KOHO vs Wealthsimple Cash 2025: Which Is Better?

Updated March 2025. KOHO and Wealthsimple Cash are both modern, app-based banking alternatives in Canada. KOHO focuses on everyday spending and budgeting. Wealthsimple Cash is the spending arm of Wealthsimple's broader financial ecosystem. Here's how they compare.

Our Pick: KOHO

KOHO offers $0 monthly fees, cash back on groceries and gas, credit building, and budgeting tools. Use code 45ET55JSYA for a sign-up bonus.

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KOHO vs Wealthsimple Cash: Quick Comparison

Feature	KOHO	Wealthsimple Cash
Monthly Fee	$0	$0
Cash Back (debit)	1–2% groceries/gas	1% on all purchases (premium)
Interest on Deposits	~0.5%	~3.0–4.0% (with premium)
Credit Building	Yes	No
Budgeting Tools	Yes	Basic
Investment Integration	No	Full (Wealthsimple Invest)
TFSA/RRSP	No	Yes (via Wealthsimple)
Instant Notifications	Yes	Yes
P2P Transfers	Yes	Yes (via @handle)

Cash Back: KOHO vs Wealthsimple

KOHO: Earns 1% automatically on groceries and transport on the free plan. Upgrade to KOHO Extra ($9/month) for 2% on groceries, dining, and transport. Cash back is automatic and credited monthly.

Wealthsimple Cash: The free tier does not earn cash back on purchases. Wealthsimple Premium ($10/month) includes 1% back on all purchases — a broad earn rate with no category restrictions.

For grocery-heavy spending, KOHO's 2% (with Extra) beats Wealthsimple Premium's flat 1%. For non-grocery spending, Wealthsimple's flat rate can be competitive.

Interest Rates

Product	KOHO	Wealthsimple Cash
Standard Savings	~0.5%	~3.0%
Premium Savings	N/A	~4.0% (Premium members)

Wealthsimple Cash earns significantly higher interest on deposits than KOHO, especially for Premium members. If you keep significant balances in your spending account, Wealthsimple Cash earns more.

Investment Ecosystem: Wealthsimple's Major Advantage

Wealthsimple Cash is part of a complete financial ecosystem:

Wealthsimple Invest: Robo-advisor for hands-off investing
Wealthsimple Trade: Commission-free stock and ETF trading
Wealthsimple Crypto: Buy and sell Bitcoin, Ethereum, and more
Wealthsimple Tax: Free tax filing software

All integrated in one app. KOHO has no investment capabilities.

KOHO's Unique Advantages

Credit Building: Wealthsimple Cash does not offer credit building. KOHO's Credit Building add-on is unique.
Spending Analytics: KOHO has more detailed spending breakdowns and budgeting tools.
Vaults: KOHO's goal-saving Vaults are more developed than Wealthsimple's equivalent.

P2P Transfers

Both apps allow free peer-to-peer money transfers. Wealthsimple Cash uses @handles for easy sending, similar to Venmo. KOHO uses Interac e-Transfer. Wealthsimple's system is slightly more seamless for sending money to other Wealthsimple users.

Who Should Choose KOHO?

Canadians building or rebuilding credit
Those who want detailed spending analytics and budgeting
People who spend heavily on groceries (2% cash back with Extra)
Anyone not already using Wealthsimple for investing

Who Should Choose Wealthsimple Cash?

Existing Wealthsimple users who want everything in one app
Those who want higher interest on their spending account balance
Investors who want seamless transfer between spending and investing
Flat-rate 1% cash back on all purchases (with Premium)

Our Pick: KOHO — For dedicated spending management, cash back, and credit building, KOHO is the better standalone tool. If you're already invested in the Wealthsimple ecosystem, Wealthsimple Cash makes sense as a complement. Use KOHO code 45ET55JSYA to get started.

Information current as of March 2025. Features and rates for both apps update frequently. Verify directly with KOHO and Wealthsimple.