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.
| Tangerine | Wealthsimple Cash | |
|---|---|---|
| Signup Bonus | None (occasional promo rates) | None (stock bonus for investing accounts) |
| Monthly Fee | $0 | $0 |
| Cash Back | 2% in 2 chosen categories | None (base plan) |
| Credit Check | Soft check for savings, hard check for credit card | No credit check |
| Savings Interest | 0.10% standard (promos to 5%+) | 3.50%+ for premium users |
| Credit Building | Yes — via Tangerine credit card | No |
| Mobile App | ⭐⭐⭐⭐ (4.1 App Store) | ⭐⭐⭐⭐½ (4.5 App Store) |
| CDIC Protected | Yes — CDIC member | Yes — CDIC member |
Deep Dive
The key strengths and weaknesses of each account.
Our Verdict
Both Tangerine and Wealthsimple Cash have their strengths. Tangerine is the better fit for most Canadians, but your choice depends on your specific needs.
Get Started
Compare both options and claim any available signup bonuses below.
FAQ
It depends on what you need. Tangerine (Online bank from Scotiabank with no monthly fees) vs Wealthsimple Cash (Cash account with investing integration). For a signup bonus, Tangerine offers None (occasional promo rates) while Wealthsimple Cash offers None (stock bonus for investing accounts). For monthly fees, Tangerine charges $0 vs Wealthsimple Cash's $0. See the full comparison table above for a complete breakdown.
Tangerine signup bonus: None (occasional promo rates). 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.
Tangerine: Yes — CDIC member. 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 Tangerine and Wealthsimple Cash to take advantage of each account's best features.
Tangerine monthly fee: $0. Wealthsimple Cash monthly fee: $0. Monthly fees are one of the biggest differences between accounts — even $15/month adds up to $180/year.
Tangerine cash back: 2% in 2 chosen categories. 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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