KOHO Review for Students 2026

KOHO launched in 2017 and has grown to serve over 1 million Canadians in 2026. For students and young adults, it's frequently recommended as one of the best alternatives to traditional student banking — not because it replaces everything a bank does, but because it does the everyday spending-and-saving part better than most banks while charging nothing.

This is an honest review of KOHO for Canadian students — the genuine strengths, the real limitations, and exactly who it's best for.

What Is KOHO?

KOHO is a Canadian financial technology company offering a prepaid Visa card and spending account. It's not a bank — it's issued through Peoples Trust Company, a federally regulated Canadian trust company, which means your KOHO deposits are eligible for CDIC protection up to $100,000 (within the Peoples Trust category). Your money is as safe as at any chartered bank.

KOHO Plans — What Students Need to Know

Plan	Monthly Fee	Cash Back	Features
Essential (free)	$0	1% groceries + transit	Core spending, savings goals, RoundUps
Extra	$9/mo or $84/yr	2% groceries + transit, 0.5% everything	Everything in Essential + more cash back
Everything	$19/mo or $190/yr	2% groceries + transit, 0.5% everything	Extra features + 0% cash advance fee

For most students: the free Essential plan is the right choice. It costs nothing and covers the core features. Consider upgrading to Extra if you spend $600+/month on groceries and transit (the extra 1% cash back would exceed the $9/month fee).

Key Features for Students

KOHO vs. Traditional Student Bank Accounts

KOHO isn't necessarily a replacement for a traditional bank account — many students use both. Here's how to think about it:

• Use KOHO for: Daily spending (groceries, transit, dining, online purchases), e-Transfers to friends/roommates, budgeting and savings goals, cash back accumulation
• Keep a traditional bank account for: Direct deposit if your employer requires a bank account routing number, cash deposits, certified cheques, banking transactions that require a physical institution

Many students find that KOHO becomes their primary account over time, keeping just a minimal balance in a bank account for the occasional transaction that requires it.

How to Get the Most From KOHO as a Student

1. Sign up with referral code 45ET55JSYA to get a welcome bonus when you make your first purchase
2. Enable direct deposit — get your paycheque (or OSAP/StudentAid BC direct deposit) up to 3 days early
3. Set up at least one savings goal — even $25/month to an emergency fund goal
4. Enable RoundUps — painlessly save $5–$20/month from everyday purchases
5. Consider Credit Building if you have no credit history — $7/month for 12 months is $84 to significantly improve your credit score
6. Check your spending summary weekly — the category breakdown is genuinely useful for staying on budget