If you’re searching for spending, savings or investment products in Canada, there’s a good chance you’ve heard of both Neo Financial and Wealthsimple. These Canadian fintechs have shaken things up in the banking sector in recent years, offering an alternative to traditional banks.
But which of them is the best choice for you? In this guide, we’ll compare Neo vs Wealthsimple to help you decide.
| Neo | Wealthsimple | |
|---|---|---|
| Products |
|
|
| Savings interest rates |
|
|
| Monthly fees | $0 | $0 |
| Purchase card | Prepaid card | Prepaid card |
| Cash access | No Neo Financial ATM fees, but the ATM operator may charge a withdrawal fee | No Wealthsimple ATM fees, and any ATM operator fees charged globally are reimbursed |
| Branches | N/A (online only) | N/A (online only) |
| CDIC insured? | Yes | Yes |
| Apple App Store rating | 4.8/5 based on 56,000+ ratings | 4.6/5 based on 130,000+ ratings |
| Google Play rating | 4.8/5 based on 21,000+ ratings | 4.1/5 based on 81,000+ ratings |
| Notable differences |
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| Get started |
Neo Financial is a Canadian fintech that was founded in 2019. This digital financial services company positions itself as a Big Bank alternative, offering products such as no-fee chequing accounts, high-interest savings accounts, cashback credit cards, mortgages and credit building services. Neo Financial is a mobile-first platform, making it easy to manage all your Neo accounts and products through a highly-rated mobile app.
The features and perks you can access with Neo depend on the Membership you sign up for. There’s a free Essentials membership, plus higher paid tiers that provide access to benefits like higher interest rates and waived fees on certain transactions.
Wealthsimple is also a Canadian fintech, and it first launched as a robo-advisor platform in 2014. It has since expanded its product range to include commission-free stock and ETF trading, crypto trading, a hybrid chequing/savings account, a credit card and more. All of those products can be easily accessed and managed through a user-friendly mobile app.
Neo and Wealthsimple both have plenty to offer if you’re looking for fee-free everyday banking and competitive savings interest rates.
Neo offers the choice of two accounts—a Chequing Account and a Savings Account—with joint chequing also available.
Meanwhile, Wealthsimple’s Chequing Account is a hybrid account that supports unlimited daily transactions but also pays interest on your balance. You can also choose from a separate Savings Account, a Kids Chequing Account with custom spending limits, and a USD Savings Account.
Let’s look at how they stack up against each other across a few key categories.
The table below shows a comparison of Neo and Wealthsimple chequing account fees.
But before you check it out, please note one key point: Neo’s fees are changing. From January 1, 2027, customers with a free Essentials Neo membership will pay a $1 e-Transfer fee, a $1.50 ATM withdrawal fee, and a $4.99 NSF fee. You can avoid these fees and access other perks with a Start ($0 with payroll deposit or $4.99/month), Build ($9.99/month) or Grow ($14.99/month) membership.
| Neo Chequing Account | Wealthsimple Chequing Account | |
|---|---|---|
| Monthly fee | $0 | $0 |
| Minimum deposit requirement | $0 | $0 |
| Monthly transactions | Unlimited | Unlimited |
| Savings interest rate | 0.1% | 1.25% – 2.25% (tiered depending on your total Wealthsimple assets) |
| Card | Prepaid | Prepaid |
| Cashback | 1% on gas and groceries + cashback from Neo partners | N/A |
| Interac e-Transfer fee | $0 | $0 |
| ATM fees | $0 (out-of-network ATM operators may charge a fee) | $0 (Wealthsimple reimburses fees charged by out-of-network ATM operators) |
| FX fees | 3% | $0 |
| Wire transfer fee | N/A | $15 |
| Overdraft protection fee | Available with a Build membership for $9.99 a month | $0 + interest from 3.95% |
| NSF fee | $0 | $0 |
| Account inactivity fee | $0 | $0 |
The interest rate you get with a Neo Savings Account varies depending on your membership tier, while Wealthsimple pays a flat 2.50% rate on all accounts.
| Neo Savings Account | Wealthsimple Savings Account | |
|---|---|---|
| Interest rate | 2% – 2.75% | 2.50% |
| Conditions | Essentials ($0/month): 2% Build ($9.99/month: 2.5% Grow ($14.99/month): 2.75% | None |
Who’s the winner?Wealthsimple has lower fees, a simpler fee structure and competitive interest rates.
