7.5/10 Our Verdict KOHO offers a prepaid Mastercard with cashback and three plans: Essential ($0 per month under conditions), Extra ($12) and Everything ($14.75), which earn 2% to 3.5% interest and 1% to 2% cashback. CDIC protection, up to $100,000, only applies once the Earn Interest option is activated. KOHO is a Canadian financial app…
7.8/10 Our Verdict Overall score: 7.8/10. EQ Bank appeals to prudent savers thanks to its backing by a Schedule I bank, direct CDIC deposit insurance and its zero-fee pricing, but its offering does not include brokerage, unlike Wealthsimple. EQ Bank is a trade name of Equitable Bank, a Canadian Schedule I bank under federal regulation…
7.3/10 Our Verdict Neo Financial convinces through its cashback ecosystem and exclusive partnerships, with a modern app and a free account. Its deposits are covered by the CDIC via a partner, but the 100% digital support and savings rates place it behind the banking benchmarks. Neo Financial stands out above all through a three-product ecosystem…
8.2/10 Our Verdict The Wealthsimple chequing account (formerly Wealthsimple Cash) has no monthly fees or foreign exchange fees, reimburses ATM fees and extends CDIC protection up to $1M through member institutions; its highest rates, however, require significant assets at Wealthsimple or a direct deposit. The Wealthsimple chequing account earns an overall score of 8.2/10. It…
8.1/10 Our Verdict Tangerine offers direct CDIC coverage through a Schedule I bank and the most complete support in our comparison, with an extensive banking range. Its app is reliable but less modern, and its regular rates depend on promotions. Tangerine stands out for its federal bank structure regulated by OSFI and CDIC insurance up…
8.1/10 Our Verdict Simplii Financial scores 8.1/10: a neobank backed by CIBC, a no-fee account, CDIC coverage up to $100,000, and branch support, but a less modern app and average regular rates. Simplii Financial is a division of CIBC operating under a federal charter, which gives it CDIC coverage up to $100,000 per category under…
