Is KOHO or Wealthsimple Cash better for cashback?
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.
Which has a better savings interest rate — KOHO or Wealthsimple?
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.
Does Wealthsimple Cash offer a sign-up bonus like KOHO?
No. Wealthsimple Cash does not currently offer a cash sign-up bonus comparable to KOHO's $100 offer. KOHO's $40 sign-up bonus (use code BREMO2026) is a significant advantage, especially for new users. The $100 cash is deposited in your account after completing qualifying activities.
Can I use both KOHO and Wealthsimple Cash at the same time?
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.
Is Wealthsimple Cash CDIC insured?
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.
Which is better for newcomers to Canada — KOHO or Wealthsimple?
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.