KOHO vs BMO 2026: Which Is Better?

Side-by-Side

KOHO vs BMO — Feature Comparison

Every major feature compared. Green cells indicate the better value.

	KOHO	BMO
Signup Bonus	$80 free cash (code 45ET55JSYA)	None (occasional $200–$350 promos)
Monthly Fee	$0 (free plan)	$6.95–$30.00/month
Cash Back	Up to 5% on purchases	Via BMO credit cards
Credit Check	No hard credit check	Hard credit check for most products
Savings Interest	Up to 5% (premium plans)	0.01–0.05% standard
Credit Building	Yes — optional credit building feature	Yes — credit card products
Mobile App	⭐⭐⭐⭐⭐ (4.8 App Store)	⭐⭐⭐⭐ (4.2 App Store)
CDIC Protected	Yes — via Peoples Trust	Yes — CDIC member

Deep Dive

Pros & Cons

The key strengths and weaknesses of each account.

KOHO

No-fee prepaid Visa with $80 signup bonus

Pros

$80 free — highest bonus available in Canada
No monthly fee on base plan
Up to 5% cash back
Free credit score monitoring
Round-ups savings feature
Virtual + physical Visa card
Instant approval — no credit check
CDIC insured deposits

Cons

Prepaid Visa (not a debit or credit card)
Premium features cost $9–$19/month
No physical branches
No chequing account cheques

BMO

Big 5 bank with full branch and ATM network

Pros

Full branch + ATM network nationwide
Complete product suite (mortgages, investments)
BMO InvestorLine for self-directed investing
CDIC insured
Strong mortgage products
Multiple account types

Cons

Monthly fees up to $30
No free signup bonus on chequing
Low savings interest
Hard credit check required

Our Verdict

Which Is Better: KOHO or BMO?

🏆 Winner: KOHO

KOHO wins for most Canadians in 2026

KOHO takes the overall edge thanks to a bigger signup bonus and no monthly fees.

Free cash: KOHO wins — $80 free cash (code 45ET55JSYA) vs. None (occasional $200–$350 promos).
No monthly fees: KOHO wins — it's free. BMO charges up to $6.95–$30.00/month.
Savings interest: KOHO offers Up to 5% (premium plans) vs. BMO's 0.01–0.05% standard.
Mobile app: KOHO rates ⭐⭐⭐⭐⭐ (4.8 App Store) vs. BMO's ⭐⭐⭐⭐ (4.2 App Store).
Branch access: BMO wins for those who need in-person banking. KOHO is online-only.

Get Started

Open Your Account Today

Compare both options and claim any available signup bonuses below.

Open Account

KOHO

Bonus: $80 free cash (code 45ET55JSYA)
Fee: $0 (free plan)
Code: 45ET55JSYA

Get KOHO →

Open Account

BMO

Bonus: None (occasional $200–$350 promos)
Fee: $6.95–$30.00/month

Learn More →

FAQ

KOHO vs BMO: Common Questions

Is KOHO better than BMO in 2026?

It depends on what you need. KOHO (No-fee prepaid Visa with $80 signup bonus) vs BMO (Big 5 bank with full branch and ATM network). For a signup bonus, KOHO offers $80 free cash (code 45ET55JSYA) while BMO offers None (occasional $200–$350 promos). For monthly fees, KOHO charges $0 (free plan) vs BMO's $6.95–$30.00/month. See the full comparison table above for a complete breakdown.

Does KOHO or BMO offer a signup bonus?

KOHO signup bonus: $80 free cash (code 45ET55JSYA). BMO signup bonus: None (occasional $200–$350 promos). If neither offers a cash bonus, consider also opening KOHO (code 45ET55JSYA for $80 free) or Neo Financial (code J4C9H3K5 for $50 free) — the two biggest free bonuses available to Canadians right now.

Are KOHO and BMO CDIC insured?

KOHO: Yes — via Peoples Trust. BMO: Yes — CDIC member. CDIC coverage protects deposits up to $100,000 per category at member institutions. Always verify current coverage details on the CDIC website.

Can I have both KOHO and BMO accounts at the same time?

Yes — there is no rule preventing Canadians from holding multiple bank accounts simultaneously. Many people keep one account for savings and another for spending. You can open both KOHO and BMO to take advantage of each account's best features.

What is the monthly fee for KOHO vs BMO?

KOHO monthly fee: $0 (free plan). BMO monthly fee: $6.95–$30.00/month. Monthly fees are one of the biggest differences between accounts — even $15/month adds up to $180/year.

Which has better cash back: KOHO or BMO?

KOHO cash back: Up to 5% on purchases. BMO cash back: Via BMO credit cards. Cash back rates can vary significantly depending on spending categories. Check each bank's current promotions as rates change.

KOHO vs BMO in 2026