Two of Canada's most popular fintech accounts go head-to-head. We compare fees, cashback, savings rates, credit building, and investing to help you pick the right one.
| Feature | KOHO (Extra) | KOHO (Everything) | Wealthsimple Cash |
|---|---|---|---|
| Monthly Fee | $9/mo | $19/mo | Free–$3/mo |
| Cashback on Groceries | 2% | 6% | 1% |
| Cashback Everywhere | — | 2% | 1% |
| Savings Interest | 4% | 5% | ~3–4% |
| Sign-up Bonus | $100 (code 45ET55JSYA) | $100 (code 45ET55JSYA) | None |
| Free e-Transfers | ✓ Unlimited | ✓ Unlimited | ✓ Unlimited |
| Credit Building | Add-on ($7–10/mo) | ✓ Included | ✗ |
| Free Credit Score | ✓ Equifax | ✓ Equifax | ✗ |
| Investing Integration | ✗ | ✗ | ✓ Full platform |
| CDIC Insurance | ✓ | ✓ | CIPF (not CDIC) |
| No FX Fees | ✗ | ✓ | ✓ (Premium) |
| Credit Card | Prepaid only | Prepaid only | Prepaid only |
KOHO beats Wealthsimple Cash on cashback, credit building, and sign-up bonus. Use our exclusive code for $100 cash.
KOHO is significantly better for cashback. KOHO Extra offers 2% on groceries and transport; KOHO Everything offers 6% on groceries, transport, and dining, plus 2% on everything else. Wealthsimple Cash offers a flat 1% on all purchases. For most Canadians with significant grocery spending, KOHO generates more cashback.
KOHO Everything offers approximately 5% annual interest, while KOHO Extra offers ~4%. Wealthsimple Cash offers approximately 3–4% depending on your tier. KOHO Everything has a slight edge on savings rates. Both rates are variable and subject to change, so always verify current rates in each app.
No. Wealthsimple Cash does not currently offer a cash sign-up bonus comparable to KOHO's $100 offer. KOHO's $100 bonus (use code 45ET55JSYA) is a significant advantage, especially for new users. The $100 cash is deposited in your account after completing qualifying activities.
Yes, many Canadians use both. A common strategy is to use KOHO Everything for all day-to-day spending (to earn 6% on groceries/dining) while keeping money in Wealthsimple Cash as a bridge to Wealthsimple Invest. There's no rule against having both accounts.
Wealthsimple Cash is covered by CIPF (Canadian Investor Protection Fund), which protects against firm insolvency up to $1 million. It is NOT covered by CDIC deposit insurance. KOHO deposits are CDIC insured via Peoples Bank of Canada (up to $100,000). For traditional deposit insurance specifically, KOHO has the advantage.
KOHO is generally better for newcomers to Canada. KOHO requires no credit check, offers credit building tools that help establish a Canadian credit history, includes a free Equifax credit score, and provides a $100 sign-up bonus. KOHO also has specific newcomer resources and features designed for new Canadians. Wealthsimple Cash doesn't offer credit building features.