Come and discuss anything related to personal finance, directly or indirectly, with other Canadians!
This is huge. 4% interest on the balance on top of rewards for spending from that account. I'm liking this trend of interest in chequing accounts ala EQ Bank.
Don't worry, we won't see that anytime soon with the big banks!
You've got that right lol.
I wonder if any of the others will follow suit
WS is still a very small player in this field, so I'm unsure it will elicit any reaction from bigger players.
But they're rocking, though. I can easily see them taking the place of one of the big ones in 5 years.
Nah, people are so used to traditional banks that they won't move. You can often see people, even young people, saying that they are afraid of using Tangerine or Simplii because they don't know them and don't trust them. WS is a pure player that has no relationship to brick and mortars banks, so it'll be even harder for them IMO.
People said the same in Brazil when Nubank appeared, but it's now the second biggest bank in Brazil 🤷 the playbook is pretty similar for all of these fintechs, I can't see why Canada would not follow the same path
Another example is the cash app in the states. Lots of young people treating that like their bank account.