Question 1

Are Wealthsimple, Koho, and Neo Financial safe for Canadians?

Accepted Answer

All three platforms carry CDIC deposit insurance through CDIC-member partner banks. Wealthsimple spreads deposits across multiple CDIC-member institutions, providing up to $1,000,000 in total CDIC deposit coverage. Neo Financial and Koho provide up to $100,000 per insured category through their CDIC-member banking partners. Wealthsimple and Neo Financial also carry CIPF (Canadian Investor Protection Fund) protection for investment accounts, covering up to $1,000,000 per account category if the firm becomes insolvent. Wealthsimple Securities Inc. is a direct CIPF member; Neo's CIPF coverage flows through its registered investing partner. Koho is CDIC-insured through Peoples Trust Company.

Question 2

Is Wealthsimple a bank?

Accepted Answer

Wealthsimple is a registered investment dealer under the Investment Industry Regulatory Organization of Canada (IIROC) and holds a money service business licence. It is not a chartered bank, but deposits made through its Cash account are held at CDIC-member banks, which provides federal deposit insurance coverage. For everyday banking and investing purposes, it functions similarly to a full-service financial institution.

Question 3

Which digital banking platform has the best HISA rate in Canada?

Accepted Answer

As of March 2026, Koho offers the highest advertised savings rate at up to 3.5% on its Everything plan, while Neo Financial offers 3.0% on its Ultra plan. Wealthsimple offers up to 2.25%, but that rate requires Generation status, which is unlocked by holding $500,000 or more in total assets across Wealthsimple accounts. On the base tier, Neo Financial leads at 2.25%, followed by Wealthsimple at 1.25% and Koho at 0.50%. We verify rates directly from each provider and update this page monthly.

Question 4

How do these digital banking alternatives compare to a credit union?

Accepted Answer

Digital banking platforms and credit unions serve different needs. Credit unions are member-owned cooperatives that typically offer the full range of personal banking products including mortgages, auto loans, chequing accounts, and registered accounts, with locally focused service. Digital platforms excel at specific features such as self-directed investing (Wealthsimple), high-interest savings with no fees (Neo Financial), or credit building without a hard inquiry (Koho). Many Canadians use a credit union for primary banking and a digital platform for a specific purpose such as investing or saving.

Question 5

Do any of these platforms charge monthly fees?

Accepted Answer

All three offer a free base plan with no monthly fee. Wealthsimple does not charge monthly fees at any tier; instead, benefits like USD accounts and a higher savings rate are unlocked based on total assets held: Premium at $100,000 and Generation at $500,000. Neo Financial charges $7.99 or $12.99/month for its Essential and Ultra plans. Koho charges $12 or $14.75/month for its Essential and Everything plans.

Question 6

Can I use one of these platforms as my only bank account?

Accepted Answer

Wealthsimple comes closest to a standalone banking solution, with spending accounts, direct deposit, e-Transfer, a credit card, investing, and mortgages. Neo Financial and Koho can work as primary accounts for people with simpler banking needs, but those who require a wider range of lending products, joint accounts, or in-person service should consider supplementing with a credit union or chartered bank.

Feature	Wealthsimple	Neo Financial	Koho
HISA rate (base tier)	1.25%	2.25%	0.50%
HISA rate (max/paid)	2.25%	3.00%	3.50%
Monthly fee	$0	$0	$0
Deposit insurance	CDIC$1M total CIPF $1M	CDIC$100K CIPF via partner $1M	CDIC$100K
Investing
Credit card
Business accounts
Interac e-Transfer
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Best Digital Banking
Alternatives in Canada 2026

Why we cover these platforms

Wealthsimple

Neo Financial

Koho

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Best Digital Banking Alternatives in Canada 2026