KOHO
A chequing account from KOHO, compared on fees.
- Per month
- $0
- Per year
- $0
- Account type
- Chequing account
- Offered by
- KOHO
Fees & features
| Yearly account fee | $0 |
|---|---|
| Monthly equivalent | $0 |
| Transactions | Unlimited transactions on all plans |
| Interac e-Transfers | Free real-time e-Transfers on all plans; send and receive Interac e-Transfers |
| Regular interest rate | 2.00% |
| ATM access | KOHO's Cardholder Agreement lists ATM Withdrawal Fees as Free (the ATM operator may charge its own fee). International ATM: '1st Free' on Extra and Everything; not included on Core. |
| Other fees | Core: $0/mo. Extra: $12/mo billed yearly or $18/mo billed monthly. Everything: $14.75/mo billed yearly or $22/mo billed monthly. Every plan has a free 30-day trial. Foreign Exchange Transaction Fee: 1.5% per transaction on Core; no foreign transaction fees on Extra and Everything. Crypto trading fee 0.5% on all plans. |
| Other benefits | Prepaid KOHO Mastercard. Interest on entire balance (opt in to Earn Interest; calculated daily, paid monthly, no minimum balance): Core 2%, Extra 2.5%, Everything 3.5%. Unlimited cash back on groceries, transportation, food & drinks: Core 1%, Extra 1.5%, Everything 2%; on everything else: 0%, 0.25%, 0.5%; up to 6.5% extra cash back at select merchants on all plans. Credit Building add-on (interest-free line of credit, payments reported to Equifax and TransUnion): $10/month per KOHO's page description; 30% off on Extra, 50% off on Everything. Free credit score on all plans; free credit report on Everything. Cover bundle: interest-free cash advance up to $500, from $2/month. Free eSIM data: Extra 1GB/month, Everything 3GB/month. Metal card and joint account rates on Everything. |
| Deposit insurance | When you opt in to Earn Interest, your funds are placed in trust with one or more CDIC member institutions. Funds held in trust by CDIC member institutions are eligible for CDIC protection of up to $100,000 per beneficiary, per member institution, if the member institution were to fail. KOHO Accounts not earning interest are not eligible for CDIC protection. (Cardholder Agreement: funds loaded onto the Card are not a deposit and are not insured by CDIC unless Earn Interest is active.) |
| Eligibility | Canadian resident who has reached the age of majority in their province. Guaranteed, instant approval with no credit check to sign up. |
Pros & cons
Pros
- Free Core plan ($0/month) with 2% interest on the entire balance once you opt in to Earn Interest
- Up to 2% cash back on groceries, transportation, food & drinks (1% on the free plan)
- Unlimited transactions and free real-time e-Transfers on every plan
- No credit check to sign up; guaranteed, instant approval
Cons
- 1.5% foreign exchange fee on the free Core plan (none on Extra or Everything)
- Prepaid card, not a credit card; Credit Building is a separate paid add-on
- CDIC eligibility only applies when Earn Interest is active
How it compares
- One of 18 of the 47 chequing accounts we track with no account fee.
Side by side with similar picks
| KOHO |  Chequing accountBMO Performance Chequing Account - Canadian Defence Banking Services | Chequing accountBMO Performance Student Chequing Account |  Chequing accountCIBC Smart Account for Foreign Workers | |
|---|---|---|---|---|
| Yearly account fee | $0 | $0 | $0 | $0 |
| Per month | $0 | $0 | $0 | $0 |
| Offered by | KOHO | BMO | BMO | CIBC |
More similar chequing accounts
Frequently asked questions
Does the KOHO have a monthly fee?
No. The KOHO has no monthly account fee.
How many transactions does the KOHO include?
Unlimited transactions on all plans. Check KOHO’s fee schedule for what counts as a transaction.
Are Interac e-Transfers free with the KOHO?
Free real-time e-Transfers on all plans; send and receive Interac e-Transfers.
What interest rate does the KOHO pay?
The regular rate is 2.00%. Rates can change, so confirm the current rate with KOHO.
Is the KOHO covered by deposit insurance?
When you opt in to Earn Interest, your funds are placed in trust with one or more CDIC member institutions. Funds held in trust by CDIC member institutions are eligible for CDIC protection of up to $100,000 per beneficiary, per member institution, if the member institution were to fail. KOHO Accounts not earning interest are not eligible for CDIC protection. (Cardholder Agreement: funds loaded onto the Card are not a deposit and are not insured by CDIC unless Earn Interest is active.). Coverage limits and eligible deposit types are set by the insurer.
Rates, fees and offers come from KOHO’s published terms and can change at any time. Confirm the current terms with KOHO before applying. CreditLab may earn a commission from partner links; this never changes the facts we show. See our methodology.