache]

Hey Everyone,

The flashy new Wealthsimple Cash card that was recently unveiled looks like the ideal way to bank on the surface - one account that pays 2.4% interest with no need to be hunting for rates and flipping funds back and forth. It seems like basically what they're doing is flipping interchange fees from the prepaid visa card back to card users in the form of interest. Does anyone know more about the details of how this would be structured on the back end? Anything to be concerned about? I read that's not covered under CDIC, but it is covered under the CIPF.

[Mighty Eyebrows]

Wealthsimple seems to be bringing a lot of new things to the table. Count me as somewhat conservative, though. I prefer to see how things shake out for a year or two before diving in.

Something about Wealthsimple's recent aggressive growth (including buying Simpletax) using Power Corp's endless war-chest just seems a bit unbalanced to me...

[meghan88]

One caveat with Wealthsimple - and this is across all their offerings - is that it seems to take a long time to transfer funds, even between WS accounts.  They are apparently working on this to speed this up.  That said, any company that tries to shake up the Canadian financial services sector is a good thing.