Our verdict
Best for
People who want to spend and save in one app and will use the cash back and budgeting features
Not for
Anyone who wants a single flat rate without plan tiers, or who needs traditional chequing features
What we like
- No NSF fee, because it is a prepaid account rather than chequing
- Interest and cash back are tiered by plan, and the tiers are published
- Credit building is offered as an add-on, so the account and the rebuild sit together
Where it could improve
- The headline 3.50% requires the top paid tier, so the effective rate depends on your balance against the plan fee
- Deposit protection is through a partner institution, which means the CDIC limit is shared across products with that partner
- Prepaid means no overdraft and no cheque writing
Products
One block per product, each with its own numbers. Never blended into a single range.
Good to know: Costs $10 a month with a fixed $225 limit, and reports to the credit bureaus. This is a credit product, not a deposit, so no deposit insurance applies and the security funds held against it are explicitly not CDIC protected.
Rates and fees for this product are being verified against KOHO Financial's published materials and will appear once checked.
KOHO Prepaid Account (Essential)
Prepaid card
Good to know: The free Essential plan pays 2.00%; reaching 3.50% requires the Everything plan at $14.75 a month. CDIC protection applies only while you are opted in to Earn Interest — a balance not earning interest is not covered.
Rates and fees for this product are being verified against KOHO Financial's published materials and will appear once checked.
KOHO Financial alternatives
EQ Bank
1.00 - 2.75%
No plan fee at all, and the bonus rate needs only a direct deposit rather than a paid tier.
Full profile ›
neo
2.75%
Comparable rate with no plan fee, and credit cards alongside the account.
Wealthsimple
Tiered by assets
Better if you are also investing, since the rate rises with total assets held.
Full profile ›
Alternatives link to our profiles only. Comparing is the point; we send nobody sideways.
Company details
Legal name
KOHO Financial Inc.
Parent
Independent
Regulator
Not a bank; funds held with a CDIC member partner
Deposit protection
CDIC via partner institution
Founded
2014
Hq
Toronto, Ontario
