{"id":1085395,"date":"2026-10-31T00:11:16","date_gmt":"2026-10-31T04:11:16","guid":{"rendered":"https:\/\/www.finder.com\/ca\/?p=1085395"},"modified":"2026-10-31T02:33:04","modified_gmt":"2026-10-31T06:33:04","slug":"neo-financial-vs-wealthsimple","status":"publish","type":"post","link":"https:\/\/www.finder.com\/ca\/banking\/neo-financial-vs-wealthsimple","title":{"rendered":"Neo Financial vs Wealthsimple: Which One is Best for You?"},"content":{"rendered":"

If you\u2019re searching for spending, savings or investment products in Canada, there\u2019s a good chance you\u2019ve 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.<\/p>

But which of them is the best choice for you? In this guide, we\u2019ll compare Neo vs Wealthsimple to help you decide.<\/p>

Neo vs Wealthsimple: A quick comparison<\/h3>
<\/th>Neo<\/th>Wealthsimple<\/th><\/tr><\/thead>
Products<\/strong><\/td>
  • Chequing accounts<\/li>
  • Savings accounts<\/li>
  • Credit cards<\/li>
  • Mortgages<\/li>
  • Cash advances<\/li>
  • Credit building<\/li>
  • Managed investment portfolios<\/li><\/ul><\/td>
  • Hybrid chequing\/high-interest savings accounts<\/li>
  • High-interest savings accounts<\/li>
  • USD savings accounts<\/li>
  • Credit cards<\/li>
  • Stock, option and crypto trading<\/li>
  • Managed investment portfolios<\/li>
  • Portfolio lines of credit<\/li>
  • Mortgages<\/li><\/ul><\/td><\/tr>
Savings interest rates<\/strong><\/td>
  • Neo Savings Account: 2% \u2013 2.75%<\/li>
  • Neo Chequing Account: 0.1%<\/li><\/ul><\/td>
  • Wealthsimple Savings Account: 2.50%<\/li>
  • Wealthsimple Chequing Account: 1.25% \u2013 2.25%<\/li><\/ul><\/td><\/tr>
Monthly fees<\/strong><\/td>$0<\/td>$0<\/td><\/tr>
Purchase card<\/strong><\/td>Prepaid card<\/td>Prepaid card<\/td><\/tr>
Cash access<\/strong><\/td>No Neo Financial ATM fees, but the ATM operator may charge a withdrawal fee<\/td>No Wealthsimple ATM fees, and any ATM operator fees charged globally are reimbursed<\/td><\/tr>
Branches<\/strong><\/td>N\/A (online only)<\/td>N\/A (online only)<\/td><\/tr>
CDIC insured?<\/strong><\/td>Yes<\/td>Yes<\/td><\/tr>
Apple App Store rating<\/strong><\/td>4.8\/5 based on 56,000+ ratings<\/td>4.6\/5 based on 130,000+ ratings<\/td><\/tr>
Google Play rating<\/strong><\/td>4.8\/5 based on 21,000+ ratings<\/td>4.1\/5 based on 81,000+ ratings<\/td><\/tr>
Notable differences<\/strong><\/td>
  • Wide range of credit cards<\/li>
  • Credit-building products<\/li>
  • Managed investing portfolios<\/li><\/ul><\/td>
  • Self-directed stock, ETF and crypto trading as well as managed investments<\/li>
  • Up to $1 million CDIC protection<\/li><\/ul><\/td><\/tr>
Get started<\/strong><\/td>
\r\n
\r\n \r\n Go to site\r\n <\/a>\r\n\r\n <\/div>\r\n <\/section><\/td>
\r\n
\r\n \r\n Go to site\r\n <\/a>\r\n\r\n <\/div>\r\n <\/section><\/td><\/tr><\/tbody><\/table>

What is Neo Financial?<\/h3>

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.<\/p>

The features and perks you can access with Neo depend on the Membership you sign up for. There\u2019s a free Essentials membership, plus higher paid tiers that provide access to benefits like higher interest rates and waived fees on certain transactions.<\/p>

What is Wealthsimple?<\/h3>

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.<\/p>

Neo vs Wealthsimple: Account options<\/h3>

Neo and Wealthsimple both have plenty to offer if you\u2019re looking for fee-free everyday banking and competitive savings interest rates.<\/p>

