KOHO vs EQ Bank 2025: Which No-Fee Bank Wins?

Updated March 2025. KOHO and EQ Bank are two of the best no-fee banking options in Canada, but they serve different needs. KOHO is a spending-first platform with cash back and budgeting tools. EQ Bank is a savings-first platform with among the best interest rates in Canada. Here's how they compare.

Best for Spending: KOHO

KOHO offers $0 monthly fees, cash back on groceries and gas, credit building, and real-time spending notifications. Use code 45ET55JSYA for a sign-up bonus.

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KOHO vs EQ Bank: Side-by-Side

Feature	KOHO	EQ Bank
Monthly Fee	$0	$0
Savings Rate	~0.5%	~3.00–3.50%
GICs	No	Yes (competitive rates)
Cash Back	1–2% on groceries/gas	No
Spending Notifications	Instant	Standard
Budgeting Tools	Yes	No
Credit Building	Yes (add-on)	No
TFSA Available	No	Yes
RRSP Available	No	Yes
US Dollar Account	No	Yes
e-Transfer Free	Yes	Yes

KOHO: Built for Spending

KOHO's core product is a prepaid Visa card paired with a smart app designed to help you manage daily spending. Key features:

Cash back: 1% on groceries and transport (default), 2% with KOHO Extra upgrade
Instant notifications: Know exactly when and where money leaves your account
Spending analytics: Automatic categorization of spending
Vaults: Save money toward specific goals within the app
RoundUp savings: Automatically save spare change
Credit Building: Unique feature to build Equifax credit history
Earned Wage Access: Get early access to earned pay

EQ Bank: Built for Saving

EQ Bank is Canada's leading high-interest digital bank. Key features:

Personal Account rate: 3.00–3.50% on everyday balances — among Canada's highest standard rates
TFSA Savings Account: Earn high interest in a tax-free account
RRSP Savings Account: Competitive rates for retirement savings
GICs: Highly competitive GIC rates for 30-day to 10-year terms
US Dollar Account: Hold and earn interest on USD
Free e-Transfers and bill payments
EQ Bank Card: Debit card that earns 0.5% cash back on purchases

Savings Rate Comparison

Product	KOHO	EQ Bank
Standard Savings	~0.5%	~3.00–3.50%
TFSA	No	~3.00%+
RRSP	No	~3.00%+
1-Year GIC	No	~4.0–5.0%
Notice GICs	No	Yes

EQ Bank is decisively better for savings. It consistently offers rates 3–5x higher than what most big banks pay and often beats Tangerine on standard rates.

The Smart Strategy: Use Both

KOHO and EQ Bank are not really competitors — they're complementary:

Use KOHO for daily spending, budgeting, and cash back
Use EQ Bank for savings, TFSAs, RRSPs, and GICs
Keep spending money in KOHO; sweep savings to EQ Bank

This setup gives you the best of both worlds: cash back and budgeting on spending, and high interest on savings — all with $0 monthly fees.

Bottom Line: KOHO wins for spending, cash back, and credit building. EQ Bank wins for savings, GICs, TFSAs, and RRSPs. Most financially savvy Canadians use both. Start with KOHO for your everyday account and use code 45ET55JSYA to get a bonus.

Information current as of March 2025. Rates change frequently. Verify with KOHO and EQ Bank directly.