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 | Simplii Financial | |
|---|---|---|
| Signup Bonus | $80 free cash (code 45ET55JSYA) | None (occasional referral promos) |
| Monthly Fee | $0 (free plan) | $0 |
| Cash Back | Up to 5% on purchases | Up to 4% on select categories |
| Credit Check | No hard credit check | Soft check |
| Savings Interest | Up to 5% (premium plans) | 0.01% standard (promos available) |
| Credit Building | Yes — optional credit building feature | Yes — via Simplii credit card |
| Mobile App | ⭐⭐⭐⭐⭐ (4.8 App Store) | ⭐⭐⭐⭐ (4.0 App Store) |
| CDIC Protected | Yes — via Peoples Trust | Yes — through CIBC |
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 Simplii Financial (No-fee bank account backed by CIBC). For a signup bonus, KOHO offers $80 free cash (code 45ET55JSYA) while Simplii Financial offers None (occasional referral promos). For monthly fees, KOHO charges $0 (free plan) vs Simplii Financial's $0. See the full comparison table above for a complete breakdown.
KOHO signup bonus: $80 free cash (code 45ET55JSYA). Simplii Financial signup bonus: None (occasional referral 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.
KOHO: Yes — via Peoples Trust. Simplii Financial: Yes — through CIBC. 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 Simplii Financial to take advantage of each account's best features.
KOHO monthly fee: $0 (free plan). Simplii 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. Simplii Financial cash back: Up to 4% on select categories. Cash back rates can vary significantly depending on spending categories. Check each bank's current promotions as rates change.
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