Neo offers the choice of two accounts\u2014a Chequing Account<\/a> and a Savings Account<\/a>\u2014with joint chequing also available.<\/p>

Meanwhile, Wealthsimple\u2019s Chequing Account<\/a> 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.<\/p>

Let\u2019s look at how they stack up against each other across a few key categories.<\/p>

Chequing accounts<\/h4>

The table below shows a comparison of Neo and Wealthsimple chequing account fees.<\/p>

But before you check it out, please note one key point: Neo\u2019s fees are changing<\/strong>. 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.<\/p>
<\/th>Neo Chequing Account<\/th>Wealthsimple Chequing Account<\/th><\/tr><\/thead>
Monthly fee<\/strong><\/td>$0<\/td>$0<\/td><\/tr>
Minimum deposit requirement<\/strong><\/td>$0<\/td>$0<\/td><\/tr>
Monthly transactions<\/strong><\/td>Unlimited<\/td>Unlimited<\/td><\/tr>
Savings interest rate<\/strong><\/td>0.1%<\/td>1.25% \u2013 2.25% (tiered depending on your total Wealthsimple assets)<\/td><\/tr>
Card<\/strong><\/td>Prepaid<\/td>Prepaid<\/td><\/tr>
Cashback<\/strong><\/td>1% on gas and groceries + cashback from Neo partners<\/td>N\/A<\/td><\/tr>
Interac e-Transfer fee<\/strong><\/td>$0<\/td>$0<\/td><\/tr>
ATM fees<\/strong><\/td>$0
(out-of-network ATM operators may charge a fee)<\/td>		$0
(Wealthsimple reimburses fees charged by out-of-network ATM operators)<\/td><\/tr>
FX fees<\/strong><\/td>3%<\/td>$0<\/td><\/tr>
Wire transfer fee<\/strong><\/td>N\/A<\/td>$15<\/td><\/tr>
Overdraft protection fee<\/strong><\/td>Available with a Build membership for $9.99 a month<\/td>$0 + interest from 3.95%<\/td><\/tr>
NSF fee<\/strong><\/td>$0<\/td>$0<\/td><\/tr>
Account inactivity fee<\/strong><\/td>$0<\/td>$0<\/td><\/tr><\/tbody><\/table>

Savings accounts<\/h4>

The interest rate you get with a Neo Savings Account varies depending on your membership tier, while Wealthsimple pays a flat 2.50%<\/strong> rate on all accounts.<\/p>
<\/th>Neo Savings Account<\/th>Wealthsimple Savings Account<\/th><\/tr><\/thead>
Interest rate<\/strong><\/td>2% \u2013 2.75%<\/td>2.50%<\/td><\/tr>
Conditions<\/strong><\/td>Essentials ($0\/month): 2%
Build ($9.99\/month: 2.5%
Grow ($14.99\/month): 2.75%<\/td>		None<\/td><\/tr><\/tbody><\/table>

\"AwardWho\u2019s the winner?<\/h4>

Wealthsimple<\/strong> has lower fees, a simpler fee structure and competitive interest rates.<\/p>

