What you should know about Wealthsimple’s “The End of Banking” showcase

On June 11, 2025, in its first-ever product showcase cheekily titled “The End of Banking?”, digital financial services platform Wealthsimple introduced several new products and features that rival Canada’s big banks — not with marble lobbies or legacy systems, but with smart, customer-first digital tools. 

If you’ve ever felt frustrated by fees or fine print at your bank, you’ll want to hear what Wealthsimple has planned. 

Here’s a breakdown of what they announced, how it stacks up against the competition, and what it means for the future of your finances. 

What’s new about Wealthsimple’s product lineup? 

Wealthsimple isn’t just offering a few nice perks. It’s trying to change how Canadians think about their day-to-day banking. Their new lineup aims to remove the usual headaches: high fees, confusing terms, and long waits for simple services. 

Let’s take a look at the options available. 

Chequing account

Switching to Wealthsimple’s updated chequing account saves the average client up to $350 through no everyday fees, higher-than normal interest, and allowing them to get paid up to one day early (we're reaching out to Wealthsimple to understand how this works.) The account also comes with a digital and physical prepaid Mastercard that serves as an ATM card while offering 1% cash back on all purchases.

Here are some of the perks that come with this account: 

• No monthly fees or minimum balance 
• Free ATM access and no foreign transaction fees
• Up to 2.75% interest 
• Early direct deposit (get paid up to a day early) 
• The ability to set up automatic transfers to your investment accounts 
• An Interac e-Transfer limit of $25,000 per day 
• $1 million in CDIC coverage for eligible deposits (that’s 10X the average!)
  

Wealthsimple is even tackling old-school services. It plans to introduce more features soon, including: 

• Paperless cheques and bank drafts that clients can send digitally through the Wealthsimple app
• International transfers 
• Uber-style physical cash delivery, starting with a pilot program in the Greater Toronto Area

Here’s how this account compares against other banks:

Wealthsimple Visa Infinite credit card

Wealthsimple’s new cash back credit card competes with the best in Canada by keeping things simple and transparent. Qualified cardholders will enjoy:

• 2% cash back on all purchases
• No annual fee
• No foreign transaction fees
• No tap limit
• A secure app that lets you lock your card instantly if needed
• A slick, metal card design
• Instant virtual card, spending alerts, and built-in budgeting tools

Here’s how this card compares against the big banks:

 

Instant line of credit 

Personal loans and lines of credit are an important service accessed by many Canadians. 

Wealthsimple plans to launch an Instant Line of Credit by the end of 2025. This will allow clients to borrow at interest rates starting from 4.45%, secured against their existing Wealthsimple investment account balance. It promises a hassle-free application process via its app, with no paperwork or waiting required.

Here’s how this compares with other similar products:

 

Wealthsimple is a seasoned player in retail investment

While the recent showcase focused on exciting new features, it’s important to remember that Wealthsimple isn’t a brand-new player in the space. The company has been around since 2014, helping millions of Canadians invest, save, and manage their money with simple, intuitive tools, including but not limited to: 

Banking. Wealthsimple’s chequing account evolved from its Cash account, which offered an easy-to-use alternative to traditional chequing accounts. 

Investing. Wealthsimple Invest is a robo-advisory platform that provides globally diversified, automated portfolios designed for tax efficiency. 

Self-directed trading. Wealthsimple Trade, the company’s self-directed online brokerage, offers stock, ETF and options trading in US and Canadian markets, as well as cryptocurrency trading.

Tax preparation. Wealthsimple acquired tax software company SimpleTax in 2019 and has continued to offer free online tax preparation and filing via the Wealthsimple Tax software. 

Could this really be the end of banking? 

Not quite – but we’re at the beginning of a major shift. 

Canada’s banking system is known for its stability, but it’s also slow to modernize. Consumers still face high fees, outdated interfaces, and a lack of open banking. 

Unlike in countries like the UK and Australia, where open banking is already live, Canadians can’t easily and securely share their financial data across institutions. That means switching banks is harder than it should be, and it limits competition and innovation in the financial space.

That’s where companies like Wealthsimple take the lead. By offering simple, transparent, and flexible financial tools, they’re appealing to Canadians who want more control over their money without jumping through hoops. 

Wealthsimple currently has over $70 billion in assets under management, and serves more than 3 million Canadians, showing a significant demand for alternatives to traditional banking models. 

And interest in digital-first banking is only growing. According to Ratehub’s 2024 survey, 60% of Canadians have either already switched or are considering switching to an online-only financial institution like Wealthsimple. 

Of course, the big banks still have their advantages. Physical branches and brand recognition still matter to many people. But as consumers become more comfortable managing money digitally, the pressure on traditional banks to modernize will only increase.

What banks should do to catch up 

To stay competitive, traditional banks need to: 

• Cut fees and simplify account terms 
• Offer better interest rates on chequing and savings accounts 
• Make app-based services faster, more intuitive, and more secure 
• Offer low-cost credit with options 
• Launch customer-focused features like real-time budgeting tools and faster direct deposit 

What this means for you and your banking 

If you’re someone who wants more from your bank, like higher interest, better digital tools, and fewer fees, you now have more options than ever. 

That said, there are always risks involved with making a change. Wealthsimple is partnered with CDIC-insured banks, but it’s not a bank itself. And while the Instant Line of Credit sounds convenient, borrowing against investments can backfire if markets fall. 

It’s still smart to read the fine print before making a change, especially when it comes to borrowing money or closing down old accounts.

The bottom line 

Wealthsimple’s latest updates push the envelope in Canadian banking. From fee-free spending to a cash back credit card and even cash delivery, they’re building tools that feel modern, easy, and useful.

It’s not quite the end of traditional banking, but it could be the beginning of the end of bad banking. Just make sure you compare your options, and make the choice that works best for your unique financial situation.

Also read:

• 6 financial trend forecasts for 2025
• A Wealthsimple review for 2024
• How to choose a chequing account in Canada
• How to start investing: a beginner's guide