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2026 Updated Comparison

KOHO vs EQ Bank Canada 2026

Two of Canada's top online banks compete for your money. We break down every fee, rate, and feature so you can choose with confidence.

🏆 Our Top Pick: KOHO

After comparing every major Canadian bank, KOHO wins for everyday banking. No monthly fees on the Essential plan, cash back on purchases, and no hidden charges. Over 1 million Canadians agree.

Get KOHO Free — Code 45ET55JSYA

KOHO vs EQ Bank: Key Differences

KOHO and EQ Bank both serve Canadians fed up with Big Six bank fees, but they serve different financial needs. KOHO is a prepaid Visa spending account built around everyday transactions, cash back rewards, and credit building. EQ Bank is a licensed deposit-taking institution (federally regulated Schedule I bank) focused on high-interest savings accounts, GICs, and mortgages.

The real question is: do you need a spending account with cash back, or a savings account with the highest possible interest? In many cases, the answer is both — and these two accounts can complement each other.

KOHO vs EQ Bank — Full Comparison Table

FeatureKOHO EssentialEQ Bank Personal Account
Monthly Fee$0$0
Bank TypePrepaid Visa (fintech)Schedule I Bank (federally regulated)
CDIC InsuredYes (via Peoples Bank)Yes (direct)
Savings InterestN/A4.00%+ EQ Savings Plus
Cash Back1% groceries, 0.5% allNone
Interac e-TransferFree, unlimitedFree, unlimited
Direct DepositYesYes
Bill PaymentsLimitedFull bill pay
GIC / TFSA / RRSPNoYes — full registered accounts
Credit BuildingYes ($7–10/mo add-on)No
Debit CardVisa prepaidYes (EQ Bank card)
ATM WithdrawalsFee appliesFree at ATMs (reimbursed)
FX Fees1.5% (free on Everything plan)0% (EQ Bank card)
Mortgage ProductsNoYes — competitive rates
Mobile App4.8/5 iOS4.6/5 iOS

✅ KOHO Pros

  • 1% cash back on groceries and transit
  • Credit building add-on reports to Equifax
  • KOHO Cover small overdraft protection
  • No NSF fees
  • Spending insights and budgeting tools
  • Instant transaction notifications

❌ KOHO Cons

  • Not a full bank account
  • No registered accounts (TFSA, RRSP)
  • ATM fees apply
  • FX fee on basic plan

✅ EQ Bank Pros

  • 4%+ savings interest — among Canada's highest
  • Full TFSA, RRSP, GIC products
  • CDIC insured directly
  • Free ATM withdrawals (reimbursed)
  • No FX fees on EQ Bank card
  • Competitive GIC rates

❌ EQ Bank Cons

  • No cash back on purchases
  • No credit building feature
  • No physical branches
  • Customer service wait times can vary

🏆 Winner Verdict

Use both — but start with KOHO. KOHO wins as your primary spending account: cash back on every grocery run and transit trip, no fees, credit building, and an excellent mobile app. EQ Bank wins as your savings and investment vehicle: 4%+ interest, full TFSA/RRSP/GIC options, and zero ATM fees.

If you can only choose one, pick KOHO for everyday banking and move savings into a dedicated HISA elsewhere. The cash back alone on KOHO will outperform the interest you'd earn leaving small balances in a savings account.

Who Is KOHO Best For?

KOHO is ideal for Canadians who want cash back rewards on everyday spending without paying a monthly fee. It's particularly strong for people building credit, newcomers to Canada, young adults starting their financial journey, and anyone tired of Big Six bank fees eating into their budget.

Who Is EQ Bank Best For?

EQ Bank is perfect for Canadians who want to maximize the interest on their savings and investments. If you're growing an emergency fund, saving for a home down payment, or maxing out TFSA/RRSP contributions, EQ Bank's rates are among the best in the country. It's also excellent if you want a competitive mortgage or GIC.

KOHO vs EQ Bank: The Smart Strategy

Many financially savvy Canadians use both: KOHO for all daily spending (earning cash back on every transaction) and EQ Bank to park savings (earning 4%+ interest). This two-account strategy extracts the best of each platform with zero monthly fees.

Step 1: Open KOHO for Spending

Sign up for KOHO Essential (free). Use it for groceries, transit, and everyday purchases to earn cash back.

Step 2: Open EQ Bank for Savings

Open an EQ Bank Savings Plus Account. Transfer any money you're not spending immediately to earn 4%+ interest.

Step 3: Direct Deposit to KOHO

Set your payroll to deposit to KOHO. Move your monthly savings amount to EQ Bank once received.

Step 4: Add KOHO Credit Building (Optional)

If improving your credit score is a goal, add the KOHO Credit Building add-on ($7–10/month) to build Equifax history while spending normally.

🏆 Our Top Pick: KOHO

After comparing every major Canadian bank, KOHO wins for everyday banking. No monthly fees on the Essential plan, cash back on purchases, and no hidden charges. Over 1 million Canadians agree.

Get KOHO Free — Code 45ET55JSYA

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