Neo vs Wealthsimple: Credit cards<\/h3>

Neo offers a choice of nine credit cards, whereas Wealthsimple has one.<\/p>

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.<\/p>

Next come six cashback cards that come with a purchase rate ranging from 19.99% - 29.99% (up to 25.24% in Quebec)<\/strong>. There are no-annual-fee options available, and the cashback earn rate varies across cards and spending categories.<\/p>
<\/th>Neo World Mastercard \u2013 Shop & Dine<\/th>Neo World Mastercard \u2013 Gas & Grocery<\/th>Neo World Mastercard \u2013 Everywhere<\/th>Neo World Elite Mastercard \u2013 Shop & Dine<\/th>Neo World Elite Mastercard \u2013 Gas & Grocery<\/th>Neo World Elite Mastercard \u2013 Everywhere<\/th><\/tr><\/thead>
Annual fee<\/strong><\/td>$0<\/td>$0<\/td>$0<\/td>$149<\/td>$149<\/td>$149<\/td><\/tr>
Cashback rate<\/strong><\/td>Food & drink: 2%
Shopping: 2%Everything else: 0.5%<\/td>		Groceries: 2%Recurring bill payments: 2%Gas and EV charging: 2%Everything else: 0.5%<\/td>All purchases: 1%<\/td>Food & drink: 5%
Shopping: 3%Everything else: 1%<\/td>		Groceries: 5%Recurring bill payments: 4%Gas and EV charging: 3%Everything else: 1%<\/td>All purchases: 2%<\/td><\/tr>
Income requirements<\/strong><\/td>$50,000 (individual) or $80,000 (household) annual income<\/td>$50,000 (individual) or $80,000 (household) annual income<\/td>$50,000 (individual) or $80,000 (household) annual income<\/td>$80,000 (individual) or $150,000 (household) annual income<\/td>$80,000 (individual) or $150,000 (household) annual income<\/td>$80,000 (individual) or $150,000 (household) annual income<\/td><\/tr><\/tbody><\/table>

Neo also offers two travel credit cards:<\/p>

  • Cathay World Elite Mastercard.<\/strong> This card offers 2x Asia Miles for every $1 spent on purchases made in foreign currencies, 4x Asia Miles on Cathay Pacific flights, 5x Asia Miles at Neo partner retailers, and 1x Asia Miles on all other purchases in Canada. It also offers travel benefits like online priority check-in, extra baggage redemption and insurance cover, and it comes with a $180 annual fee.<\/li>
  • United World Elite Mastercard. <\/strong>This Neo Mastercard lets you earn MileagePlus miles on every purchase. You get 1.25x miles per $1 spent on United Airlines and Star Alliance flights, 1x mile per $1 spent on dining and groceries, and 0.75x miles per $1 spent on everything else. You also get a free checked bag and priority boarding on United flights, and the card comes with an $89 annual fee.<\/li><\/ul>

    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.<\/p>

    You\u2019ll 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\u2019s 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.<\/p>

    \"AwardWho\u2019s the winner?<\/h4>

    Neo <\/strong>offers more choice for card users.<\/p>

    Neo vs Wealthsimple: Investments<\/h3>

    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.<\/p>

    Neo Invest is Neo\u2019s investment management platform. It uses a questionnaire to assess factors such as your financial goals, risk tolerance and time horizon, and you\u2019re 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.<\/p>

    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.<\/p>

    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<\/strong>, plus trade options, futures, crypto and physical gold. And it\u2019s all available in a user-friendly app that\u2019s easy even for novice investors to grasp, which is why Wealthsimple is one of the most popular investing apps out there.<\/p>

    \"AwardWho\u2019s the winner?<\/h4>

    Wealthsimple<\/strong> has more to offer to Canadian investors and is particularly well suited to beginners.<\/p>

    Neo vs Wealthsimple: Borrowing<\/h3>

    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.<\/p>

    Wealthsimple doesn\u2019t 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.<\/p>

    Compare Neo vs Wealthsimple mortgage rates in the table below.<\/p>
    <\/th>Neo<\/th>Wealthsimple<\/th><\/tr><\/thead>
    5-year fixed mortgage rate<\/strong><\/td>4.74%<\/td>4.49%<\/td><\/tr>
    5-year variable mortgage rate<\/strong><\/td>3.60%<\/td>3.45%<\/td><\/tr><\/tbody><\/table>

    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%.<\/p>

    \"AwardWho\u2019s the winner?<\/h4>

    Wealthsimple<\/strong> has a slight edge here.<\/p>

    How do the mobile apps for Neo vs Wealthsimple compare?<\/h3>

    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\u2014checking balances, paying bills, tracking your spending, and so on\u2014can be handled with a minimum of fuss.<\/p>

    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.<\/p>

    Check out what app users think in the table below.<\/p>
    <\/th>Neo<\/th>Wealthsimple<\/th><\/tr><\/thead>
    Apple App Store<\/strong><\/td>\n\n\n\n\n\n\n\n \n \n4.8<\/strong> \u2013\n\u2605\u2605\u2605\u2605\u2605<\/span>
    \n56K reviews\n<\/span>\n\n