KOHO is Canada's most popular fintech bank account and prepaid Mastercard. In this review, we break down every plan, every perk, and whether KOHO is worth it in 2025.
★★★★★ Bremo Rating: 4.8/5
Best for: No-fee banking, cashback, credit building, newcomers to Canada
Sign-up bonus: $100 with code 45ET55JSYA
KOHO is a Canadian fintech company founded in 2014 that offers a prepaid Mastercard and bank-like account. Unlike traditional banks, KOHO has no branches, no minimum balance requirements, and charges low to no monthly fees. It's backed by Peoples Bank of Canada and deposits are eligible for CDIC insurance.
KOHO earns revenue from interchange fees when you use your card, which allows it to share a portion back to you as cashback.
| Feature | Essential (Free) | Extra ($9/mo) | Everything ($19/mo) |
|---|---|---|---|
| Cashback on grocery/transport | 0.5% | 1.5% | 2% |
| Cashback on everything else | 0.5% base | 0.25% | 0.5% |
| Free e-Transfers | Yes | Yes | Yes |
| Foreign transaction fee | 1.5% | 1.5% | 0% (no FX fee) |
| Credit Builder | +$7/mo add-on | +$7/mo add-on | +$7/mo add-on |
| Savings earn interest | Yes | Yes | Yes |
KOHO's Credit Builder is available as an add-on for $7/month on any plan. It works by opening a secured line of credit in your name that KOHO reports to Equifax each month. Because KOHO handles the payments automatically, your credit score improves without risk of missed payments.
On the free Essential plan, KOHO gives 0.5% cashback on all eligible purchases. On the Everything plan at $19/month, you earn 2% on grocery and transit spending. For a household spending $2,000/month, that's $40/month ($480/year) in cashback — net positive even after the $19 plan fee.
Sign up for KOHO and use referral code:
You'll receive $100 cash deposited directly into your KOHO account. No credit check required.
Claim $100 with KOHO| Pros | Cons |
|---|---|
| No credit check required | Not a full bank (no cheques) |
| Free plan available | Limited ATM network |
| Cashback on purchases | Credit Builder costs $7 extra |
| $100 sign-up bonus | No joint accounts |
| Credit building available | Lower limits than credit cards |
| CDIC eligible deposits | No investment products |
KOHO is not a bank — it's a fintech company. Your deposits are held with Peoples Bank of Canada, which is a CDIC member. This means your money is eligible for CDIC deposit insurance up to $100,000.
Sign up for KOHO using referral code 45ET55JSYA (or via the link on this page). Make your first purchase within 30 days and the $100 bonus will be deposited into your KOHO account. Terms and conditions apply — visit KOHO's website for current offer details.
No. KOHO does not perform a hard credit check when you sign up for any of its plans, including Credit Builder. This makes it accessible to newcomers, those with no credit history, and those with poor credit.
Many Canadians do use KOHO as their primary account. It has a Mastercard for purchases, free e-Transfers, direct deposit capability, and savings features. The main limitation is no cheque writing and limited ATM access.
The KOHO card limit is based on the balance in your account (it's prepaid, not credit). You can only spend what you've loaded. There are no overdraft features on the standard plans.
Yes — KOHO is one of the best options for newcomers because it has no credit check, no minimum balance, no monthly fee (on the free plan), accepts newcomers without a Canadian credit history, and the $100 sign-up bonus is a great welcome.