Neo offers a choice of nine credit cards, whereas Wealthsimple has one.
The range starts with the Neo Mastercard. This card is available as a traditional card with a $10,000 limit, or as a secured card to help you build credit. You can also earn cashback when you shop at Neo partner retailers across Canada.
Next come six cashback cards that come with a purchase rate ranging from 19.99% - 29.99% (up to 25.24% in Quebec). There are no-annual-fee options available, and the cashback earn rate varies across cards and spending categories.
| Neo World Mastercard – Shop & Dine | Neo World Mastercard – Gas & Grocery | Neo World Mastercard – Everywhere | Neo World Elite Mastercard – Shop & Dine | Neo World Elite Mastercard – Gas & Grocery | Neo World Elite Mastercard – Everywhere | |
|---|---|---|---|---|---|---|
| Annual fee | $0 | $0 | $0 | $149 | $149 | $149 |
| Cashback rate | Food & drink: 2% Shopping: 2%Everything else: 0.5% | Groceries: 2%Recurring bill payments: 2%Gas and EV charging: 2%Everything else: 0.5% | All purchases: 1% | Food & drink: 5% Shopping: 3%Everything else: 1% | Groceries: 5%Recurring bill payments: 4%Gas and EV charging: 3%Everything else: 1% | All purchases: 2% |
| Income requirements | $50,000 (individual) or $80,000 (household) annual income | $50,000 (individual) or $80,000 (household) annual income | $50,000 (individual) or $80,000 (household) annual income | $80,000 (individual) or $150,000 (household) annual income | $80,000 (individual) or $150,000 (household) annual income | $80,000 (individual) or $150,000 (household) annual income |
Neo also offers two travel credit cards:
Meanwhile, the Wealthsimple Credit Card was launched in 2025. Available as a Visa Infinite Privilege or Infinite+ card, it offers 2% cashback on your spending, no FX fees, six airport lounge passes, a 24/7 concierge service and a range of insurance covers.
You’ll need personal income of at least $80,000 to qualify for the Infinite+ card or at least $150,000 to qualify for the Infinite Privilege card. There’s a $20 monthly fee too, but that can be waived if you meet minimum asset requirements or get your paycheque deposited to your Wealthsimple account.
Who’s the winner?Neo offers more choice for card users.
Want to start investing for a brighter financial future? Neo and Wealthsimple both offer access to managed investment portfolios, but Wealthsimple also supports self-directed investing.
Neo Invest is Neo’s investment management platform. It uses a questionnaire to assess factors such as your financial goals, risk tolerance and time horizon, and you’re then matched with a personalized investment portfolio designed to suit your needs. Your portfolio is actively managed by fintech wealth management firm OneVest, with tax loss harvesting strategies used to help reduce your tax obligations.
Wealthsimple also offers easy access to managed investment portfolios. There are four Classic portfolios with strategies ranging from aggressive to conservative, the Summit portfolio that mixes public equities with access to private markets, Income portfolios for steady yield, and a Private Market fund. You can also use the Automated Investing feature to create your own custom portfolio that is managed for you, so there are plenty of options for different types of hands-off investors.
But where Wealthsimple really shines is by providing a trading platform for self-directed investors. You can trade Canadian and US stocks and ETFs commission-free, plus trade options, futures, crypto and physical gold. And it’s all available in a user-friendly app that’s easy even for novice investors to grasp, which is why Wealthsimple is one of the most popular investing apps out there.
Who’s the winner?Wealthsimple has more to offer to Canadian investors and is particularly well suited to beginners.
Buying a home? Neo acts as a direct lender with its Neo Mortgage service. You can choose from a fixed or variable interest rate, plus apply online and get pre-qualified in minutes.
Wealthsimple doesn’t offer its own mortgages but instead acts as a mortgage broker. It can connect you with a network of over 25 lenders, and you can apply online and see the rate you qualify for in a matter of minutes.
Compare Neo vs Wealthsimple mortgage rates in the table below.
| Neo | Wealthsimple | |
|---|---|---|
| 5-year fixed mortgage rate | 4.74% | 4.49% |
| 5-year variable mortgage rate | 3.60% | 3.45% |
Wealthsimple customers can also access a portfolio line of credit. This lets you borrow against up to 35% of your Wealthsimple assets, get the money quickly, and pay interest at a rate ranging from 3.95% to 4.95%.
