No fee everyday banking
Set up direct deposit and skip the monthly fee. Free to open, and the Easy plan has no monthly fee. Worth doing if you will actually move your pay or your CRA deposits over, not if the card sits unused. Code BREMO2026.
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 $20 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 $20 signup bonus with code BREMO2026.
Privacy | DisclaimerBanking rates and fees as of March 2026, subject to change. Both KOHO and BMO are CDIC members. Not financial advice. sign up for a $40 bonus cash bonus for qualifying new KOHO accounts.