Free national digital banking vs Canada's largest cooperative financial group. Head-to-head on fees, interest, AMF unlimited coverage and Quebec banking.
| Feature | KOHO | Desjardins |
|---|---|---|
| Monthly fee | $0 forever | $0–$18.95 (conditions/plan) |
| Interest on chequing balance | 3.0% | 0.01% |
| 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 ($100K/category) | AMF Québec unlimited |
| Branches (Québec) | None | 870+ caisses in QC |
| Branches (outside QC) | None | Very limited |
| Mortgages | No | Yes — competitive QC rates |
| Bilingual support | English + French app | French primary, English available |
KOHO: $0/month forever, no conditions. Desjardins caisse accounts range from $0 (Desjardins has some no-fee options) to $18.95 for full-service packages. Even Desjardins's "low-cost" accounts charge $4.95–$8.95/month for standard transaction allowances. KOHO's $0 with no conditions is genuinely more transparent.
KOHO pays 3.0% on your chequing balance automatically. Desjardins chequing accounts pay approximately 0.01%. On a $5,000 balance: KOHO earns $150/year; Desjardins earns $0.50. Desjardins has separate HISA and term deposits with better rates, but you must manually manage funds — KOHO's 3% is automatic on your primary account.
KOHO provides 0.5%–2% cash back on debit purchases. Desjardins chequing accounts have no cash back on debit transactions. Desjardins's VISA Desjardins card (credit product) offers cash back, but that's a separate application and credit product. KOHO's cash back is built into every purchase.
Desjardins has 870+ caisses populaires across Quebec — unmatched community branch coverage. In many smaller Quebec municipalities, the local Desjardins caisse is the only financial institution. For Quebec residents who value in-person service, local community ownership and French-first banking, Desjardins's branch network is a major advantage KOHO cannot match.
Desjardins is Canada's largest cooperative financial group with $400B+ in assets. In Quebec, Desjardins offers mortgages, RRSPs, TFSAs, FHSAs, insurance, investments, business banking and agricultural financing. The RÉER and other Quebec-specific products integrate seamlessly. KOHO offers none of these — if you need a Quebec mortgage or insurance, you must go elsewhere.
KOHO: CDIC insured up to $100,000 per eligible category. Desjardins caisses: regulated by AMF (Autorité des marchés financiers) Québec with unlimited deposit coverage — no dollar cap per account. For balances over $100K per category, Desjardins's unlimited AMF coverage is stronger than KOHO's CDIC. For most everyday balances, CDIC's $100K is more than sufficient.
KOHO's credit building requires no security deposit and reports to Equifax. Desjardins's secured credit card requires a minimum $300–$500 security deposit. For newcomers to Quebec and young Quebecers with no credit history, KOHO's $0-deposit credit building is a meaningful advantage. Once established, Desjardins's VISA cards offer strong Quebec rewards (points on Insta-Chèques and Société des alcools du Québec, etc.).
| You Are… | Best Choice | Why |
|---|---|---|
| Quebec resident — everyday banking | KOHO | $0 fees, 3% interest, cash back |
| Student in Quebec | KOHO | Credit building, $100 bonus, $0 forever |
| Newcomer to Quebec | KOHO | No credit history required |
| Quebec homebuyer needing mortgage | Desjardins or notary | KOHO doesn't offer mortgages |
| Rural Quebec resident — only local option | Desjardins | 870+ caisses, only institution in many QC towns |
| Cooperative values / community ownership | Desjardins | Canada's largest cooperative, locally owned |
| Balance $100K+ per category | Desjardins | AMF unlimited vs CDIC $100K cap |
| Most Quebec residents | KOHO + Desjardins | KOHO daily banking, Desjardins mortgage/local |
Non — Desjardins caisses populaires are not CDIC members. They are regulated by AMF (Autorité des marchés financiers) Québec, which provides unlimited deposit coverage per account category with no dollar cap. This is different from (and for large balances, better than) CDIC's $100K per category limit. Both are government-backed regulatory frameworks.
Yes — KOHO is available across Canada including Quebec. The KOHO app is available in both English and French. KOHO is fully legal and operational in Quebec. It's an increasingly popular choice for Quebec residents who want to reduce banking fees.
AMF (Autorité des marchés financiers) is Quebec's financial regulator, equivalent to OSFI (federal) for banks. The Desjardins deposit protection fund provides unlimited deposit coverage — every dollar in a Desjardins caisse is fully covered regardless of amount. This unlimited protection covers chequing, savings, RRSPs, TFSAs and other deposits at Desjardins caisses in Quebec.
KOHO — $0 forever, 3% interest, credit building without a deposit, and $100 bonus. Desjardins has many Montreal caisses and is culturally important for Quebec students. Many Montreal students use both: KOHO for spending and Desjardins for in-person services and the cooperative membership experience.
Desjardins is primarily a Quebec institution, though it has a limited presence in New Brunswick and Ontario (through the Ontario Francophone credit union network, formerly Caisse populaire). For Quebec residents who move outside Quebec, Desjardins accounts may have limitations — KOHO works identically across all Canadian provinces.
$0 forever · 3% interest · Cash back · $100 bonus · CDIC insured · App en français
Get KOHO + $100 →