Side-by-Side Comparison
| Feature | KOHO | Competitors |
|---|---|---|
| Monthly Fee | $0 (basic) | $0 – $30 |
| Credit Check | None | May be required |
| Cashback | 0.5% – 5% | 0% (usually) |
| Savings Tools | Automated roundups | Manual savings |
| Credit Building | $10/month add-on | Requires credit products |
| Overdraft | Not available | Available |
| Branch Access | App only | In-person + online |
| Deposit Insurance | CDIC protected | CDIC protected |
Monthly Fee
KOHO
$0 (basic)
Competitors
$0 – $30
Credit Check
KOHO
None
Competitors
May be required
Cashback
KOHO
0.5% – 5%
Competitors
0% (usually)
Savings Tools
KOHO
Automated roundups
Competitors
Manual savings
Credit Building
KOHO
$10/month add-on
Competitors
Requires credit products
Overdraft
KOHO
Not available
Competitors
Available
Branch Access
KOHO
App only
Competitors
In-person + online
Deposit Insurance
KOHO
CDIC protected
Competitors
CDIC protected
Choose KOHO If…
- You want cashback on everyday purchases
- You want to build credit without debt
- You prefer app-based banking
- You want automated savings tools
- You can't get approved for a traditional bank account
Choose Competitors If…
- You need overdraft protection
- You prefer in-person branch access
- You need a full-service chequing account
- You want integrated credit products (credit card, LOC)
- You need to write cheques
Frequently Asked Questions
Can KOHO replace my bank account?
KOHO can replace a bank for daily spending and savings, but you may still need a traditional bank for cheques, overdraft, and certain bill payments.
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Editorial Note: Our content is reviewed by financial experts for accuracy. We may receive compensation from partner lenders, which does not influence our rankings or recommendations. Read our full disclosures
KOHO Resources
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