KOHO vs Big 5 Banks 2025: Why Canadians Are Switching

Updated March 2025. Canada's Big 5 banks — TD, RBC, Scotiabank, BMO, and CIBC — have dominated Canadian banking for over a century. But a growing number of Canadians are questioning why they pay $10–$30 per month in chequing fees when alternatives like KOHO offer $0 fees and cash back. Here's a complete comparison.

Monthly Fees: The Core Issue

The average Canadian pays between $180 and $360 per year in bank account fees. Over a decade, that's $1,800–$3,600 — money that could be invested or saved. Here's what the Big 5 charge vs KOHO:

KOHO vs Big 5: Feature Comparison

How Much Could You Save by Switching to KOHO?

If you're currently paying the average Big 5 mid-tier fee of ~$16/month:

• 1 year: Save $192
• 5 years: Save $960
• 10 years: Save $1,920
• Plus: Add cash back earnings of ~$50–$200/year depending on spending

Most Canadians who switch save $200+ per year in fees alone, then earn additional cash back on top.

What KOHO Does Better Than Big 5 Banks

1. No Monthly Fees

KOHO's base account is completely free. No minimums, no conditions. The Big 5 charge $10–$31/month unless you maintain a high balance or qualify for a fee waiver.

2. Cash Back on Debit Spending

Big 5 banks give cash back through credit cards only. KOHO earns cash back on prepaid Visa spending — no credit application required. This is valuable for Canadians who prefer debit or are building credit.

3. Real-Time Spending Insights

KOHO's app shows instant notifications and detailed spending breakdowns. Big 5 apps have improved, but KOHO's budgeting experience is more intuitive and actionable.

4. Credit Building Without a Credit Card

KOHO's Credit Building add-on helps Canadians establish Equifax credit history without applying for a credit card. Big 5 banks don't offer this.

What Big 5 Banks Do Better Than KOHO

1. Full Banking Services

Big 5 banks offer mortgages, lines of credit, investment accounts, safety deposit boxes, and in-branch services. KOHO is a spending and cash management tool — not a full bank.

2. Branch Access

If you regularly deposit cash, need notary services, or want in-person banking advice, the Big 5's branch networks are unmatched.

3. Cross-Border Banking

TD and BMO offer US banking through subsidiary banks. KOHO has no cross-border capabilities.

The Best Strategy: Use Both

Most Canadians don't need to choose exclusively. A smart banking setup looks like:

• KOHO for everyday spending — $0 fees, cash back, budgeting
• Big 5 bank (or credit union) for mortgages, investments, and occasional in-person services
• EQ Bank or KOHO savings for high-interest savings

This hybrid approach eliminates most of your bank fees while keeping access to full banking services when needed.

Information current as of March 2025. Bank fees may vary by account and province. Verify directly with banks.