Canadian High Interest Savings Bank Accounts - Forum: General financial discussion

Briguy on Chexy

Thu, 07 May 2026 03:04:48 -0700

Chexy makes some float income from having your money in their accounts for a few days. Some suggest that this is their main source of income. Kind of similar to how the stablecoin companies make their money off issuing stablecoins- they invest your money in bonds.

Norman1 on Chexy

Thu, 07 May 2026 02:58:24 -0700

To give context to Chexy's 1¾% fee, these are the current Mastercard interchange that the consumer Mastercard credit card issuer receives for various card-not-present transactions:

Interchange Program Type	Core	World	World Elite	World Legend
Digital Commerce	1.67%	1.90%	2.13%	2.23%
Digital Commerce – Small Business	1.57%	1.80%	2.03%	2.13%
SecureCode / 3DS	1.50%	1.70%	1.90%	2.03%
SecureCode / 3DS – Small Business	1.40%	1.60%	1.80%	1.93%
Utilities	$0.10	$0.10	$0.10	$0.10
Standard	1.96%	2.19%	2.42%	2.53%

There is an additional network fee of 0.09% that Mastercard receives for its network to accept Mastercard cards.

hwyc on Chexy

Thu, 07 May 2026 01:23:16 -0700

Good to know ... Chexy recently raises $14M with Air Canada backing
https://www.fintech.ca/2026/03.....a-backing/

Norman1 on Chexy

Wed, 06 May 2026 23:14:26 -0700

Chexy doesn't need to make money on every transaction. They need to make money on average by charging 1¾%. Not every Mastercard transaction is against a World Legend MasterCard with the highest interchange rates.

Lots of businesses are like that. Hudson's Bay Company used to lose money 3/4 of each year. The money they made in the last quarter of the year more than covered the losses in the first three quarters.

savemoresaveoften on Chexy

Wed, 06 May 2026 22:19:02 -0700

TeraKaktos said
How does Chexy make money? Wouldn't it still often lose money especially on premium card cardholders with its surcharge charged to users that is lower than the highest card processing fees borne by merchants to the best of my knowledge?

just like all fintech, they don't make money at the get go. look at how much money youtube, whatsapp etc lost every quarter at the beginning, while offering a free to use product ! yet they survived and does well now (and they make money on their own, not just cuz they get bought out by stronger competitors)

TeraKaktos on Chexy

Wed, 06 May 2026 16:46:38 -0700

How does Chexy make money? Wouldn't it still often lose money especially on premium card cardholders with its surcharge charged to users that is lower than the highest card processing fees borne by merchants to the best of my knowledge?

TeraKaktos on Chexy

Wed, 06 May 2026 16:39:06 -0700

everhopeful said
[…]

The one instance I can see this being useful is if your Aeroplan points are about to expire, you can pay a small bill with this to preserve them for another year. (I really miss Home Hardware for doing this)

An easier (as in no registration for new service) alternative to the Chexy method for this use case if anyone is in that situation is to use Aeroplan eStore, which is an affiliate link portal to shop online normally at all of your favourite retailers, to get a few Aeroplan points on an online shopping transaction even if it is not an Aeroplan partner.

JohnnyCash on Wise Now Paying Interest on CAD USD EUR and GBP

Tue, 05 May 2026 06:53:00 -0700

Effective today, if you have a Wise multi-currency account that holds funds in CAD, USD, EUR, GBP, you can now opt-in to earn interest on your balances.

https://newsroom.wise.com/en-N.....in-canada/

momoneh on Chexy

Wed, 29 Apr 2026 16:31:26 -0700

Thanks, I was advised by support to call into Scotia to disable the verified by visa for the merchant.

hwyc on Chexy

Wed, 29 Apr 2026 08:13:05 -0700

Short answer … It didn't work until it worked!!

I have multiple attempts over the weekend up to Monday morning … even talked to Scotiabank customer service to no avail. After sending screenshots to Chexy to proof that my billing name and address entered matched the same on my CC statements, Chexy told me to turn on diagnostic steps on a Chrome browser and send them new screenshots. I did that Monday afternoon and it succeeded this time.

I know it's not the network. I tried thru their app on mobile data. I tried Firefox on Windows 10 from home ISP.

In hindsight, I don't really know the cause. It may be that the browser has to be Chrome. It may be simply the timing. But then I also added the EQ bank card over the weekend.

BTW, I think Momentum VI also has a name change over the weekend to VI plus

Hope this helps.

momoneh on Chexy

Wed, 29 Apr 2026 06:20:12 -0700

hwyc said
Onboarding with mobile was smooth but I had a glitch on adding my Scotia Momentum. Chexy support is fair but only chat-basis.

Hope this helps.

May I ask how you resolved the issue with the Scotia momentum? I can't seem to add it.

Briguy on Chexy

Wed, 29 Apr 2026 00:20:29 -0700

Also, Chexy now accepts Mastercards with the same 1.75% handling fee. So if you have Rogers/Fido/Shaw/Comwave ( not Chatr ) services and a Rogers Red credit card you can earn 3 percent cashback with using the Rogers CC through the Chexy site, if redeemed against your Rogers bill.

This may change since Rogers has introduced a new credit card with a fee, so they may downgrade their free cards in the future, so hop on the Chexy bandwagon with Rogers before it's too late !

hwyc on Chexy

Tue, 28 Apr 2026 23:28:19 -0700

Chexy newbie joining the conversation late!

They have a nice reward calculator here which shows the breakeven point based on your monthly spend and credit card charged.

I found out there is also an app launch promo on referrals … only in hindsight. It's enough to offset their transaction charge for someone who wants a tryout.

Limited-time offer until May 15, 2026: Refer a friend and earn $20 with the Chexy mobile app launch. To qualify, your friend must complete their payment by May 15, 2026.

Onboarding with mobile was smooth but I had a glitch on adding my Scotia Momentum. Chexy support is fair but only chat-basis.

Hope this helps.

GR on wfcu Credit Union - 6-months Savings Special 4.60%

Sun, 26 Apr 2026 13:07:42 -0700

This has been discussed in another thread here.

https://www.highinterestsaving.....arch-2026/

julio on wfcu Credit Union - 6-months Savings Special 4.60%

Sun, 26 Apr 2026 12:31:03 -0700

In order to get 4.60% you need to open one account and either pay $5. monthly or keep in it $1,000. and into the other account you'll have to have min $1,000. auto deposit, e.g. payroll, CPP... Offer ends 30-Apr-2026. Requires a brach visit. The Hamilton, ON, branch in closing in May 2026. So I was told by a call center rep. Coverage $250K.