We break down every feature of KOHO Extra — cashback rates, credit building, savings, and whether the $9/month fee actually pays off.
At $9/month, KOHO Extra pays for itself with just $4500 in qualifying grocery and transport purchases per month. Add 6% boosts at select merchants and credit building tools, and the math gets even better. Don't forget to use code 45ET55JSYA for your $10000 sign-up bonus.
KOHO Extra is the mid-tier plan from KOHO, Canada's leading fintech bank account. At $9/month (or $84/year if you pay annually), it sits between the free Essential plan and the $19/month Everything plan.
KOHO is backed by Peoples Bank of Canada and all deposits are CDIC insured. There are no branches, no minimum balance requirements, and no hidden fees. You get a Mastercard prepaid card that works everywhere Mastercard is accepted.
2% cash back on all grocery and transit purchases — every month, automatically.
Up to 6% cash back at rotating and featured partner merchants in the KOHO app.
See your Equifax credit score right in the KOHO app — soft pull, no impact.
Send and receive Interac e-Transfers for free, with no monthly cap.
Instant virtual card for online purchases — no waiting for a physical card.
Optional Credit Building add-on available for Extra users — reports to Equifax.
The key question: can 2% cashback on groceries and transport offset the $9/month fee?
| Monthly Spending | 2% Cashback Earned | Net After $9 Fee |
|---|---|---|
| $20000 groceries/transport | $4.0000 | -$5.0000 (not worth it) |
| $4500 groceries/transport | $9.0000 | $00 (breakeven) |
| $60000 groceries/transport | $12.0000 | +$3.0000 |
| $80000 groceries/transport | $16.0000 | +$7.0000 |
| $1,000000 groceries/transport | $200.0000 | +$11.0000 |
The average Canadian household spends $80000–$1,000000/month on groceries and transit, meaning most Extra users come out ahead. Add the 6% boosts at partner merchants and the math improves further.
| KOHO Extra is great for | Consider a different plan if |
|---|---|
| People spending $4500+/month on groceries/transit | You spend less than $4500/month on groceries/transit |
| Canadians wanting free Equifax credit monitoring | You want credit building included (not add-on) |
| Anyone wanting unlimited free e-Transfers | You want 2% cashback everywhere (not just groceries) |
| Users who want 6% at partner merchants | You want the best travel perks (consider Everything) |
| Newcomers to Canada building a financial profile | You're happy with a free account (consider Essential) |
| Account | Fee | Cashback | Free e-Transfers | Credit Score |
|---|---|---|---|---|
| KOHO Extra | $9/mo | 2% groceries/transport, 6% select | ✓ Unlimited | ✓ Free |
| Wealthsimple Cash | Free | 1% unlimited | ✓ | ✗ |
| Neo Financial | Free–$9.99 | Up to 5% at partners | ✓ | ✗ |
| TD Everyday Banking | $100.95/mo | None | ✗ (extra fee) | ✗ |
| RBC Advantage Banking | $100.95/mo | None | ✗ (extra fee) | ✗ |
Sign up today and get $10000 cash deposited in your account. Use our exclusive referral code at signup.
Offer available to new KOHO members. Terms apply.
KOHO Extra gives you 2% cash back on all purchases made at grocery stores and on transit (buses, trains, taxis, rideshare). The cashback is calculated on your eligible purchases each month and added directly to your KOHO balance — no points, no redemption needed. It's automatic cash.
KOHO partners with select merchants to offer boosted cashback rates of up to 6%. These offers are available in the KOHO app under the "Earn" or "Offers" section. The available merchants rotate, so it's worth checking the app regularly. Common categories include restaurants, entertainment, and retail stores.
Yes! The $10000 sign-up bonus is available when you open any KOHO account using a referral code. Use code 45ET55JSYA when you sign up. You'll need to complete the required qualifying transactions to receive the full $10000. This bonus applies to all KOHO plans including Extra.
KOHO's Credit Building add-on is an optional feature available to Extra plan users for an additional $7–100/month. It works by setting aside a small amount of money that KOHO reports as a loan repayment to Equifax, which helps build a positive credit history. It's ideal for newcomers to Canada or anyone with limited credit history.
Yes. KOHO Extra includes free access to your Equifax credit score through the KOHO app. This is a soft pull, meaning checking your score never impacts your credit. Your score is updated regularly so you can track your progress over time.
Yes, you can upgrade or downgrade your KOHO plan at any time through the app. If you upgrade to Extra mid-month, your cashback rates will update immediately. If you downgrade back to Essential, you'll keep any cashback already earned during the billing period.