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KOHO vs Neo Financial 2026

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.

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Canada's two best no-fee fintech cards go head-to-head. We compare every feature to find the winner for Canadian spenders.

Updated March 26, 2026  ·  6 Rounds Compared
4.4
KOHO
⭐ Bremo Pick
VS
3.9
Neo Financial
🟠 Strong #2
CategoryKOHONeo FinancialWinner
Base Cashback Rate1%0.5%🟣 KOHO
Partner Cashback~2%Up to 5%🟠 Neo
Savings Rate3.0%4.0%🟠 Neo
Credit Building✅ $7/mo❌🟣 KOHO
Monthly Fee$0$0🟢 Tie
Welcome Bonus$100$25🟣 KOHO
App Experience4.4/54.1/5🟣 KOHO
Overall Score4.4/53.9/5🟣 KOHO Wins

Round-by-Round Breakdown

Round 1
💳 Everyday Cashback
🟣 KOHO Wins
KOHO
  • 1% on all purchases (Free plan)
  • 2% on all purchases (Extra plan, $9/mo)
  • Cashback earned on every transaction
  • No partner restrictions
  • Paid as real money (not points)
Neo Financial
  • 0.5% base on all purchases
  • Up to 5% at Neo partner merchants
  • Partner network: HBC, Tim Hortons, etc.
  • High rate only at specific stores
  • Need Neo partners nearby
Verdict: KOHO wins for everyday cashback. 1% everywhere beats Neo's 0.5% base rate. Neo only wins if you shop frequently at its partner network. For most Canadians, KOHO returns more cash per dollar spent.
Round 2
🏦 Savings Rate
🟠 Neo Wins
KOHO
  • 3.0% on savings (Free plan)
  • 4.5% (Everything plan, $19/mo)
  • Savings Vaults for goal-based saving
  • Transfers instantly within KOHO
  • Interest paid monthly
Neo Financial
  • 4.0% on Neo Savings (free)
  • GICs available up to 4.65%
  • CDIC insured (Concentra Bank)
  • Promotional rates for new members
  • No tiered requirements
Verdict: Neo Financial wins on savings rate — 4.0% vs KOHO's 3.0% at the free tier. If you're parking significant savings ($10K+), Neo earns ~$100 more per year. However, EQ Bank still beats both at 3.75% with CDIC protection.
Round 3
📈 Credit Building
🟣 KOHO Wins
KOHO
  • Credit Builder: $7/month
  • Reports to Equifax AND TransUnion
  • No hard credit check to start
  • Secured credit line (you control)
  • Most cards show scores in 3-6 months
Neo Financial
  • Neo Mastercard (credit card product)
  • Requires credit application
  • Reports to credit bureaus via credit card
  • May require credit check
  • Not available to all applicants
Verdict: KOHO's Credit Builder is the clear winner. It's the only option that builds credit with no credit check required, making it available to newcomers, students, and anyone with poor credit history. Neo's credit card requires approval.
Round 4
🎁 Welcome Bonus
🟣 KOHO Wins
KOHO
  • $100 cash bonus with code BREMO2026
  • No spending minimums required
  • Credited quickly after first purchase
  • Real cash in your KOHO wallet
Neo Financial
  • $25 cash welcome bonus
  • Additional cashback guarantees (30 days)
  • Variable promotional offers
  • Referral bonuses available
Verdict: KOHO's $40 sign-up bonus (spend $20 to unlock) is 4x Neo's $25 offer. Use code BREMO2026 when signing up for KOHO to claim it.
Round 5
📱 App Experience
🟣 KOHO Wins (Slightly)
KOHO
  • 4.4/5 App Store rating
  • Clean, minimalist spending UI
  • Savings Vaults for goal tracking
  • Instant transaction notifications
  • Financial coaching feature
Neo Financial
  • 4.1/5 App Store rating
  • Partner cashback integration
  • Savings and GIC management
  • Clean design, Calgary-based team
  • Regular feature updates
Verdict: Both apps are solid. KOHO edges Neo in overall ratings and has a more polished spending/savings interface. Neo's app integrates partner cashback more seamlessly.
Round 6
🔒 Safety & Insurance
🟢 Tie
KOHO
  • Backed by Peoples Bank of Canada
  • CDIC member — $100K insured
  • Operating since 2014
  • 3M+ Canadians
Neo Financial
  • Backed by Concentra Bank
  • CDIC member — $100K insured
  • Founded 2019, growing fast
  • 1M+ Canadians
Verdict: Tie. Both are CDIC insured through Canadian banking partners. Both are legitimate, regulated Canadian fintechs. KOHO has a longer track record.

Who Should Choose Each Card?

🟣 Choose KOHO If You...

  • Want consistent 1% cashback everywhere
  • Are building credit from scratch
  • Are new to Canada (no credit history)
  • Want a $100 welcome bonus
  • Spend more than $25K/year (Extra plan)
  • Want Savings Vaults for goals
  • Prefer a longer-established fintech

🟠 Choose Neo If You...

  • Shop regularly at Neo partners
  • Want a higher savings rate (4.0%)
  • Want GIC access from one app
  • Don't need credit building
  • Live near many Neo partner locations
  • Want to invest + bank with one fintech

💡 The Best Move: Use Both (For Free)

KOHO and Neo Financial are both free. There's no reason you can't have both — use KOHO for everyday 1% cashback and credit building, and Neo for savings (4.0%) and partner store purchases (up to 5% back).

Stack KOHO + Neo + EQ Bank for the ultimate no-fee Canadian fintech setup.

KOHO vs Neo FAQ

Does KOHO or Neo pay more cashback?

KOHO pays more for most people — 1% on everything vs Neo's 0.5% base. Neo can pay more (up to 5%) if you shop at its partner merchants regularly (Tim Hortons, Hudson's Bay, etc.).

Which has a better savings rate, KOHO or Neo?

Neo Financial offers 4.0% on its savings account vs KOHO's 3.0% on the free plan. If savings rate is your priority, Neo wins — though EQ Bank at 3.75% beats both for dedicated savings.

Can KOHO and Neo be used together?

Yes, and this is actually a smart setup. Both are free to open and use. Use KOHO as your primary spending card for 1% cashback and credit building, and Neo for savings at 4.0%.

Which is better for newcomers to Canada?

KOHO is better for newcomers. No credit check, no credit history required, and KOHO's Credit Builder ($7/month) is the fastest path to building a Canadian credit score with no hard inquiry.

Is Neo Financial legit and safe?

Yes. Neo Financial is a legitimate Canadian fintech backed by Concentra Bank (CDIC member). Deposits are insured up to $100,000. Neo has been operating since 2019 and has over 1 million Canadian users.

Data current as of March 2026. Bremo earns referral commissions from KOHO at no cost to you.