KOHO and Wealthsimple Cash are two of Canada's most popular no-fee fintech accounts. Both offer a prepaid Visa, savings interest, and no monthly fees. But they're built for different types of users. This guide compares them head-to-head to help you decide which is right for you — or whether to use both.
| Feature | KOHO | Wealthsimple Cash |
|---|---|---|
| Monthly fee | $0 (base plan) | $0 |
| Card type | Prepaid Visa | Prepaid Visa |
| Cash back (free plan) | 1% groceries & transit | 1% all purchases |
| Savings interest | Competitive rate | Competitive rate |
| Foreign transaction fee | 0% (paid plans) | 0% |
| Credit check | None | None |
| Deposit insurance | CDIC via Peoples Bank | CDIC via partner banks |
| Budgeting tools | Yes — detailed | Basic |
| Credit building | Yes (KOHO Cover) | No |
| Investing integration | No | Yes — seamless |
| Instant invest transfers | No | Yes |
| Joint accounts | Limited | Yes |
| Paid upgrades | Yes ($9–$19/mo) | Wealthsimple Premium tiers |
Wealthsimple Cash earns 1% cash back on all purchases with no restrictions. KOHO's free plan earns 1% only on groceries and transportation — other spending earns nothing unless you upgrade to a paid plan. For broad everyday spending (restaurants, clothing, online shopping), Wealthsimple Cash's flat 1% is better on the free tier.
However, KOHO's paid plans (starting at $9/month) unlock 2% on groceries, dining, and transit — which can easily outpace Wealthsimple Cash's 1% for heavy spenders in those categories.
Both accounts earn competitive interest on your balance. Neither is consistently higher than the other — rates fluctuate. For the highest savings rates in Canada, both trail EQ Bank's standard rate. Use either account for spending and move larger savings to EQ Bank.
KOHO's budgeting and spending categorization tools are more developed. You can set spending limits by category, track trends over time, and get alerts when you're approaching limits. Wealthsimple Cash offers basic spending history but lacks KOHO's detailed budgeting layer.
KOHO offers a credit building subscription (KOHO Cover) that reports on-time payments to Equifax and TransUnion. This is valuable for newcomers to Canada, students, and anyone working to build or rebuild their credit score. Wealthsimple Cash has no credit building feature.
Wealthsimple Cash's strongest advantage is its seamless integration with Wealthsimple's investing platform. You can move money from your Cash account to your RRSP, TFSA, or stock portfolio instantly — no inter-bank transfer delays. If you actively invest through Wealthsimple, this integration is genuinely valuable.
Wealthsimple Cash charges zero foreign transaction fees on all purchases. KOHO's free plan includes foreign transaction fees — you need to upgrade to KOHO Everything ($19/month) to eliminate them. For travel or international online shopping, Wealthsimple Cash is better at the free tier.
KOHO offers free banking with no monthly fees, no minimum balance, and no credit check. Available to all Canadians. Use code 45ET55JSYA for a bonus when you sign up — it takes just minutes to open online.
Open KOHO Free — Use Code 45ET55JSYAKOHO wins for standalone everyday banking, budgeting, and credit building. Wealthsimple Cash wins for Wealthsimple investors and international spending. For most Canadians, KOHO is the better primary account. If you already use Wealthsimple to invest, adding Wealthsimple Cash costs nothing and adds useful functionality.