Isn't it legally a bank? It provides chequing and savings accounts (registered and unregistered), and it's even CDIC-backed on at least their managed products.
replyThey don't hold a schedule 1 banking license, so not technically a bank, but a FinTech with a banking partner who holds funds in a way that allows for CDIC backing. As a WS customer, when I send a bill payment to a non-WS account it arrives as "RBC" on the other end so I assume WS holds funds through an RBC account they maintain.
replyThis is the hope of something like RTR - for anyone who can meet the participation requirements, an ability to operate independently of a banking partner who might be your direct competition.
They might even have different banking partners per account type based on who wanted to deal with them/who gave the best deal for that account type.
replyIt doesn't do lending directly (as far as I know).
replyWealthsimple is best known for their robo product, not their banking. It's the Canadian equivalent of Wealthfront.
replyIt's true they built their reputation and brand by being a robo-advisor, but I don't personally know anyone who uses it that way today and many people in my social circle instead use them as a cheap HISA and online self-directed brokerage, perhaps more like Robinhood or Ally
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