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Meridian Credit Union vs Wealthsimple
A side-by-side comparison of ratings, customer experience, products, fees, and pros & cons to help you choose the right bank.
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Wealthsimple edges ahead on our overall rating (4.3 vs 3.9), but the right pick depends on which products and fees matter most to you.
Overview
Meridian Credit Union is the largest credit union in Ontario, describing itself as number three in size out of credit unions in Canada. The institution operates as a not-for-profit with 100% member ownership. Given its size, Meridian has a larger range of products compared to many other credit unions in the country. It does, however, lack some higher end services like private banking and a full insurance offering with universal life coverage. Both of which you can find through a major Canadian bank.
Meridian has a credit card selection with cashback, travel rewards, and USD cards. They exclusively offer Visa, with no option for Mastercard or American Express. Monthly banking fees come in below those of the biggest banks in Canada, with its most basic account about a dollar less per month in comparison. Digital banks, however, tend to have an edge with account fees. As is the same with interest rates. Meridian’s high-interest savings rates can be more competitive than some traditional bank savings accounts, though they fall behind some other Canadian credit unions and digital institutions.
Members of Meridian have access to investment accounts through the credit union and through Qtrade Direct Investing. The financial institution does not have its own full-service brokerage. They do provide financial planning, which isn’t always the case with credit unions.
Launching in 2014, Wealthsimple’s goal was “to use technology to give powerful financial tools to many.” Since then, the company has grown to have $124.8 billion in assets under administration and 3.4 million customers as of the end of Q1 2026.
While Wealthsimple began as a digital investment platform, it quickly expanded into banking, offering no-fee chequing accounts that pay interest on every dollar. It is uncommon to find a Canadian chequing account that pays interest, which is part of the reason why FinlyWealth rated the account highly at 4.8 out of 5. Though the institution does not have its own ATMs or branches, you can still deposit cash for your Wealthsimple account at Canada Post and receive reimbursement of any amount covering unlimited ATM fees worldwide. Banking and credit card customers also have access to the company’s spend insights tool, which tracks transactions and category spending.
Wealthsimple’s rewards support its strong rating. It has a competitive credit card offering with 2% in cashback rewards with a simple structure of flat earn rates across all categories. This differs from many institutions, which instead offer cashback on certain categories of spending only. While its credit cards are well-ranked, though few in number, its options for borrowing are limited. The institution has lines of credit, which you can take out against your portfolio, and they also provide mortgages through outside brokers.
Beyond traditional banking, Wealthsimple’s claim to fame is its investing platform, where it offers both managed portfolios and self-directed investments. The firm differentiates itself from the biggest banks in Canada by charging no commissions on DIY trading. Even its options platform has $0 commission on trades.
Today, the institution remains on the cutting edge, having become “Canada’s first regulated crypto platform” and making a recent announcement about soon providing access to the prediction markets through a mobile app called Wealthsimple Predict. Both of these initiatives are unique offerings for a financial institution in Canada.
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