KOHO gives you $0 fees, 3% interest, and up to $658 more per year than BMO's Plus Chequing. Here's the full breakdown across 7 categories.
For the average Canadian paying $16.95/month at BMO with $5,000 in their account, KOHO earns ~$658 more per year through eliminated fees ($203), higher interest ($145), cashback ($120), and a $100 signup bonus. BMO wins for branch access and full-suite banking (mortgages, US banking, BMO InvestorLine). Many Canadians use both.
BMO charges $16.95/month for their popular Plus Chequing Plan. The fee can be waived with a $4,000 daily minimum balance. KOHO charges $0 forever with no minimums. Annual savings: $203.
KOHO pays 3.0% on all balances automatically. BMO's chequing earns 0.01%. On $5,000: KOHO earns $150/year vs BMO's $0.50/year — a $149.50 annual difference. BMO's Smart Saver (separate account) earns ~0.5–1.0%, still well below KOHO.
KOHO's Free plan earns 0.5% cashback on every purchase. Upgrade to Extra ($9/mo) for 2% on groceries. BMO's chequing earns zero cashback — you need a separate BMO credit card. On $2,000/month spending: KOHO earns $120/year vs BMO's $0 on chequing.
KOHO's credit building ($7/mo, or included in Extra/Everything plans) builds credit via a small installment loan with no hard inquiry and no deposit. BMO's equivalent requires a $500+ cash deposit as security. KOHO is far more accessible for newcomers, students, and those rebuilding credit.
BMO charges 2.5% on all foreign currency transactions. KOHO's Everything plan ($19/mo) eliminates this. On $5,000/year in USD spending, that's $125/year saved. Even on lower plans, KOHO uses Mastercard's exchange rate with no BMO-specific markup.
BMO has 900+ Canadian branches plus a large US presence through BMO Bank N.A. (formerly BMO Harris). For in-person banking, complex transactions, or US banking, BMO's network is a genuine advantage. KOHO is digital-only — sufficient for most banking needs but not for those who prefer face-to-face service.
BMO offers everything: mortgages, GICs, mutual funds, BMO InvestorLine, US banking, LOC, and business banking. KOHO focuses on daily chequing, savings, and credit building. For Canadians needing a single institution for all financial products, BMO remains necessary for complex needs.
Open KOHO for daily chequing (save $200+/year in fees, earn 3% interest + cashback). Keep BMO for mortgage, GICs, and investment accounts. Most Canadians save $400–$700/year with this hybrid approach.
For everyday chequing and savings, yes — KOHO is significantly better. $0 fees vs $16.95/month, 3.0% interest vs 0.01%, and cashback on every purchase. BMO is better for mortgages, US banking, and full-service investment accounts. Most Canadians use KOHO for daily banking and BMO (or another Big 5) for complex financial products.
Both are CDIC members with deposits insured up to $100,000 per depositor per category. KOHO deposits are held with Peoples Trust Company (a CDIC member bank). BMO is a 200+ year old Schedule 1 chartered bank. Both are equally safe for everyday deposits under $100K.
BMO does not offer a permanently free adult chequing account. The Practical Plan is $10.95/month (waivable with $3,000 minimum balance). The Plus Plan is $16.95/month (waivable with $4,000 minimum). KOHO is permanently $0 with no minimum balance required.
Yes, and many Canadians do exactly this. Direct deposit to KOHO (no fees, 3% interest, cashback). Keep BMO for mortgage payments, BMO InvestorLine, and US transactions. This hybrid approach saves $400–$700/year versus banking exclusively with BMO.
Switch your daily banking to KOHO. Zero fees, 3% interest, cashback on every purchase, and a $100 signup bonus with code 45ET55JSYA.
Get KOHO Free + $100 Bonus →