A full breakdown of fees, bonuses, cash back, savings rates, and which account wins for Canadian residents.
Side-by-Side
Every major feature compared. Green cells indicate the better value.
| KOHO | Wealthsimple Cash | |
|---|---|---|
| Signup Bonus | $80 free cash (code 45ET55JSYA) | None (stock bonus for investing accounts) |
| Monthly Fee | $0 (free plan) | $0 |
| Cash Back | Up to 5% on purchases | None (base plan) |
| Credit Check | No hard credit check | No credit check |
| Savings Interest | Up to 5% (premium plans) | 3.50%+ for premium users |
| Credit Building | Yes — optional credit building feature | No |
| Mobile App | ⭐⭐⭐⭐⭐ (4.8 App Store) | ⭐⭐⭐⭐½ (4.5 App Store) |
| CDIC Protected | Yes — via Peoples Trust | Yes — CDIC member |
Deep Dive
The key strengths and weaknesses of each account.
Our Verdict
KOHO takes the overall edge thanks to a bigger signup bonus and no monthly fees.
Get Started
Compare both options and claim any available signup bonuses below.
FAQ
It depends on what you need. KOHO (No-fee prepaid Visa with $80 signup bonus) vs Wealthsimple Cash (Cash account with investing integration). For a signup bonus, KOHO offers $80 free cash (code 45ET55JSYA) while Wealthsimple Cash offers None (stock bonus for investing accounts). For monthly fees, KOHO charges $0 (free plan) vs Wealthsimple Cash's $0. See the full comparison table above for a complete breakdown.
KOHO signup bonus: $80 free cash (code 45ET55JSYA). Wealthsimple Cash signup bonus: None (stock bonus for investing accounts). If neither offers a cash bonus, consider also opening KOHO (code 45ET55JSYA for $80 free) or Neo Financial (code J4C9H3K5 for $50 free) — the two biggest free bonuses available to Canadians right now.
KOHO: Yes — via Peoples Trust. Wealthsimple Cash: Yes — CDIC member. CDIC coverage protects deposits up to $100,000 per category at member institutions. Always verify current coverage details on the CDIC website.
Yes — there is no rule preventing Canadians from holding multiple bank accounts simultaneously. Many people keep one account for savings and another for spending. You can open both KOHO and Wealthsimple Cash to take advantage of each account's best features.
KOHO monthly fee: $0 (free plan). Wealthsimple Cash monthly fee: $0. Monthly fees are one of the biggest differences between accounts — even $15/month adds up to $180/year.
KOHO cash back: Up to 5% on purchases. Wealthsimple Cash cash back: None (base plan). Cash back rates can vary significantly depending on spending categories. Check each bank's current promotions as rates change.
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