The Globe and Mail reports in its Thursday edition that the big banks are supermarkets selling chequing and savings accounts, mortgages, lines of credit, and investments. The Globe's Rob Carrick writes that in contrast, Wealthsimple comes across like a higher-end retailing experience where all these services interlock in ways that reward loyal clients. The more business you do with the company, the more you receive in interest and the less you pay in fees. The Wealthsimple credit-card offers unlimited 2-per-cent cash back at a monthly fee of $10, but that fee falls to zero if you have $100,000 or more with the company or you set up direct deposits of paycheques totalling $4,000 or more a month. The card also offers zero foreign-exchange fees, compared with the usual 2.5 per cent charged by other cards on purchases outside Canada. The Wealthsimple line of credit, set to arrive by year's end, will let you instantly borrow at rates as low as 4.45 per cent. The amount you can borrow is tied to your level of savings and investments with the company. Wealthsimple is not waiting for the federal government to introduce rules for open banking. It is ramming innovations through at a rate that exceeds what big banks do in 10 years.