Who’s the winner?Wealthsimple has a slight edge here.
The mobile apps of fintechs like Neo and Wealthsimple are a far cry from some of the outdated major bank apps out there. Both apps are modern and streamlined, and we found them both simple to navigate straight away. Everything you might need to do on a day-to-day basis—checking balances, paying bills, tracking your spending, and so on—can be handled with a minimum of fuss.
There are some differences between the two, such as Neo not supporting mobile cheque deposits while Wealthsimple does. But all in all, these apps are pretty evenly matched.
Check out what app users think in the table below.
| Neo | Wealthsimple | |
|---|---|---|
| Apple App Store |
4.8 –
★★★★★ 56K reviews |
4.6 –
★★★★★ 127K reviews |
| Google Play |
4.8 –
★★★★★ 21.5K reviews |
4.4 –
★★★★★ 80.3K reviews |
Who’s the winner?Neo has the edge here thanks to its higher average user ratings.
Neo’s Credit Builder tool, available with a $9.99/month Build membership, is designed to help you build credit history. You also get access to credit score monitoring, while the fact that all Neo credit cards are available as secured cards is good news for people with limited credit.
Meanwhile, the main way Wealthsimple can help you build credit is by reporting your credit card account activity to TransUnion.
If you’ve got cash or a cheque burning a hole in your pocket, you can’t directly deposit it into your Neo account. However, support for mobile cheque deposits is listed as coming soon.
Wealthsimple allows you to deposit cash at over 5,300 Canada Post locations, while you can deposit cheques into your account using the mobile app.
The Neo Chequing Account doesn’t come with a chequebook, and Neo also doesn’t offer bank drafts. It’s a different story at Wealthsimple, which offers a free cheque book when you set up a direct deposit into your Chequing Account. You can also order a bank draft and get it delivered to your door for a fee ranging from $10 to $30.
What does Reddit think of the Neo vs Wealthsimple debate?Posters across various Reddit threads often point to the fact that Neo and Wealthsimple excel at different things. Neo Financial is recommended for things like everyday spending, high-interest savings, cashback cards and building credit. Wealthsimple earns praise for offering beginner-friendly and $0 commission trading, competitive savings interest rates, and a seamless user experience.
Some users also point out that when choosing between fintechs and other financial institutions, it’s not a case of picking one or the other. Instead, holding products across multiple providers often makes the most sense.
Whether you should choose Neo or Wealthsimple—or both—depends on your banking or investing needs.
Both are worth checking out if you want a no-fee daily spending account or high interest on your savings.
Neo is also worth a look If you want to earn cashback or build credit, while Wealthsimple is a top pick if you want a beginner-friendly stock trading app or premium credit card rewards.
Not sure whether Neo or Wealthsimple is the right fit for you? Check out these other options.
EQ Bank is a popular online-only bank that offers plenty of competition for Neo and Wealthsimple. Its Personal Accountis a hybrid account that has unlimited everyday transactions with no fees, but it also pays up to 2.75% interest when you meet direct deposit requirements. You can also take advantage of free ATM withdrawals and 0.5% cashback with the EQ Bank Card, or earn up to 2.75% interest with a Notice Savings Account.
Following EQ Bank’s July 2026 acquisition of PC Financial, a range of PC Financial credit cards are now also included in the EQ Bank range.
Much like the Wealthsimple Chequing Account, a KOHO account offers unlimited everyday transactions along with a competitive interest rate on your savings. You can earn 2% – 3.5% interest depending on the plan you choose—one is free, while two other plans come with a monthly subscription fee—and you can also earn 1% – 2% cashback on your spending with a KOHO prepaid card.
Other KOHO products include interest-free cash advances, credit building and crypto trading.
Tangerine is an online-only bank and a subsidiary of Scotiabank. It offers user-friendly online and mobile banking along with a range of similar products to Neo and Wealthsimple. Highlights include its No-Fee Daily Chequing Account, a savings account with a 4.50% interest rate promo offer for the first 5 months, and a selection of 3 cashback credit cards.
Read our full Tangerine review
Simplii is CIBC’s digital banking arm. This online-only provider offers a No Fee Chequing Account, plus a High Interest Savings Account with a promo rate of 4.60% for the first 5 months. Simplii also has a USD savings account, loans and lines of credit, and a Cash Back Visa credit card that has no annual fee and pays up to 4% cashback at eligible restaurants and bars.
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