Wealthsimple Cash finally convinced me to ditch my big bank account

I was skeptical of their 4% interest rate last year, figured there had to be a catch. After 8 months with no fees and instant e-transfers, I closed my TD account last week. Anyone else make the switch and notice hidden fees I should watch for?

2 comments

2 Comments

uma_ellis5d ago

4% interest" had to be a promo rate that dropped after a few months, right? I just don't trust these fintech companies to not add some weird fee down the road.

harpery474d ago

Totally agree, I fell for one of those offers a couple years back and the rate dropped down to 0.5% after the first 3 months without any warning. They also snuck in a monthly fee for paper statements that I had to call and fight to remove. Learned my lesson - I stick with my credit union now where everything is upfront and simple.