KOHO Financial vs Wealthsimple

Item: KOHO Financial
Rating: 4.2

A side-by-side comparison of ratings, customer experience, products, fees, and pros & cons to help you choose the right bank.

VS

KOHO Financial

4.2

Open account Read full review

Wealthsimple

4.3

Open account Read full review

Wealthsimple edges ahead on our overall rating (4.3 vs 4.2), but the right pick depends on which products and fees matter most to you.

Overview

Top chequing accounts

KOHO Financial has no chequing account listed.

Wealthsimple Chequing

4.6 Our rating

OPEN ACCOUNT

on Wealthsimple's website

Welcome Bonus

$25 bonus when you sign up and fund at least $1*

Regular Interest

Up to 2.25%

Monthly Fee

$0

Account Type

Chequing • Personal

Welcome Bonus Details

New to Wealthsimple? We'll give you a $25 cash bonus when you open your first Wealthsimple account through this page and fund at least $1 within 30 days*

Highlights

CHEQUING & SAVINGS:

For everyday spending and saving

Some accounts are good for parking and growing your money, while others are good for avoiding fees and restrictions. Wealthsimple chequing accounts are great for all of those things.

Interest rates starting at 1.25% (up to 2.25%)²
No minimums, monthly fees, or overdraft penalties
No ATM fees or Foreign Transaction (FX) fees^4,5
Access to 60,000 ATMs across the country
Third-party ATM fee reimbursements without limits⁴
Unlimited free Interac e-Transfers^®, bill payments, and debit transaction
0.5% interest boost (up to 2.25% total) when you set up eligible direct deposits⁶
Up to $1 million in CDIC deposit insurance coverage on eligible CAD deposits⁷
Up to eight individual and eight joint accounts to help organize your money for different goals like vacations, emergency fund, etc.

Account Fees

Monthly Fee

$0

eStatement

Included

Transactions

Unlimited free

Interac e-Transfers

Unlimited free

ATM Fees

Own Network

$0

Canadian ATMs

$0

USA

$0

International

$0

International & Currency

Foreign Currency Conversion

0%

Other Fees

NSF (Non-sufficient Funds)

$0

Overdraft Interest

0% annually (if used)

Bank Draft

$10

Top savings account

Top credit card

All products offered

6 products

Savings

KOHO Core Plan

KOHO Extra Plan

KOHO Everything Plan

Credit cards

KOHO Core Mastercard

KOHO Extra Mastercard

KOHO Everything Mastercard

5 products

Savings

Wealthsimple Savings

Chequing

Wealthsimple Chequing

Credit cards

Wealthsimple Prepaid Mastercard

Wealthsimple Visa Infinite Privilege*

Open KOHO Financial account Open Wealthsimple account

Compare KOHO with other banks

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KOHO vs Desjardins

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KOHO vs Manulife Bank of Canada

KOHO vs Meridian

KOHO vs National Bank

KOHO vs Neo

KOHO vs RBC

KOHO vs Simplii Financial™

KOHO vs Tangerine

KOHO vs TD

Compare Wealthsimple with other banks

Wealthsimple vs ATB

Wealthsimple vs BMO

Wealthsimple vs Scotiabank

Wealthsimple vs CIBC

Wealthsimple vs Desjardins

Wealthsimple vs EQ

Wealthsimple vs Manulife Bank of Canada

Wealthsimple vs Meridian

Wealthsimple vs National Bank

Wealthsimple vs Neo

Wealthsimple vs RBC

Wealthsimple vs Simplii Financial™

Wealthsimple vs Tangerine

Wealthsimple vs TD

Since its founding in 2014, fintech company KOHO Financial Inc. has developed under the motto “no hidden fees, no fine print, no catch.” Its product offering is narrow, though full of valuable choices. For example, FinlyWealth rated the KOHO Essential Plan at 4.9 stars out of 5, naming it as the best for cash back. Meanwhile, these cash back rewards are available on all plans, as is interest, starting at a rate of 2% for the Essential plan. Considering the most basic plan comes at a low monthly cost, it’s an impressive selling point. The company also allows you to directly purchase cryptocurrencies.

One of the drawbacks of the fintech is that it does not provide the same benefits and products as a full-service bank. It doesn’t, for example, have mortgages or a complete loan offering. Instead, its lending platform limits the options to just cash advances, lines of credit, and pay later plans. It also has no in-person services, so it requires all customers to be comfortable with digital banking.

Launching in 2014, Wealthsimple’s goal was “to use technology to give powerful financial tools to many.” Since then, the company has grown to have $124.8 billion in assets under administration and 3.4 million customers as of the end of Q1 2026.

