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Wealthsimple Cash has increased their interest rates to 4% for regular users and 4.5% for premium users.
(help.wealthsimple.com)
this post was submitted on 24 Jul 2023
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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.