Canadians rarely receive a single receipt showing what it costs them to bank. Wealthsimple’s latest advertising campaign is attempting to provide one.
Appearing in several of Canada’s largest national newspapers, the campaign offers a line-by-line accounting of the monthly charges, transaction limits, foreign exchange markups, ATM fees, overdraft costs, investment fees, and transfer penalties that can quietly erode Canadians’ savings.
The campaign builds on Wealthsimple’s recent effort to challenge not only individual banking fees, but the country’s broader financial-services status quo. That work began with the company’s first Wealthsimple Presents event, The End of Banking?, and continued earlier this year at its third product showcase, Wealthsimple Takes Over Your Life. The event introduced new products for families and businesses alongside “It’s Over“, a campaign positioning Wealthsimple as an alternative to the traditional banking relationship. The new print campaign brings that argument down to dollars and cents.
It arrives as Wealthsimple’s ambitions extend well beyond the investing platform on which the company built its reputation. Wealthsimple reported $17 billion in net flows during the second quarter, while new chequing account openings surpassed investing accounts for the first time—a shift suggesting that more Canadians are considering the company for their everyday financial lives.
Fintech.ca spoke with Paul Teshima, Wealthsimple’s Chief Marketing and Commercial Officer, about the fees that cost Canadians the most, why banking charges remain so persistent, and what prevents consumers from switching providers. Teshima also discusses how Wealthsimple makes money from no-fee chequing accounts, the role of incentives such as Monthly Millionaire, and what meaningful competition in Canadian banking could look like.
Wealthsimple’s new advertising campaign offers a line-by-line accounting of what Canadians pay to bank. Which fees are the most consequential, and which do you believe are the hardest for consumers to recognize?
PT: We published this ad to make the hidden fees of Canadian banking, which are quietly eroding people’s savings, harder to ignore. The most consequential fees are often the ones that compound over time, like high-fee mutual finds, or come when clients can least afford them, for example monthly account fees, overdraft and NSF charges, out-of-network ATM fees, FX markups, transaction overage fees, and penalties for switching accounts. A few dollars here and there can quickly add up to hundreds of dollars a year.
Wealthsimple says Canadians pay some of the highest banking fees in the world. What data supports that comparison, and why do these fees remain so persistent in Canada?
PT: There are several studies that show Canadians pay higher fees for financial services than in other developed countries. Historically, there has not been a lot of competition in this sector in Canada. Wealthsimple is changing that.
Wealthsimple has already helped push the industry toward commission-free trading and lower account-transfer costs. What specific changes do you now want to provoke in everyday banking?
PT: We want everyday banking to be simpler, more transparent, and more competitive. Basic bank accounts should come with no monthly fees or minimum-balance requirements, no extra charges for using another bank’s ATM, clearer foreign exchange pricing, fewer transaction limits, and overdraft options that don’t turn a temporary cash shortfall into a much bigger cost.
We also want switching to be easier. Canadians should be able to move their paycheques, pre-authorized payments, recurring bills, and account data quickly and safely, without being trapped by unnecessary fees or administrative friction. The standard should be that institutions earn a customer’s business through better products and service, not by making it expensive or inconvenient to leave.
Critics may argue that no-fee banking products often recover costs in less visible ways. How does Wealthsimple make money from its chequing accounts, and how should Canadians evaluate the true cost of competing products?
PT: Historically, financial institutions have used complexity to their advantage to extract fees from their clients – our fees are fully transparent. We earn interest on deposits in our chequing accounts which we share with our clients. The portion we keep is our revenue. Financial services often come with a lot of fine print – for this ad, we read through it and calculated the costs.
Wealthsimple reported $17 billion in net flows during the second quarter, while new chequing account openings surpassed investing accounts for the first time. What is driving that shift?
PT: We’ve learned that Canadians don’t want another bank, they want something better. They want banking and investing in one place, low fees and higher interest on balances, transparency and access to new financial products, and the speed of money when they need it. They also want financial services to be more fun and engaging.
That is what we’re seeing in the shift toward chequing. Wealthsimple brings those pieces together, including no monthly fees, interest paid on the entire balance, ATM-fee reimbursement, and a really strong digital experience.
Incentives such as Monthly Millionaire give people an extra reason to overcome the inertia of switching: they keep their savings, continue earning interest, and get a chance to win prizes. The incentive helps get people in the door and the product experience keeps them there. (Also see our help centre for more info.)
What have you learned about the biggest obstacles preventing Canadians from switching their primary banking relationship, even when a less expensive alternative is available?
PT: The biggest barrier is the difficulty of switching. Moving paycheques, bills, subscriptions, savings, and credit products can be complicated, and people worry that something will be missed. Trust is also important – lower prices alone aren’t enough. Challengers need to make switching simple, offer reliable support, and provide a clearly better experience. We consistently hear from clients that Wealthsimple does this very well.
But no single provider can remove switching barriers on its own. Canadians need real choice across the financial system, which means all financial institutions need to make it easier and safer to move money, payments, and data.
Canada’s largest banks benefit from scale, established relationships, and broad branch networks. Where can Wealthsimple compete most effectively, and where does it still need to close the gap?
PT: Wealthsimple makes people’s entire financial life simpler, more transparent, and genuinely enjoyable. Financial services should feel clear, useful, and rewarding. Our products are designed to help Canadians spend, save, invest, and plan in one connected experience with fewer fees, less friction, and the confidence that they are making real progress.
That experience is still fundamentally about the relationship we build with clients. We listen, ship new products and features fast, and are responsive to changes clients ask for, while bringing more of a client’s financial life together in one place. The opportunity is to raise the standard for what a financial relationship can feel like, one that’s genuinely built around the client’s needs.
If this advertising campaign succeeds, what will have changed a year from now—for Wealthsimple, for its competitors, and for the amount Canadians pay for basic banking?
PT: Success would mean Canadians can easily see and compare the true cost of banking and that competitors respond with clearer pricing, fewer fees, better interest, and easier switching.
For Wealthsimple, it would mean earning more everyday financial relationships by continuing to build better, simpler, lower-cost products. As with investing, the goal is for competition to raise expectations and put more value back in the hands of Canadians.
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