A complete, honest look at KOHO's fees, cash back, savings rates, and whether it's right for you in 2025.
KOHO gives you free banking + cash back. Use code 45ET55JSYA to get a $20 bonus.
Try KOHO Free — Code 45ET55JSYAKOHO is a Canadian fintech company founded in 2014 and headquartered in Toronto. It offers a prepaid Visa card paired with a spending and savings account accessible through a sleek mobile app. KOHO partners with Peoples Bank of Canada to hold customer deposits, which means your money is CDIC-insured up to $100,000 per depositor category.
KOHO now has over one million customers in Canada and is widely considered one of the best alternatives to traditional bank accounts — particularly for people who want to eliminate monthly fees and earn cash back on everyday spending.
| Plan | Monthly Fee | Cash Back (Groceries/Transit) | Cash Back (Everything Else) | Savings Rate |
|---|---|---|---|---|
| Essential (Free) | $0 | 1% | 0.5% | Up to 5% (limited) |
| Extra | $9/mo | 2% | 1% | Up to 5% |
| Everything | $19/mo | 2% | 2% | 5% |
For most Canadians, the free Essential plan is more than sufficient. You get real cash back, a functional savings account, and a Visa card accepted anywhere Visa is accepted.
KOHO's cash back is straightforward: spend with your KOHO Visa card and earn a percentage back on every purchase. Cash back is credited to your account immediately after each transaction — no waiting for a monthly statement. On the free plan, you earn 1% on groceries and public transit, and 0.5% on all other spending.
KOHO also runs "Boosts" — rotating elevated cash back offers at specific merchants like Uber Eats, Starbucks, and Shoppers Drug Mart. These Boosts can stack with your base cash back rate.
KOHO's high-interest savings component earns interest on all balances. Rates vary by plan and promotional periods, but KOHO regularly offers 4–5% interest on savings — significantly higher than any big-five Canadian bank. Interest accrues daily and is paid monthly.
| Pros | Cons |
|---|---|
| No monthly fees on the free plan | Prepaid Visa (not a traditional debit card) |
| Real cash back on every purchase | No physical branches |
| High-interest savings built in | No direct CDIC membership (uses partner bank) |
| CDIC-insured through Peoples Bank | No personal cheques |
| Excellent mobile app UX | No joint GICs or term deposits |
| Instant cash back credited | ATM cash withdrawals limited |
Yes. KOHO holds deposits through Peoples Bank of Canada, a CDIC member. Your deposits are protected up to $100,000 per depositor category. KOHO uses 256-bit TLS encryption, biometric authentication, and real-time fraud monitoring. The company is regulated and has never suffered a security breach affecting customer funds.
KOHO is ideal for Canadians who want to stop paying monthly bank fees, earn cash back on everyday spending, and save money automatically. It's particularly well-suited for younger Canadians, students, and anyone who does most of their banking digitally. It's not the best fit for people who need in-person banking services or frequently write personal cheques.
Canada's big-five banks charge $15–$30 per month for their standard chequing accounts. Over a year, that's $180–$360 in fees. KOHO's free plan charges $0 — and pays you cash back on top. For most Canadians who can manage without a physical branch, the math is simple.
Signing up takes about five minutes from your phone. You'll need your Social Insurance Number for identity verification. Your KOHO card arrives by mail within a week, but you can add it to Apple Pay or Google Pay immediately. Use referral code 45ET55JSYA to earn a $20 welcome bonus after your first purchase.
Join KOHO — no monthly fees, cash back on purchases, save automatically. Code 45ET55JSYA = $20 bonus.
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