Free national digital banking vs Ontario's largest credit union. Head-to-head on fees, interest, DICO unlimited coverage and Ontario mortgages.
| Feature | KOHO | Meridian Credit Union |
|---|---|---|
| Monthly fee | $0 forever | $0–$9.95/mo (conditions) |
| Interest on balance | 3.0% | 0.01–0.05% chequing |
| 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) | DICO ON (unlimited) |
| Ontario branches | None — digital only | 80+ across Ontario |
| Mortgages | No | Yes — competitive rates |
| Available outside Ontario | Yes — national | No — Ontario only |
KOHO: $0/month with no conditions. Meridian: $0 if you maintain minimum balance or direct deposit, otherwise $4.95–$9.95/month depending on plan. Meridian's "free banking" is conditional — KOHO's is genuinely unconditional. Annual gap: $0 vs $0–$119 depending on whether you meet Meridian's conditions.
KOHO pays 3.0% on your chequing balance automatically. Meridian's chequing accounts pay 0.01–0.05%. On $4,000: KOHO earns $120/year; Meridian earns $0.40–$2. Meridian has a separate HISA product, but you must manually transfer funds — KOHO's rate applies to your primary balance.
KOHO gives 0.5%–2% cash back on everyday debit/prepaid card purchases. Meridian's chequing accounts have no cash back. Meridian's credit cards (Meridian Visa) do offer rewards, but that's a separate product requiring separate management. KOHO's is automatic on every debit purchase.
KOHO: CDIC insured up to $100,000 per eligible category. Meridian: DICO (Deposit Insurance Corporation of Ontario) — unlimited coverage per account category, no dollar cap. For Ontarians with balances over $100K per category, Meridian's DICO unlimited coverage provides stronger protection than KOHO's CDIC. For most everyday banking, CDIC's $100K is sufficient.
Meridian has 80+ Ontario branches across Toronto, Hamilton, Guelph, Kitchener, Niagara, London and other Ontario communities. For mortgages, business banking, RRSPs and in-person financial advice, Meridian's branch network is a significant advantage. KOHO has no branches anywhere in Canada.
Meridian offers Ontario mortgages with competitive rates, often matching or beating big banks. They also offer lines of credit, auto loans, GICs, RRSPs, TFSAs, FHSAs and business accounts. KOHO does not offer mortgages or investment products — if you need a mortgage, you must go elsewhere.
KOHO's credit building requires no security deposit and reports to Equifax. Meridian's secured credit card requires a minimum $500 security deposit held as collateral. For newcomers to Canada and young Ontarians with limited credit history, KOHO's $0-deposit credit building is a meaningful advantage.
| You Are… | Best Choice | Why |
|---|---|---|
| Ontario resident — everyday banking | KOHO | $0 fees, 3% interest, cash back |
| Student in Ontario | KOHO | No deposit credit building, $100 bonus |
| Newcomer to Ontario | KOHO | No Canadian credit history required |
| Ontario homebuyer needing mortgage | Meridian or mortgage broker | KOHO doesn't offer mortgages |
| Have $100K+ balance per category | Meridian | DICO unlimited vs CDIC $100K cap |
| Need Ontario in-person banking | Meridian | 80+ Ontario branches |
| Most Ontario residents | KOHO + Meridian (or EQ) | KOHO daily banking, Meridian/EQ for savings/mortgage |
DICO (Ontario credit unions) provides unlimited deposit coverage per account category — no dollar cap. CDIC (federal banks including KOHO) covers up to $100,000 per eligible category. For balances under $100K per category, they're equivalent in protection. For larger balances, DICO's unlimited coverage is stronger. Both are government-backed and have never had a depositor lose money.
Yes — Meridian offers Ontario mortgages and can serve clients across the province, not just where branches are located. Meridian's rates are often competitive with big banks and their approval process can be more flexible for self-employed Ontarians and those with non-standard income.
No — Meridian Credit Union is Ontario-regulated and only available to Ontario residents. If you move to another province, you cannot keep a Meridian chequing account. KOHO works across all of Canada, making it the better primary account for Ontarians who may relocate.
Meridian offers fee-waived accounts if you meet conditions like maintaining a minimum daily balance or setting up direct deposit. However, these conditions must be actively maintained — if your balance drops below the minimum in any given month, a fee applies. KOHO has no such conditions — it's $0 regardless of your balance.
Optimal strategy: Use KOHO for everyday spending + EQ Bank FHSA (3.75%) for your down payment savings + Meridian (or TD/RBC/mortgage broker) when you're ready to apply for a mortgage. KOHO maximizes your cash between purchases; EQ maximizes your FHSA growth; Meridian provides competitive Ontario mortgage rates.
$0 forever · 3% interest · Cash back · $100 bonus · CDIC insured
Get KOHO + $100 →