KOHO vs Wealthsimple Cash: 2025 Comparison & Review
Compare KOHO vs Wealthsimple savings accounts in Canada. See which offers higher interest, better features, and easier access.
Looking to maximize your savings? Start with our KOHO sign up bonus worth up to $65, then compare how KOHO’s savings features stack up against Wealthsimple.
For Canadians with smaller savings, KOHO makes every dollar count.
KOHO Savings Rates vs Wealthsimple: A Comprehensive Comparison
When examining the KOHO savings rates next to Wealthsimple, the gap becomes clear—especially for users starting with smaller balances. KOHO is designed to empower everyday Canadians, making it easy for anyone to earn high interest without complicated requirements.
KOHO Savings Account Features
- Up to 5% Interest: Enjoy up to 5% on the entire KOHO account balance, far outpacing the average rate for a savings account in Canada.
- Simple Requirements: Access the highest KOHO savings rates simply by setting up direct deposit—no need for large balances or high spending.
- No Minimum Balance: KOHO offers its full savings potential without requiring a big nest egg, making it accessible and practical.
- Integrated Financial Tools: KOHO combines savings, budgeting tools, and easy spending through a single platform.
Wealthsimple Comparison: Savings Features
- Tiered Interest Structure: Wealthsimple offers competitive rates, but its best savings rates are reserved for clients with substantial deposits (often $100,000+).
- Investment Account Integration: Wealthsimple is primarily an investment platform. Its cash account is an entry point, but full benefits require linking investments and higher balances.
- No Account Fees: Wealthsimple Cash carries no monthly fee, making it a decent secondary option; however, this is offset by lower interest for those with smaller account sizes.
KOHO vs. Wealthsimple: Which Account Is Best for Canadians?
When evaluating the best savings account in Canada, KOHO stands out for those starting their savings journey or maintaining modest balances. Why?
- Higher Interest on Every Dollar: Unlike Wealthsimple, KOHO does not limit top rates to high-net-worth users.
- Transparent Fee Structure: With KOHO, any monthly fee is made clear up front, and often offset by the high interest earned.
- Superior Accessibility: Anyone can take advantage of KOHO’s top interest rate, making it ideal for students, new savers, or anyone wanting to maximize savings effortlessly.
KOHO vs Wealthsimple Savings Account Comparison
| Feature | KOHO | Wealthsimple |
|---|---|---|
| High Interest Rate | ✓ Up to 5% | ⚠️ 0.5%-4% (best rates for large balances) |
| No Minimum Balance | ✓ | ✗ (Tiered, higher for top rates) |
| Free Option Available | ✓ | ✓ |
| Budgeting Tools | ✓ | ✗ |
| Optimized for Small Balances | ✓ | ✗ (Best for large deposits/investors) |
New users can boost their savings immediately with the KOHO promotion—get up to $65 with our KOHO promo code.
Want more fintech comparisons? See how KOHO compares to Neo Financial too.
Why KOHO Is the Best Savings Account in Canada for Most People
Choosing a savings platform isn’t just about the headline interest rate—it’s about who can actually benefit from those rates. For Canadians who want a simple, effective, and rewarding savings solution, KOHO delivers:
- No high minimums: The best KOHO savings rates are accessible for all users.
- All-in-one management: Enjoy savings, spending, and financial insights in a single mobile app.
- Empowerment: Tools like RoundUps and Credit Building help you get the most from every dollar and improve financial health.
More Savings & Fintech Guides
- KOHO vs Neo Financial: Full Head-to-Head Comparison
- Best Money Saving Apps in Canada: Complete Roundup
- Complete KOHO Guide for Canadian Students
💰 Start Saving Smarter
Up to 5% interest on your balance. Use KOHO referral code C4MNILZARC to get up to $65 in sign up bonus value.
