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Email this7:25 am
July 9, 2020
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Wise just started offering everyday banking services in Canada. They offer CDIC protection and are a Payment Service Provider. Their current HISA rate is 2.22%.
With a very impressive USD account interest rate: 3.14%. Plus a EUR and GBT...but I'm getting off the topic of this post.
Let's add them to the HISA Chart! Here's to hoping it'll help move change in Canada.
11:32 pm
April 9, 2013
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Just adding my 2cents worth for anyone who cares.
Wise is a fintech not a bank, therefore, any deposits won't be directly CDIC insured. "Because fintechs are not members, we do not protect your funds held by a fintech unless they place them as eligible deposits with a CDIC member institution. Even then, they must be in an account in your name or in a trust account where you are named as beneficiary. Only then are those funds eligible for CDIC protection against the failure of the member institution that holds your funds."
A similar set-up in the US imploded a few mo's back where the fintech fraudulently didn't deposit with a FDIC-insured FI as they said they would, just like Wise has stated & there's no way to verify that they have. Wise up...pun intended!
