A full breakdown of fees, bonuses, cash back, savings rates, and which account wins for Canadian residents.
Side-by-Side
Every major feature compared. Green cells indicate the better value.
| KOHO | Neo Financial | |
|---|---|---|
| Signup Bonus | $80 free cash (code 45ET55JSYA) | $50 free cash (code J4C9H3K5) |
| Monthly Fee | $0 (free plan) | $0 |
| Cash Back | Up to 5% on purchases | Up to 15% at Neo partners, 0.5% elsewhere |
| Credit Check | No hard credit check | Soft check only |
| Savings Interest | Up to 5% (premium plans) | 2.25% (guaranteed) |
| Credit Building | Yes — optional credit building feature | Yes — via Neo Credit card |
| Mobile App | ⭐⭐⭐⭐⭐ (4.8 App Store) | ⭐⭐⭐⭐½ (4.6 App Store) |
| CDIC Protected | Yes — via Peoples Trust | Yes — via ATB Financial partnership |
Deep Dive
The key strengths and weaknesses of each account.
Our Verdict
KOHO takes the overall edge thanks to a bigger signup bonus and no monthly fees.
Get Started
Compare both options and claim any available signup bonuses below.
FAQ
It depends on what you need. KOHO (No-fee prepaid Visa with $80 signup bonus) vs Neo Financial (No-fee account with $50 signup bonus and high cash back). For a signup bonus, KOHO offers $80 free cash (code 45ET55JSYA) while Neo Financial offers $50 free cash (code J4C9H3K5). For monthly fees, KOHO charges $0 (free plan) vs Neo Financial's $0. See the full comparison table above for a complete breakdown.
KOHO signup bonus: $80 free cash (code 45ET55JSYA). Neo Financial signup bonus: $50 free cash (code J4C9H3K5). 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.
KOHO: Yes — via Peoples Trust. Neo Financial: Yes — via ATB Financial partnership. CDIC coverage protects deposits up to $100,000 per category at member institutions. Always verify current coverage details on the CDIC website.
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 Neo Financial to take advantage of each account's best features.
KOHO monthly fee: $0 (free plan). Neo Financial monthly fee: $0. Monthly fees are one of the biggest differences between accounts — even $15/month adds up to $180/year.
KOHO cash back: Up to 5% on purchases. Neo Financial cash back: Up to 15% at Neo partners, 0.5% elsewhere. Cash back rates can vary significantly depending on spending categories. Check each bank's current promotions as rates change.
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