Wealthsimple is taking a bold leap toward becoming Canada’s full-service financial alternative to traditional banks.
At its Wealthsimple Presents: The End of Banking? event in Toronto today, the fintech unveiled a suite of major product launches: its first credit card, an instant line of credit, and expanded chequing features.
Together, these offerings further Wealthsimple’s mission to offer Canadians frictionless, on-demand access to financial services—without hidden fees or the need to ever visit a bank branch.
“Canadians don’t need another bank. They need something better,” said Wealthsimple Co-founder and CEO Michael Katchen. “We’re removing the friction, fees, and outdated experiences that have defined traditional banking and replacing them with products that reflect how Canadians deserve to live, spend, and save.”
The announcement comes at a time when Canadians are increasingly dissatisfied with traditional banking. According to an Angus Reid survey commissioned by Wealthsimple, 38% of Canadians have considered leaving their big bank in the past year, with top frustrations including hidden fees, poor customer service, and a loss of trust.
More than 100,000 Canadians registered to stream the launch event, while hundreds gathered in person at Toronto’s Evergreen Brickworks to witness the unveiling of what may be Wealthsimple’s most transformative updates yet.
Credit Card: 2% Cash Back with No FX Fees
The centerpiece of the launch is the long-awaited Wealthsimple credit card, offering unlimited 2% cash back on all purchases and no foreign transaction fees—a first for a Canadian neobank.
Free for Premium clients (those with $100,000+ invested) or users with a $4,000 monthly direct deposit, the card carries a $10/month fee for all others. “As the most requested product in our history, it’s clear people want a smarter and more rewarding way to use credit,” said Sam Newman-Bremang, Wealthsimple’s Senior Director of Product.
Line of Credit: Low-Rate Borrowing, Backed by Assets
Also announced was a new instant line of credit, set to launch by year-end. Backed by Wealthsimple account balances, it offers borrowing rates starting at just 4.45%—dramatically lower than typical credit cards or HELOCs.
Clients will be able to apply in-app and access funds with just a few taps, without paperwork or branch visits.
Chequing Account: More Rewards, Zero Surprises
Wealthsimple also expanded its chequing account, now offering up to 2.75% interest with 1% cash back on all spending, no monthly fees, and fee-free ATM withdrawals across Canada.
Direct deposit users can access their pay early and earn an additional 0.5% interest boost. Clients also benefit from new fraud-prevention tools, wire transfers with low or no fees, and international transfers powered by Wise.
Additional features rolling out soon include app-based cheque writing and even doorstep cash delivery—starting with a pilot in the Greater Toronto Area this fall.
Building Toward a Branchless Future
With nearly 1 in 4 Canadians envisioning a future without physical bank branches, Wealthsimple is betting big that the shift is already underway. “We’re bringing banking into the modern era,” said Katchen. “And we’re putting control back where it belongs: in the hands of Canadians.”
The Wealthsimple credit card and enhanced chequing features are available now. The line of credit will roll out by the end of 2025, with more branchless innovations on the horizon.
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