KOHO is one of Canada's most popular fintech products — and for good reason. It offers a free prepaid Visa account with cash back rewards, a built-in savings feature, budgeting tools, and no monthly fees on the base plan. It's not a traditional bank, but for millions of Canadians it functions as one.
This review covers everything about KOHO in 2025: how it works, what it costs, what it earns you, and whether it's worth switching to or adding alongside your existing bank.
Use referral code 45ET55JSYA when opening your KOHO account to receive a signup bonus. It takes under 5 minutes to apply entirely online — no credit check required.
Open KOHO Free — Use Code 45ET55JSYAKOHO is a Canadian fintech company that offers a prepaid Visa card and associated spending account. Technically, it is not a bank — it does not hold a banking licence. However, your funds are held at Peoples Bank of Canada, which is a CDIC member institution. This means your deposits are insured up to $100,000 under CDIC coverage.
In practice, KOHO works exactly like a bank account for most everyday purposes: you can load money, spend with your Visa, receive direct deposits, send and receive Interac e-Transfers, and save money in a high-interest account.
The free plan has no monthly fee and includes: a prepaid Visa card, 1% cash back on groceries and transportation, Interac e-Transfers, a savings account earning interest, budgeting tools, and the ability to receive direct deposit. This plan is genuinely useful without paying anything.
Adds 2% cash back on groceries, dining, and transportation, plus unlimited 0.5% cash back on all other purchases. Also includes price matching tools and free financial coaching. Good value for moderate spenders who can earn back the fee in cash back.
Maximum cash back across categories, plus premium features like free foreign exchange on international purchases, enhanced rewards, and priority support.
Even on the free plan, KOHO earns 1% cash back on groceries and transportation. This beats most free debit cards in Canada, which earn nothing. Paid plans earn significantly more.
KOHO's savings feature earns interest on your balance. The rate is competitive and applies automatically — you don't need to manually move money to a separate account. Funds earn interest while sitting in your KOHO account.
The base KOHO account has zero monthly fees and no minimum balance. This alone makes it worth having even if you keep your existing bank account.
KOHO requires no credit check to open. This makes it accessible to new Canadians, students, those building credit, and anyone who has been declined by traditional banks.
Your virtual KOHO Visa is available immediately upon approval — before your physical card arrives. You can start using it for online purchases right away.
KOHO automatically categorizes your spending and shows breakdowns by category. The app also lets you set spending limits by category, making it useful for budget-conscious Canadians.
KOHO offers a credit building subscription that reports on-time payments to Equifax and TransUnion. This is helpful for newcomers to Canada or anyone working to improve their credit score.
Yes. Your money held with KOHO is deposited at Peoples Bank of Canada, a federally chartered bank and CDIC member. Your deposits are insured up to $100,000. KOHO itself is a registered money services business regulated by FINTRAC.
KOHO is worth using for almost every Canadian. Even if you keep your existing bank, adding KOHO costs nothing and earns cash back on everyday spending. For Canadians who pay monthly banking fees at a Big 5 bank, replacing with KOHO (plus EQ Bank for savings) eliminates those fees entirely while adding cash back rewards.
KOHO is especially valuable for: students, newcomers to Canada, anyone without a credit history, Canadians who want spending controls, and anyone looking to earn cash back without a credit card application.
KOHO earns a strong recommendation as one of the best free banking options in Canada for 2025. The zero-fee model, cash back on spending, CDIC-insured deposits, and no credit check requirement make it uniquely accessible. Use code 45ET55JSYA to get a bonus when you sign up.