Free national digital banking vs Alberta's Crown corporation bank. Head-to-head for Alberta residents on fees, interest, insurance and local service.
| Feature | KOHO | ATB Financial |
|---|---|---|
| Monthly fee | $0 forever | $0–$14.95 (conditions) |
| Interest on chequing balance | 3.0% | 0.01–0.05% |
| Cash back | 0.5%–2% | 0% on chequing |
| FX fee | 1.5% | 2.5% |
| Credit building | No deposit required | Secured card $500 |
| Signup bonus | $100 (code: 45ET55JSYA) | Promotional offers vary |
| Deposit insurance | CDIC (federal, $100K/cat) | AB Crown unlimited guarantee |
| Branches in Alberta | None — digital only | 170+ across AB |
| Available outside AB | Yes — all of Canada | No — Alberta only |
| Mortgages | No | Yes |
KOHO: $0/month forever. ATB: $0 on some plans if conditions are met (minimum balance, direct deposit, or bundled products), but $7.95–$14.95/month for most standard plans. ATB's Advantage Account is $14.95/month without conditions. KOHO's $0 requires no conditions at all.
KOHO pays 3.0% on your entire chequing balance with no minimum. ATB's chequing accounts pay 0.01–0.05%. On a $5,000 balance: KOHO earns $150/year vs ATB's $2.50–$5. ATB offers a separate HISA product, but you'd need to manually move money — KOHO's 3% on chequing is immediate and automatic.
KOHO gives 0.5%–2% cash back on purchases directly on your Mastercard. ATB chequing accounts have no cash back feature. ATB's credit cards (CashBack Mastercard) offer 1–3% cash back, but this is a separate product and requires a credit approval. KOHO's cash back is built into the everyday debit/prepaid card.
KOHO: 1.5% FX fee. ATB: 2.5% on non-CAD transactions. On $4,000 in US purchases annually (US shopping trips, Amazon USD, travel), KOHO saves $40 vs ATB. For Albertans near the US border (Coutts, Sweet Grass crossing), this adds up quickly.
ATB Financial has 170+ branches across Alberta — including locations in small towns across the province that no other institution serves. For Albertans in rural communities (Grande Prairie, Medicine Hat, Fort McMurray, Brooks), ATB often has the only full-service branch. KOHO has no branches anywhere in Canada.
ATB offers mortgages, agricultural loans, business banking, lines of credit, GICs, mutual funds and wealth management — all tailored to Alberta's economy. ATB's Entrepreneur Centre is highly regarded for AB business owners. KOHO does not offer mortgages, lines of credit, or investment products.
KOHO: CDIC insured up to $100,000 per eligible deposit category (federal program). ATB Financial: NOT CDIC — backed by the unlimited financial resources of the Province of Alberta (Crown corporation guarantee, no dollar cap). Neither is objectively superior — KOHO's CDIC is the federal standard, while ATB's unlimited Crown guarantee provides stronger protection on amounts over $100K per category.
| Plan | Monthly Fee | Annual Cost | Fee Waiver Condition |
|---|---|---|---|
| Chequing Account (basic) | $4.95–$7.95 | $59–$95 | Varies |
| Advantage Account | $14.95 | $179 | $4,000+ daily balance |
| Premium Account | $24.95 | $299 | $7,500+ daily balance |
| KOHO | $0 | $0 | No conditions required |
| You Are… | Best Choice | Why |
|---|---|---|
| Alberta resident — everyday banking | KOHO | $0 fees, 3% interest, cash back |
| Student or young professional in AB | KOHO | Credit building, no fees, $100 bonus |
| Newcomer to Alberta | KOHO | No credit history required |
| Rural Alberta resident (small town) | ATB Financial | Only bank in many AB towns |
| Alberta farmer / agricultural business | ATB Financial | Ag lending expertise, equipment financing |
| Alberta business owner | ATB Financial | Business accounts, Entrepreneur Centre |
| AB homebuyer needing mortgage | ATB or mortgage broker | KOHO doesn't offer mortgages |
| Most Alberta residents — optimal setup | KOHO + ATB | KOHO for spending/saving, ATB for property/business |
Yes — ATB Financial is safe. It's a Crown corporation owned by the Province of Alberta, in operation since 1938. ATB deposits are backed by the full financial resources of the Alberta government with no dollar cap — an unlimited guarantee. CDIC and ATB's Crown guarantee are two different frameworks, but both provide strong protection.
Yes — KOHO works across all of Canada and internationally (with 1.5% FX fee). ATB Financial is Alberta-only — no branches outside the province and limited functionality for Albertans who move to BC, Ontario or elsewhere. KOHO is a better long-term choice for Albertans who may relocate.
Yes — ATB Financial offers FHSA, RRSP, TFSA and other registered accounts. However, ATB's HISA rate on these accounts is typically lower than EQ Bank's 3.75%. For maximum FHSA growth, consider using EQ Bank (3.75%) for the FHSA while using KOHO for everyday spending.
ATB waives monthly fees if you maintain a minimum daily balance (typically $4,000+ for the Advantage Account) or set up direct deposit plus meet other conditions. This is conditional — KOHO's $0 fee requires no conditions at all, making it simpler and more reliable for residents who don't want to track minimum balances.
ATB Financial is a Crown corporation — a provincial government-owned business. The Alberta government guarantees all ATB deposits through the Alberta Treasury Branches Act. ATB operates commercially but is ultimately backed by Alberta's provincial finances. It was created in 1938 during the Great Depression to provide banking services across Alberta when private banks were withdrawing.
$0 forever · 3% interest · Cash back · $100 bonus · CDIC insured
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