Koho vs Wealthsimple Cash 2026: Honest Head-to-Head
TL;DR
Wealthsimple Cash is the simpler, higher-default-interest option with no subscription. Koho wins when you want partner-merchant cashback, a credit-building product, or a sub-account budgeting structure — at the cost of a paid tier.
Side-by-side comparison
| Feature | Koho | Wealthsimple Cash |
|---|---|---|
| Account fee | $0 base / $4–$19/mo for paid tiers | $0 |
| Interest rate | High rate on paid tiers + direct deposit | Flat high rate on full balance |
| Cashback (base) | 1% on groceries + transit | 1% (Premium/Generation) |
| Cashback (paid) | Up to 5% at partner merchants | 1% flat |
| e-Transfer fee | $0 | $0 |
| FX fee abroad | $0 on paid tiers | $0 |
| Card type | Prepaid Mastercard | Prepaid Visa |
| Credit building | Yes (paid add-on) | No |
| Deposit insurance | Peoples Trust (CDIC) | Partner banks (CDIC eligible) |
| Sub-accounts / budgeting | Yes — multiple goal accounts | No native sub-accounts |
Pick Koho if…
- You want partner-merchant cashback above the 1% mark
- You need a credit-building product without a chequeing-account credit card
- You like splitting money into named sub-accounts for budgeting
- You're willing to pay $4–$19/mo for a higher-tier feature set
Pick Wealthsimple Cash if…
- You want simple — one balance, one rate, no subscription decisions
- You already use Wealthsimple Trade or Invest (instant transfers between)
- You travel and want zero FX with minimal setup
- You want the highest no-strings interest rate in the market
The cashback math most reviews skip
Koho's 5% partner cashback only beats Wealthsimple's 1% flat if your partner-merchant spend exceeds the cost of the paid plan. At Koho Essential ($4/mo = $48/year), you need ≥ $1,200/year in partner spend to break even versus 1% flat cashback at Wealthsimple. At Koho Extra ($9/mo = $108/year), you need ≥ $2,700/year. Run the numbers on your actual spend before subscribing.
Related guides
Sources: Koho and Wealthsimple official product pages, CDIC member registry, Peoples Trust disclosure. We do not accept referrals from either company. Last reviewed: April 22, 2026.
Editorial disclaimer
This article is published by LoonieLabs for general information only. It is not financial, tax, legal, accounting, or immigration advice and must not be relied on as such. Rules, dollar figures, interest rates, and program eligibility change — always verify with the Canada Revenue Agency, IRCC, or a qualified professional before acting. Spotted an error? See our corrections policy. Last reviewed: April 22, 2026.
Frequently Asked Questions
Written and reviewed by Shrey Patel — Founder & Editor-in-Chief
Winnipeg, MB · Figures cross-checked against official banking & credit sources · Last reviewed April 22, 2026 · LinkedIn
Founder of LoonieLabs · based in Winnipeg, MB · writes and reviews every page on the site I oversee every figure on this page personally — verified against primary sources (CRA, IRCC, Statistics Canada, the Bank of Canada, or the originating provincial ministry). LoonieLabs has no affiliate relationships with any bank, credit card, or immigration consultant featured on this site. Spotted a mistake? Tell us.
Published by LoonieLabs.