From my vantage point, with accounts in both Canada and the US, the US market seems hard to disrupt because its financial sector is already highly competitive.
Meanwhile Canada has long been completely dominated by 5 or 6 massive big banks that charge high fees for basic chequing accounts, and where credit card perks are far stingier than in the US…
The financially industry is being _pretty massively disrupted_ by Wealthsimple.
- They have a cash account (~checking/savings hybrid) that pays much better interest than all the big banks
- They offer zero-commission trades on Canadian and US stocks and ETFs
- They appear to be preparing a wide rollout of a credit card which offers 2% cash-back on everything (there are few Canadian credit cards that offer more than 1% cashback as a "base rate")
Meanwhile Canada has long been completely dominated by 5 or 6 massive big banks that charge high fees for basic chequing accounts, and where credit card perks are far stingier than in the US…
The financially industry is being _pretty massively disrupted_ by Wealthsimple.
- They have a cash account (~checking/savings hybrid) that pays much better interest than all the big banks
- They offer zero-commission trades on Canadian and US stocks and ETFs
- They appear to be preparing a wide rollout of a credit card which offers 2% cash-back on everything (there are few Canadian credit cards that offer more than 1% cashback as a "base rate")