Free digital banking vs Canada's 6th-largest bank. Head-to-head on fees, interest, rewards and Quebec banking.
| Feature | KOHO | National Bank |
|---|---|---|
| Monthly fee | $0 | $10.95–$25.95 |
| Interest on 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) | Up to $300 offer |
| Physical branches | None | 420+ (mostly QC/ON) |
| Mortgages / investments | No | Yes (full service) |
| Deposit insurance | CDIC | CDIC |
KOHO: $0/month forever. National Bank: $10.95 (Telus-connected Modest plan) to $25.95 (The Total plan). Intermediate plans are $15.95 and $22.95. Annual cost at National Bank: $131–$311 vs KOHO's $0.
KOHO pays 3.0% on your entire chequing balance — one of the highest rates in Canada. National Bank chequing pays 0.01%. On a $5,000 balance, KOHO earns $150/year vs National Bank's $0.50.
KOHO gives 0.5%–2% cash back on purchases (up to 2% on groceries and dining with KOHO Extra). National Bank chequing accounts have no cash back. National Bank's credit cards (World Elite Mastercard, Echo Cashback Visa) offer rewards — but require separate card products. KOHO's cash back is built into the everyday debit card.
KOHO charges 1.5% on foreign currency transactions. National Bank charges 2.5% on non-CAD purchases, plus conversion markup. On $3,000 in annual USD purchases, KOHO saves $30 vs National Bank. National Bank's World Elite Mastercard waives FX fees, but it's a premium credit card with income requirements.
KOHO's credit building requires no security deposit and reports to Equifax. National Bank requires a $500 minimum security deposit for its secured Mastercard. For newcomers and young Canadians, KOHO's $0-deposit credit building is a major advantage.
National Bank has 420+ branches, primarily in Quebec (300+) and Ontario (80+). For mortgages, business banking, investment advice, RRSPs and lines of credit, National Bank's in-person service is valuable. KOHO has no branches. National Bank's strength is as a full-service bank for Quebec residents who want personal advisor relationships.
KOHO offers a guaranteed $100 bonus with referral code 45ET55JSYA — available to all new customers. National Bank periodically offers $300+ promotional bonuses for new account openings, but these are time-limited and require minimum deposit or direct deposit conditions. KOHO's $100 is easier to claim with no conditions beyond opening an account.
| Plan | Monthly Fee | Annual Cost | vs KOHO Difference |
|---|---|---|---|
| Modest | $10.95 | $131 | +$131/yr vs KOHO |
| Modest Plus | $15.95 | $191 | +$191/yr vs KOHO |
| Advantage | $22.95 | $275 | +$275/yr vs KOHO |
| The Total | $25.95 | $311 | +$311/yr vs KOHO |
| KOHO | $0 | $0 | Save $131–$311/yr |
| You Are… | Best Choice | Why |
|---|---|---|
| Any Canadian who hates fees | KOHO | $0 forever, 3% interest |
| Student or young professional | KOHO | Credit building, cash back, $100 bonus |
| Newcomer to Canada | KOHO | No credit history required |
| Quebec resident needing in-person service | National Bank | 300+ QC branches, bilingual advisors |
| Buying a home in Quebec | National Bank | Mortgage + FHSA + advisor combo |
| Business owner needing commercial banking | National Bank | Business accounts, lines of credit |
| Quebec resident — everyday banking | KOHO + National Bank | KOHO for spending, NB for mortgage/investing |
National Bank is headquartered in Montreal and has 300+ branches in Quebec, but also has 80+ branches in Ontario and smaller presences in other provinces. It's primarily a Quebec-focused bank, making it less convenient for residents of BC, Alberta, Manitoba or the Atlantic provinces.
National Bank doesn't offer a permanent no-fee chequing account. There are fee waivers for seniors (65+) and students, and promotional offers periodically. KOHO is the $0-forever alternative for National Bank customers who want to eliminate fees.
No — KOHO doesn't offer mortgages. For a mortgage, you'll need a bank like National Bank, TD, RBC, or a mortgage broker. However, using KOHO as your everyday spending account while saving for a down payment (earning 3% interest) and building credit is a smart complement to your eventual mortgage lender.
Yes — National Bank of Canada is a federally chartered bank and a CDIC member. Deposits are insured up to $100,000 per eligible deposit category. KOHO is also CDIC insured through its banking partner.
Yes — KOHO is available across Canada including Quebec. The KOHO app and support are available in English and French. KOHO is a strong alternative to National Bank for Quebec residents who want to save on banking fees.
$0 forever · 3% interest · Cash back · $100 bonus · CDIC insured
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