While Wealthsimple began as a digital investment platform, it quickly expanded into banking, offering no-fee chequing accounts that pay interest on every dollar. It is uncommon to find a Canadian chequing account that pays interest, which is part of the reason why FinlyWealth rated the account highly at 4.8 out of 5. Though the institution does not have its own ATMs or branches, you can still deposit cash for your Wealthsimple account at Canada Post and receive reimbursement of any amount covering unlimited ATM fees worldwide. Banking and credit card customers also have access to the company’s spend insights tool, which tracks transactions and category spending.

Wealthsimple’s rewards support its strong rating. It has a competitive credit card offering with 2% in cashback rewards with a simple structure of flat earn rates across all categories. This differs from many institutions, which instead offer cashback on certain categories of spending only. While its credit cards are well-ranked, though few in number, its options for borrowing are limited. The institution has lines of credit, which you can take out against your portfolio, and they also provide mortgages through outside brokers.

Beyond traditional banking, Wealthsimple’s claim to fame is its investing platform, where it offers both managed portfolios and self-directed investments. The firm differentiates itself from the biggest banks in Canada by charging no commissions on DIY trading. Even its options platform has $0 commission on trades.

Today, the institution remains on the cutting edge, having become “Canada’s first regulated crypto platform” and making a recent announcement about soon providing access to the prediction markets through a mobile app called Wealthsimple Predict. Both of these initiatives are unique offerings for a financial institution in Canada.

Overall rating

4.2

4.3

Customer experience

3.8

3.5

Best for

Digital users looking for a fintech that combines spending, saving, cash back and budgeting tools.

Canadians who want a digital-first financial platform that combines no-monthly-fee banking with $0 commission stock and ETF trading.

Pros & cons

Pros

Competitive interest rates depending on the plan
Ability to waive monthly fees with a minimum balance requirement
Cash back benefits available on all plans
Access to “thousands” of no-fee ATMs using partners
Provides budgeting tools
Digital-first experience with spending, saving, borrowing and credit-building options all available in its app

Cons

No traditional chequing accounts or investment options
Does not offer mortgages
Does not operate a full-service bank, limiting the products and in-person services available
No deposit insurance coverage from the Canada Deposit Insurance Corporation (CDIC)
Best rates and perks are reserved for higher-level plans

Pros

No-fee chequing account with unlimited transactions
Chequing account earns interest on every dollar
Strong digital investing platform
No minimum balance requirements (interest rates instead increase for those with a higher relationship balance)
Offers both self-directed trading and managed portfolios
$0 commission on stocks and ETF trades, making it more affordable than traditional banks
Cash deposits available through Canada Post
Unlimited reimbursements on ATM fees worldwide which improves access for banking customers
No foreign transaction fee on its credit card
Continuous innovation and rollout of new services
Ability to buy, sell and earn cryptocurrencies on its platform
Cashback earnings can go to any eligible Wealthsimple account

Cons

Best for: No fee cash back

KOHO Core Plan

4.9 Our rating

GET OFFER

on KOHO's website

Exclusive · From FinlyWealth$75 rebate

+ New clients can earn 10% cash back* using promo code FW10C26

Welcome Bonus

New clients can earn 10% cash back* using promo code FW10C26

Regular Interest

2%

Monthly Fee

$0

Welcome Bonus Details

New KOHO clients can earn 10% cash back in the first 3 months (up to $1,000 in eligible spending, max $100 value)*
Use promo code FW10C26

Highlights

With the KOHO Core Account, members receive:

$0/month, with no conditions, direct deposit requirement, or minimum balance
2% interest earned on their balance
1% unlimited cash back on groceries, transportation, food & drinks
Up to 6.5% extra cash back at selected merchants
Cash advance of up to $500* at 0% interest with Cover
Unlimited transactions
Free instant e-transfers
International money transfers to 190+ countries
Free credit score monitoring
Free Secured Credit Building
Instant virtual card

*Terms and conditions apply.

Pros & Cons

Pros

Interest on balance
No annual fee
Select merchant optimization
Unlimited transactions and e-transfers
International money transfers
Free 30-day trial

Cons

Limited and low cash back
No physical branch access
ATM fees

Wealthsimple Savings

4.6 Our rating

OPEN ACCOUNT

on Wealthsimple's website

Welcome Bonus

$25 bonus when you sign up and fund at least $1*

Regular Interest

Up to 2.25%

Monthly Fee

$0

Welcome Bonus Details

New to Wealthsimple? We'll give you a $25 cash bonus when you open your first Wealthsimple account through this page and fund at least $1 within 30 days*

Highlights

CHEQUING & SAVINGS:

For everyday spending and saving

Some accounts are good for parking and growing your money, while others are good for avoiding fees and restrictions. Wealthsimple chequing accounts are great for all of those things.

