Neo vs Koho vs Wealthsimple Cash 2026: The No-Fee Account Showdown
The 30-second answer
Wealthsimple Cash is still the best all-around no-fee account in Canada — debit card, e-Transfers, easiest onboarding — even though its free Core tier no longer leads on interest. Koho Everything wins on raw yield + perks if the paid tier's fee works for your balance. Neo Money wins only if you already use the Neo Credit card.
Side-by-side comparison
| Feature | Wealthsimple Cash | Neo Money | Koho Earn Interest |
|---|---|---|---|
| Free-tier interest | 1.25% (Core) | 2.25% | 2.00% (Essential) |
| Top paid/qualifying tier | 2.25% (Generation, $500K+) | N/A | 3.50% (Everything) |
| Monthly fee (free tier) | $0 | $0 | $0 |
| Debit card | Yes (virtual + physical) | No (savings only) | Yes (virtual + physical) |
| Free outgoing e-Transfer | Unlimited | Not supported | Unlimited |
| Direct deposit (payroll) | Yes | Yes (incoming) | Yes |
| Cashback on debit | Up to 1% rotating | N/A | 1–2% (higher on Extra/Everything) |
| Credit-building feature | No | No | Yes ($7/mo Credit Building) |
| CDIC coverage | Yes ($100K/category) | Yes ($100K/category) | Yes ($100K/category) |
1. Wealthsimple Cash — best all-rounder
Wealthsimple Cash's free Core tier pays 1.25% — no longer the highest of the three — but it still gives you a real debit card and free Interac e-Transfers in and out on every tier. It's effectively a no-fee chequing account that pays you to keep your paycheque parked. Premium (1.75%, $100K+ across Wealthsimple) and Generation (2.25%, $500K+) push the rate higher without a monthly fee, just an asset threshold.
Full deep-dive: Wealthsimple Cash Review 2026.
2. Koho — best for credit building + maximum yield
Koho's free Essential tier pays 2.00%, ahead of Wealthsimple's free Core tier. Extra steps that up to 2.50%, and Everything reaches 3.50% — the highest rate of the three, on a paid plan. Add the optional Credit Building feature and you have a fintech package that competes with every Big Six bundle. Makes sense for newcomers and people rebuilding credit.
Full reviews: Koho Review 2026 · Koho vs EQ Bank 2026.
3. Neo Money — best if you're already in the Neo ecosystem
Neo Money pays a flat 2.25% with no fees and CDIC coverage — ahead of Wealthsimple's free Core tier and tied with its top Generation tier — but it's a savings-only account: no debit card, no outgoing e-Transfer. If you already use the Neo Credit Mastercard, it's a tidy stack: spending on credit, parking on Neo Money, all in one app. Outside that ecosystem, Wealthsimple Cash or Koho cover more day-to-day use cases.
Full deep-dive: Neo Money Account Review 2026.
What about taxes?
Interest from any of these is fully taxable as ordinary income. On a $20,000 balance:
- Wealthsimple Cash Core 1.25% → $250/year → ~$142 after a 43% combined rate
- Neo Money 2.25% → $450/year → ~$257 after tax
- Koho Everything 3.50% → $700/year → ~$399 after tax (before any Everything-plan monthly fee)
Run your own numbers in the income tax calculator. To shelter the interest, hold cash inside a TFSA or FHSA.
The verdict
- Pick Wealthsimple Cash if you want one no-fee account that does everything — chequing, savings, debit, e-Transfers — with the easiest onboarding, even at a lower free-tier rate.
- Pick Koho Everything if you want maximum yield + cashback + credit building and the paid tier's fee makes sense for your balance.
- Pick Neo Money if you already own a Neo Credit card and want everything in one app.
Related guides
- All HISA rates in Canada (live)
- Credit card comparison tool
- Best banks for international students 2026
Not financial advice. Rates, fees, and features can change at any time. Verify on each provider's official site before signing up. We do not accept referral commissions. Last reviewed: July 11, 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: July 11, 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 July 11, 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.
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