No fee everyday banking
Set up direct deposit and skip the monthly fee. Free to open, and the Easy plan has no monthly fee. Worth doing if you will actually move your pay or your CRA deposits over, not if the card sits unused. Code BREMO2026.
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: BREMO2026) | 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 $40 sign-up bonus (spend $20 to unlock) with referral code BREMO2026 — 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, $40 sign-up 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 · $40 sign-up bonus · CDIC insured
Get KOHO + $100 →