Best Money Saving Apps in Canada 2025: KOHO vs. Wealthsimple vs. Moka

Saving money used to mean physically putting cash into a piggy bank or manually transferring funds to a savings account every month. In 2025, technology has made saving easier than ever—if you know which apps to use.

Looking for the best money-saving app in Canada? Get started with our KOHO referral code to unlock up to $65 in bonuses while comparing your options.

This comprehensive guide compares Canada’s top money-saving apps to help you find the perfect fit for your financial goals.

The Top Money Saving Apps Compared

1. KOHO - Best All-Around Money Management

What it does: KOHO combines spending, saving, and earning cashback in one comprehensive app. New users can maximize their start with our KOHO sign up bonus—get up to $65 in welcome bonuses.

Key Features:

• Automatic RoundUps save spare change from every purchase
• Instant cash back on all purchases (0.5%-5% depending on tier)
• High-interest savings account built-in
• Real-time budgeting and spending insights
• Credit building feature included
• No monthly fees for basic tier

Interest Rate: Up to 5% on savings (Premium tier)

Best For: People who want an all-in-one solution that handles daily spending AND savings

Pros:

• Everything in one app - no need to juggle multiple accounts
• Instant cashback (not points to redeem later)
• No fees for basic use
• Savings happen automatically with every purchase

Cons:

• Premium features require paid subscription
• Not a full bank replacement (no cheques or joint accounts)

2. Wealthsimple Save - Best for Hands-Off Savers

What it does: High-interest savings account with excellent rates and easy access.

Key Features:

• High interest rate on all balances
• CDIC insured up to $100,000
• No minimum balance
• No withdrawal limits
• Integration with Wealthsimple investment accounts

Interest Rate: 4.5% (rates change regularly)

Best For: People who have a lump sum to save and want high interest without complications

Pros:

• Among the highest interest rates in Canada
• Simple, straightforward interface
• Free to use
• Instant transfers within Wealthsimple

Cons:

• No spending features (savings only)
• No automatic savings tools
• No cashback on purchases
• Requires separate app for daily banking

3. Moka - Best for Automatic Micro-Savings

What it does: Automatically saves small amounts based on your spending rules and multipliers.

Key Features:

• Multiple saving modes (roundups, recurring, spending-based)
• Investment options for long-term growth
• Cashback offers at partner retailers
• Savings challenges and goals

Interest Rate: Varies based on investment choice

Best For: People who struggle to save manually and want it completely automated

Pros:

• Highly customizable automatic savings
• Good for building the savings habit
• Investment options available
• Gamified approach makes saving fun

Cons:

• Monthly subscription fee ($3-$15 depending on features)
• Requires linking to an external bank account
• Not as much control over savings timing
• Investment returns not guaranteed

4. EQ Bank - Best Interest Rate (Traditional Account)

What it does: Digital bank offering high-interest savings accounts with no fees.

Key Features:

• Consistently high interest rates
• No monthly fees or minimum balance
• Joint accounts available
• Unlimited free transfers

Interest Rate: 4.0% (rates change regularly)

Best For: People who want a traditional savings account with high interest and no surprises

Pros:

• No fees whatsoever
• Excellent interest rates
• Full banking features (joint accounts, etc.)
• CDIC insured

Cons:

• No spending card included
• No automatic savings features
• No cashback or rewards
• Requires manual savings efforts

5. Neo Financial - Best for Cashback-Focused Savers

What it does: Spending card with high cashback rates at partner retailers, plus a savings account. See our detailed KOHO vs Neo Financial comparison for a head-to-head analysis.

Key Features:

• Up to 15% cashback at partner stores
• High-interest savings pockets
• No monthly fees
• Multiple savings goals

Interest Rate: 3.0% on savings

Best For: People who shop frequently at Neo’s partner retailers and want maximum cashback

Pros:

• Industry-leading cashback at partners
• Good interest rate on savings
• No fees
• Growing partner network

Cons:

• Cashback only high at specific partners (lower elsewhere)
• Smaller feature set compared to KOHO
• Less established (newer company)
• Limited budgeting tools

Detailed Feature Comparison

How to Choose the Right App

Choose KOHO if:

• You want one app for spending, saving, and earning
• You like automatic savings happening with every purchase
• You want instant cashback on everything
• You need budgeting tools and spending insights
• You want to build credit history

Choose Wealthsimple if:

• You have a lump sum to save and want maximum interest
• You’re already investing with Wealthsimple
• You prefer simplicity over features
• You don’t need a spending card

For a detailed breakdown, check our KOHO vs Wealthsimple comparison.

Choose Moka if:

• You struggle to save manually
• You want highly customizable automatic savings
• You’re interested in micro-investing
• You like gamified savings challenges

Choose EQ Bank if:

• You want a traditional bank experience
• You need joint accounts or full banking features
• You prefer manual control over all savings
• You have a large amount to save

Choose Neo if:

• You frequently shop at Neo partner stores
• Maximizing cashback is your top priority
• You like the simplicity of pockets for savings goals

Our Recommendation: Why KOHO Wins for Most Canadians

For the average Canadian looking to improve their financial health in 2025, KOHO offers the best overall value:

1. All-in-one solution - No need to juggle multiple apps
2. Automatic savings - Build wealth without thinking about it
3. Instant rewards - Cashback on every purchase, not just partners
4. Free to start - No upfront costs or monthly fees
5. Credit building - Improve your financial future
6. Real budgeting tools - Actually helps you spend smarter

While apps like Wealthsimple offer slightly higher interest rates, KOHO’s combination of features makes it the most practical choice for everyday Canadians who want to spend, save, and earn—all in one place.

Getting Started with KOHO

1. Download the KOHO app (iOS or Android)
2. Sign up in under 5 minutes
3. Use referral code C4MNILZARC to get your $20 bonus
4. Enable RoundUps for automatic savings

The Bottom Line

The best money-saving app for you depends on your specific needs. However, for most Canadians in 2025, KOHO’s combination of spending, saving, budgeting, and earning makes it the clear winner for everyday money management.

Related Articles

• KOHO vs Neo Financial: Complete Head-to-Head Comparison
• KOHO vs Wealthsimple Savings: Which Account is Better?
• Complete KOHO Guide for Canadian Students

Ready to start saving smarter? Use KOHO promo code C4MNILZARC to get up to $65 in bonuses and start building real wealth today.