A full breakdown of fees, bonuses, cash back, savings rates, and which account wins for Canadian residents.
Side-by-Side
Every major feature compared. Green cells indicate the better value.
| Wealthsimple Cash | BMO | |
|---|---|---|
| Signup Bonus | None (stock bonus for investing accounts) | None (occasional $200–$350 promos) |
| Monthly Fee | $0 | $6.95–$30.00/month |
| Cash Back | None (base plan) | Via BMO credit cards |
| Credit Check | No credit check | Hard credit check for most products |
| Savings Interest | 3.50%+ for premium users | 0.01–0.05% standard |
| Credit Building | No | Yes — credit card products |
| Mobile App | ⭐⭐⭐⭐½ (4.5 App Store) | ⭐⭐⭐⭐ (4.2 App Store) |
| CDIC Protected | Yes — CDIC member | Yes — CDIC member |
Deep Dive
The key strengths and weaknesses of each account.
Our Verdict
For everyday banking with no fees, Wealthsimple Cash is the better choice. For those who need branch access and a full product suite, BMO remains relevant.
Get Started
Compare both options and claim any available signup bonuses below.
FAQ
It depends on what you need. Wealthsimple Cash (Cash account with investing integration) vs BMO (Big 5 bank with full branch and ATM network). For a signup bonus, Wealthsimple Cash offers None (stock bonus for investing accounts) while BMO offers None (occasional $200–$350 promos). For monthly fees, Wealthsimple Cash charges $0 vs BMO's $6.95–$30.00/month. See the full comparison table above for a complete breakdown.
Wealthsimple Cash signup bonus: None (stock bonus for investing accounts). BMO signup bonus: None (occasional $200–$350 promos). If neither offers a cash bonus, consider also opening KOHO (code 45ET55JSYA for $80 free) or Neo Financial (code J4C9H3K5 for $50 free) — the two biggest free bonuses available to Canadians right now.
Wealthsimple Cash: Yes — CDIC member. BMO: Yes — CDIC member. CDIC coverage protects deposits up to $100,000 per category at member institutions. Always verify current coverage details on the CDIC website.
Yes — there is no rule preventing Canadians from holding multiple bank accounts simultaneously. Many people keep one account for savings and another for spending. You can open both Wealthsimple Cash and BMO to take advantage of each account's best features.
Wealthsimple Cash monthly fee: $0. BMO monthly fee: $6.95–$30.00/month. Monthly fees are one of the biggest differences between accounts — even $15/month adds up to $180/year.
Wealthsimple Cash cash back: None (base plan). BMO cash back: Via BMO credit cards. Cash back rates can vary significantly depending on spending categories. Check each bank's current promotions as rates change.
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