Big Banks Need To Do Better
I've reached the point where I genuinely don't understand why so many people still do all of their banking with the big banks.
I've now convinced 4 coworkers move their everyday banking over to Wealthsimple, and every one of them has been happy with the switch.
For me, this isn't an ad for Wealthsimple—it's more about questioning whether the traditional banks still offer enough value to justify sticking around. This has simply been my personal experience.
When I was with TD, I struggled to find any real advantages over an online bank.
A few things I've noticed:
• Customer service: I've had a much better experience. Quick responses and no headaches.
• Chequing account: My cash earns 2% interest instead of sitting at 0%. At TD I either had to keep $6,000 parked in the account to avoid monthly fees or pay around $30/month.
• ATM access: I can withdraw cash across Canada and around the world, and my ATM fees are reimbursed.
• Cash deposits: I've deposited cash multiple times through Canada Post using nothing more than a QR code in the app.
For the average person, I just don't see what the big banks offer anymore that justifies the fees, minimum balances, and low interest.
And this isn't only about Wealthsimple. I've heard plenty of positive experiences from people using Tangerine, Simplii, and EQ Bank as well. Online banking has improved so much over the last decade that I think many Canadians are paying more than they need to for banking.
Are you still with one of the big banks? If so, what's keeping you there?
