Monvo vs Wealthsimple
How Monvo compares to Wealthsimple
Canada's biggest online money app. Commission-free investing, a Cash account, and free tax filing, all in one place.
What Wealthsimple does well
Wealthsimple earned its spot. Self-directed stock, ETF, and options trades are commission-free with no account admin fees. The Cash account has no monthly fee and pays interest on your balance. Wealthsimple Tax is free and CRA NETFILE certified. And it is genuinely Canadian, built for TFSAs, RRSPs, and FHSAs from day one. If you want one app to hold and grow your money, it is a strong pick.
Where Monvo is different
Wealthsimple is where your money lives and grows. It is not built to tell you what to do with it. It shows you balances and charts. It does not flag a forgotten subscription, tell you the cash sitting in your big-bank chequing account is costing you interest, or recommend your next dollar move. Monvo fills that gap: it reads across your accounts and gives you specific, dollar-figure recommendations.
| Feature | Monvo | Wealthsimple |
|---|---|---|
| Tells you the specific move to make | Yes, dollar-figure recommendations | No, it shows balances and charts |
| Built for Canadian accounts (TFSA / HISA / GIC / FHSA) | Yes | Yes |
| Subscription detection | Yes | Not advertised |
| AI recommendations | Yes | No |
| Price | Free, or CA$15/mo (CA$12/mo billed annually) for more accounts and automation | Commission-free trading; managed investing charges an annual percentage |
| Try without connecting a bank | Yes, calculator or statement upload | You open accounts directly, so there is nothing to try first |
Common questions
Is Wealthsimple good for budgeting?
Wealthsimple shows your balances, transactions, and investments in one place. It is not a budgeting app. It will not build you a budget, flag subscriptions, or tell you what to change.
Is Wealthsimple free?
The basics are. Self-directed trading is commission-free and Cash has no monthly fee. Managed investing charges an annual percentage of your assets.
Does Wealthsimple tell you what to do with your money?
No. It gives you the tools to invest and save, plus clean data. The decisions are on you. That is exactly the gap Monvo is built for.
Can I use Wealthsimple and Monvo together?
Yes. They do different jobs. Wealthsimple holds and grows your money. Monvo reads across all your accounts and tells you the next move.
Does Wealthsimple detect subscriptions?
Wealthsimple does not advertise subscription detection or cancellation. Monvo flags recurring charges and forgotten subscriptions automatically, across every account you connect.
Is Wealthsimple Canadian?
Yes. It is built in Canada and built for Canadian accounts. That is one thing Monvo shares with it.
See what Monvo tells you, free
No login needed. Drop in a few numbers and see what your money is quietly costing you.
Feature comparisons reflect our understanding of Wealthsimple as of publishing and may change. See something inaccurate? Let us know.