Interest rates starting at 1.25% (up to 2.25%)²
No minimums, monthly fees, or overdraft penalties
No ATM fees or Foreign Transaction (FX) fees^4,5
Access to 60,000 ATMs across the country
Third-party ATM fee reimbursements without limits⁴
Unlimited free Interac e-Transfers^®, bill payments, and debit transaction
0.5% interest boost (up to 2.25% total) when you set up eligible direct deposits⁶
Up to $1 million in CDIC deposit insurance coverage on eligible CAD deposits⁷
Up to eight individual and eight joint accounts to help organize your money for different goals like vacations, emergency fund, etc.

4.9

on KOHO's website

Exclusive · From FinlyWealth$75 rebate

Finly Special Offer

Welcome Bonus

New clients can earn 10% cash back* using promo code FW10C26

Rewards Rate

0% - 6.5%

Cash Back

Annual Fee

$0

Interest Rates

N/A / N/A

RECOMMENDED CREDIT SCORE

300⁎

Poor

560⁎

Fair

660⁎

Good

725⁎

Very Good

760⁎

Excellent

⁎Estimates based on Equifax scoring

Get your free credit score

Our Rating

4.9/5

The KOHO Core Mastercard is a great base-tier option for those who want to collect cash back and build credit with KOHO; all for no monthly fee. Unlock rewards on common purchases, earn interest on your balance, and tap into credit monitoring and secured credit building.

Pros & Cons

Pros

No credit check
Interest on balance
No annual fee
Secured credit building
Unlimited e-transfers

Cons

Low purchase reward rate
Limited benefits

Card Details

Rewards

1% cash back on groceries, eating and drinking, and transportation
2% interest on your entire balance
Up to 6.5% extra cash back at selected merchants

Benefits

Details

Unlimited e-Transfers
Interest on Balance
2% interest
Secured Credit Building
Free

Eligibility

Credit Score
Poor
Annual Income
N/A

Wealthsimple Visa Infinite Privilege*

4.4

Finly Rating

APPLY NOW

on Wealthsimple's website

Welcome Bonus

Get 5% cash back for the first 30 days (1)

Rewards Rate

2%

Cash Back

Annual Fee

See Rates

Interest Rates

20.99%* / 22.99%*

RECOMMENDED CREDIT SCORE

300

Poor

560

Fair

660⁎

Good

725⁎

Very Good

760⁎

Excellent

⁎Estimates based on Equifax scoring

Get your free credit score

Our Rating

4.4/5

The Wealthsimple Cash Back Visa Infinite Privilege offers a no-FX-fee spending solution with a conditional no-fee setup that earns 2% cash back on all purchases without any limits! It's currently the ONLY Visa Infinite Privilege card with an annual fee that can be completely waived. It also lets you grow your rewards—as you can deposit your cashback whenever you want in a high-interest chequing account. Its simplicity and flexibility make it ideal for many Canadians.

Pros & Cons

Pros

Decent cashback
No premium client annual fee
No foreign transaction fees
Solid insurance
Airport lounge access

Cons

High annual fee
High income requirements

Card Details

Rewards

2% cash back on all eligible purchases, no limits.

Insurance

Coverage

Mobile Device Insurance
$1,000
Purchase Protection
90 days
Extended Warranty
1 year
Travel Medical Insurance (64 & under)^*
14 days up to $2M (under age 65)
Trip Cancellation^*
$1,500/person ($5,000 per trip)
Trip Interruption^*
$1,500/person ($5,000 per trip)
Baggage Delay^*
$1,000 ($1,250 combined with Lost or Stolen Baggage coverage)*
Lost or Stolen Baggage^*
$1,000 ($1,250 combined with Baggage Delay coverage)
Car Rental Damage & Theft^*
31 days, $65K car MSRP

Benefits

Details

No Foreign Transaction Fees^*
Avoid FX fees when you travel abroad
Visa Infinite Exclusive Benefits^*
Airport Lounge - Dragon Pass^*
6 complimentary visits

Eligibility

Credit Score
Good
Annual Income
$150,000 personal or $200,000 household

Wealthsimple Visa Infinite +*

Overdraft protection is only available if you link it to your portfolio and is unavailable for joint chequing and USD accounts
No dedicated ATMs
Mortgages available through partners only, not in-house
No broad insurance offering, unlike some full-service institutions
No branches available for in-person service
Trend of customer service complaints
Customer criticism regarding locked or frozen accounts
Reports of intermittent outages