KOHO, Wealthsimple Cash, and Neo Financial are the three leading Canadian fintech spending accounts, and each takes a genuinely different approach to earning you money on everyday purchases. KOHO combines flat-rate cashback, budgeting tools, and a credit-building feature into a tiered plan structure. Wealthsimple Cash offers a single free account with 1% cashback on everything — simple, no decisions required. Neo Financial anchors on partner cashback rates of up to 15% at its network of 10,000+ Canadian retailers, with a lower base rate on general spending.
None of the three is a complete bank replacement. All three accept payroll direct deposit and Interac e-Transfers, but none supports cash deposits, cheques, or registered accounts (RRSP, TFSA, FHSA). Most Canadians use one of these cards alongside a no-fee chequing account at a bank or credit union — the fintech card handles everyday spending and cashback, the bank account handles everything else.
The right choice depends almost entirely on your spending patterns. If your spending is concentrated at specific retailers that happen to be Neo partners, Neo’s elevated rates win. If you want predictable flat-rate cashback with no partner hunting, KOHO’s paid plans or Wealthsimple Cash’s free 1% are simpler. If building credit is a priority, KOHO is the only option with bureau reporting.
Feature Comparison
| Feature | KOHO | Wealthsimple Cash | Neo Financial |
|---|---|---|---|
| Monthly fee (base) | $0 | $0 | $0 |
| Card type | Prepaid Mastercard | Prepaid Visa | Prepaid Mastercard |
| Cashback (base) | 0.5% | 1% | 0.5% |
| Cashback (best paid plan) | 2% (Premium, $19/mo) | 1% (no paid tiers) | Up to 15% at partners |
| Partner cashback | Up to 10% | Limited offers | Up to 15% at 10,000+ merchants |
| Savings interest (base) | 0.5% | 0% | ~2.25%+ (Neo Money) |
| Savings interest (paid) | Up to 5.0% (Premium) | N/A | ~4%+ (promo) |
| Round-up savings | Yes | No | Yes |
| Budgeting tools | Yes — core feature | Basic | Basic |
| Credit building | Yes ($7/mo or included in paid) | No | No |
| Direct deposit | Yes | Yes | Yes |
| No FX fee | Premium plan only | No (1.5%) | Yes (Neo card) |
| CDIC insured | Yes (Peoples Trust) | Yes (Canadian Western Bank) | Yes (Concentra Bank) |
Wealthsimple Cash’s 1% flat rate with no monthly fee is the simplest value proposition — it consistently outperforms KOHO’s free 0.5% base rate and Neo’s free 0.5% base rate on general spending, with zero complexity. KOHO paid plans surpass Wealthsimple Cash’s cashback rate, but the monthly fee narrows the actual net benefit. Neo’s partner cashback can dramatically outperform both, but only when your spending aligns with Neo’s merchant network.
Cashback Earning Potential
The cashback comparison depends entirely on your spending mix. The table below models a $2,000/month spending pattern against each platform. The Neo Financial column reflects a scenario where roughly half of the relevant purchases (groceries, restaurants, gas) are at Neo partner merchants receiving elevated rates — which is realistic in major Canadian cities where Neo’s partner network is strongest.
| Monthly Spending | KOHO Everything ($9/mo) | Wealthsimple Cash (Free) | Neo Financial (Free) |
|---|---|---|---|
| Groceries — $600 | $6 (1%) | $6 (1%) | $3 base + partner bonus |
| Restaurants — $200 | $2 (1%) | $2 (1%) | $1 base + up to $30 at partners |
| Gas — $150 | $1.50 (1%) | $1.50 (1%) | $0.75 base + partner bonus |
| Shopping — $300 | $3 (1%) | $3 (1%) | $1.50 base + up to $45 at partners |
| Bills and other — $750 | $7.50 (1%) | $7.50 (1%) | $3.75 |
| Monthly cashback | $20 | $20 | $10 base + $20–$80 partner bonuses |
| Annual cashback | $240 | $240 | $120 base + $240–$960 partner |
| Annual plan cost | $108 | $0 | $0 |
| Net annual cashback | $132 | $240 | $360–$1,080 |
At the Everything plan ($9/month, 1% cashback), KOHO actually matches Wealthsimple Cash’s 1% rate but pays a $108 annual fee — producing a lower net result. The upgrade to KOHO Premium ($19/month, 2% cashback) shifts the math: $480 annual cashback minus $228 annual fee = $252 net, which beats Wealthsimple Cash’s free $240 by only $12. The real argument for KOHO Premium is the combination of 2% cashback plus 5% savings interest plus zero FX fees — not cashback alone.
Neo’s partner cashback dominates when spending aligns with the partner network. On $2,000/month with strong partner alignment, $500–$900+ in annual net cashback is achievable — well above either KOHO paid plan or Wealthsimple Cash. However, Neo’s 0.5% base rate on non-partner spending means Canadians whose shopping is spread across many merchants not in Neo’s network will earn significantly less than the headline rates suggest.
Savings Interest on Balances
If you carry a meaningful balance in your spending account, savings interest rates matter alongside cashback. KOHO’s paid plans and Neo Money compete directly here; Wealthsimple Cash earns zero interest on its spending account balance.
| Balance Held | KOHO Essential (Free) | KOHO Premium ($19/mo) | Wealthsimple Cash | Neo Money |
|---|---|---|---|---|
| $5,000 | $25/yr (0.5%) | $250/yr (5.0%) | $0 | ~$112–$200/yr (2.25–4%+) |
| $10,000 | $50/yr | $500/yr | $0 | ~$225–$400/yr |
| $20,000 | $100/yr | $1,000/yr | $0 | ~$450–$800/yr |
For anyone holding $5,000+ in their spending account balance, Wealthsimple Cash is the weakest option — zero interest is a meaningful cost when Neo Money pays 2.25%+ and KOHO Premium pays 5.0%. However, for serious savings goals, a dedicated high-interest savings account or TFSA savings account will consistently outperform all three fintech products — these cards are optimized for spending, not saving.
Who Each Platform Is Best For
KOHO is the strongest overall package for Canadians who want a combination of cashback, savings interest, budgeting tools, and credit building in one place. The paid plan structure means the right tier depends on your balance and spending volume — Everything ($9/month) for moderate spenders who want credit building included, Premium ($19/month) for high spenders or travellers who benefit from 2% cashback, 5% savings, and no FX fees. For thin credit files and newcomers to Canada, the credit building feature available on all paid plans makes KOHO the only viable option among the three.
Wealthsimple Cash is the best zero-effort, zero-fee option. A single account, 1% cashback on everything, no tiers, no decisions, no monthly fee. It is particularly compelling for existing Wealthsimple users who already manage their investing on the platform — adding Wealthsimple Cash unifies their financial picture in one app. The weakness is no savings interest on the spending account balance and no credit building. For simple, free cashback on everyday purchases, Wealthsimple Cash is hard to beat.
Neo Financial is the best choice for Canadians whose spending is concentrated at Neo’s partner merchant network. The 3%–15% partner rates at 10,000+ Canadian retailers can produce annual cashback that dramatically exceeds any flat-rate competitor when the spending aligns. The base rate of 0.5% on non-partner spending is the lowest of the three, which means Neo works best when used specifically at partner merchants rather than for all purchases. Neo Money’s savings rate is also competitive for those who want some return on their spending account balance without a monthly fee.