KOHO is a Canadian fintech challenger bank offering a no-fee Visa prepaid account with built-in spending tracking, savings goals, and cash back rewards. Unlike traditional banks, KOHO is designed around helping you spend less and save more — with budgeting tools baked directly into the account rather than added through a third-party app.
Get a sign-up bonus when you open your KOHO account using referral code 45ET55JSYA. No credit check, no monthly fees on the free plan.
Get KOHO Free — Use Code 45ET55JSYA| Plan | Monthly Fee | Cash Back | Interest on Balance |
|---|---|---|---|
| KOHO Easy | $0 | 1% groceries & transport | ~3% on savings |
| KOHO Essential | $4/mo | 1% on all spending | ~3% on savings |
| KOHO Extra | $9/mo | 2% on groceries, dining, transport | ~5% on savings |
| KOHO Everything | $19/mo | 2% everything + extras | ~5% on savings |
Rates shown are approximate and subject to change. KOHO's interest rate on savings balances has been consistently competitive with high-interest savings accounts — a significant differentiator from standard chequing accounts that pay nothing.
Most budgeting apps require you to connect to your existing bank account via a third-party API — which is often unreliable, may not work with all Canadian banks, and adds complexity. KOHO eliminates this problem by being the account itself. Every transaction is automatically tracked and categorized in real time. There's no sync to worry about, no third-party app to pay for separately.
For Canadians who want to budget without learning YNAB's complex system or paying for Monarch Money, KOHO's built-in tools are often sufficient — and they're free.
| Feature | KOHO (Free) | Big Bank Chequing |
|---|---|---|
| Monthly fee | $0 | $4–$30/mo |
| Cash back | 1% (groceries/transport) | None |
| Interest on balance | ~3% | 0% |
| Budgeting tools | Built-in | Basic or none |
| Credit check | No | Sometimes |
| CDIC insured | Yes (via Peoples Bank) | Yes |
KOHO offers a credit-building product on paid plans. It works by setting aside a small amount each month in a secured account, which KOHO reports to Equifax as on-time payments. This builds a credit history without a credit card or loan — useful for newcomers to Canada, students, or anyone rebuilding credit after financial difficulties.
Yes. KOHO holds deposits at Peoples Bank of Canada, a federally regulated financial institution. Eligible deposits are CDIC insured up to $100,000. KOHO is regulated by FINTRAC as a money services business and operates under strict Canadian financial regulations.
KOHO is Canada's best no-fee bank account in 2025. It combines the financial benefits of a high-interest savings account (interest on balance), a cash back credit card (rewards on spending), and a budgeting app (automatic spending tracking) in a single free product. For most Canadians, switching from a big bank chequing account to KOHO's free plan results in immediate savings on fees plus new earnings from cash back and interest. Use code 45ET55JSYA when signing up for a bonus.