KOHO vs CIBC 2026 — Which Bank Saves You More?

KOHO

4.7

★ 5 rounds won

CIBC

3.4

2 rounds won

Round 1

Monthly Fees

✓ KOHO Wins

KOHO

WINNER

$0/month

KOHO's base plan is permanently free — no minimum balance, no conditions. Premium plans ($4–$19/month) are optional and add higher cashback and perks.

CIBC

LOSES

$6.95–$29.95/month

CIBC's Smart Account starts at $6.95/month (up to 12 transactions). The Smart Plus Account is $16.95/month. Unlimited banking runs $29.95/month (CIBC Advantage). Waived with $4,000–$6,000+ daily balance.

Round 2

Savings Interest Rate

✓ KOHO Wins

KOHO

WINNER

3.0% APY

KOHO pays 3.0% on your full balance — no separate savings account required, no minimum. On $100: ~$300/year. On $25,000: ~$750/year. Interest paid monthly.

CIBC

LOSES

0.01%

CIBC pays 0.01% on standard chequing and savings balances. On $100: ~$1/year. CIBC's eAdvantage Savings Account occasionally runs promotional rates, but standard rates are minimal.

Round 3

Cashback on Purchases

✓ KOHO Wins

KOHO

WINNER

0.5–2% cashback

KOHO earns cashback on every purchase via its prepaid Mastercard: 0.5% (free), 1% (Essential $4/mo), 2% groceries + 1.5% other (Extra $9/mo). Cashback deposited automatically.

CIBC

LOSES

0% on debit

CIBC's debit card earns no cashback. Rewards come from CIBC's credit cards (Dividend Visa, Aventura) — not the bank account itself.

Round 4

Credit Building

✓ KOHO Wins

KOHO

WINNER

Credit Building ($10/mo)

KOHO Credit Building reports payments to Equifax with no deposit required, no hard credit check. Ideal for newcomers, young Canadians and anyone rebuilding credit.

CIBC

LOSES

Secured card only

CIBC's credit building path requires a secured credit card with a $500+ deposit. Approval not guaranteed. More barriers and upfront cost than KOHO's no-deposit approach.

Round 5

Foreign Exchange Fees

✓ KOHO Wins

KOHO

WINNER

1.5% (0% on Everything)

KOHO charges 1.5% on foreign currency transactions (free and Essential plans). The Everything plan ($19/month) has 0% FX — saving frequent travelers and cross-border shoppers significantly.

CIBC

LOSES

2.5% FX fee

CIBC charges 2.5% on all foreign currency transactions — the standard big bank rate. CIBC Global Money Transfer has better FX rates for international wire transfers.

Round 6

Branch & ATM Network

✓ CIBC Wins

KOHO

LOSES

Digital only

KOHO has no branches. ATM access available at any ATM (fees apply on free plan; reimbursed on paid plans). All banking done via app or web.

CIBC

WINNER

3,400+ ATMs, 1,000+ branches

CIBC has one of Canada's largest ATM networks with 3,400+ machines and 1,000+ branches. Free ATM access for account holders. Essential for those who regularly need in-person banking or cash.

Round 7

Full-Suite Banking Services

✓ CIBC Wins

KOHO

LOSES

Everyday banking only

KOHO excels at everyday banking but doesn't offer mortgages, personal loans, investments or business banking. You'd need a separate institution for these services.

CIBC

WINNER

Complete banking suite

CIBC offers mortgages, personal loans, lines of credit, CIBC Investor's Edge (self-directed), Simplii Financial (free online brand), business banking and insurance — all under one roof.

KOHO vs CIBC Annual Value Calculator

Average monthly balance: $5,000 Monthly spending: $2,500 CIBC account plan:

KOHO vs CIBC Side-by-Side

Feature	KOHO	CIBC
Monthly fee	$0	$6.95–$29.95
Savings interest	3.0%	0.01%
Cashback on purchases	0.5–2% (debit)	0% (debit)
Credit building	$10/mo, no deposit	Secured card ($500 deposit)
FX fees	1.5% (0% on Everything)	2.5%
Sign-up bonus	$100 (code: 45ET55JSYA)	Occasional promos
Branches	Digital only	1,000+ branches
ATMs	Any ATM (fees)	3,400+ free ATMs
Mortgages	No	Yes
Investments	No	CIBC Investor's Edge
Deposit insurance	CDIC	CDIC
Free online banking brand	N/A	Simplii Financial ($0/mo)

KOHO vs CIBC FAQ

Is KOHO better than CIBC?

For everyday banking, yes — KOHO is significantly better than CIBC. KOHO pays 3.0% interest (vs 0.01%), charges $0 in fees (vs $16.95+), gives cashback on purchases and offers credit building without a deposit. CIBC wins only on branches, ATM network and full-suite banking products like mortgages.

What is Simplii Financial and how does it compare to KOHO?

Simplii Financial is CIBC's free online banking brand — no monthly fees. It's a decent free option but pays near-zero interest on chequing balances. KOHO still wins on interest rate (3.0% vs ~0.01%) and cashback. Simplii offers access to CIBC ATMs for free, which KOHO doesn't.

Does KOHO have CDIC insurance like CIBC?

Yes. KOHO is backed by Peoples Bank of Canada, which is a CDIC member. Your KOHO deposits are CDIC-insured up to $100,000 per depositor per category — the same protection as CIBC.

Can I use KOHO for my mortgage?

No. KOHO doesn't offer mortgage products. If you need a mortgage, you'll need a traditional bank or credit union. Many KOHO users keep CIBC or another bank for their mortgage while using KOHO as their primary everyday spending account to maximize interest and cashback.

How much does CIBC charge per month?

CIBC's Smart Account starts at $6.95/month (limited transactions). Smart Plus is $16.95/month. Unlimited Plus runs $29.95/month. Fees are waived with minimum daily balances ($4,000–$6,000+ depending on the plan). KOHO charges $0 forever with no minimum balance requirement.

Open KOHO Free — Get $100 Bonus (Code: 45ET55JSYA)