Feature Comparison
| Feature | KOHO | Wealthsimple Cash | Neo Financial |
|---|---|---|---|
| Monthly fee (basic) | $0 | $0 | $0 |
| Card type | Prepaid Visa | Prepaid Visa | Prepaid Mastercard |
| Cashback (basic) | 0.5% everywhere | 1% everywhere | 0.5% everywhere |
| Partner cashback | Up to 5% at select partners | Limited offers | Up to 15% at 10,000+ partners |
| Interest on balance | 0.5%–4.5% (depends on plan) | 0% (no interest on cash) | 2.25%–4% (Neo Savings) |
| Savings account interest | Included (up to 4.5% with Extra) | Separate (Wealthsimple HISA) | Neo Savings (2.25%+) |
| Roundup savings | Yes (free) | No | Yes |
| Budgeting tools | Excellent (spending insights, goals) | Basic | Basic |
| Joint accounts | No | No | No |
| Direct deposit | Yes | Yes | Yes |
| Payroll / early payroll | Yes (up to 3 days early) | Yes | Yes |
| CDIC insured | Yes (via People’s Trust) | Yes (via CWB) | Yes (via Concentra) |
| No FX fee | Yes | No (1.5%) | Yes (Neo premium) |
Plan Comparison: KOHO
| Plan | Monthly Fee | Cashback | Interest on Balance | No FX Fee | Other Perks |
|---|---|---|---|---|---|
| Easy (free) | $0 | 0.5% | 0.5% | No (1.5%) | Roundups, budgeting |
| Essential | $4/month | 1% | 1.5% | No | Instant e-Transfer, credit building |
| Extra | $9/month | 2% | 3.0% | Yes | Everything in Essential + no FX fee |
| Everything | $19/month | 2% + boosted partners | 4.5% | Yes | Highest interest, all perks |
Cashback Earning Potential (Monthly Spend: $2,000)
| Spending Category | KOHO (Extra) | Wealthsimple Cash | Neo Financial |
|---|---|---|---|
| Groceries ($600) | $12 (2%) | $6 (1%) | $3 + partner bonuses |
| Restaurants ($200) | $4 (2%) | $2 (1%) | $1 + up to 15% at partner restaurants |
| Gas ($150) | $3 (2%) | $1.50 (1%) | $0.75 + partner bonuses |
| Shopping ($300) | $6 (2%) | $3 (1%) | $1.50 + up to 15% at partners |
| Bills/other ($750) | $15 (2%) | $7.50 (1%) | $3.75 |
| Monthly cashback | $40 | $20 | $10 + $20–$80 partner bonuses |
| Annual cashback | $480 | $240 | $120 + $240–$960 partner |
| Annual fee | $108 ($9/mo) | $0 | $0 |
| Net annual cashback | $372 | $240 | $360–$1,080 |
Interest on Balances
| If You Keep $5,000 in Account | KOHO | Wealthsimple Cash | Neo Financial |
|---|---|---|---|
| Interest rate (basic plan) | 0.5% ($25/yr) | 0% ($0) | 2.25% ($112.50/yr) |
| Interest rate (premium plan) | 4.5% ($225/yr) | 0% ($0) | 4%+ (promo) ($200+/yr) |
| CDIC insured | Yes | Yes | Yes |
Who Should Choose Each
| Choose | If You… |
|---|---|
| KOHO | Want the best budgeting tools, consistent 2% cashback everywhere, interest on your balance, and don’t mind paying $9–$19/month |
| Wealthsimple Cash | Already invest with Wealthsimple, want a free 1% cashback card, and prefer a simple/minimal app |
| Neo Financial | Shop at Neo partner stores frequently, want up to 15% cashback at specific retailers, and want savings account interest without a monthly fee |